Fintech Schweiz Digital Finance News – FintechNewsCH http://fintechnews.ch Mon, 25 Jun 2018 10:50:48 +0000 en-US hourly 1 Exchange Leftover Euros for Bitcoin or Ethereum at Amsterdam Airport http://fintechnews.ch/blockchain_bitcoin/exchange-leftover-euros-for-bitcoin-or-ethereum-at-amsterdam-airport/19498/ Mon, 25 Jun 2018 10:50:48 +0000 http://fintechnews.ch/?p=19498 Starting now, passengers at Schiphol can exchange their leftover euros for Bitcoin or Ethereum at a ‘Bitcoin ATM’. The ATM is a trial and Schiphol is the first European airport

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Starting now, passengers at Schiphol can exchange their leftover euros for Bitcoin or Ethereum at a ‘Bitcoin ATM’. The ATM is a trial and Schiphol is the first European airport to offer this service.

bitcoin atm

Tanja Dik, director of Consumer Products & Services at Amsterdam Airport Schiphol said,

Tanja Dik

Tanja Dik

“Schiphol is constantly looking for ways to innovate and provide optimum service to passengers.

With the Bitcoin ATM, we hope to provide a useful service to passengers by allowing them to easily exchange ‘local’ euros for the ‘global’ cryptocurrencies Bitcoin and Ethereum. That can be beneficial if, for instance, it’s not possible to spend euros in their home country.”

For now, the Bitcoin ATM at Schiphol is a six-month trial aimed at exploring whether a demand for this service exists among passengers. The Bitcoin ATM, which is located in Arrival Hall 2, is also in the corridor to Departure Halls 1 and 2. Many departing passengers walk by this location. The placement additionally enables us to offer visitors to Schiphol Plaza the opportunity to exchange their euros for Bitcoin.

This trial is the result of cooperation between Schiphol and the Dutch company ByeleX Data Solutions BV.

Herman Vissia

Herman Vissia

According to ByeleX director Herman Vissia,

‘The Byecoin Company’. “We are excited that Schiphol is willing to join us in exploring ways to introduce passengers to the new cryptoreality.”

 

 

 

Featured image via Pixabay

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Digital Insurance Group Partners with Zurich Insurance & Scores 15m EUR in Funding http://fintechnews.ch/insurtech/digital-insurance-group-partners-with-zurich-insurance-scores-15m-eur-in-funding/19380/ Sun, 24 Jun 2018 03:48:12 +0000 http://fintechnews.ch/?p=19380 Digital Insurance Group DIG (former Knip) just entered into a multi-year collaboration agreement with Zurich Insurance Group, adding another blue chip name to its customer list. The financing round complementing the

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Digital Insurance Group DIG (former Knip) just entered into a multi-year collaboration agreement with Zurich Insurance Group, adding another blue chip name to its customer list. The financing round complementing the commercial agreement amounts to EUR 15m and was led by Zurich Insurance Group and Finch Capital.

Digital Insurance Group partners with Zurich Insurance

DIG will use its technology to support Zurich Insurance in developing innovative and mobile solutions, constantly optimized by deep customer data analytics The proceeds of the funding round will be used to further drive the global growth of the company.

Digital Insurance Group is a next generation technology partner to insurers, banks and brokers. Its data-driven insurance platform enables its customers to roll out fully customized mobile-first insurance experiences at record speed.

Ingo Weber

Ingo Weber

Ingo Weber, CEO and co-founder of DIG says:

“We are thrilled to support Zurich Insurance on a global scale and to bring new digital solutions to Zurich and its customers in a fast way.”

 

 

 

 

Featured image via Pixabay

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AdNovum Lanciert Secure Blockchain for Business http://fintechnews.ch/blockchain_bitcoin/adnovum-lanciert-secure-blockchain-for-business/19440/ Sat, 23 Jun 2018 04:55:43 +0000 http://fintechnews.ch/?p=19440 Mit ihrem neuen Angebot Secure Blockchain for Business stellt AdNovum Unternehmen und Organisationen eine sichere Plattform für den effizienten Aufbau und Betrieb digitaler Business-Ökosysteme auf der Basis von Blockchain zur

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Mit ihrem neuen Angebot Secure Blockchain for Business stellt AdNovum Unternehmen und Organisationen eine sichere Plattform für den effizienten Aufbau und Betrieb digitaler Business-Ökosysteme auf der Basis von Blockchain zur Verfügung.

Unter dem Label Secure Blockchain for Business stellt das Schweizer Software-Unternehmen AdNovum Unternehmen und Organisationen eine Plattform zur Verfügung, die den effizienten Aufbau und Betrieb von Business-Ökosystemen auf der Basis von Blockchain-Technologie ermöglicht.

