CoinDesk, 1/1/0001 12:00 AM PST A Korean securities broker has begun working with a local bitcoin exchange, moving closer to allowing access to the digital currency for its clients. |
Business Insider, 1/1/0001 12:00 AM PST This story was delivered to BI Intelligence "Fintech Briefing" subscribers. To learn more and subscribe, please click here. A mobile app that facilitates foreign exchange transfers is on the cusp of raising some significant money. London-based fintech startup Revolut is close to raising almost $14 million in a Series A funding round as it adds approximately 1,500 new users each day. The app uses a multi-currency prepaid MasterCard and lets customers top-up their accounts directly from their bank, which can be based in several countries. They then use the card to make a transaction in more than 90 currencies at the interbank exchange rate, the rate at which banks sell currency to foreign exchange (FX) companies. FX companies usually raise this price by a few percentage points before they sell to consumers, but Revolut says it plans to make money from marketing directly to customers through the app, most likely through advertising. Furthermore, Revolut will charge a 2% fee to users who withdraw more than $700 per month. Money transfers and foreign exchange are the second largest share of fintech VC funding in the U.K. at 19%, or $243 million, in 2015. It's clear thanks to apps such as Revolut that we’ve entered the most profound era of change for financial services companies since the 1970s brought us index mutual funds, discount brokers and ATMs. No firm is immune from the coming disruption and every company must have a strategy to harness the powerful advantages of the new fintech revolution. The battle already underway will create surprising winners and stunned losers among some of the most powerful names in the financial world: The most contentious conflicts (and partnerships) will be between startups that are completely reengineering decades-old practices, traditional power players who are furiously trying to adapt with their own innovations, and total disruption of established technology & processes:
As you can see, this very fluid environment is creating winners and losers before your eyes…and it’s also creating the potential for new cost savings or growth opportunities for both you and your company. After months of researching and reporting this important trend, Evan Bakker, research analyst for BI Intelligence, Business Insider's premium research service, has put together an essential report on the fintech ecosystem that explains the new landscape, identifies the ripest areas for disruption, and highlights the some of the most exciting new companies. These new players have the potential to become the next Visa, Paypal or Charles Schwab because they have the potential to transform important areas of the financial services industry like:
If you work in any of these sectors, it’s important for you to understand how the fintech revolution will change your business and possibly even your career. And if you’re employed in any part of the digital economy, you’ll want to know how you can exploit these new technologies to make your employer more efficient, flexible and profitable. Among the big picture insights you'll get from The Fintech Ecosystem Report: Measuring the effects of technology on the entire financial services industry:
This exclusive report also:
The Fintech Ecosystem Report: Measuring the effects of technology on the entire financial services industry is how you get the full story on the fintech revolution. To get your copy of this invaluable guide to the fintech revolution, choose one of these options:
The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of the fast-moving world of financial technology. |
CryptoCoins News, 1/1/0001 12:00 AM PST Hana Financial Group, a large bank holding company that specializes in a multitude of financial services including banking has now joined the financial blockchain consortium led by R3. Global private blockchain consortium R3 sees its first Korean financial institution join its ranks with the inclusion of South Korea’s Hana Financial Group. In a report by […] The post Korean Financial Firm Joins Blockchain Group R3 appeared first on CCN: Financial Bitcoin & Cryptocurrency News. |
Bitcoin Magazine, 1/1/0001 12:00 AM PST Bitcoin Classic is the latest attempt to increase Bitcoin’s block size limit via a hard fork initiated by miners running an alternative to... The post Supporters of 2 MB Bitcoin Blocks Unable to Convince Miners to Hard Fork in Beijing Meeting appeared first on Bitcoin Magazine. |
Business Insider, 1/1/0001 12:00 AM PST This story was delivered to BI Intelligence "Payments Industry Insider" subscribers. To learn more and subscribe, please click here. Bank of America had its first-quarter earnings call late last week, and the message was clear: mobile is key. The bank reported revenues less than analysts' expectations thanks to a volatile market, but mobile and digital growth and engagement continues to be a strong point for the company. Online and mobile spending is actually growing more quickly than overall card spend. Those two categories make up 20% of total Bank of America card spend. This is a 15% year-over-year increase, compared to just 4% to 4.5% growth in overall card spend. Visa Checkout, the bank's one-click buy button, could further accelerate that spend. The service already has one million users, and Bank of America users comprise 13-14% of all Visa Checkout volume, according to CEO Brian Moynihan. The second-largest U.S. bank recently partnered with Visa to