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Financial Market Infrastructure Summit, November 21-22, 2019 in Barcelona

Felicia Learned
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Financial Market Infrastructure Summit, November 21-22, 2019 in Barcelona

Join our Financial Market Infrastructure Summit on November 21st and 22nd, 2019 in Barcelona, Spain.

Financial Market Infrastructure is a combination of our two very successful conferences: Post Trade Forum and Collateral Management Forum. After enormous interest from speakers and delegates, we decided to merge these two forums to offer the most up to date topics and case studies presented by best practitioners from the Banking system.

In the beautiful city of Barcelona on November 21–22, you will be able to join the great networking opportunity in Hotel Barceló Sants. Our valued speakers will discuss the most relevant and challenging topics and share best practices regarding The Regulatory pressure and Bank profitability, including MiFID, PSD2, GDPR, Cybersecurity in the post-trade space-Post trade evolution, Innovations in payment systems—Central Bank Digital Currencies, and many more.

For more information, please visit our website and request the Agenda! http://bit.ly/32d2vmS

Europe’s Biggest International Banking and Fintech Event – Monex Summit Europe, to Take Place in Warsaw

Robert Hill
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Europe’s Biggest International Banking and Fintech Event – Monex Summit Europe, to Take Place in Warsaw

Monex Summit Europe provides networking services and organizes professional B2B meetings:

Monex Summit Europe aims to expand the knowledge and maximize deal-making opportunities for all participants within the region. The event will welcome the top managers, ranging from the industry’s biggest multinational players and banks to its most innovative startups and renowned speakers. 

 

The summit will provide months’ worth of networking experience packed within fifteen hours of targeted, public, and private meetings, arranged by the Monex team at the summit. Whether it is acquiring venture capital, observing services and products, forming partnerships, or engaging with the audience through a speech, Monex Summit will deliver a maximum return on investment.

 

Monex Summit Europe offers benefits for all type of participants:

Whether a large global company or SME, Monex Summit Europe assists achieving the growth of a business across the fintech ecosystem and find a perfect business partnership. The summit prioritizes the exhibition of products in front of fintech and financial services community, gaining brand awareness by positioning the firms at the forefront of the future of money.

 

Monex Summit Europe announces its top speakers from reputable fintech companies and banks:

This is the best opportunity for participating companies to challenge the reality of fintech and banking industry, face-to-face. The best challenge lies on the stage. Monex Summit Europe announces that the world’s famous companies and banks, like; PwC, Accenture Financial Services, Alior Bank, KPMG, JP Morgan Chase & Co., Commerzbank, Yandex Money will participate and speak of topics related to finance, money, fintech, technology, and many more.

 

Monex Summit Europe announces its biggest partners and sponsors at the event:

Monex Summit focuses on forming relations in a business-friendly ecosystem. For this reason, the Monex team is constantly looking for new partnerships. Monex Summit proudly announces that the industry’s key leaders join this year’s European event. The summit is supported by MIT Enterprise Forum, European Fintech Alliance, Holland Fintech, Czech Fintech, EWPN, MENA Fintech Association, Logix, Ticket Setup, Financial IT, Fintech Finance, Fintech Future.

 

The official sponsors of Monex Summit Europe are OneSpan, Infocert, UnionPay International, Cashoff, Feerica, Euronet, Asseco, Collinson, ABBYY, Lekta, Promon, Siauliu Bankas AB.

 

This is the last chance to join Monex Summit Europe.  Participate. Connect. Grow.

USA Takes the Top Spot in the Crypto ATM Installation Chart by Holding 65.4% Share in the Continent

Ray Buckler
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USA Takes the Top Spot in the Crypto ATM Installation Chart by Holding 65.4% Share in the Continent

In the constantly evolving and developing the world of cryptocurrencies, “limit” is a word that fails to fix in its bracket. The digital currency arena, which was once considered to be unproductive, has proven its mettle with time and has been successful in establishing itself as the unprecedented star of the new-age tech industry.

With the growing popularity amongst masses, cryptocurrencies have seen a new phase of development that focused on making this new-age technology a user-friendly option for customers worldwide. The launch of cryptocurrency ATMs played an important role in bringing a revolution in the digital money space.

According to the latest data charts and statistics from Coin ATM Radar, there are a total of 6000 Bitcoin ATMs in the world. Though this number might appear insignificant to many but for an industry as new as cryptocurrencies, the figures are quite appealing and pointing towards a promising future of the industry.