Solche Ökosysteme bilden eine Vertrauensbasis für die reibungslose Zusammenarbeit zwischen den unterschiedlichsten beteiligten Unternehmen, Privatpersonen und Akteuren der öffentlichen Hand.

Secure by Design

Mit dem neuen Angebot fokussiert AdNovum auf Ökosysteme mit Konsortium-Blockchains, d.h. durch ein Identity- and Access Management geschützte Blockchains. Die Lösung basiert auf dem Opensource-Blockchain-Framewor k Hyperledger Fabric und wird ergänzt mit von AdNovum entwickelten Sicherheitsmodulen und -mechanismen, so dass Schutz und Vertraulichkeit von Daten und Transaktionen jederzeit gewährleistet sind.

Rechtliches und Governance

Beim Bau und Betrieb eines Ökosystems auf der Basis von Blockchain stellen sich viele rechtliche Fragen sowie solche der Governance. AdNovum arbeitet dafür mit Suter Howald Rechtsanwälte zusammen, einer auf Wirtschaftsrecht spezialisierten Anwaltskanzlei mit Sitz in der Stadt Zürich.

Erfahrung aus dem Car Dossier

Die Lösung baut auf der Erfahrung aus dem Projekt Car Dossier auf, einem digitalen Dossier auf Blockchain-Basis, in dem alle relevanten Informationen über den gesamten Lebenszyklus eines Fahrzeugs nachvollziehbar und sicher abgelegt werden können und das AdNovum in Zusammenarbeit mit der Universität Zürich, der Hochschule Luzern – Informatik, AMAG, AXA, Mobility und dem Strassenverkehrsamt Aargau realisiert.

Tom Sprenger, CTO von AdNovum, zum neuen Angebot:

Tom Sprenger

Tom Sprenger

«Blockchain eignet sich hervorragend für die Abwicklung unternehmensübergreifender Geschäftsprozesse. Sie schafft ein vertrauenswürdiges Umfeld für Transaktionen und bietet eine gemeinsame Sicht auf Daten innerhalb eines Ökosystems.

Blockchain-basierte Ökosysteme sind damit ein Katalysator für die Digitalisierung und haben das Potenzial, traditionelle Geschäftsmodelle und ganze Branchen umzuwälzen.»

Stéphane Mingot

Stéphane Mingot

Stéphane Mingot, Innovation Engineer und Product Owner:

«Unsere Plattform erlaubt eine schnelle und kostengünstige Implementierung von Blockchain-basierten Ökosystemen. Dadurch können sich die am Ökosystem beteiligten Partner auf Geschäftslogik konzentrieren und schneller Mehrwert generieren.»

 

 

Featured image via Pixabay

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Dukascopy Bank Welcomes Crypto Exchanges And Crypto Brokers http://fintechnews.ch/blockchain_bitcoin/dukascopy-bank-welcomes-crypto-exchanges-and-crypto-brokers/19468/ Sat, 23 Jun 2018 04:54:55 +0000 http://fintechnews.ch/?p=19468 Following its strategical decision of becoming a crypto friendly Swiss bank, Dukascopy Bank announced that it makes the second step in this direction, opening accounts for players of the crypto

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Following its strategical decision of becoming a crypto friendly Swiss bank, Dukascopy Bank announced that it makes the second step in this direction, opening accounts for players of the crypto industry.

The first move has been to start offering CFD on Bitcoin since the first quarter 2018.

dukascopyNow, at the second step, the Bank opens its doors for a new type of clients, who were not serviced before – crypto brokers and crypto exchanges.

In order to tackle risks related to the anonymity of crypto transactions, the Bank opens corporate accounts for companies and personal MCA accounts for clients of these companies. In this manner, any money transfer between the crypto company and its client will remain inside the Bank’s secure network and under control of the Bank.

For corporate accounts, the Bank will insure execution of regular administrative payments, settlements of company’s transactions with its counterparts, processing of company’s clients incoming and outgoing payments and other transparent transactions. Any company applying for an account should be incorporated and regulated in the EU, the UK or Switzerland; should follow high KYC and AML standards. The beneficiary, shareholders and top management of the company should have stainless reputation.

Concept of MCA account (Mobile Current Account) was introduced by the bank in the beginning of 2018. This retail bank account integrated into proprietary messenger (Dukascopy Connect 911) created the basic infrastructure for crypto fusion. MCA accounts offer free instant payments, unbeatable currency exchange conditions in 23 currencies, 24/7 support and user-friendly payment cards (plastic and virtual compatible with Apple Pay and Samsung Pay) among other advantages.