automatically enroll BofA customers in Visa Checkout, which should remove the hurdle of the sign-up process. This could further increase digital spend for BofA customers through Visa Checkout, which reportedly has an 86% completion rate on its purchases. Mobile wallets still have some work to do, however. Enrollment in BofA mobile wallet platforms has risen by 12% and usage by 3% on a week-to-week basis, but payments make up a mere 0.2% of the bank's total card payments. This indicates that mobile wallets are not yet benefiting from the growth in e-commerce spending. Bank of America's earnings show that e-commerce and m-commerce continue to rise as the payments landscape continues to change. BI Intelligence, Business Insider's premium research service, estimates that U.S. users spent $55 billion on mobile in 2015, which accounted for 16.1% of all e-commerce. BII forecasts mobile spending to hit $284 billion, or 45% of total e-commerce, by 2020. Therefore, major U.S. banks should note faster digital card spend growth in the next few years. Evan Bakker and John Heggestuen, analysts at BI Intelligence, have compiled a detailed report on the payments ecosystem that drills into the industry to explain how a broad range of transactions are processed, including prepaid and store cards, as well as revealing which types of companies are in the best and worst position to capitalize on the latest industry trends. Here are some key takeaways from the report:
In full, the report:
To get your copy of this invaluable guide, choose one of these options:
The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of the payments ecosystem. |
Bitcoin Magazine, 1/1/0001 12:00 AM PST The Crypto Show recently interviewed Johnny Dilley, who runs strategy at Blockstream. Dilley shared his views on the future of Bitcoin’s... The post Blockstream’s Johnny Dilley: We’ll Eventually Have an Adaptive Block Size Solution appeared first on Bitcoin Magazine. |
CryptoCoins News, 1/1/0001 12:00 AM PST Russia’s Investigative Committee Chairman Alexander Bastrykin has, once again, opined that virtual and cryptocurrencies like Bitcoin are money substitutes or surrogates that need to be outlawed. He also claimed that virtual currencies are “often used” for the financing of terrorism. In a sweeping, wide-ranging column on Russian publication Kommersant, Alexander Bastykin – chairman of the […] The post Russian Official Calls for Criminal Liability for Bitcoin appeared first on CCN: Financial Bitcoin & Cryptocurrency News. |
CryptoCoins News, 1/1/0001 12:00 AM PST Bitcoin Press Releases: The Emer Group is proud to announce the launch of its own blockchain development platform. Emer, a leading digital currency and blockchain platform is on the cusp of launching its own fully fledged development platform; Blockchain Engine. On April 25th, 2016 the long awaited developer ecosystem will be released to the public, […] The post Emer Blockchain Engine appeared first on CCN: Financial Bitcoin & Cryptocurrency News. |
CryptoCoins News, 1/1/0001 12:00 AM PST Bitcoin Press Releases: Indian Bitcoin exchange and wallet Coinsecure has raised over $1.2 million in the first 4 months of their ongoing fund-raising round ‘Series A’. 18th April 2016, Delhi, IN – Coinsecure, the leading Indian Bitcoin trading platform, has announced a raise of $1.2 million as part of its ongoing ‘Series A’ investment round. […] The post India’s Leading Bitcoin Exchange Coinsecure Has Raised Over $1.2 Million in Ongoing Fund-raising Campaign appeared first on CCN: Financial Bitcoin & Cryptocurrency News. |
CryptoCoins News, 1/1/0001 12:00 AM PST Bitcoin price wasted more time below resistance, today, as the bulls bought into an assumed rally. Indeed, a rally is possible, but the exchanges have more to gain from pulling price down into liquidation than giving small fish retail traders what they explicitly want. This analysis is provided by xbt.social with a 3-hour delay. Read […] The post Bitcoin Price Losing The Highs appeared first on CCN: Financial Bitcoin & Cryptocurrency News. |
Bitcoin Magazine, 1/1/0001 12:00 AM PST Beijing-based Bitcoin mining giant Bitmain announced last week that it has invested $1.6 million in BitKan, a Bitcoin data and trading... The post Bitcoin Mining Giant Bitmain Invests $1.6 Million in Shenzen-Based Bitcoin Trading Platform BitKan appeared first on Bitcoin Magazine. |
CryptoCoins News, 1/1/0001 12:00 AM PST Coinroll, a bitcoin casino, noted on its website that some customers reported their funds were stolen. A security researcher for MacKeeper, a Mac security firm, found a database of information about Coinroll customers that anyone could have downloaded, according to Softpedia. Coinroll Runs An Audit A message on Coinroll’s website said the company is running […] The post Exposed Database Linked To Bitcoin Casino Account Thefts appeared first on CCN: Financial Bitcoin & Cryptocurrency News. |
CoinDesk, 1/1/0001 12:00 AM PST Poland's Ministry of Digital Affairs has issued a statement on how bitcoin and the blockchain could help digitize government services. |
CryptoCoins News, 1/1/0001 12:00 AM PST Global Bitcoin payment processor BitPay has notified users to of a newly discovered Trojan virus that is affecting some bitcoin purchases. Notably, the virus has not compromised any user wallets of payment systems. In an alert issued on Friday, bitcoin payment service provider BitPay has warned users to be on the lookout for a new […] The post Bitcoin Payment Processor BitPay Warns against Trojan Virus appeared first on CCN: Financial Bitcoin & Cryptocurrency News. |
