Fintech Schweiz Digital Finance News – FintechNewsCH http://fintechnews.ch Thu, 19 Apr 2018 06:00:36 +0000 en-US hourly 1 Change is Inevitable …. Are your Ready? http://fintechnews.ch/fintech/change-is-inevitable-are-your-ready/14459/ Thu, 19 Apr 2018 06:00:36 +0000 http://fintechnews.ch/?p=14459 Change is the only constant. Have you thought about the types of changes we are experiencing now? Is it evolutionary, transformational or even the coming of a revolution? Author: Mad Meier,

The post Change is Inevitable …. Are your Ready? appeared first on Fintech Schweiz Digital Finance News - FintechNewsCH.

]]>

Change is the only constant. Have you thought about the types of changes we are experiencing now? Is it evolutionary, transformational or even the coming of a revolution?

Author: Mad Meier, Fintechrocker

 

 

  • Evolution – the gradual development or formation of
  • Transformation – a dramatic change of state of being
  • Revolution – a dramatic and wide-reaching change in conditions, attitudes, or current establishment

Today many use the term ‘digital transformation‘ to mean the transformation of the current state into a state which is digital in its core. A state where information is continuously collected, exchanged and analyzed allowing to create smart and interconnected products which adapt and learn.

Some refer to the ‘4th industrial revolution‘ and mean a fundamental and wide reaching change affecting the life of all of us, the society and its values. What happens when smart machines perform the work and humans have time? Do we then focus on our intrinsic motivation? It is clear that many of the paradigms and trained thinking patterns we are used to immediately become invalid.

If you look around and open up your mind – enabling you to notice what you belief is possible – thus you then sense that we are probably quite close to a revolution where many things we consider as naturally given today will be replaced by a new normal.

  • image credit via Pixabay

    Start by looking at a one example: self-driving electric cars and its implications. Soon we will transition from car ownership to co-sharing where you pay per use via a simply request which matches your current needs. There is no need for personal parking spaces or garages;

    With connected self driving cars, there will be substantially transformation of current governance and road infrastructure, less cars and accidents; insurances business model will need to be different.

  • Other additional examples to ponder upon such as the increase in automation or the on-demand replication of goods and imagine how the implications of these scenarios interfere and influence each other.

The changes are combinatorial and the consequences are profound and complex. They will most likely happen much faster than expected once its trigger point is reached.

Are we really in a transformation or at the beginning of a revolution? Are you ready for the change? Are we ready for the change? Is your company making the future happen or busy running a red queen’s race?

 

Change happens …. change is happening …. progress in optional

 

This article first appeared on finthinkers.blog, Featured image via finthinkers.blog

 

The post Change is Inevitable …. Are your Ready? appeared first on Fintech Schweiz Digital Finance News - FintechNewsCH.

]]>
Lithuania to Introduce Blockchain Sandbox in 2019 http://fintechnews.ch/blockchain_bitcoin/lithuania-to-introduce-blockchain-sandbox-in-2019/17879/ Thu, 19 Apr 2018 05:50:57 +0000 http://fintechnews.ch/?p=17879 Lithuania is looking to become the first ever country to offer entities from around the world the opportunity to register and manage companies using blockchain technology. These Virtual Limited Liability

The post Lithuania to Introduce Blockchain Sandbox in 2019 appeared first on Fintech Schweiz Digital Finance News - FintechNewsCH.

]]>

Lithuania is looking to become the first ever country to offer entities from around the world the opportunity to register and manage companies using blockchain technology.

These Virtual Limited Liability Companies (VLLCs) would benefit from an innovation-friendly “sandbox” regulatory system that helps newcomers to set up operations.

Lithuania blockchain companiesVLLCs would give companies a range of advantages. These include the ability for the company to be remotely managed, and for all share transactions to be fully transparent, as they would be performed entirely on an immutable blockchain.

The Lithuanian Centre of Registers (the manager of the country’s Register of Legal Entities) has already started to draft a proposal on legal amendments needed to make VLLCs a reality next year.

Register a Virtual Fintech Company

Ieva Tarailiene

Ieva Tarailiene

 

“Physical borders between countries are becoming a thing of the past. This ambitious project is the next logical step for Lithuania, given our track record in the field of financial technology (fintech),”

argues Ieva Tarailiene, Acting Director General of Centre of Registers.

 

 

“Yet regulatory roadblocks are still present in the procedures for expanding businesses abroad. We are striving to become the first country to offer companies the possibility to register and manage companies remotely using blockchain technology, thus ensuring transparency and security.,”

her colleague and blockchain enthusiast Jonas Udris concludes.

The plan has been endorsed by the Bank of Lithuania, the country’s regulator. The Bank is building a global reputation as a force for innovation, thanks to its positive stance on new ideas in fintech sector.