Crypto ATM Installation Speed

Interestingly, the United States of America leads the chart, which showcased the distribution of crypto ATMs installed in various countries and continents. The U.S holds a majority of 65.4% of the total number of ATMs.

Crypto ATM Share by Manufacturer

An informative chart from Coin ATM Radar on the speed of installation of crypto ATMs disclosed that 9.3 crypto ATMs are installed on a daily basis. The figures are calculated on the basis of data collected for last 60 days, and the speed of installation is calculated on the basis of last 7 days. The chart concerning the number of cryptocurrency ATMs installed by manufacturing units revealed that the maximum number of machines was installed by General Bytes, which had a share of 32.7%.

Top Crypto ATM Operator

A chart showing the number of bitcoin ATM machines being set up by the top tier operators was also released. The figures showcased that the top 10 operators run 2471 crypto ATMs, which amounts to 41.2%. There exist 549 other operators who manage 3532 crypto ATMs, which resorts to 58.8% share.

HSBC Closes Account Linked to Hong Kong’s Violent Protests, Cites Regulations

Timmy Murphy
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HSBC Closes Account Linked to Hong Kong’s Violent Protests, Cites Regulations

Amid the violent anti-government protests that are taking place in Hong Kong, HSBC Holdings highlighted some routine regulatory needs to make sure that client money has been used for the mentioned purposes. Earlier, there was a report on Monday that claimed that the bank is closing a corporate account that assisted in funding the large scale protests activities in Hong Kong.

Last week, the city witnessed one of the most violent protests in over 5 months of demonstrations. And, members of the Chinese military were seen cleaning up the city’s streets.

According to the Hong Kong Economic Journal, HSBC Holding immediately resorted to action after discovering the account was apparently used without conforming to its original paperwork. The bank also provided this information to the client that it would shut the account following a 30-day notice that comes to an end this week. However, the bank did not elaborate on the identity of the account holder.

Hong Kong has been gripped by a wave of violent protests. There have been more than four months of political unrest, traffic violations and surging levels of violence in Hong Kong. And, now universities all over Hong Kong have become the latest battleground. Protestors’ clash with riot police has paralyzed the city’s economy.

The polarizing protests caused troubles for many renowned companies that may include Apple and Activision Blizzard, among others. The companies are under immense political pressure to severe all perceived links with the city’s pro-democracy protests, which causes them to face public backlash later on.

Meanwhile, 612 Humanitarian Relief Fund claimed on Monday on its Facebook page that its HSBC account is functioning normally. The organization assists protestors in paying medical expenditures and legal fees.

HSBC Holding Plc has emerged as the leading British multinational investment bank and financial services holding company. It became the 7th largest bank all across the globe by 2018.

Addenda Announces Closure to Its Seed Round

Robert Hill
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Addenda Announces Closure to Its Seed Round

Addenda, an insurance blockchain association, based in UAE, is done with its seed fundraising round, as per the official announcement. With these fresh investments, the firm not only plans to scale up its marketing and sales efforts but also boost product development. In addition to that, Addenda intends to establish and broaden their operations in more GCC nations.

The amount of the funds has not yet been disclosed. The fundraising round saw participants from noted organizations such as 500 Startups, Beyond Capital, and Jada Investments, to name a few among a list of angel investors.

Sharif El-Badawi, 500 Startup’s Managing Partner, shared his views on this latest announcement saying that they are thrilled to partner with Addenda. Terming Addenda’s blockchain solution as first-of-its-kind in the Middle East, Sharif stated that they are proud of Addenda’s founders, as well as their team, for having introduced a feasible product powered by blockchain technology that the insurance sector can adopt.

Addenda, the blockchain firm that has two brothers Karim Davis Dib and Walid Daniel Dib as founders, was established last year in March. Addenda has also become a part of the second unit of the DIFC (Dubai International Financial Centre) Fintech Hive.

The company came out with its first blockchain reconciliation platform between insurance firms in mid-October. According to Addenda’s CEO, Walid Daniel Dib, the platform saw 8 insurance firms filing motor insurance claims worth over Dh700,000 against one another within a couple of weeks from the launch.