CryptoCoins News, 1/1/0001 12:00 AM PST Secrecy scandal after secrecy scandal have rocked the financial world since the 2008 financial crisis. In early 2014, the LIBOR scandal uncovered the manipulation of Forex markets. Last week, the Panama Papers detailed the behavior of Panamanian law firm Mossack Fonseca, which has sold shell companies for the past 40 years so individuals could hide […] The post Can the Blockchain Be a Solution to the Panama Papers Revelations? appeared first on CCN: Financial Bitcoin & Cryptocurrency News. |
CryptoCoins News, 1/1/0001 12:00 AM PST Former New York regulator Benjamin Lawsky, who oversaw what many consider the most restrictive state bitcoin regulation known as BitLicense, now works as a counsel and media liaison for Axoni, a blockchain technology firm that uses blockchain in settling derivative transactions, according to Reuters. Lawsky said he intended to start a consulting business when he announced […] The post Former Bitcoin Regulator Turns Blockchain Advisor appeared first on CCN: Financial Bitcoin & Cryptocurrency News. |
Business Insider, 1/1/0001 12:00 AM PST Welcome to The Fintech Briefing, a morning email providing the latest news, data, and insight into disruptive fintech in Europe and around the world, produced by BI Intelligence. Sign up and receive Fintech Briefing to your inbox. CAPGEMINI & EFMA'S WORLD BANKING REPORT: The two firms' annual report on Retail Banking published today. It is based on the results of a global survey of 16,000 retail banking customers in 32 countries, and interviews with banking executives from around the world. Here are the 5 key points we pulled from the report:
FUNDING CIRCLE MOVES TOWARDS SECURITISATION: The marketplace lending company is likely to be the first European alternative lender to have loans from its platforms securitised, according to the Financial Times. Funding Circle has apparently met with a bank to arrange the securitisation which will be marketed next week and will allow the loans to be publically traded. Loans facilitated through a number of US alternative lenders have already been securitised. The option to securitise loans attracts institutional capital. That provides a growth opportunity for Funding Circle because insitutions have more money to invest. Institutional and retail investors each account for about half funding for the company's current loans. If this tips in favour of institutional investors, Funding Circle will begin to look more like a US marketplace lender. The majority of funding for marketplace lenders in the UK comes from retail investors, while in the US its institutional investors. TRAVEL MONEY STARTUP TO RAISE £10 MILLION: London-based Revolut is a mobile app that offers foreign exchange transfers via a multi-currency prepaid MasterCard. It is close to raising £10 million ($14 million) in a Series A funding round. Users top-up their Revolut account directly from their bank, which can be located in a number of countries, and are then able to use the card to transact in over 90 currencies at the interbank exchange rate. This is the rate at which banks sell currency to foreign exchange (FX) companies. FX firms typically mark this price up a few percentage points before selling it to customers. Revolut says that it will make money from marketing to consumers through the app instead, likely in the form of advertising. It also charges a 2% fee to users who withdraw more than £500 ($700) a month. The Money Transfers & FX category accounts for the second largest share of Fintech VC funding in the UK at 19% or £171 million ($243 million) last year. PEOPLE ON THE MOVE:
Around the world... CAPGEMINI HIRES BLOCKCHAIN STAFF: The consultancy plans to add 100 "blockchain professionals" to its financial services unit this year, according to Finextra. The move follows interest in blockchain from central banks, financial institutions, and technology firms who believe it will help them improve efficiency and reduce costs. Capgemini is already working on a range of blockchain-based solutions with firms, covering micropayments, syndicate loans, asset management, and claims handling. PwC, another major consultancy firm, also announced a new blockchain team earlier this year. Both consultancies are responding to the need to turn industry-wide interest in blockchain into solutions robust enough for mainstream use. EUROPEAN PARLIAMENT TO HOST BLOCKCHAIN CONFERENCE: The 4 day conference will happen this week and aims to educate Members of the European Parliament (MEPs) on distributed ledger technology, according to Finextra. Attendees will include representatives from the World Bank, the IMF, the UN, academics, central banks, established blockchain companies and startups. The event will consist of roundtables and presentations from attendees including Nasdaq and Blockchain.info. Major banks around the world are participating in blockchain trials because of the technology's potential for delivering efficiency and cost savings. GOLDMAN SACHS GOES ALL IN ON AUTOMATION: Currently, the investment bank's main tech focus is on achieving automation across the firm, according to Damian Sutcliffe, Global Chief of Operations Technology, who Business Insider sat down with last week. Sutcliffe says automation is needed to help the firm adapt to new market conditions where scale is key. This is because of increasing cost pressures in the industry. Automation helps ensure that every unit transaction is done at a profit by increasing efficiency and reducing the possibility of human error. It will also help the firm comply with the quantity and quality of data regulators now expect. Automation is likely to be the biggest driver of job losses