1000 daily account openings

The first three months of service of the Bank’s MCA accounts shows un-precedent high demand from individuals all around the World. Today the Bank opens MCA accounts 24 hours per day 7 days a week using its in-house developed Video Identification technology. The Bank is targeting 1000 daily openings by the end of 2018. This will demand significant development in Compliance infrastructure of the Bank.

The third step of crypto integration for the Bank will include the creation of a crypto gateway. With it, the clients will be able to deposit and withdraw funds in crypto currency on/from accounts with Dukascopy Bank. The introduction of this stage expected during September 2018.

The integration of the Bank to the crypto universe is handled as a top priority and goes fast. At the same time, the Bank insure the application of the highest AML, risk management and regulatory standards of the Swiss banking industry for the operations on the crypto currency market.

Featured image via Pexels

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34 Fintech and Insurtech Unicorns http://fintechnews.ch/fintech/fintech-insurtech-unicorns/18441/ Fri, 22 Jun 2018 05:46:12 +0000 http://fintechnews.ch/?p=18441 Fintech has been all the rage in the past years with angel investors and venture capital firms pouring millions, if not billions, into startups in the space. In 2017 alone,

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Fintech has been all the rage in the past years with angel investors and venture capital firms pouring millions, if not billions, into startups in the space. In 2017 alone, fintech ventures raised a whooping $31 billion, according to KPMG.

Some of these startups have become billion-dollar ventures and grown to become massively successful companies.

According to data compiled from CB Insights and Crunchbase, they are currently 34 fintech unicorns, or startups valued at over $1 billion.

 

Fintech Unicorns Worth $1 billion

 

34. Symphony — $1 billion

symphonyValue: $1 billion | Raised: $296 million.

Founded: 2014 | 27 fintech unicorns from around the world27 fintech unicorns from around the world27 fintech unicorns from around the world | HQ: Palo Alto

What it does: Communication platform with bank-grade security.

Why it’s hot: A host of top investment banks including Goldman Sachs, JPMorgan, and Morgan Stanley are both investors and customers, as well as Google.

 

33. TongDun Technology — $1 billion

tongdun technologyValue: $1 billion | Raised: $150 million

Founded: 2013 | 27 fintech unicorns from around the world | HQ: Hangzhou

What it does: Risk control software.

Why it’s hot: Singapore’s sovereign investment vehicle Temasek Holdings led a $72.8 million funding round into the startup last October and the company works with over 7,000 institutions across China.

 

 

32. Funding Circle — $1 billion

funding circleValue: $1 billion | Raised: $413 million

Founded: 2009 | 27 fintech unicorns from around the world27 fintech unicorns from around the world27 fintech unicorns from around the worldHQ: London

What it does: Peer-to-peer marketplace for business loans.

Why it’s hot: Over £3 billion has been lent across the platform and the company is tipped for a blockbuster European float later this year.

 

 

31. Kabbage — $1 billion

KabbageValue: $1 billion | Raised: $500 million

Founded: 2009 | 27 fintech unicorns from around the world27 fintech unicorns from around the world27 fintech unicorns from around the world | HQ: Atlanta

What it does: Fast online small business loans.

Why it’s hot: The company has written over $4 billion-worth of loans and has partnered with Spanish bank Santander.

 

 

30. 51 Credit — $1 billion

51creditValue: $1 billion | Raised: $94 million

Founded: 2005 | HQ: Beijing

What it does: Online financial advisory.

Why it’s hot: 51 Credit provides risk management and credit advisory services to over 20 major banks working in China, including Citibank and Standard Chartered.

 

 

29. Gusto — $1 billion

Gusto 27 fintech unicorns from around the worldValue: $1 billion | Raised: $176 million

Founded: 2011 | 27 fintech unicorns from around the world27 fintech unicorns from around the world27 fintech unicorns from around the world | HQ: San Francisco

What it does: Cloud-based payroll, HR, and benefits services.

Why it’s hot: The founders of Box, YouTube, Yelp, Yammer, and Zuora have all invested, alongside Google Ventures.

 

 

28. Avaloq Group — $1.01 billion

Value: $1.01 billion | Raised: $353 million

Founded: 1985 | 27 fintech unicorns from around the world27 fintech unicorns from around the world27 fintech unicorns from around the world | HQ: Zurich

What it does: An internationally leading fintech company.

Why it’s hot: With its core and digital banking software, the Avaloq Banking Suite, and its international network of BPO centres, Avaloq brings trustworthy and efficient banking to the world, delivered through great user experience.