Olly Robbins Joins Investment Bank Goldman Sachs

David Pender
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Olly Robbins Joins Investment Bank Goldman Sachs

Olly Robbins, Britain’s former Brexit negotiator, will be joining US investment bank, Goldman Sachs. As per the news, he will be joining the US bank later in 2020 as a Managing Director. He had served as the chief Brexit negotiator and the Europe advisor of the former British PM Theresa May before he took over this offer. He has been offered a six-figure salary for the post. The appointment is confirmed by the Cabinet Office and approved by the advisory committee that screens post-government jobs for politicians.

Olly Robbins will be joining the US bank after a sabbatical at Oxford University. He will be designated with the Heywood Fellowship for the first time in the history of the University. This is a new Fellowship award established in the memory of Jeremy Heywood, the former Cabinet Secretary. His strong dedication towards work has earned him such a prestigious award.

He had served under 4 British Prime Ministers with utmost dedication and impartial attitude. Robbins headed talks that led the former British PM Theresa May’s withdrawal agreement that formed the basis of UK’s exit from the EU bloc. However, Prime Minister Theresa May repeatedly failed to garner enough support for this deal and she resigned earlier this year. Before resigning she granted knighthood to Robbins for his excellent dedication towards work. This did not stop the Brexiters to criticize Robbins. Despite owning all the credit for negotiating the Chequers deal, Robbins became unpopular amongst the Brexit supporters due to this withdrawal agreement. After Robbins announced that he would quit from this position, the new British PM Borris Johnson paid tribute to Robbin’s proposals and said that this deal would turn Britain into a “vassal state.”

A Brief Summary of Bitcoin’s Lightning Network – Discussed!

Robert Hill
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A Brief Summary of Bitcoin’s Lightning Network – Discussed!

By removing transactions from the fundamental blockchain, lightning network is relied upon to unblock Bitcoin and reduce related exchange fees. Transactions directed on the lightning network are instantaneous and will considerably upgrade Bitcoin’s utility as a mechanism daily.

 

Bitcoin Lightning Network

Lightning Network can be described as a second-layer network which transmits signed but will not broadcast exchanges among associates and depends on the Bitcoin blockchain for final settlement of assets. This implies exchanges that are not constrained to the block size, confirmation times are not necessary, and the Bitcoin blockchain does not have to store each transaction that happens.

 

Uses

  • Lightning Network can be utilized to conduct off-chain exchanges which involve trades between digital currencies. For instance, it is mandatory for atomic swaps which will empower cryptocurrency to be traded for another without the association of the third party, for example, cryptocurrency exchanges.
  • Lightning Network takes care of the scaling issue by making a second layer on Bitcoin’s fundamental blockchain. Moreover, the second layer comprises of various payment channels between groups or Bitcoin clients. A lightning network channel is an exchange process between two peers. Utilizing these channels, the groups can transfer or receive payments from one another.
  • Furthermore, the lightning network is intended to be for smaller payments and microscale exchanges of a few cents. For vast amounts of considerable value with Bitcoin, clients should utilize a standard on-chain exchange.

 Working of Lightning Network

 The Lightning Network is based upon the fundamental technology of the blockchain. By utilizing genuine Bitcoin or blockchain exchanges and utilizing its native smart-contract scripting language, it might be possible to make a secure network of members which can be executed at high volume and speed. More like blockchain, the lightning system disinter mediates central foundations, like banks, which are in charge of steering exchanges.

 

Does it require fees to use Lightning Network?

 Indeed, there are fees for utilizing the Lightning Network. They are a blend of routing charges for steering payment information between lightning hubs and Bitcoin’s exchange fees to open and close the system.

 

Who built the Bitcoin Lightning Network?

Lightning Network was first portrayed in a white paper composed by Joseph Poon and Thaddeus Dryja.  Later, it has developed into a network of third party individuals and organizations adding to specifications and executions.

 

Advantages of the lighting network

  • Payments Instantly: With Lightning network, blockchain payments can be quick without stressing over block confirmation times. Blockchain smart contracts authorize security without creating an on-blockchain exchange for individual payments. Besides, payment speed estimated in milliseconds to seconds.
  • Adaptability: The Lightning network is capable of millions to billions of exchanges for each second across the system. Connecting payment per activity or click is presently conceivable without guardians. 
  • Low expenses: By executing and settling off-blockchain, the Lightning Network takes into consideration meager fees, which allows for developing use cases, like instant small scale payments.
  • Cross Blockchains: Cross blockchain atomic swaps can happen off-chain instantaneously with complex blockchain agreement rules. Moreover, as much as the chains supporting the equivalent cryptographic hash work, it is possible to make exchanges over blockchains without trust in intermediaries.