And Marius Jurgilas, a Member of the Board of the Bank of Lithuania, believes blockchain has huge potential.

Marius Jurgilas

Marius Jurgilas

“Bank of Lithuania is already building LBChain – blockchain-based solutions accelerator for fintechs. Initiative to create virtual companies on blockchain is a move towards even more ambitious goal – creating LTChain, i.e. moving relevant public services on blockchain,”

he says.

 

The ability to remotely establish and manage a company in the EU is on the wish-list of many fintech companies. Analysts from Invest Lithuania, a foreign direct investment and business development agency, believe companies from Singapore, the US, Israel and other non-EU locations would all be interested in such a service.

Mantas Katinas

Mantas Katinas

“As the world is moving towards a paper- and bureaucracy-free future, jurisdictions that adapt to the increasing demand for instant solutions will win in the long run.

As of now, the country already offers fintech companies the ability to receive a payments institution (PI) or e-money institution (EMI) license in just three months, which is 2-3 faster than in other EU countries.

These draft proposals on the possibility of establishing a virtual company which can be managed remotely is another step in the right direction,”

explains Mantas Katinas, Managing Director of Invest Lithuania.

According to Jonas Udris, introducing blockchain-based VLLCs is essential for Lithuania to strengthen its leadership in technological progress in the financial sector. The most important innovation, says Udris, would be a legal framework and a technological infrastructure that allows shares in a corporate entity to be issued and traded on the blockchain.

“Blockchain-based VLLCs represent an entirely new level of transparency, security, and convenience. With them, information about a company’s shareholders and the entire history of share ownership would be easily accessible to anybody at any time.

Shareholders could manage their shares online, in real time, with far less paperwork. Shares could even be traded directly on the blockchain, without intermediaries,”

says Udris.

This new breed of VLLCs could range from small companies owned by a single individual to large corporations with publicly-traded shares and other securities. They would be fully-recognised corporate entities under Lithuanian law and would file financial statements and pay taxes in Lithuania.

If the necessary amendments to the legal framework are made, entities from around the world would be able to register virtual companies in Lithuania as early as 2019. Those eager to test out the new system should look out for a Hackathon event expected in the Autumn of 2018.

 

Featured image: Vilnius City via Pixabay

The post Lithuania to Introduce Blockchain Sandbox in 2019 appeared first on Fintech Schweiz Digital Finance News - FintechNewsCH.

]]>
Top 10 Fintech Startups Quarterly Radar Swisscom http://fintechnews.ch/infographic/top-10-fintech-startups-radar-swisscom/17852/ Thu, 19 Apr 2018 05:44:04 +0000 http://fintechnews.ch/?p=17852 Each quarter, Swisscom teams up with e-foresight to publish a Fintech Startup radar. The criteria that the start-ups need to meet are as follows: Transparent business case Meets a clear

The post Top 10 Fintech Startups Quarterly Radar Swisscom appeared first on Fintech Schweiz Digital Finance News - FintechNewsCH.

]]>

Each quarter, Swisscom teams up with e-foresight to publish a Fintech Startup radar.

The criteria that the start-ups need to meet are as follows:

  • Transparent business case
  • Meets a clear customer requirement
  • Investors and/or management have a proven track record
  • Professional partners and current customers
  • Innovation and market potential

Here is the newest selection of Swisscoms Fintech Startup Radar.

Swiss FinTech Start-up Radar

 

Advanon

Advanon - swiss fintech startupsAdvanon is an authorized financial intermediary that provides an online platform on which companies can receive liquidity from external investors on the basis of their accounts receivable invoices.

The invoice financing platform provides a simple and flexible way for businesses to get invoices financed by numerous investors. It is available in Switzerland and Germany.

Apiax

Apiax swiss fintech startupApiax is an early-stage startup that aims at generating better access to compliance regulations. It provides easily integrated public programming interfaces (APIs) that facilitate access to always up-to-date and verified compliance rules.

Bexio

bexio swiss fintech startupbexio – the simple business software ideal for small businesses, the self-employed and startups. bexio helps small businesses better manage their administration, work more efficiently and sell more.

 

Crowdhouse

crowdhouse swiss fintech startupCrowdhouse AG is the undisputed market leader in the Swiss real estate co-ownership segment.

Since its launch in 2015, the company has already brokered over 60 properties with a total value of CHF 350 million to private investors, thereby turning them into co-owners of selected Swiss yield properties registered in the land register.

The Zurich-based company now employs more than 60 people.

Investiere

investiere swiss fintech startupinvestiere.ch offers accredited private and institutional investors.

The Swiss innovation landscape. investiere.ch was founded in 2010 and has offices in Baar, Zurich and Geneva.

