Welcome to the start of a brand new week! Today we recap the most exciting news that happened over the weekend so you can get start your Monday on the best note possible.
Today’s topics include a report from Deutsche Bank which says blockchain will be mainstream in six years, a Singaporean bank uses blockchain for inter-bank transfers for the first time, FinTech start-up company Nimbrix announces the launch of an asset management platform with Microsoft and KMPG and reports that Ukraine will be the next country to go cashless.
- Blockchain will be mainstream within six years. In a survey of 200 financial market players, Deutsche Bank and FT Remark, three quarters believe blockchain technology will be widely used within 3-6 years. While an enormous 87% of participants thought that distributed Leger Technology will completely change the settle model for securities. David Rhydderch, Head of Alternative Fund Services at DB said: "The entire back end would become a far more efficient, far less costly, more accurate and less risk-prone function.” Read more here.
- Singaporean bank becomes the first to use blockchain to make inter-bank fund transfers. OCBC Bank claims it is the first bank is Southeast Asia to make local and cross-border inter-bank fund transfers using blockchain technology. This comes following their successful pilot transaction between the bank and its subsidiaries, OCBC Malaysia and Bank of Singapore. There are hopes that this will pave the way for other financial products and applications. Read more here.
- FinTech start-up partners with Microsoft and KPMG to launch blockchain asset management. Nimbrix, a London-based start-up, has announced that it is developing a platform for the asset management industry in co-operation with Microsoft and KPMG. It will aim to drastically reduce costs by allowing instant trades between counterparties. Nimbrix CEO, Simon Bullers has called it a “revolutionary approach to software for the financial services sector”. Read more here.
- Is Ukraine the next to launch digital currency? The eastern European country looks set to be the next cashless country, according to the National Bank of Ukraine. A report from the NBU said, “Like other world central [NBU] is considering an opportunity of introducing a digital form of national currency using blockchain technologies.” Read more here.
(Sources: Straits Times, Fin Extra, Coin Telegraph, The Bitcoin News)
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