China & Japan lead Asian interest in FinTech
Asia is continuing to demonstrate its commitment to FinTech and is helping to fuel global investment in the sector, according to a report from Accenture. In 2016, the amount of venture capital funding increased 10 percent to $23.2 billion, which was largely assisted by investments in China and Japan, reports Fortune. Over the last year, China’s FinTech investment is reported to have more than tripled to $10 billion from 55 deals. Japan has also been flexing its FinTech muscles. Over the last twelve months, FinTech investment increased to $154 million from 14 deals. This is compared to the $65 million from the previous year. China’s Increase in FinTech FinTech has […]
Prominent British entrepreneur Eric van der Kleij says Australian fintech companies are “world-class”
Leading British entrepreneur Eric van der Kleij says he is impressed with the “serious solutions” being built by founders in the local fintech sector, which he believes is on par with the rest of the world. “The quality of companies that we’ve met here are world-class,” he tells StartupSmart. Van der Kleij, who founded London’s largest fintech hub Level39, is in Australia this week for the UK government’s Australian Hunger Games-inspired event held in Sydney. Van der Kleij is a special adviser in fintech and blockchain for UK’s Department for International Trade, and is on a mission to help promising Australian startups with a “soft and accelerated landing into the […]
Everything you need to know about FinTech
The term “Fintech” is an extremely broad term, as the field has exploded as of recent times. And the following infographic was meant to cover the field in a broad sense, there are many topics within Fintech that could each be discussed in much greater detail than we are able to do with the limited time and space we have available, or that you would probably have time for. In short, Fintech stands for “Financial Technology” and it speaks to technology which deals specifically with financial services & financial products. You want to talk about digital cryptocurrencies, like Bitcoin & Ether… Fintech. You want to talk about the blockchains that […]
China primed to push advances in blockchain and 5G development
Financial services, particularly digital currency, payment processing, and market trading and settlement leading blockchain usage. Mainland China is primed to become a global leader in the implementation of blockchain, the distributed ledger technology behind cryptocurrency bitcoin, as the central government reinforces the creation of digital intelligent services in the country, according to industry experts. That development is expected to run in parallel with preparations being made by the mainland’s telecommunications industry to roll out advanced 5G mobile services by 2020. “When 5G, the Internet of Things and autonomous driving start to get more prevalent then blockchain could potentially become the underlying ledger to record transactions and maintain trust in those […]
Japan’s largest bank is testing digitized checks on a Blockchain in Singapore
The Bank of Tokyo-Mitsubishi UFJ, Japan’s largest bank, has chosen blockchain technology as the core infrastructure toward testing the digitization of checks using Singapore’s Fintech-friendly regulatory sandbox installed by the country’s central bank, the Monetary Authority of Singapore. First announced last year, the Proof of Concept (PoC) testing is the result of a joint endeavor between the bank and major Japanese conglomerate Hitachi. The two companies developed a blockchain-based infrastructure to issue, transfer and collect electronic checks. With the PoC testing, the bank issued and settled checks while the Hitachi Group’s companies in Singapore received the electronic checks and then deposited the funds. “The project is to digitalize entire check […]
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 […]
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 […]