Together with its minority shareholder Zürcher Kantonalbank, investiere.ch is one of the leading startup investors in Switzerland and one of the most renowned Swiss fintech companies.

Loanboox

loanboox swiss fintech startupLoanboox is the independent money and capital market platform for public-sector borrowers and institutional investors.Loanboox is simple, transparent, safe and low cost, benefiting both borrowers and lenders alike.

Lykke

Lykke Swiss fintech startupLykke is a Swiss Fintech company building a global marketplace based on blockchain. Richard Olsen is a pioneer in the field of high-frequency finance. Richard served as co-founder and CEO of OANDA, a leading foreign exchange company. Lykke received initial seed funding in 2015.

PriceHubble

pricehubble swiss fintech startupPriceHubble is a Swiss based company, focusing on international real estate markets. Computer science, econometrics, mathematics, statistics, financial services and consulting. We develop innovative solutions to support real estate decision making.

Run my Accounts

run my accounts swiss fintech startupRun my Accounts is revolutionizing the bookkeeping of SMEs and startups. Using state-of-the-art technologies, we offer our customers an extremely simple process to keep their accounts: scan receipts and initiate payment in e-banking the next day.

 

VIAC

viac swiss fintech startup

VIAC  is a 3rd pillar solution that above all creates added value for the customer – not just for the bank.

 

 

 

Featured image via Freepik

The post Top 10 Fintech Startups Quarterly Radar Swisscom appeared first on Fintech Schweiz Digital Finance News - FintechNewsCH.

]]>
Neu Erfinden oder Verschwinden: 5 Szenarien für die Zukunft der Banken http://fintechnews.ch/germany/neu-erfinden-oder-verschwinden-5-szenarien-fur-die-zukunft-der-banken/17922/ Thu, 19 Apr 2018 04:33:03 +0000 http://fintechnews.ch/?p=17922 Hat die Bank von heute eine Zukunft? Wie positionieren sich die bestehenden Institute in der digitalen Welt von morgen? Diverse Zukunftsszenarien sind denkbar. Einige Entwürfe stellte kürzlich der Basler Ausschuss

The post Neu Erfinden oder Verschwinden: 5 Szenarien für die Zukunft der Banken appeared first on Fintech Schweiz Digital Finance News - FintechNewsCH.

]]>

Hat die Bank von heute eine Zukunft? Wie positionieren sich die bestehenden Institute in der digitalen Welt von morgen?

Diverse Zukunftsszenarien sind denkbar. Einige Entwürfe stellte kürzlich der Basler Ausschuss für Bankenaufsicht (Basel Committee on Banking Supervision, BCBS) in einem Whitepaper vor. Darin beschäftigt sich das BCBS primär mit dem Einfluss von FinTechs auf die Banken und die Bankenaufsicht. Entstanden sind insgesamt fünf Szenarien – von der digitalen Erneuerung der Banken bis hin zum völligen verschwinden.

Digitalisierung und neue Geschäftsmodelle – was die Banken bewegt

Im Fokus der entwickelten Szenarien stand die Einwirkung von drei technologische Entwicklungen (Big Data, Distributed Ledger, Cloud-Computing) sowie drei Fintech-Geschäftsmodellen (innovative Zahlungsdienste-Technologie, Kreditplattformen, Neo-Banken) auf die Bankenbranche.

Auswirkungen von FinTech-Entwicklungen auf BankenQuelle: Kreditrechner.com

Betrachten wir die einzelnen Szenarien: Die Variante der „besseren Bank“ sieht vor, dass etablierte Marktteilnehmer digitale Technologien antizipieren und ihre Dienstleistungen bzw. Kundenbeziehungen entsprechend verändern. Gleichzeitig wandeln sich die Geschäftsmodelle. Die Banken investieren aktiv in ihren Wandel. Wie wahrscheinlich ist ein solches Modell? Zumindest nicht unwahrscheinlich. Erste Anzeichen gibt es laut BCBS bereits.

Im Szenario „neue Bank“ löst eine kommende Generation von Neo-Banken die etablierten Spieler ab. Diese „neuen Banken“ sind technologiegetrieben, kosteneffizient sowie flexibel aufgestellt. Je nach Bedarf werden sie Banklizenzen erwerben oder mit Bankenpartnern agieren. Ein Blick in den FinTech-Bereich zeigt Anbieter wie N26, die sich in dieser Weise entwickeln.

Die „verteilte Bank“ sieht eine modulare Finanzdienstleistungsstruktur vor. Eine Vielzahl an Anbietern stellt einzelne oder mehrere Dienste bereit, die sich der Nutzer zusammenstellt. Der Verbraucher entscheidet, wem er sein Vertrauen schenkt. Ein Beispiel für die Entwicklung „verteilter Banken“ ist beispielsweise ein Robo-Advice-Anbieter, der seine Dienste über eine Bank oder im Rahmen eines Joint Ventures anbietet.