 How lightning payments are made

To use Lightning, the user needs a Lightning-enabled Bitcoin wallet. A Lightning wallet has the same usefulness of a regular wallet but additionally enables the user to send or receive payments instantly through Lightning.

Problems in Lightning Network

Lightning Network is generally a developing technology and is still under development phase. Furthermore, a few issues related to it are being solved. Below given are the few points:  

  • The most evident problem regarding lightning networks is that they are intended to be decentralized, which could prompt duplication of a hub and spoke model that portrays the present financial frameworks. In the current model, banks and financial foundations are the leading third parties through which all exchanges occur.
  • The second issue that is being researched in lightning networks is the feasibility of an increase in bitcoin exchange charges. They are a significant component of the systems general charges. Moreover, if the Bitcoin’s exchange expenses rise, at that point, a second layer could wind up repetitive since it would end up less expensive to conduct exchanges on bitcoin’s blockchain.
  • Lightning networks are accepted to be vulnerable against thefts and hacks because they might be required to be online consistently.  

First Data and Bank of America End Their Payments Partnership

Felicia Learned
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First Data and Bank of America End Their Payments Partnership

Bank of America’s payments service in collaboration with First Data had been launched for merchants who need to move money. Now, the bank wants greater control over that particular line of business.

 

Over the past half a decade or so, payments solutions have become one of the biggest businesses in the world of finance. Initially, innovative services were being provided by a range of inventive tech companies, but eventually, the big banks jumped in as well. After realizing the potential in the sector, many of the banks created their own departments to look after this business or collaborated with other companies to set up their payments business. American retail banking giant Bank of America got into the sector as well with its payments service aimed at merchants, who wish to move money quickly. However, in order to build the product, it had partnered with First Data.

 

It has now emerged that Bank of America has decided to end its partnership with First Data. The partnership is not going to be extended once it gets over in June next year. According to reports, Bank of America wants to have greater control over its product, and it is believed that the bank is going to manage its payments product on its own. The development could also be down to the fact that Finserv acquired First Data in a $22 billion deal on Monday. First Data had been one of the pioneers in the payments industry, having created products that allowed merchants everywhere to accept payment from either debit or credit cards with ease. Its partnership with Bank of America was definitely a significant deal, considering the sheer size of the bank’s customer base.

 

The payments industry is growing at a breakneck pace and the potential fees that a bank can earn from helping merchants moving money at a faster rate are considerable. Hence, it is not really a surprise that Bank of America had been contemplating getting more control over its payments business over the past few months. The head of enterprise payments at the bank, Mark Monaco, spoke about the bank’s plans about the future in a statement.

 

He said, “We look forward to investing in our merchant solution and delivering the capabilities our clients need to thrive in an ever-changing payments environment.” 

An Overview of Blockchain Technology’s Importance, Advantages, and Disadvantages

Timmy Murphy
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An Overview of Blockchain Technology’s Importance, Advantages, and Disadvantages

Blockchain Technology

In 2008, Blockchain Technology was first presented and was executed from 2009. The first execution was with cryptocurrency, Bitcoin. The achievement of Blockchain has moved the technology to an extensive range which eventually provided a considerable measure of comfort to large organizations.

Importance of Blockchain Technology

  • Accountability

The blockchain technology is a strategy that leads everybody to the highest level of accountability. With the assistance of this technology, exchanges cannot be missed, human or machine mistakes will be limited. Moreover, these days, real banks are testing this technology as they can utilize it for cash transfers, record keeping, and other backend functions.

  • Security

Blockchain technology is exceptionally secure due to the reason every person who goes into the Blockchain system is given a unique identity which is connected to the user’s account. This guarantees the owner that he is handling the account, working on the exchanges. The block encryption in the chain makes it harder for any hacker to upset the traditional arrangement of the chain.

  • Faster handling

Before the development of the Blockchain, the general financial procedure takes around three days to settle, yet after the presentation of Blockchain, the time decreased to about minutes or merely even seconds.