 

27. Tradeshift — $1.1 billion

Value: $1.1 billion | Raised: $400 million

 

Founded: 2009 | 27 fintech unicorns from around the world27 fintech unicorns from around the world27 fintech unicorns from around the world | HQ: San Francisco

What it does: A cloud-based business network connecting buyers and suppliers.

Why it’s hot: Tradeshift recently added blockchain to its armory.

 

Fintech Unicorns Worth Above $1 billion and Less Than $2 billion

 

26. UiPath — $1.1 billion

UiPath 27 fintech unicorns from around the worldValue: $1.1 billion | Raised: $183 million

Founded: 2012 | 27 fintech unicorns from around the world27 fintech unicorns from around the world27 fintech unicorns from around the world | HQ: New York

What it does: A platform that lets businesses automate business processes and is used by finance firms.

Why it’s hot: The company’s valuation grew by 10X in just a year and investors include Accel, Google’s CapitalG, and Kleiner Perkins Caulfield & Byers.

 

25. Clover — $1.2 billion

clover healthValue: $1.2 billion | Raised: $425 million

Founded: 2013 | 27 fintech unicorns from around the world27 fintech unicorns from around the world27 fintech unicorns from around the world | HQ: San Francisco

What it does: Digital health insurance.

Why it’s hot: The company may only deal with about 25,000 customers in New Jersey but it has attracted cash from Alphabet’s GV and Sequoia Capital, the Silicon Valley venture capital firm that was an early backer of Google, Apple, and Facebook.

 

24. ACORN OakNorth — $1.2 billion

Value: $1.2 billion | Raised: $486 million

Founded: 2015 | 27 fintech unicorns from around the world27 fintech unicorns from around the world27 fintech unicorns from around the world | HQ: London

What it does: A fintech firm focused on unlocking the potential in bespoke SME lending globally using its data and technology platform, ACORN machine.

Why it’s hot: ACORN machine is a fintech platform that helps automate the way banks penetrate this underserved and underestimated market. It does this by leveraging process excellence, machine learning and technology to fuel data-driven decision making across the loan lifecycle.

 

23. AvidXchange — $1.4 billion

AvidXchangeValue: $1.4 billion | Raised: $547 million

Founded: 2000 | 27 fintech unicorns from around the world27 fintech unicorns from around the world | HQ: Charlotte

What it does: Accountancy automation software.

Why it’s hot: The company is backed by the likes of MasterCard and Singapore’s Temasek, and has over 800 staff.

 

 

22. Tuandaiwang — $1.46 billion

TuandaiwangValue: $1.46 billion | Raised: $380 million

Founded: 2012 | HQ: Dongguan

What it does: Peer-to-peer lending platform.

Why it’s hot: The company has helped individuals and companies borrow $11.4 billion and helped lenders make $335 million in returns.

 

 

21. TransferWise — $1.6 billion

transferwiseValue: $1.6 billion | Raised: $397 million

Founded: 2010 | 27 fintech unicorns from around the world27 fintech unicorns from around the world | HQ: London

What it does: Online international money transfer with cheaper fees than banks.

Why it’s hot: TransferWise moves £1.5 billion a month. Sir Richard Branson and Silicon Valley VC fund Andreessen Horowitz are both investors.

 

 

20. Coinbase — $1.6 billion

coinbaseValue: $1.6 billion-$8 billion (CB Insights lists Coinbase’s value at $1.5 billion but recent stories suggest the company is trying to value itself at up to $8 billion.) | Raised: $225.3 million

Founded: 2012 | 27 fintech unicorns from around the world27 fintech unicorns from around the world | HQ: San Francisco

What it does: Cryptocurrency exchange and related services.

Why it’s hot: The company reportedly had revenue of $1 billion last year and wants to become the Google of crypto.

 

19. Lakala — $1.6 billion

Value: $1.6 billion | Raised: $312.3 million

Founded: 2005 | 27 fintech unicorns from around the world | HQ: Beijing

What it does: A consumer financial services company in China. It caters to well-known convenience stores, supermarkets, shopping malls, and community groceries.

Why it’s hot: Lakala also offers services for credit card repayment and utility payment transactions. Customers can conduct various financial functions such as payment, repayment, recharging, and transfer-at-home thus reducing the pressure of traffic on bank counters.

18. Revolut — $1.7 billion

RevolutValue: $1.7 billion | Raised: $336 million

Founded: 2015 | 27 fintech unicorns from around the world27 fintech unicorns from around the world27 fintech unicorns from around the world | HQ: London

What it does: Free foreign exchange and other banking services.

Why it’s hot: The London startup has reached unicorn status, just 33 months after launch, and it boasts 2 million customers globally. It recently raised $250 million from Russian billionaire Yuri Milner, among others.