Eine eher unwahrscheinliche Variante ist die „relegierte Bank“, d. h. die etablierten Banken werden zu einfachen Dienstleistern degradiert. Die Kundenbeziehung bestehen über FinTechs oder größeres Technologie-Unternehmen. Prinzipiell wird die Bank auf ihre rudimentären Leistungen reduziert.

Szenarien der Rollenverteilung zwischen FinTechs und Banken

Diese fünf Szenarien der Rollenverteilung zwischen FinTechs und Banken skizziert der Basler Ausschuss für Bankenaufsicht.

Sonderfall Whitelabel-Lösung: Fehlt den FinTechs eine eigene Banklizenz, nutzen sie jene einer etablierten Bank. Diese liefert die Bankprozesse und Schnittstellen. Das Start-up konzentriert sich hingegen auf seine Stärken und den Vertrieb. Ein weiterer Vorteil: Die Bank hinter der technischen Lösung kann sich ändern.

Am Beispiel einer Whitelabel-Plattform in Deutschland: Derzeit wird der dort angebotene Kredit in Zusammenarbeit mit der SKG Bank geschaffen. Demnächst besetzt, so unsere Information, die Fidor Bank den Platz des Bankenpartners.

Das letzte Szenario wird als „disintermediäre Bank“ beschrieben. In diesem Modell sind Banken gänzlich irrelevant und werden verdrängt. Alternative Plattformen und Technologien übernehmen deren Platz. Die Kunden interagieren direkt mit ihren Dienstleistern, erhalten ein besseres Kundenerlebnis, alternative Produkte und Leistungen.

Die Zeit läuft ab

Diese fünf Szenarien sind selbstverständlich nicht in Stein gemeißelt. Sie bieten lediglich Ausblicke künftiger Entwicklungen. Was die Szenarien indes verdeutlichen, ist der Umstand, dass die Banken einem umfassenden Wandel gegenüberstehen.

Speziell das Thema Digitalisierung macht den etablierten Banken zu schaffen. Die Umstellung auf moderne Systeme ist teuer und dauert bisweilen sehr lange. Gleiches gilt für Prozesse, um neue digitale Produkte zu integrieren. Die Uhr tickt.

 

Featured image via Freepik

The post Neu Erfinden oder Verschwinden: 5 Szenarien für die Zukunft der Banken appeared first on Fintech Schweiz Digital Finance News - FintechNewsCH.

]]>
Blockchain-Forschungskooperation der Versicherungsbranche kommt nach Zürich http://fintechnews.ch/insurtech/blockchain-forschungskooperation-der-versicherungsbranche-kommt-nach-zurich/17914/ Wed, 18 Apr 2018 08:22:21 +0000 http://fintechnews.ch/?p=17914 Das Konsortium «Blockchain Insurance Industry Initiative» (B3i) ist eine globale Forschungskooperation von weltweit führenden Versicherungskonzernen, die sich zusammengeschlossen haben, um die Anwendung der Blockchain-Technologie in der Versicherungswirtschaft voranzutreiben. Ziel ist

The post Blockchain-Forschungskooperation der Versicherungsbranche kommt nach Zürich appeared first on Fintech Schweiz Digital Finance News - FintechNewsCH.

]]>

B3iDas Konsortium «Blockchain Insurance Industry Initiative» (B3i) ist eine globale Forschungskooperation von weltweit führenden Versicherungskonzernen, die sich zusammengeschlossen haben, um die Anwendung der Blockchain-Technologie in der Versicherungswirtschaft voranzutreiben.

Ziel ist die Entwicklung einer Handelsplattform über die gesamte Wertschöpfungskette unter Verwendung der Blockchain-Technologie. Das Konsortium hat heute bekanntgegeben, in Zürich ein Startup mit dem Namen «B3i Services AG» zu gründen und die Aktivitäten in Zürich zu konzentrieren.

Regierungsrätin Carmen Walker Späh hat sich gemeinsam mit dem Amt für Wirtschaft und Arbeit für die Ansiedelung der Forschungskooperation in Zürich starkgemacht:

«Ich freue mich über die Standortwahl des Konsortiums. Dies stärkt die Bedeutung Zürichs als Versicherungsstandort und als Standort für digitale Innovation.»

An der Schnittstelle von Finance und ICT hat sich in den letzten Jahren im Wirtschaftsraum Zürich ein lebendiges Fintech-Innovations-Ökosystem entwickelt, das weltweit auf Beachtung stösst.

Der Kanton Zürich unterstützt aktiv die Bestrebungen, den Wirtschaftsraum Zürich zu einem führenden Hub für die Blockchain-Industrie zu entwickeln. Neben der heute bekanntgegebenen Gründung der «B3i Services AG» erhält Zürich im April 2018 ein Blockchain-Zentrum mit dem Namen «Trust Square».

