Ex-Barclays chief says banking could face its own ‘Kodak moment’; urges banks to embrace fintech solutions

  • The former chief executive officer of Barclays has warned that banks could be faced with their own “Kodak moment” by falling into irrelevance if they fail to keep up with the pace of rapidly developing fintech technologies.
  • Antony Jenkins, who was the group CEO of Barclays from 2012 until he was sacked in 2015, said that the opportunities produced by digital ledger technologies such as blockchain could result in efficiency savings of between $80 billion-$110 billion.
  • But he also warned that banks which failed to keep up with the pace of such technology could be faced with an existential crisis.

The former CEO of Barclays has warned that banks could be faced with their own “Kodak moment” if they fail to keep up with the pace of rapidly developing fintech technologies.
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Blockchain technology is moving into the financial mainstream with IBM and seven European banks

  • IBM is building blockchain technology that will be used by seven of Europe’s largest banks, including HSBC and Rabobank, to facilitate international trade for small and medium-size enterprises, the company said on Tuesday.
  • The project will mark one of the first real-world use cases of blockchain technology in financial institutions.
  • The potential of blockchain has been praised by the banking industry over the past couple of years, but the first real applications are beginning.

Deutsche Bank, HSBC, KBC, Natixis, Rabobank, Societe Generale and Unicredit are the banks that are part of the consortium.
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Banks’ Blockchain Consortium Picks IBM for Trade Finance Platform

Banks #blockchain Consortium Picks IBM for Trade Finance Platform #Europe $IBM

  • “What we will have is a platform to bring buyers and sellers together and to make trade transactions very transparent from… the moment that a purchase order is issued up until payment,” said Hubert Bdenoot, general manager for trade finance at KBC, one of the banks in the consortium.
  • The “Digital Trade Chain Consortium”, which also includes Societe Generale, Natixis, Rabobank and Unicredit, is aiming for the platform to be up-and-running and available for SMEs to use by the end of the year.
  • “There are over 20 million SMEs in Europe, and they provide around 85 percent of the jobs as well, so it’s a critical part of the economy and so anything that can facilitate growth in the SME community is going to help a lot,” said Keith Bear, vice president for financial markets and head of blockchain at IBM.
  • But KBC’s Bdenoot said the new platform was unlikely to suddenly revolutionize the market.
  • “I don’t think this is going to be something that enters the market and then all of a sudden half of the SMEs are on the platform – I don’t think that’s realistic,” he said.

Tech giant IBM is building a blockchain-based platform for seven big European banks, including HSBC and Deutsche Bank, that is aimed at simplifying trade finance transactions for small- and medium-sized companies.
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Virtual vertigoWhat if the bitcoin bubble bursts?

  • MARKETS frequently froth and bubble, but the boom in bitcoin, a digital currency, is extraordinary.
  • Many already familiar with bitcoin investing have moved on to bet on alternatives, such as Ethereum, and “initial coin offerings” (ICOs), in which firms issue digital tokens of their own.
  • Rather than being just a form of digital gold, bitcoin aspires to loftier goals: to be a means of exchange like the euro, yen or the dollar.
  • Some of the price surge can be explained by Japan’s decision to treat bitcoin more like any other currency.
  • If bitcoin and the other cryptocurrencies are unlike anything else, what are they?

MARKETS frequently froth and bubble, but the boom in bitcoin, a digital currency, is extraordinary. Although its price is down from an all-time high of $2,420 on May 24th, it has more than doubled in just two months.
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Blockchain technology is moving into the financial mainstream with IBM and seven European banks

#blockchain technology is moving into the financial mainstream with IBM and seven European

  • It’s the underlying technology that makes cryptocurrencies such as bitcoin and Ethereum possible, but it has also been talked up by banks as a way to streamline processes and make them more efficient and cheaper.
  • IBM is building this new blockchain, Digital Trade Chain, to help parties track, manage and transact internationally.
  • When a merchant sells goods to another party and those goods arrive, the blockchain triggers a payment to take place, explained Wiebe Draijer, chairman of the executive board at Rabobank, one of the participating banks.
  • “We take care of the payment that’s still the old payment technology,” Draijer told CNBC in a TV interview on Monday, “but the whole infrastructure, the administration is done on the blockchain.
  • And ultimately we will also move the payment into that blockchain solution, when the payment in blockchain is ready to be robust for large-scale application.”

Deutsche Bank, HSBC, KBC, Natixis, Rabobank, Societe Generale and Unicredit are the banks that are part of the consortium.
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Tom Holland Confirms Popular Fan Theory: Spider-Man Was In ‘Iron Man 2’

Tom Holland officially confirms popular Marvel fan theory on Spider-Man

  • It’s been a long-held theory that “Captain America: Civil War” and “Spider-Man: Homecoming” aren’t Peter Parker’s first appearances in the Marvel Cinematic Universe.
  • Besides confirming the theory, Holland chatted about what to expect from the new movie, what it was like meeting Tobey Maguire (the original Spider-Man) and, most importantly, which of them would win in a dance off.
  • Producer Amy Pascal said Tom Hardy’s “Venom” movie is in the “Spider-Man” universe.
  • Since we don’t know exactly what happened to Uncle Ben or Spider-Man’s parents, some people think that Bucky, The Winter Soldier, may have had something to do with it.
  • I never thought I would be Spider-Man in an “Avengers” movie, but it’s such a surreal experience, dude.

“Maybe I’ve just done a big old spoiler, but it’s out there now.”
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Blockchain technology is moving into the financial mainstream with IBM and seven European banks

  • IBM is building blockchain technology that will be used by seven of Europe’s largest banks, including HSBC and Rabobank, to facilitate international trade for small and medium-size enterprises, the company said on Tuesday.
  • The project will mark one of the first real-world use cases of blockchain technology in financial institutions.
  • The potential of blockchain has been praised by the banking industry over the past couple of years, but the first real applications are beginning.

Deutsche Bank, HSBC, KBC, Natixis, Rabobank, Societe Generale and Unicredit are the banks that are part of the consortium.
Continue reading “Blockchain technology is moving into the financial mainstream with IBM and seven European banks”