 

Fintech Unicorns Worth $2 billion

 

17. NuBank — $2 billion

nubankValue: $2 billion | Raised: $527 million

Founded: 2013 | 27 fintech unicorns from around the world27 fintech unicorns from around the world | HQ: Sao Paulo

What it does: Brazilian app-only bank.

Why it’s hot: The bank has 3 million customers and has raised money from Sequoia Capital, Goldman Sachs, Tiger Global, and more.

 

 

16. Affirm — $2 billion

affirmValue: $2 billion | Raised: $720 million

Founded: 2012 | 27 fintech unicorns from around the world27 fintech unicorns from around the world27 fintech unicorns from around the world | HQ: San Francisco

What it does: A hire-purchase provider, letting people buy products and pay them off in installments.

Why it’s hot: The company works with over 1,200 retailers in the US and its technology helps retailers increase average order sizes by 51%. Morgan Stanley and Singapore’s GIC are both investors.

 

15. Avant — $2 billion

avantValue: $2 billion | Raised: $1.8 billion

Founded: 2012 | 27 fintech unicorns from around the world27 fintech unicorns from around the world | HQ: Chicago

What it does: Online personal loans.

Why it’s hot: The company has lent over $1 billion and is backed by the likes of Tiger Global, KKR, and Jefferies.

 

 

14. Zenefits — $2 billion

zenefitsValue: $2 billion | Raised: $583 million

Founded: 2013 | 27 fintech unicorns from around the world27 fintech unicorns from around the world27 fintech unicorns from around the world | HQ: San Francisco

What it does: Payroll, HR, health insurance, and compliance management software for small and mid-sized businesses and tech for insurance brokers.

Why it’s hot: Zenefits has actually seen its valuation drop by half in recent years after a scandal around licensing that led to its founder’s resignation. However, new CEO Jay Fulcher appears to have steadied the ship.

 

Fintech Unicorns Worth Above $2 billion and Less Than $5 billion

 

13. Klarna — $2.5 billion

klarnaValue: $2.5 billion | Raised: $636 million

Founded: 2005 | 27 fintech unicorns from around the world27 fintech unicorns from around the world27 fintech unicorns from around the world | HQ: Stockholm

What it does: User-friendly payment systems for mobile and web that lets people buy now and pay later.

Why it’s hot: The company processes 800,000 transactions a day and has been used by 60 million people globally. Sequoia Capital, the Silicon Valley fund that backed PayPal, is an investor.

 

12. Circle — $3 billion

Value: $3 billion | Raised: $246 million

Founded: 2013 | 27 fintech unicorns from around the world27 fintech unicorns from around the world27 fintech unicorns from around the world | HQ: Boston

What it does: A global Internet finance company, built on blockchain technology and powered by crypto assets.

Why it’s hot: Circle is led by longtime technology executive Jeremy Allaire and has been expanding internationally. Earlier this year, it acquired cryptocurrency exchange platform, Poloniex, for around $400 million.

 

11. BGL Group — $3 billion

Value: $3 billion | Raised: Undisclosed

Founded: 1992 | 27 fintech unicorns from around the world27 fintech unicorns from around the world27 fintech unicorns from around the world | HQ: Peterborough, England

What it does: A digital distributor of insurance and household financial services to more than 8.9 million customers.

Why it’s hot: BGL Group’s brands include Comparethemarket.com, LesFurets.com and online life insurer BeagleStreet.com.

 

10. Oscar — $3.2 billion

oscarValue: $3.2 billion | Raised: $892 million

Founded: 2013 | 27 fintech unicorns from around the world27 fintech unicorns from around the world27 fintech unicorns from around the world | HQ: New York

What it does: Digital health insurance for the post-Obamacare era.

Why it’s hot: The company took just 16 months to break the $1 billion valuation mark and backers include PayPal co-founder Peter Thiel, Goldman Sachs, and Li Ka-shing, Asia’s richest man.

 

9. GreenSky — $3.6 billion

greenskyValue: $3.6 billion | Raised: $350 million

Founded: 2006 | 27 fintech unicorns from around the world27 fintech unicorns from around the world27 fintech unicorns from around the world | HQ: Atlanta

What it does: Provides technology to banks that is used in processing loan applications.

Why it’s hot: Steven McLaughlin, a former Goldman Sachs banker whose firm advised GreenSky on a funding deal, told Bloomberg in 2016 that GreenSky “is the single best fintech company created in the last 10 years, by far.”

 

8. Credit Karma — $3.5 billion

credit karmaValue: $3.5 billion | Raised: $868 million

Founded: 2007 | 27 fintech unicorns from around the world27 fintech unicorns from around the world27 fintech unicorns from around the world | HQ: San Francisco

What it does: Provides free online credit reports, offsetting the cost of paying for them with targeted advertising of financial products.