Der Trust Square bietet rund 200 Arbeitsplätze für Start-ups, Vertreter der führenden Schweizer Hochschulen und Unternehmen, welche sich mit verschiedenen Anwendungsgebieten der Blockchain beschäftigen.

 

Featured image via Pixabay

The post Blockchain-Forschungskooperation der Versicherungsbranche kommt nach Zürich appeared first on Fintech Schweiz Digital Finance News - FintechNewsCH.

]]>
YUKKA News Trend LAB – neues Tool für AI-basierte Analyse von Finanznachrichten http://fintechnews.ch/fintech/yukka-news-trend-lab-neues-tool-fur-ai-basierte-analyse-von-finanznachrichten/17904/ Wed, 18 Apr 2018 06:44:00 +0000 http://fintechnews.ch/?p=17904 YUKKA Lab AG, das Berliner FinTech-Startup für angewandte Augmented Language Intelligence und kontext-basierte Sentimentanalyse für die  Finanzbranche, launcht das News & Trend Lab. Dies ist eine webbasierte Anwendung, mit der

The post YUKKA News Trend LAB – neues Tool für AI-basierte Analyse von Finanznachrichten appeared first on Fintech Schweiz Digital Finance News - FintechNewsCH.

]]>

YUKKA Lab AG, das Berliner FinTech-Startup für angewandte Augmented Language Intelligence und kontext-basierte Sentimentanalyse für die  Finanzbranche, launcht das News & Trend Lab.

Dies ist eine webbasierte Anwendung, mit der die Anwender einen umfassenden Überblick über Trends, Events und damit verbundene Sentiments auf dem Finanzmarkt in Echtzeit gewinnen können, und das darauf basierend Handelssignale generiert.

Mehr Insights mit Handlungsempfehlung dank aggregiertem Newsüberblick

Die für den europäischen Markt einzigartige Sentimenttechnolgie der YUKKA Lab AG analysiert und interpretiert Finanznachrichten in englischer und deutscher Sprache vollautomatisiert und bildet deren Einfluss auf die Entwicklung der Finanzmärkte ab. Das Produkt YUKKA News & Trend Lab bietet dafür eine leicht verständliche visuelle Aufbereitung von komplexen Zusammenhängen zwischen Akteuren und Ereignissen am Markt und Sentiments.

Zahlreiche Such- und Filterfunktionen erleichtern zudem den Zugang zu den individuell relevanten Inhalten aus der immer größer werdenden Masse an Finanz- und Wirtschaftsnachrichten. YUKKA Lab aggregiert und analysiert mit ihrer Sentimenttechnologie täglich ca. 200 000 Nachrichten von mehr als 20 000 Quellen etablierter Nachrichtenagenturen (awp Finanznachrichten, dpa-AFX und andere) sowie zahlreicher Fachmagazine und Zeitungen.

Das YUKKA Trend Lab generiert auf Basis dieser Sentimentscores und mithilfe von arithmetischen und seit 2005 backgetesteten Finanzmodellen ein Früherkennungssystem für Trends und Trendwenden an Aktienmärkten.

Verständlich aufbereitete Prognosen für strategische Entscheidungen

Das YUKKA News & Trend Lab setzt sich aus zwei Elementen zusammen: Das News Lab mit Fokus auf die Darstellung der Markteignisse, Akteure und Zusammenhänge inklusive der Sentiments. Sowie das Trend Lab, welches auf Basis selbstentwickelter Finanzmodelle aus den Sentiments Trendindikatoren und Handelssignale entwickelt. Folgend einige der wichtigsten Features:

  • YUKKA News Boards mit aggregiertem Newsflow der relevanten Markttreiber, inklusive der positiven, neutralen oder negativen Sentiments für Indices, Sektoren und Aktien
  • YUKKA News Networks mit der Visualisierung von Zusammenhängen von Events, Trends, Unternehmen und Personen. Wiedergabe von Entitäten (Unternehmen, Events, Personen) aus den Textdaten für relevante Ziele
  • Vielfältige Such- und Filterfunktionen unter anderem für Zeiträume, Sprachen, Quellen
  • My Portfolio: Personalisiertes User Interface, in dem eigene Watchlists und Alerts/Benachrichtigungen angelegt werden können
  • Früherkennungssystem für Trends und Trendwenden an Aktienmärkten

Preise starten ab 299, – EUR pro Monat für das News Lab. 439,- EUR pro Monat für das Trend Lab und 549,- EUR für das News & Trend Lab. Preise für erweiterte Pakete und API-Lösungen auf Anfrage. Buchbar über https://shop.yukkalab.de/

The post YUKKA News Trend LAB – neues Tool für AI-basierte Analyse von Finanznachrichten appeared first on Fintech Schweiz Digital Finance News - FintechNewsCH.

