China’s online banks know not to shake things up
In financial services, the label “transformative” often fades to “disappointing”. Would-be disrupters, ranging from peer-to-peer lenders in the west to China’s new online banks, risk co-option by incumbents looking for new sales outlets. A particular challenge for Chinese challengers is that the authorities may prevent them making too many waves. China’s banking regulator has unveiled results to the end of September for the country’s first five officially-sanctioned, privately-owned banks licensed during 2014. The rhetoric is encouraging enough. The authorities praised the newcomers for extending financial services to under-serviced parts of the economy, such as small and medium enterprises. The numbers were not bad, either. Perhaps surprisingly, given their short history, […]
India’s cash shortage leads to huge boost in e-payments
Indian Prime Minister Narendra Modi unceremoniously killed off the country’s 500 and 1,000 rupee notes last month, but a lucrative e-payment phoenix is rising out of those ashes. Converting to around $7 and $15 respectively, the 500 and 1,000 rupee notes represented 86 percent of the currency used in India. New notes will be offered as a replacement, but there’s still a massive cash shortage — which means digital payments need to carry more weight. Indian digital wallet apps (which, like Android and Apple Pay, let you pay for things with your phone) are jumping at the opportunity, expanding their features to make e-payments easier than ever. On Tuesday, a […]
Barclay’s Antony Jenkins jumps aboard Blockchain bitcoin start-up
One of Europe’s top bankers is joining a bitcoin start-up. Antony Jenkins, the former chief executive of Barclays, has joined the board of Blockchain, a London-based start-up that provides services related to bitcoin and cryptocurrencies. The company, named after the basic technology that creates the shared network used to move and track bitcoin, raised $US30 million ($40m) in an initial fundraising in 2014. Blockchain software has been used by other bitcoin firms, such as Coinbase, as well as its own app and website service for consumers to buy and sell digital currency. It is also developing tools for using bitcoin’s underlying technology for things such as tracking identity information or […]
5 enterprise-related things you can do with blockchain technology today
Diamonds. Bitcoin. Pork. If you think you’ve spotted the odd one out, think again: All three are things you can track using blockchain technologies today. Blockchains are distributed, tamper-proof, public ledgers of transactions, brought to public attention by the cryptocurrency bitcoin, which is based on what is still the most widespread blockchain. But blockchains are being used for a whole lot more than making pseudonymous payments outside the traditional banking system. Because blockchains are distributed, an industry or a marketplace can use them without the risk of a single point of failure. And because they can’t be modified, there is no question of whether the record keeper can be trusted. […]
Blockchain lures central banks as Danes consider minting e-krone
There’s a growing number of central banks questioning the point of printing paper money. In Denmark, the wardens of cash are now looking into producing a virtual currency instead, which they predict will make crime harder and oversight easier. The Danes aren’t alone. Britain and Sweden are blazing a trail in Europe. Singapore and Canada have already tested blockchain-based currency systems for internet payments. Governor Lars Rohde, whose job as of next year will no longer include overseeing a cash printing press in Copenhagen, says pros include lower transaction costs. But the risks are considerable. It’s uncharted territory, and the potential unintended consequences have the scope to upend the economy. […]
EML boss sees cashless society as ‘tap and pay’ technology takes off
AUSTRALIA is likely to be a cashless society within a decade as “tap-and-pay” technology becomes commonplace, according to Brisbane-based EML Payments. The payment services provider is riding a wave of global demand for debit, prepaid and loyalty cards, providing transactions worth $2.5 billion for major Australian and global brands including the Good Guys, Toyota, Ladbrokes, Shell and Sprint. “Australia has one of the highest adoptions of tap- and-pay in the world, accounting for 75 per cent of transactions,” EML Payments chief executive Tom Cregan said. “In the US, it is only about 10 per cent.” Mr Cregan said the move to a cashless society in Australia had been pushed by […]
Scotiabank partners with QED Investors to promote FinTech start-ups in Latin America
Scotiabank and QED Investors announced today a new and innovative partnership that will inject capital and industry expertise into select Latin American FinTech companies. The joint investment will create a venture capital platform that will identify, invest and promote the growth of innovative start-ups across the FinTech spectrum that look to improve customer products and experiences in Latin America. As the manager of the fund, QED Investors will bring their deep expertise in the financial services sector and a track record of building groundbreaking FinTech businesses. Scotiabank will assist QED Investors in its evaluation of potential strategic investments in the Pacific Alliance countries (Mexico, Chile, Colombia and Peru) and bring […]
WorldRemit and GTBank launch money transfer routes to West and Central Africa
Digital money transfer service WorldRemit and leading African financial institution Guaranty Trust Bank (GTBank) have launched new money transfer routes to West and Central Africa. With the WorldRemit app or website, people can now send secure overseas money transfers to any bank account in Benin, Guinea-Bissau, Mali, Niger, Senegal or Togo. Funds will be deposited as CFA Francs. Commenting on the launch, Dan Shuaib, the Managing Director, of Guaranty Trust Bank CI, said: ‘’This service removes the barriers that limit customers’ access to remittances and provides them with a quick and convenient way to receive money from any part of the world. Our partnership with WorldRemit to create this […]