Why it’s hot: Over 75 million people in the US and Canada have used the service. Google Capital is an investor.

 

7. SoFi — $4 billion

sofiValue: $4 billion | Raised: $2.1 billion

Founded: 2011 | 27 fintech unicorns from around the world27 fintech unicorns from around the world27 fintech unicorns from around the world | HQ: San Francisco

What it does: Peer-to-peer student loan refinancing, mortgages, and other types of personal loans.

Why it’s hot: Like Zenefits, SoFi struggled with a slew of setbacks in 2017. Allegations of sexual misconduct and loan misstatements forced out founder Mike Cagney. Former Twitter CFO and ex-Goldman banker Anthony Noto is now leading a turnaround of the business.

 

Fintech Unicorns Worth Above $5 billion

6. Robinhood — $5.6 billion

RobinhoodValue: $5.6 billion | Raised: $526 million

Founded: 2013 | 27 fintech unicorns from around the world27 fintech unicorns from around the world27 fintech unicorns from around the world | HQ: San Francisco

What it does: Free stock trading app.

Why it’s hot: The app claims to have 4 million registered users and is said to be in talks for a funding round that would value it at over $5 billion.

 

 

5. One97 Communications (operates Paytm) — $7 billion

paytmValue: $7 billion | 27 fintech unicorns from around the world27 fintech unicorns from around the world27 fintech unicorns from around the world | Raised: $320 million

Founded: 2010 | HQ: Delhi

What it does: Indian digital wallet provider.

Why it’s hot: The company is the largest wallet provider in India, with over 230 million registered users.

 

 

4. Stripe — $9.2 billion

stripeValue: $9.2 billion | Raised: $474 million

Founded: 2010 | 27 fintech unicorns from around the world27 fintech unicorns from around the world27 fintech unicorns from around the world | HQ: San Francisco

What it does: Online payment processing, letting both businesses and companies accept payment over the internet.

Why it’s hot: Fitbit, Pinterest, Twitter, Salesforce.com, Lyft, The Guardian, Kickstarter, and Reddit are some of the notable companies that use it.

 

3. Lu.com — $18.5 billion

lu.comValue: $18.5 billion | Raised: $1.7 billion

Founded: 2011 | HQ: Shanghai

What it does: Chinese peer-to-peer loans and financing platform.

Why it’s hot: Lu.com, also known as Lufax, is one of China’s largest online lenders and is tipped for an IPO this year.

 

 

2. JD Finance — $26-30 billion

Value: $26-30 billion | Raised: $3 billion

Founded: 2013 | 27 fintech unicorns from around the world27 fintech unicorns from around the world27 fintech unicorns from around the world | HQ: Chaoyang

What it does: The financial technology arm of JD.com, China’s largest online direct sales company.

Why it’s hot: JD Finance offers sophisticated financial solutions in areas including financing loans, asset management, payment solutions and crowdfunding.

 

 

1. Ant Financial — $150 billion

Value: $150 billion | Raised: $14.5 billion

Founded: 2014 | 27 fintech unicorns from around the world27 fintech unicorns from around the world27 fintech unicorns from around the world | HQ: Hangzhou

What it does: An online financial services provider.

Why it’s hot: Ant Financial is building an open ecosystem of Internet thinking and technologies while working with other financial institutions to support the future financial needs of society.

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Industry Stakeholders Partner on Blockchain Based Margin and Collateral Solution http://fintechnews.ch/blockchain_bitcoin/industry-stakeholders-partner-on-blockchain-based-margin-and-collateral-solution/19428/ Thu, 21 Jun 2018 11:50:08 +0000 http://fintechnews.ch/?p=19428 ABN AMRO Clearing, EuroCCP, Euroclear and Nasdaq have completed a joint proof of concept to make the use of securities more efficient when used to cover margin calls, including after

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ABN AMRO Clearing, EuroCCP, Euroclear and Nasdaq have completed a joint proof of concept to make the use of securities more efficient when used to cover margin calls, including after business hours, using blockchain, or distributed ledger technology (DLT).

This solution addresses significant business challenges and inefficiencies related to the current provision of collateral to Central Counterparties (CCPs) and has demonstrated that a shared, resilient network can be built between collateral givers, collateral takers and intermediaries.

The inefficiencies of collateral processing have been heightened as a result of recent market changes such as extended trading hours by stock exchanges and the requirement to centrally clear derivatives traded bilaterally (OTC) under the European Market Infrastructure Regulation (EMIR). Today, a CCP margin call typically needs to be covered by euro collateral within a short time frame.

