Silicon Valley tried to upend Banks. Now it works with them.
In 2011, Brett King was promoting his book, “Breaking Banks,” and creating a start-up that he hoped would do to the banks what Amazon did to the retail industry and Facebook did to media. “We had grand ideas of being the Facebook of banking, and being a new form of bank account,” Mr. King said recently. Six years later, his company, Moven, has opened only 60,000 of those new bank accounts. Mr. King has now transitioned to selling his software to the banks he once scorned, who use it as a component of their mobile apps. “We realized that if you want millions of users as a bank, it is […]
Traity releases micro-insurance product ‘Kevin’ in open blockchain balance sheet
Traity, a network that builds reputation standards, has collaborated with Suncorp, the largest Australian insurance conglomerate, and announced the release of a new micro-insurance product ‘Kevin’ in an open blockchain balance sheet. In an ‘Open Blockchain Balance Sheet,’ for every new transaction that Kevin approves, it buys $10 worth of bitcoin. When a transaction ends positively, Kevin sells $10 worth of bitcoin and on negative grounds, it needs to pay the guarantee, an additional $100 into Kevin’s Open Balance Sheet. This indicates that there is a 10x liability leverage that is reasonable. “$100 may not sound like much, but it covers most of the transactions online. Furthermore, we think that […]
Japanese blockchain firm bitFlyer allocates shares to local financial institutions
Tokyo-based blockchain company bitFlyer announced that it has allocated new shares to third parties including Sumitomo Mitsui Banking Corporation Group, Mizuho Financial Group, and Dai-ichi Life Insurance Company for the purpose of fundraising. With the newly raised funds from Japan’s top financial institutions, bitFlyer intends to build up its financial base as well as accelerate their efforts in establishing itself in the bitcoin and blockchain space through a strategic partnership with these firms. The blockchain company aims to develop and design core systems that make use of blockchain technology for more industries in the future to realize their management. bitFlyer has provided the technology for viability test run by Sumitomo […]
Ho Chi Minh based startup Remitano expands across the globe to make Bitcoin trading safer
Remitano, a Vietnamese platform that helps people trade bitcoin quickly and securely, has expanded its services across the English speaking world and also to China and Cambodia. Formerly only available in Asia, Remitano is making its platform available across the globe. The company is targeting an audience of bitcoin exchangers, investors, and those seeking remittance services, starting with Asian countries – including Vietnam, Malaysia, Cambodia as well as China. “Our new platform will help bring bitcoin to everyone, by means of preventing fraud and scamming among the bitcoin community,” explains CEO and co-founder Dung Huynh. “Bitcoin fraud is a problem that is deterring people from partaking in this […]
Australian FinTech launches International FinTech platform
The team behind the highly successful AustralianFinTech.com.au, this week launch their International platform, InternationalFinTech.com, aimed at connecting the FinTech industry on a global scale. Founder and CEO, Cameron Dart, says International FinTech has been born on the back of the highly successful Australian FinTech platform and growing demand from the global community to have a dedicated online presence for their sector. “International FinTech mirrors the Australian FinTech platform, including a dedicated industry newsfeed and a comprehensive directory of FinTech companies globally. “The site also aims to educate users of new financial technologies such as peer to peer lending and cryptocurrency, all presented in simple terms with no financial jargon” says […]
A Complete Beginners Guide To FinTech In 2017
You may have heard the relatively new term “FinTech” bandied about, but what actually is it? And why is it important for all entrepreneurs to know about and understand? FinTech stands for Financial Technologies, and in its broadest definition, that’s exactly what it is: technologies used and applied in the financial services sector, chiefly used by financial institutions themselves on the back end of their businesses. But more and more, FinTech is coming to represent technologies that are disrupting traditional financial services, including mobile payments, money transfers, loans, fundraising, and asset management. Don’t assume that FinTech is simply a fad or buzzword: Accenture recently released a report which found that […]
Indian bitcoin startups form blockchain and digital currency association
Leading bitcoin companies in India have come together to set up a new alliance to create an industry body in order to engage with the regulators. The Economic Times reports that Zebpay, Unocoin, Coinsecure and Searchtrade have formed the Blockchain and Virtual Currency Association of India (BVAI) and are moving forward to formally register it. The formation of BVAI follows the recent notice by the country’s central bank, The Reserve Bank of India (RBI), cautioning users when engaging in bitcoin-related activities. The startups met for their first meeting on Friday and discussed the RBI circular among other things. “While we have been planning to create an association for some time, […]
11 Fintech Companies in UK’s Trade Delegation to Australia & NZ
The Department for International Trade (DIT), the UK’s sole government department that negotiates to strike or extend trade agreements between the UK and non-EU states will send a Fintech delegation of 11 UK companies to Australasia. Aimed at promoting Fintech opportunities in the Fintech spaces in Australia and New Zealand, the trade mission will see a delegation of “eleven successful UK fintech companies” visit the countries in March. The 11 UK companies that form the delegation include credit rating specialist Aire; Fintech data analytics firm Clarus; asset allocation consultant ClearMacro; compliance solutions firm FundApps; investor relations firm Ingage; financial lenders Iwoca and Neyber; blockchain-based data platform ObjectTech; identity verification platform […]
