This consulting firm has created an “editable” blockchain and people are puzzled September 20, 2016 Blockchain, heralded in part for keeping an immutable record of transactions, could soon become editable. Accenture has patented a prototype for making changes to it in "exceptional circumstances" to take into account errors recorded such as so-called fat finger moments, or, human error. “As we focus on new uses for blockchain technology beyond the realm of cryptocurrency, absolute immutability will become both [...]
Bank of England’s Andrew Hauser: Don’t expect blockchain to revolutionise finance any time soon September 20, 2016 Much heralded blockchain technology will not create a revolutionary shake up in the financial sector anytime soon, a top Bank of England official has declared. The distributed ledger technology has a way to go to become to be as revolutionary as some are predicting, according to Andrew Hauser, the executive director of banking, payments and financial resilience [...]
As Neil Woodford criticises its attitude to funding startups, is the UK capable of producing the first trillion-dollar company? September 20, 2016 Luke Hakes, investment director at Octopus Ventures, says Yes. You have to believe the UK is capable of building the world’s first trillion-dollar company. Historically, the UK ecosystem lacked the weight of capital required to take startups to the next level, especially when compared to Silicon Valley. But that’s been changing and the UK has made [...]
Blockchain startup Ripple raises $55m from Standard Chartered and Accenture September 15, 2016 Blockchain startup Ripple, one of several groups working with banks to create standards for the distributed ledger technology, has landed millions more in funding, with Standard Chartered and Accenture among new investors jumping on board the blockchain bandwagon. The venture arm of Siam Commercial Bank, SCB Digital Ventures, and Japan's SBI Holdings also participated in the $55m [...]
It’s time for long-term fintech to break into pensions and mortgages September 14, 2016 Certain areas of fintech have experienced an entrepreneurial frenzy over recent years. Sectors once dominated by traditional providers have become hotbeds of startup activity, with most of the action occurring in payments, foreign exchange, short-term lending and, more recently, current accounts. As is often the case, where entrepreneurs have led, money has followed. This has [...]
The Co-op is exploring blockchain technology September 7, 2016 The Co-Operative Group is exploring how blockchain technology can be used to prove the authenticity of its food in a pilot of a "fairtrade for the digital age" project. The supermarket is working with early stage blockchain startup Provenance to investigate how its technology can be used to track that its produce comes from sustainable sources [...]
London is still number one for fintech – and now we’re going global September 6, 2016 Ten weeks on from Brexit, the City is back to business following the summer, and the fintech community is as busy as ever working through its plans for an ever-changing world. While the uncertainty of Brexit may loom for some time, London is still the number one fintech hub on the planet. We have created [...]
Hong Kong follows UK lead with fintech “sandbox” September 6, 2016 Hong Kong is the latest city to follow the example of the UK's financial watchdog and set up its own scheme to accelerate the development of financial technology. The Hong Kong Monetary Authority (HKMA) has launched a so-called sandbox to let banks experiment with as yet unregulated technology and ideas. Read more: A new corporate-backed fintech [...]
Insurtech investment in the UK has tripled September 6, 2016 Investment in the insurance technology sector – part of London's world leading fintech scene – is booming. More than $22m (£16.5m) has been ploughed into insurtech so far this year – nearly triple the amount invested in the whole of last year and faster growth than any other country in the world. The research from Accenture and CB Insights, [...]
London fintech star Transferwise doubles revenue as losses grow September 5, 2016 Fintech unicorn Transferwise has revealed revenue tripled last year but losses grew as it continues to plough cash into global growth. Revenue came in at £28m in 2015, up from £10m the previous year, while pre-tax losses grew to £17m from £11m a year earlier. The payments firm transfered more than £800m a month for customers, which now number one million. The number of transactions has also [...]