After the regular hours of central banks and central securities depositories, usually ending at 18:00 CET, options are limited. Several CCPs currently allow for the use of securities to cover intraday (evening) initial margin calls, but this method is rarely used due to inefficient and complex securities delivery processes.

As an increasing number of buy-side market participants centrally clear their derivatives trades, the need to provide an efficient securities collateral solution has become essential. Using the solution developed in the proof of concept, parties were able to handle the margin call, the securities collateral delivery and the return process within minutes. Clearing participants and CCPs were able to optimise their collateral positions through a collateral dashboard.

The underlying collateral transfers were processed by Euroclear’s Central Securities Depository, ensuring settlement finality and regulatory compliance.

Nasdaq developed the proof of concept for the DLT nodes while ABN AMRO Clearing, EuroCCP and Nasdaq Clearing developed a specific front-end and managed integration into their own environments.

Coen van Walbeek, Global Head of Treasury and SBL at ABN AMRO Clearing said,

Coen van Walbeek

Coen van Walbeek

“With a faster and more globalised market, it is essential to make the processing of collateral more efficient. Expanding the possibilities to use securities as collateral will make clearing through CCPs more attractive and cheaper for buy-side market participants. This is a breakthrough for the CCP model.”

 

 

Diana Chan, CEO at EuroCCP said,

Diana Chan

Diana Chan

“We are excited to be partnering on a proof of concept  that is extremely useful for transactions that are not already well-served by market infrastructures. With a solution like this in place we will be able to efficiently provide counterparty risk protection of equity trades after hours while reducing operational complexities. Today we are limited by European banking hours or arrangements in other time zones.”

 

Walter Verbeke, Global Head of Business Model and Innovation at Euroclear added:

Walter Verbeke

Walter Verbeke

“As a major collateral house, holding € 28.5 trillion worth of assets, we are pleased to participate in this initiative. It demonstrates that a smart combination of NewTech and the resilience of the Central Securities Depository can work effectively and in full compliance with regulatory requirements.”

 

 

Julia Haglind, CEO of Nasdaq Clearing said,

Julia Haglind

Julia Haglind

“As both a leading market technology provider and a CCP operator, Nasdaq is uniquely positioned to bring efficiencies to collateral management. We believe that blockchain technology brings with it a huge potential to transform markets everywhere, and this project is an excellent showcase of this.”

 

 

 Featured image via Pixabay

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Bexio meldet über 15’000 Kunden http://fintechnews.ch/fintech/bexio-kunden-15000/18212/ Thu, 21 Jun 2018 11:10:41 +0000 http://fintechnews.ch/?p=18212 Bereits über 15’000 Unternehmen arbeiten mit der Business Software bexio. Damit baut bexio seine Position als einer der führenden Anbieter cloudbasierter Business Software für Schweizer Kleinunternehmen weiter aus. Nun soll

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Bereits über 15’000 Unternehmen arbeiten mit der Business Software bexio. Damit baut bexio seine Position als einer der führenden Anbieter cloudbasierter Business Software für Schweizer Kleinunternehmen weiter aus. Nun soll das Wachstum weiter beschleunigt werden.

bexioVergangenen Herbst konnte das Unternehmen aus Rapperswil bereits über 10’000 Unternehmen zu seinen Kunden zählen, seither konnte das Wachstum weiter vorangetrieben werden.

«In den vergangenen Monaten konnten wir bis 700 zahlende Kunden pro Monat gewinnen»,

freut sich Jeremias Meier, CEO und Mitgründer von bexio.

Der direkte Kundenkontakt ist einer der Schlüssel des Kundenwachstums von bexio, wie Jeremias Meier erklärt:

Jeremias Meier

Jeremias Meier

«Nebst einem guten Produkt ist die persönliche Beratung unserer Kunden zentral. Unser Beratungsteam unterstützt unsere Kunden in der Testphase und hilft bei Fragen und bei der Einrichtung.

Auch arbeiten wir aktiv mit unseren über 1500 Treuhand-Partnern zusammen.»

Jeremias Meier blickt positive in die Zukunft:

«Unsere Kunden sind sehr zufrieden. Das zeigt mir, dass wir mit bexio auf dem richtigen Weg sind.»

Von Software zur Plattform

bexio platform

Image via bexio

«In den vergangen Jahren ist es uns gelungen, uns von einer Software zu einer Plattform zu entwickeln, welche Kleinunternehmen mit ihren wichtigsten Partnern verbindet. bexio sorgt für mehr Effizienz im gesamten Ökosystem.

