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 […]
Global investment platform DarcMatter receives ‘Best Fintech Solution’ award
Global investment platform for alternative payments DarcMatter announced that it has received ‘Best Fintech Solution’ award for Small & Startup Funds at the HFM U.S. Hedge Fund Technology Awards that was held on 13 February 2017 in New York. The HFM U.S. Hedge Fund Technology Awards recognizes and selects those software providers that are serving hedge fund industry and have proven exceptional customer service and innovative product development in the fintech ecosystem. DarcMatter was selected by the panel of judges, as it is focused on offering a technology platform for hedge fund managers in order to directly and more transparently access LPs for streamlined and efficient capital raise. “We are […]
Amazon Is Set to Rule the Fintech Game: Andreessen Horowitz VC
If any technology company makes a major move into payments and banking, the most obvious candidates are Apple and Google. After all, both have a lot of experience thanks to the Apple Pay and Google Wallet functions, and both have already persuaded hundreds of millions of customers to share their credit card information. But in the long run, it’s likely to be another tech giant, Amazon, that captures the market for Internet payment services, according to Alex Rampell, a general partner at the venture capital firm Andreessen Horowitz. Speaking at the Goldman Sachs Technology conference in San Francisco on Tuesday, Rampell explained that Amazon is more inclined than its rivals […]
PayPal acquires Vancouver-based TIO Networks in $304m deal
PayPal Holdings Inc. (NASDAQ:PYPL) is acquiring Vancouver-based TIO Networks in a deal worth $304 million. The companies announced the definitive sales agreement Tuesday (February 14), which will see PayPal pay $3.35 per share in cash — a 22.6% premium above its 20-trading day average price. TIO Networks chairman and CEO Hamed Shahbazi told Business In Vancouver he was “very excited” his company was becoming a part of the PayPal family. “It’s an incredible company,” he said. “Dan Schulman, the [PayPal] CEO, has a tremendous vision that really aligns well with us and his vision of financial inclusion is one we think gives us an opportunity to really amplify the scale […]
Fintech is driving growth and opportunities in Asia Pacific
According to analysis by KPMG International and CB Insights, US$4.6 billion in venture capital-backed fintech funding went to the Asia-Pacific region at the end of Q3 2016. Much of this investment went to China, driven by high mobile internet adoption rates and a tech savvy-millennial user base. Asian fintech sectors predicted to get VC interest this year include payments, regtech, data & analytics, and mobile. Adoption of mobile money and mobile payments in Asia will see the market encompass a range of demographics, from Chinese millennials with WeChat, to Sri Lankan retirees receiving pensions onto their Dialog eZCash mobile money account. Across Asia, fintech driven by regulatory ‘sandboxes’ are enabling financial institutions […]
China FinTech booms as mobile payments outpace US by 50x
New research has shown that Chinese mobile payments were around 50 times greater than those within the U.S. in 2016, thus illustrating that China’s FinTech market is a strong contender in the market. China Dominates the Mobile Payment Market Research from iResearch in China has found that Chinese third-party mobile payments more than tripled in 2016 to $5.5 trillion. WeChat Pay and Alipay, operated by Ant Financial, dominated the market. Recent research found that Alipay received the biggest investment in 2016 at $4.5 billion as FinTech funding increased in China. Whereas, in the U.S., mobile payments increased by 39 percent to $112 billion, according to Forrester Research. However, it’s thought […]
4 Reasons to use a Digital Wallet
Are you using a digital wallet? If not, you are not alone. Only about 13 percent of smartphone users have adopted digital wallets, the relatively new technology that allows our mobile devices to execute a myriad of financial transactions. But digital wallets are coming of age at a lightning pace. Companies like Due offer digital wallets that have streamlined the way we pay for things and get paid, and are changing the world of commerce itself. So if you have been slow to adapt to the word of digital wallets, here are four reasons to change your mind, and get a digital wallet today. Security Losing your wallet, or worse, […]
Fintech start-up PromisePay becomes Assembly Payments, signs key Gumtree deal
Well-backed Melbourne-based fintech start-up PromisePay has taken the bold move to change its name at the same time as announcing one of its most important deals to date, with eBay-owned online marketplace Gumtree. The company, which last year closed a $14 million Series A funding round with Australian tech VC fund rampersand, Westpac’s Reinventure, 99Designs co-founder Mark Harbottle and former Hitwise CEO Andrew Walsh, will now be known as Assembly Payments. PromisePay had already picked up a strong roster of more than 100 Australian and international clients including Airtasker, hipages, Flippa and Carsales.com.au for its online marketplace payments platform. It enables payments to be held in escrow, so a customer […]