]]>
Despite ICO Frenzy Regulatory And Cybersecurity Concerns Remain http://fintechnews.ch/blockchain_bitcoin/despite-ico-frenzy-regulatory-and-cybersecurity-concerns-remain/17894/ Wed, 18 Apr 2018 05:25:28 +0000 http://fintechnews.ch/?p=17894 While initial coin offerings (ICOs) are growing in popularity amongst the startup community, challenges remain for token issuers notably in terms of regulation and cybersecurity, according to PwC. ICO frenzy

The post Despite ICO Frenzy Regulatory And Cybersecurity Concerns Remain appeared first on Fintech Schweiz Digital Finance News - FintechNewsCH.

]]>

While initial coin offerings (ICOs) are growing in popularity amongst the startup community, challenges remain for token issuers notably in terms of regulation and cybersecurity, according to PwC.

ICO frenzy

An ICO is a form of fundraising that harnesses the power of cryptocurrencies and blockchain-based trading. Similar to a crowdfunding campaign, an ICO allocates tokens instead of shares to early investors in a business.

These tokens typically do not represent actual ownership in the company, but they often provide access to an ecosystem and can be traded on an aftermarket.

How are ICO usually structured? PWC

According to CB Insights, ICOs raised over US$5 billion in nearly 800 deals in 2017, surpassing early stage venture capital (VC) funding for blockchain startups. Unsurprisingly, many experts and industry observers expect ICOs to be the game changer for the fintech industry in the coming year.

Challenges remain

Despite the ICO frenzy, challenges remain for token issuers. A research published earlier this year by EY, found that out of 372 ICO projects analyzed, more than 10% of ICO proceeds (about US$400 million) were intercepted and stolen by hackers. There have also been instances of data leaks where hackers got access to investor information provided to token issuers.

“In the last one month alone, there have been three ICO hacks on consecutive days, resulting in a total loss of close to Rs 8 crore (US$1.2 million),” said Indrajeet Bhuyan, a tech blogger and security researcher. “Startups want to raise millions, but don’t want to spend on security.”

ICOs remain a largely unregulated practice in most jurisdictions. The fact that ICOs are not limited by geographic boundaries makes it difficult to regulate them. Also, there are no specific accounting standards for ICOs. These shortcomings make ICOs vulnerable to scams and frauds.

What are the key challenges of an ICO?, PwC

Some governments have been particularly critic over token sales. The People’s Bank of China was the first jurisdiction to ban ICOs in September 2017, calling them illegal and fraudulent. South Korea followed with a ban on raising funds through ICOs as well.

Meanwhile, countries such as Switzerland and Singapore have formulated guidelines for token issuers and ICO organizers, bringing clarity to how these are treated by financial regulators.

The governments of Canada, Hong Kong, Singapore, Switzerland and others, in similar fashion to the US, have asserted that at least some coin offerings will be subject to securities laws. The European Securities and Markets Authority (ESMA) also echoed this sentiment.

Japan has taken a different tack entirely, recognizing Bitcoin as legal tender in May 2017.

The Swiss Financial Market Supervisory Authority (FINMA) categorizes ICOs and cryptocurrencies into three groups, payment tokens, utility tokens and asset tokens. Hybrid forms are also possible.

Payment tokens and ICOs must comply with anti-money laundering regulations. Utility tokens that functions solely or partially as an investment in economic terms are treated as securities in the same way as asset tokens, which must comply with security law requirements for trading as well as civil law requirements.

Earlier this year, FINMA held a series of roundtables discussions across Switzerland to present and clarify the ICO guidelines.

PwC Global ICO Compass

PwC Global ICO Compass

The post Despite ICO Frenzy Regulatory And Cybersecurity Concerns Remain appeared first on Fintech Schweiz Digital Finance News - FintechNewsCH.

]]>
Swiss Blockchain Taskforce Recommendations for Regulation and Development of the Crypto Valley http://fintechnews.ch/blockchain_bitcoin/swiss-blockchain-taskforce-recommendations-for-regulation-and-development-of-the-crypto-valley/17470/ Tue, 17 Apr 2018 08:25:35 +0000 http://fintechnews.ch/?p=17470 Switzerland is a pioneer in regulating and promoting blockchain technology. This will be reflected in the programme of the next Blockchain Summit – Crypto Valley on April 26th in Zug. Federal Councillor

The post Swiss Blockchain Taskforce Recommendations for Regulation and Development of the Crypto Valley appeared first on Fintech Schweiz Digital Finance News - FintechNewsCH.

]]>

Switzerland is a pioneer in regulating and promoting blockchain technology.

