Archive | October, 2016

The OCC to set up new office to probe fintech revolution

October 31st, 2016 by

The Office of the Comptroller of the Currency (OCC) announced plans to establish a department tasked solely with probing “responsible innovation” in the financial technology sector. In a report titled, “Recommendations and Decisions for Implementing a Responsible Innovation Framework”, the OCC has provided a summary of the financial services landscape and its innovation initiatives, along […]

ABN Amro And TU Delft partner to develop blockchain applications

October 31st, 2016 by

ABN AMRO announced its collaboration with Delft University of Technology (TU Delft) in order to develop more complex blockchain applications. The goal, they said, was to create systems “that can deal reliably and appropriately with large amounts of data and large numbers of users”, with an eye to create working applications over the next six […]

WebMoney announces bitcoin support to fiat purses

October 28th, 2016 by

WebMoney has announced bitcoin support to its merchant purses. All Bitcoin payments to be automatically converted and deposited to respective fiat wallets. The latest addition enables merchants that use “Merchant WebMoney” service to accept payments without having to go through multiple steps, like in the previous version. Earlier, merchants were able to accept bitcoin on […]

Scottish stock exchange to use blockchain technology

October 28th, 2016 by

Scotex announced it is seeking to raise as much as £15 million to start a regulated equity market next year. Scotex says trades on its exchange will clear nearly instantly and won’t require a clearinghouse, which collects collateral and monitors risks between traders. The company says investors and brokers will get their money within 15 […]

Blockchain-based startup Funderbeam raises $2.6m

October 27th, 2016 by

Funderbeam has raised a USD2.6 million funding round from Draper Associates, Thomson Reuters and IQ Capital. Founded in Estonia, Funderbeam is creating a token system for investors to trade and purchase tokens which represents a loan given to the syndicate. Similar to holding equity, each token is worth a value and stake that is in […]

India and Singapore sign fintech cooperation agreement

October 26th, 2016 by

The Monetary Authority of Singapore (MAS) and the Government of Andhra Pradesh (GoAP), an Indian state, have announced a partnership that will aim to promote fintech innovation with a focus on blockchain and digital payments. According to the official release, both the parties will explore joint innovation projects on technologies like blockchain and digital payments. […]

Visa announces B2B payment solution built on Chain’s blockchain

October 26th, 2016 by

Visa announced that it will be rolling out Visa B2B Connect, a platform for banks to make payments and settle funds across borders using Chain Core, the blockchain infrastructure developed by Chain. Visa B2B Connect seems to be an attempt by Visa and Chain to challenge SWIFT and its large messaging network as the predominant […]

CBA and Wells Fargo completes first interbank blockchain trade

October 24th, 2016 by

The Commonwealth Bank of Australia (CBA), Wells Fargo, and Brighann Cotton have claimed the first interbank trade transaction combining blockchain technology, smart contracts, and the Internet of Things (IoT). According to the official release, the blockchain trade transaction involved shipment of cotton from Texas, USA to Qingdao, China, by using the potentials of distributed ledger […]

R3’s banking blockchain platform Corda to go open source

October 24th, 2016 by

The Corda platform, a blockchain platform that has been developed by R3 consortium consisting of more than 70 global financial institutions, is making its code open-source. Corda is a blockchain-based platform that restricts access to transaction data and can handle more complex transactions. R3 created it for the processing of securities and derivatives and for […]

Five big European insurance companies launch blockchain initiative B3i

October 21st, 2016 by

Five of Europe’s biggest insurers have teamed up to launch a blockchain initiative that aims to explore the potential of this innovative technology. The project, dubbed the Blockchain Insurance Industry Initiative, or B3i, is aimed at providing a meeting ground for the companies to exchange ideas, test use cases and pursue concepts that could ultimately […]