Advantages of Blockchain

  • Zero chance of Fraud

Since Blockchain is an open-source record, every single exchange will be made open, and thus there will be no possibility of fraud occurring. The virtue of the blockchain framework will always be observed by miners who watch out for a wide range of exchanges nonstop.

  • Zero Government Interference

Government or any financial institution has zero control on virtual monetary forms that depend on the blockchain technology. Thus there will be no intruding by the governments.

  • Immediate Transactions

The digital currencies or Virtual currencies that depend on Blockchain offer exchange times that are ten times quicker than the standard bank timings. Furthermore, blockchain exchanges will be generally completed in a couple of minutes.

  • Enhances Financial Efficiency

The blockchain technology gives people and organizations a chance to make exchanges straightforwardly to the end client without including any intermediaries. This increases the financial productivity in each country and lets individuals be less dependent on banks or financial institutions. Hence it will save a great deal of cash for individuals with regards to fees yet, besides, other related expenses using banks.

  • Integrity

Because of the security reasons, the blockchain program was made so that any block or even an exchange that adds to the chain cannot be altered, which gives a high scope of security.

Disadvantages of Blockchain

  • Usage of Power

The utilization of power in the Blockchain is relatively high as in a specific year, the power utilization of Bitcoin miners was more than the per capita power consumption of 159 individual nations. Keeping a real-time ledger is one of the reasons for this utilization because each time it creates another new node; it transmits with every single other node simultaneously.

  • Cost

According to research, the average price of a Bitcoin exchange is $75 to $160, and the more significant part of this cost is covered by power consumption. There are exceptionally fewer possibilities that the development of technology can resolve this issue. Another factor is the storage issues may be included, and power issues cannot be settled.

  • Highly Volatile

The virtual currencies that depend on blockchain technology are exceptionally exposed to high volatility. One good example is the fluctuating costs of Bitcoin that change every day. One reason behind the instability is that both the decentralized blockchain technology and the virtual currencies are very new to the market.

  • Unpredictability

The Blockchain is not as straightforward as it would appear; nontechnology or old age individuals will not be able to understand this technology quickly. Nodes, Cryptography, Mining these terms by one way or another understandable to a certain degree, yet it is beyond imagination to expect to have a trustworthy service without knowing it fully.

  • Blockchain Size

Bitcoin Blockchain is 170 GB yet consistently when new exchanges happen, information is recorded to Blockchain, so Blockchain expands each second. The second famous cryptocurrency Ethereum blockchain size is more than 1 TB that is the reason why substantial public executions of Blockchain are uncertain.

Wrap up

Some accept that Blockchain will help in making cryptocurrencies, which will end up being a potential rival to valuable metals while others agree that it might be a disillusion. In any case, blockchain technology is one of the incredibly imaginative creations that technology has ever observed.

Asia Pacific Stocks Get Boost in the Hopes of Resolutions of US-China Trade War

David Pender
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Asia Pacific Stocks Get Boost in the Hopes of Resolutions of US-China Trade War

The trade war between the United States and China has probably been the single most disruptive economic and trading event over the past half a decade or so. When the two biggest economies in the world are involved in a bruising trade war, then the ripples of such a prolonged confrontation are surely going to be felt in the global markets. The markets in the United States, Europe, China, and the Asia Pacific region went through immense turmoil throughout the past few months. Just when it seemed that there was no end in sign to this confrontation between these superpowers, reports have emerged that the situation could yet improve.

As a matter of fact, the reports also stated that a trade envoy from the United States could be in China shortly, in order to thrash out the details of a fresh trade deal. Due to the possibility of a thawing of tensions, the stocks in the Asia Pacific Region have also started rising. The stocks opened higher on Wednesday in the APAC, and the majority of the indices tracking the stocks in the region have been in the green. The Bloomberg news that stated that officials from the United States are going to have a meeting with their counterparts in China has buoyed markets everywhere. After the news broke yesterday, the indices on Wall Street hit record highs as optimism grew among investors that the trade war might be coming to an end after months of sparring between the two nations.

That being said, it is also important to note that the possibility of rate cuts by the European Central Bank this week and the United States Federal Reserve towards the end of the month, is also a major trigger. The muted global growth has forced many banks to consider the possibility of rate cuts in order to stimulate their economies, and that is what investors are expecting this week. Many reports have stated that the ECB is looking to cut rates by 10 basis points, while the Fed might cut rates by 25 basis points.

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