Blockchain technology to impact financial services sector
Blockchain technology has the potential to improve client’s end-to-end experience but the legal profession must consider its regulation, according to Norton Rose Fulbright lawyers. Nick Abrahams, APAC head of technology and innovation, told those gathered at Norton Rose Fulbright’s Unlocking the Blockchain event last week that “Blockchain will radically impact the financial services sector”. Mr Abrahams – along with Norton Rose Fulbright consultant Tessa Hoser and senior representatives from ASIC, CBA and the ASX – were part of a panel discussion about blockchain technology and regulation at the event. The session focused on the potential applications of blockchain and distributed ledger technology, and the key legal and regulatory considerations for […]
Banks Struggle to Keep Pace with FinTech Disruption – World Retail Banking Report 2016
FinTech providers are making increasingly significant inroads with customers, yet the vast majority of banks admit they are not adequately prepared to manage this emerging FinTech threat, according to the 2016 World Retail Banking Report (WRBR), released today by Capgemini and Efma. The report found that nearly two-thirds of customers (63 percent) are now using FinTech products or services, and are much more likely to refer friends and family to their FinTech provider (55 percent) than to their bank (38 percent). However, while 96 percent of banking executives agree that the industry is evolving toward a digital banking ecosystem, where Fintech providers play a much bigger role, only 13 percent […]
Accenture calling for fintech entrants
Fintech startups are being asked to apply for a place in a 12-week program that will see the young companies gain exposure to executives at big global banks. Accenture is taking applicants for its third annual Asia-Pacific FinTech Innovation Lab, a program for entrepreneurs that are developing technologies for the financial services sector. It focuses specifically on new technologies in the areas such as big data, analytics and cognitive computing, security and identity management, risk management and compliance, blockchain technology, and Internet of Things applications. Accenture says investments in Asia-Pacific fintech companies are on the rise, totalling $2.7 billion in Q1, 2016 – representing 51 per cent of the $5.3 […]
Blockchain is not just for Bitcoin – it is a digital ledger of transactions
Blockchain sounds like a solution to a 19th-century railway problem, but lately it’s on the lips of every executive who wants to solve the problem of 21st-century digital transactions. As innovator Tim Lea, of Veredictum, says: “It’s a great space we’re in — but getting hotter by the day.” Lea is building a blockchain for identifying videos and he’s running hard to keep up with the express train. The evolution of blockchain is exponential. It may have begun as a system for dealing with (often dodgy) digital transactions six years ago and it may have captured the imagination and budgets of banks last year, but in the months since it […]
Global regulators move closer to regulating fintech
Global regulators have moved closer to regulating the fledgling fintech sector, which includes blockchain technology that supports bitcoin, to ensure the industry’s rapid growth does not pose any risks to the financial system. The Financial Stability Board (FSB), which met in Tokyo on Thursday, has agreed on a framework for categorising different components of fintech and assessing their potential risks. The FSB, made up of central bankers, regulators and finance ministry officials from the Group of 20 economies, is looking at fintech partly in response to uncertainty over whether it will “disrupt” traditional banking. Some big investment banks, including Goldman Sachs , are already investing heavily in fintech to avoid […]
LendIt USA Conference – San Francisco – 11-12 April 2016
Australian FinTech is excited to be a Media Partner for the upcoming LendIt USA conference taking place in San Francisco on April 11-12. LendIt USA is the world’s largest annual gathering of the online lending community where established and emerging platforms, investors and technology providers from around the world come to learn, network and do business. Now in its fourth year, the 2016 event will be the largest online lending expo in history with 4000 attendees. This is your chance to share ideas with innovators and leaders in marketplace lending. Confirmed speakers include: Renaud Laplanche, Founder & CEO, Lending Club Ron Suber, President, Prosper Marketplace Peter Thiel, Entrepreneur & Investor John […]
How to embrace change and survive digital disruption
Digital disruption is a trend that’s here to stay and no industry is safe. Traditional industries like manufacturing, transport, retail, tourism and hospitality, print media and entertainment may have been hit first, and hit hard, but it’s only a matter of time before others, including the advice industry, feel the heat. The banking and finance industry could lose almost a quarter of its revenue to fintech disrupters by 2021, based on a new report by PricewaterhouseCoopers. The report, ‘Blurred lines: How Fintech is shaping financial services’, says the disruption of the financial sector is already underway. It’s currently reshaping the nature of consumer banking and payments, and a second wave […]
Payment solution: corporates embrace virtual credit cards
For some time now, the dominant theme in digital payments for retail customers has been: “build it and they will come”. It’s a different story for corporates, where the rate of mobile payments innovation and adoption has been much slower, apart from some key emerging niches including virtual credit cards. A virtual card is exactly what the name implies: instead of the traditional plastic, a random card number is generated by software provided to the corporate customer. The 16-digit number can be accessed through an app on a mobile device, or directly by the company for a business-to-business purchase online. In most cases the number is used only once, it […]