in the bank industry. FED GOVERNOR ON BLOCKCHAIN: Federal Reserve Governor Lael Brainard acknowledged the potential of blockchain in the financial services industry in a speech to the Institute of International Finance Blockchain Roundtable last week. She stated that blockchain technology should not be underestimated, because it has the potential to introduce major efficiencies to the industry and huge disruptions in financial services were not unprecedented. But she also pointed out the challenges posed by blockchain, including how new systems would integrate with legacy systems, and the public nature of existing blockchain technology — which could present problems to an industry that currently heavily restricts access to its operations and data. Overall, Brainard emphasised the Fed's position was that of other regulators — to allow innovation without risk to consumers or overall financial stability. Join the conversation about this story » NOW WATCH: JOHN MCAFEE: Why downloading free apps is dangerous |
CryptoCoins News, 1/1/0001 12:00 AM PST Bitcoin Press Releases: In only 5 months, Bitmart has introduced the revolutionary Bitcoin Currency and Mining to aspiring entrepreneurs across South Africa. Bitcoin Mining has recently taken the world by storm, and more so at a remarkable rate in South Africa. Since the inception of Bitmart in December of 2015, more than 50 confirmed satisfied […] The post The Bitcoin Market in South Africa explodes, thanks to Bitmart.co.za appeared first on CCN: Financial Bitcoin & Cryptocurrency News. |
Business Insider, 1/1/0001 12:00 AM PST This story was delivered to BI Intelligence "Payments Industry Insider" subscribers. To learn more and subscribe, please click here. The arrival of the age of fintech is about to shake up the financial services world as we know it. Traditional powerhouses are already trying to figure out ways to co-exist with startups that are disrupting aging models. Look no further than the rise of mobile and digital banking and the declining relevance of brick-and-mortar banks, particularly among millennials, for evidence of that fact. But it's not just banks that are trying to conquer the fintech space. Amazon is about to try its hand in this market, as the e-commerce giant's head of payments, Patrick Gauthier, recently announced that the company is considering making some fintech acquisitions as valuations in the space start to decline and fintech becomes a more affordable investment. This would be a logical progression for Amazon, which already has a significant and active user base. Amazon has been experiencing increased growth tied to payments, as its payments unit has 23 million active users and has recorded 200% year-over-year growth in merchants adding the "Pay with Amazon" buy button to their online stores. There is also precedent for Amazon to make such a move. Chinese e-commerce giant Alipay has more than 450 million monthly active users and has more than 50% of the online payments market in China. So Amazon could be on the path to building up a similar type of momentum with its own customers. Fintech acquisitions would also make Amazon more competitive with other checkout services such as Apple Pay and Visa Checkout. This could be crucial in the next few years, as BI Intelligence, Business Insider's premium research service, forecasts that mobile commerce will make up 45% of all U.S. e-commerce retail sales by 2020. As we watch Amazon's plan unfold, it's clear that no firm will be immune from the coming disruption and every company must have a strategy to harness the powerful advantages of the new fintech revolution. The battle already underway will create surprising winners and stunned losers among some of the most powerful names in the financial world: The most contentious conflicts (and partnerships) will be between startups that are completely reengineering decades-old practices, traditional power players who are furiously trying to adapt with their own innovations, and total disruption of established technology & processes:
As you can see, this very fluid environment is creating winners and losers before your eyes…and it’s also creating the potential for new cost savings or growth opportunities for both you and your company. After months of researching and reporting this important trend, Evan Bakker, research analyst for BI Intelligence has put together an essential report on the fintech ecosystem that explains the new landscape, identifies the ripest areas for disruption, and highlights the some of the most exciting new companies. These new players have the potential to become the next Visa, Paypal or Charles Schwab because they have the potential to transform important areas of the financial services industry like:
If you work in any of these sectors, it’s important for you to understand how the fintech revolution will change your business and possibly even your career. And if you’re employed in any part of the digital economy, you’ll want to know how you can exploit these new technologies to make your employer more efficient, flexible and profitable. Among the big picture insights you'll get from The Fintech Ecosystem Report: Measuring the effects of technology on the entire financial services industry:
This exclusive report also:
The Fintech Ecosystem Report: Measuring the effects of technology on the entire financial services industry is how you get the full story on the fintech revolution. To get your copy of this invaluable guide to the fintech revolution, choose one of these options:
The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of the fast-moving world of financial technology. |