This will be reflected in the programme of the next Blockchain Summit – Crypto Valley on April 26th in Zug. Federal Councillor Johann Schneider-Ammann will give the opening speech at the Theater Casino in Zug and receive a report from the Blockchain Task Force.

The recommendations for future regulation and development of the still young industry are interim results of the task force, which only started work in January.

The task force comprises 50 personalities from the blockchain industry, business, science and politics. They work under the patronage of Federal Councillors Ueli Maurer and Johann Schneider-Ammann as well as the Cantonal Government Councillors; Carmen Walker Späh, Ernst Stocker, Heinz Tännler, Matthias Michel and Christian Vitta. Four working groups (ICO/Token, Banking, Cybersecurity, other areas of application) and two support groups (politics and blockchain industry) have developed proposals which are summarised in a conceptual white paper.

Openness towards the technology of the future 

Representatives of the task force will explain the recommendations at the Blockchain Summit – Crypto Valley. They will be available for interviews with journalists.

Mathias Ruch

Mathias Ruch

 

“Not only blockchain companies, but also the Swiss authorities have an open attitude towards new industries and technologies. I am proud of what the 50 task force members have achieved in a few months,”

says Mathias Ruch, co-initiator of the task force and founder of the consulting and investor group Lakeside Partners in Zug.

 

In various countries, authorities are skeptical about cryptocurrencies and initial coin offerings (ICO). Some countries have banned complementary currencies. In Switzerland, on the other hand, young companies generally encounter openness.

The liberal handling of cryptocurrencies and initial coin offerings (ICO) are attracting international attention. Almost every second relevant blockchain company planning an ICO is now located in the Crypto Valley between Zug and Zurich.

Lorenz Furrer

Lorenz Furrer

“Sooner or later, the Crypto Valley will have a similar dimension to the Silicon Valley. Switzerland needs an anticipatory policy to maintain its position,”

says Lorenz Furrer, co-initiator of the task force and founder of Narwal Blockchain PR.

Rendezvous in the heart of Crypto Valley 

The conference in Zug on April 26th is the most important meeting of the blockchain industry in the Crypto Valley. In addition to the presentation of the interim results of the Swiss task force, a high-class program with top representatives of the industry will be offered.

Speakers and panelists include Luis Cuende (Aragon) Paul Meeusen (B3i), Daniel Gasteiger (Nexussquared/Procivis), Maria Jones (CoinTelegraph), Eva Kaili (European Parliament) and Tadej Slapik (State Secretary at the Ministry of Foreign Affairs of Slovenia).

The thematic focus will be the supposed or actual antagonism between established corporations and start-ups. In industry specific panels (banks, insurance companies, real estate), the “old” economy meets the “new” economy, the blockchain industry. Off the conference stage, 20 promising start-ups will present their teams and business models in the Casino Theater.

Ralf Glabischnig“The Blockchain Summit focuses on quality in the selection of the companies presented. We show projects that can also be implemented,”

says Ralf Glabischnig, co-founder of the Summit and Managing Partner at inacta

 

 

 

Featured image via pexels

The post Swiss Blockchain Taskforce Recommendations for Regulation and Development of the Crypto Valley appeared first on Fintech Schweiz Digital Finance News - FintechNewsCH.

]]>
Japan Exchanges Letters for Fintech Cooperation Framework with Finma http://fintechnews.ch/fintech/japan-exchanges-letters-for-fintech-cooperation-framework-with-finma/17495/ Tue, 17 Apr 2018 08:24:32 +0000 http://fintechnews.ch/?p=17495 The Japan Financial Services Agency (FSA) exchanged the Letters for Cooperation Framework on FinTech with the Swiss Financial Market Supervisory Authority (FINMA) on April 4, 2018. This Cooperation Framework recognises

The post Japan Exchanges Letters for Fintech Cooperation Framework with Finma appeared first on Fintech Schweiz Digital Finance News - FintechNewsCH.

]]>

The Japan Financial Services Agency (FSA) exchanged the Letters for Cooperation Framework on FinTech with the Swiss Financial Market Supervisory Authority (FINMA) on April 4, 2018.

This Cooperation Framework recognises the global nature of innovation in financial services and intends to enhance the relationship with FINMA on FinTech.

The contents of the Letters include, but are not limited to, the following:

  • The Authorities intend to refer Financial Innovators each other and to provide support to them.
  • The Authorities intend to share information on FinTech.

Letters for Cooperation on Fintech

 

This article first appeared on https://www.fsa.go.jp 

The post Japan Exchanges Letters for Fintech Cooperation Framework with Finma appeared first on Fintech Schweiz Digital Finance News - FintechNewsCH.

