What exactly is fintech? – VICE News

  • Banks can now use technology to make it easier to process paperwork, send money between you and your friends, and apply for financial services like mortgages and loans.
  • Investor attention toward Canadian fintech companies has started to ramp up in the last few years.
  • A recent report from Reuters puts Canadian venture capital investment in fintech companies at $137.7 million (USD) in 2016 alone.
  • Peter Misek of the Business Development Bank of Canada thinks there are a couple of reasons why the fintech revolution has arrived.
  • “Our smartphones have given insight into human beings that from the outside no financial institution, or frankly, company, would ever have had,” said Misek.

A look into how technology is disrupting the banking industry at a pace never seen before

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Bitcoin Price Forecast – Consolidation To Continue

#bitcoin Price Forecast  Consolidation To Continue #ethereum #blockchain #invest #cash

  • Bitcoin prices, for a change, had to be content with being out of the limelight over the last few days as the prices consolidated and ranged and continued to be under some pressure from the dollar which helped to maintain the prices under a tight leash.
  • The prices are still in an uptrend in the medium and long term and this is confirmed by the fact that any correction in the prices has been met with some strong bounce over the last few days.
  • This is likely to continue in the short term and with the other instruments also undergoing some large volatility, it might be the right time for the bitcoin traders to take some rest and wait for the prices to show its hand.
  • Technically, we expect the bitcoin prices to continue to range and consolidate in the short term between $2200 and $2800.
  • Traders would be well advised to wait for a break in this range to set up positions for the long term while the range traders could take trades on the fringes of the range.

Bitcoin prices, for a change, had to be content with being out of the limelight over the last few days as the prices consolidated and ranged and continued to be under some pressure from the dollar which helped to maintain the prices under a tight leash. After all the volatility that we had witnessed
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How a Blockchain Startup is disrupting the Trillion Dollar Insurance industry

  • Insurance companies have advanced slowly in the distribution of data due to the significant risk of data privacy.
  • The problem with the current way insurance companies work is how they manage their data.
  • Causing delays for insurance payouts and increasing expenses for insurance companies occurs from the numerous copies of data being stored individually by each party that is involved in the process.
  • Startup InsureX is building a platform that uses blockchain to solve insurance data sharing while ensuring data privacy.
  • Based in London, the team is building a marketplace for insurance companies that wish to buy and sell insurance products in real-time.

The Insurance industry has yet to find an effective way to share data, and is considered by many to be outdated. Insurance companies have advanced…
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Yellen: Banks ‘very much stronger’; another financial crisis not likely ‘in our lifetime’

  • Fed Chair Janet Yellen said Tuesday that banks are “very much stronger” and another financial crisis is unlikely anytime soon.
  • Speaking during an exchange in London with British Academy President Lord Nicholas Stern, the central bank chief said the Fed has learned lessons from the financial crisis and has brought stability to the banking system.
  • Banks last week passed the first round of the Fed’s stress tests to see how they would perform under adverse conditions like a 10 percent unemployment rate and turbulence in commercial real estate and corporate debt.
  • “I think the public can see the capital positions of the major banks are very much stronger this year,” Yellen said.
  • The crisis, which erupted in September 2008 with the implosion of Lehman Brothers but had been stewing for years, would have been “worse than the Great Depression” without the Fed’s intervention, Yellen said.

Fed Chair Janet Yellen said Tuesday that banks are “very much stronger” judging by how major institutions did in the recent stress tests.
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Land grabGovernments may be big backers of the blockchain

How Governments may be big backers of the #Blockchain  #Smartcity

  • But now it also uses the technology underlying bitcoin, called the “blockchain”, to help secure Georgian government records.
  • Experts are eyeing the experiment for proof of whether blockchain technology could alter the infrastructure of government everywhere.
  • Brian Forde, a blockchain expert at the Massachusetts Institute of Technology, argues that governments will drive its adoption—an ironic twist for something that began as a libertarian counter model to centralised authority.
  • According to a recent IBM survey of government leaders (conducted by the Economist Intelligence Unit, our sister company), nine in ten government organisations say they plan to invest in blockchain technology to help manage financial transactions, assets, contracts and regulatory compliance by next year.
  • Valery Vavilov, BitFury’s head, says blockchains are not merely a business opportunity, but a way to change how governments serve their citizens.

IN THE hills overlooking Tbilisi, Georgia’s capital, sits a nondescript building housing rows of humming computer servers. The data centre, operated by the BitFury Group, a technology company, was built to “mine” (cryptographically generate) bitcoin, the digital currency.
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SAP’s chief strategy officer thinks blockchain is not a zero-sum game

  • Blockchain is not a zero-sum game and its implementation across various sectors is going to be an overall positive for businesses, German software company SAP’s chief strategy officer said Wednesday.
  • Deepak Krishnamurthy spoke to CNBC on the sidelines of the World Economic Forum’s annual June meeting in Dalian, where he said blockchain will complement SAP’s supply chain business.
  • We have the largest supply chain product in the enterprise software industry, so having blockchain supply chains connect with SAP supply chains is going to be value-creating for our customers,” he said.
  • Krishnamurthy said the technology’s adoption is going to benefit companies such as SAP by automating a lot of paper-based transactions.
  • Blockchain is not the only technology that SAP is focusing on.

Deepak Krishnamurthy told CNBC that blockchain will complement SAP’s supply chain business.
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Central banks raise alarm over new crash after steep rise in lending

  • World leaders have been warned to guard against another financial crash after a steep rise in risky bank lending over the past year that could threaten the stability of the global financial system.
  • The international body that represents central banks said a recovery in global trade this year and improving levels of GDP in most countries could create complacency and convince policymakers to ignore warning signs of excessive lending coming from the financial sector.
  • With only two weeks until the G20 summit of world leaders in Hamburg, the Bank of International Settlements (BIS) said politicians and central banks needed to keep financial markets in check to prevent another crash.
  • Soaring stock markets, which have become detached from underlying values, were another sign that unjustified exuberance had replaced last year’s overly pessimistic reaction to political events such as the US election and the UK’s Brexit vote, BIS cautioned in its annual report published on Sunday.
  • But despite these dangers, BIS warned that “keeping interest rates too low for long could raise financial stability and macroeconomic risks further down the road, as debt continues to pile up and risk-taking in financial markets gathers steam.”

Bankers warn that high-risk borrowers pose danger to stability of global financial markets
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