]]>
iP2PGlobal is Re-Shaping The Global Personal Financing Landscape http://fintechnews.ch/blockchain_bitcoin/ip2pglobal-is-re-shaping-the-global-personal-financing-landscape/17838/ Tue, 17 Apr 2018 08:14:44 +0000 http://fintechnews.ch/?p=17838 Peer-to-Peer (P2P) lending is gaining momentum worldwide especially in Asia Pacific, Americas and Europe. However, looking at the current limitations in the P2P lending landscape, one may conclude that there

The post iP2PGlobal is Re-Shaping The Global Personal Financing Landscape appeared first on Fintech Schweiz Digital Finance News - FintechNewsCH.

]]>

Peer-to-Peer (P2P) lending is gaining momentum worldwide especially in Asia Pacific, Americas and Europe.

However, looking at the current limitations in the P2P lending landscape, one may conclude that there is no single platform that will be able to bring personal financing worldwide, has a fair global rate for borrowers, safety nets to protect lenders and a compensation fund.

All that is about to change with iP2PGlobal Personal Financing Platform (iP2PGlobal).

how ip2pglobal works

Whilst the current P2P lending has proven to be a good alternative for the unbanked and under-banked population in many situations, there are still areas that can be improved on. The main concern is that borrowers and lenders are primarily located in the same country and not worldwide, thus limiting the borrowers’ access to lenders. Secondly, financing details and payments are managed by a platform provider rather than on an open visible platform.

With the latest technology advancement in smart contracts development and the high security and transparency of de-centralised network due to blockchain technology, iP2PGlobal has been formed to cut through red tapes and time to reach a far wider market as well as improve the distribution of capital on a single worldwide platform.

James Loy -ip2pGlobal

James Loy

“After conducting meticulous research to study the current P2P lending landscape, we have identified several gaps in it that we strongly believe should be addressed to make personal financing accessible to all.

“This pressed the importance to us in creating iP2PGlobal to fill the void and to create a single platform that would be a game changer in personal financing,”

said James Loy, iP2PGlobal Management Team’s CEO.

 

Another unique highlight of iP2PGlobal is that the financing products offered are based on sharia principles.

Although sharia financing products are sought after by Muslims, non-Muslims will also be attracted to what the platform has to offer.

Sharia finance principles are closely related to ethical values of fairness, equality and morality in finance, which resonates with everyone, no matter their religion and creed.

According to an article in CNBC, Islamic financing was traditionally dominated by Muslim-majority countries in the Middle East and Southeast Asia but issuance of Islamic debt by non-Muslim countries was set to climb to a three-year high last year.

Two financing products, which are unsecured and secured personal financing products based on Tawarruq contracts, will be initially be offered at the platform.

“We are kick-starting the platform with two financing products, which are unsecured personal financing) and secured personal financing.

“Both are based on Tawarruq sharia finance principles,”

he said.

He explained that Tawarruq is the mode which most sharia banks worldwide provide personal financing, to facilitate the supply of cash to their customers.

It is a mode of finance that consists of two sale and purchase contracts.

The first involves the sale of an asset to a purchaser on a deferred basis and the subsequent sale involves sale of the asset to a third party on a cash basis.

As for secured personal financing, borrowers can provide additional security to a Tawarruq transaction through collaterals such as Bitcoin, ETH, Bitcoin Cash, Ripple, Dash and Litecoin.

TWQ Token Pre-ICO is ongoing 

TWQ tokeniP2PGlobal Personal Financing Platform is offering a total 155,000,000 TWQ tokens for subscription for its pre-ICO, starting from 19th February, 2018 (OO:OO UTC) to 13th May, 2018  (23:59 UTC).

Different bonuses are offered at different stages of the pre-ICO, which is outlined in the whitepaper as set out in ip2pglobal.io

The TWQ (Tawarruq) is an ERC20 token that confer the right to the token holder to submit an application for a personal financing based on a Commodity Tawarruq Trading program, through the iP2PGlobal platform and have it listed in the platform for prospective lenders to view and choose to finance.

The TWQ Token is a pure utility token and does or will not provide any other rights and functions to its holders.

Meanwhile, the ICO crowdsale starts on 14 May, 2018 (00:00 UTC) and ends on 8 July, 2018 (23:59 UTC).

The price being offered for the tokens is 0.0002 ETH for 1 TWQ during pre-ICO and ICO crowdsales.

For even better perks, large purchase bonus for individual subscriptions above 50ETH will be entitled to a 10% additional TWQ tokens.

 

Disclaimer: this is an article written by iP2PGlobal, Fintechnews does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. Readers should do their own research before taking any actions related to the company. Fintechnews is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Please note this is no investment advice.

The post iP2PGlobal is Re-Shaping The Global Personal Financing Landscape appeared first on Fintech Schweiz Digital Finance News - FintechNewsCH.

]]>