So integrieren wir beispielsweise Banken, Treuhänder, Endkunden und Onlineshops sowie weitere Dienstleistungen direkt in die Prozesse eines Kleinunternehmens. Der daraus resultierende Mehrwert für KMU ist enorm»,

verdeutlicht Jeremias Meier.

«Nebst der laufenden Verbesserung unserer Produkte bauen wir auch unser Ökosystem weiter aus. In der Pipeline sind Kooperationen mit weiteren Schweizer Banken wie auch Integrationen zu weiteren Tools und Services»,

erklärt Jeremias Meier.

«Auch verstärken wir unsere Offline-Aktivitäten. So haben bereits letztes Jahr mehr als 2000 Unternehmer schweizweit an zahlreichen bexio-Veranstaltungen teilgenommen. Ich bin überzeugt, dass die Kombination von Online- und Offline-Angeboten den Mehrwert für unsere Kunden weiter steigern wird.»

 

Featured image via Freepik

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LegalTech Too Enable Banks To Cut Costs And Boost Efficiency http://fintechnews.ch/legaltech/legaltech-too-enable-banks-to-cut-costs-and-boost-efficiency/17545/ Thu, 21 Jun 2018 07:06:49 +0000 http://fintechnews.ch/?p=17545 Smart technologies are maturing and set to disrupt the traditional conservative legal market. Banks in particular can leverage these to dramatically reduce their costs and boost efficiency, according to a

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Smart technologies are maturing and set to disrupt the traditional conservative legal market. Banks in particular can leverage these to dramatically reduce their costs and boost efficiency, according to a new report.

Pic Courtesy: ABA Law Student

Technology is expected to fundamentally change the legal industry, a space that is still attached to manual and paper-based processes. According to McKinsey, 22% of a lawyer’s job and 35% of a law clerk’s job can be automated.

“If I was the parent of a law student, I would be concerned a bit,” Todd Solomon, a partner at the law firm McDermott Will & Emery, based in Chicago, told the MIT Technology Review. “There are fewer opportunities for young lawyers to get trained, and that’s the case outside of AI already. But if you add artificial intelligence (AI) onto that, there are ways that is advancement, and there are ways it is hurting us as well.”

Legal technology, also known as legal tech, refers to the use of technology and software to provide legal services. Traditional areas of legal tech include practice management, document storage, legal research but also billing and accounting.

But so far, artificial intelligence (AI) powered document discovery tools have had the biggest impact on the field. By training on millions of existing documents, case files and legal briefs, a machine-learning algorithm can learn to flag the appropriate sources a lawyer needs to craft a case, and in many cases, more successfully than a human.

 

The “artificial lawyer”

Capco predicts the emergence of the “artificial lawyer.” An example demonstrating this rising trend is the ROSS Intelligence, an expert system built on IBM Watson’s cognitive computing system, that can substitute a research lawyer in some fields of the profession.

IBM has also launched Outside Counsel Insights (OCI), a tool which “reads” the work carried out by external counsels and takes over almost the entire billing review process, significantly reducing the efforts and cutting costs for GC departments.

Last year, JP Morgan implemented Contract Intelligence, or COIN, a software that automates the interpretation of commercial loan agreements. COIN can in seconds perform document review tasks that would take legal aides 360,000 hours. It relies on machine learning algorithms, learning “by ingesting data to identify patterns and relationships.”

In recent years, several startups have emerged to tap into the thriving industry and raised over a billion dollars to automate the high-cost, white-collar profession.

CaseMine for instance, an Indian legal tech company, builds on document discovery software with what it calls its “virtual associate,” CaseIQ. The system takes an uploaded brief and suggests changes to make it more authoritative, while providing additional documents that can strengthen a lawyer’s arguments.

Another AI application is Linklaters’ Verifi program, which can sift through 14 UK and European regulatory registers to check client names for banks. Verifi processes thousands of names overnight while a junior lawyer would typically take an average of 12 minutes to search each customer name.

Allen & Overy and Deloitte have created a service called MarginMatrix, a digital derivatives compliance system to help major banks deal with new regulatory requirements. MarginMatrix codifies the law in various jurisdictions and automates drafting of certain documents. A lawyer would take about three hours to draft a document, against just three minutes with MarginMatrix.

Singapore, Asia’s fintech leader, is now looking to shake up the region’s legal sector. The city state plans to host Southeast Asia’s first legal tech accelerator starting from this month. The initiative aims to groom legal tech startups as well as incubate new business models or services conceived by law firms.

 

Featured picture via pixabay

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Proxeus and WWF Switzerland Put Donation On The Blockchain http://fintechnews.ch/blockchain_bitcoin/proxeus-and-wwf-switzerland-put-donation-on-the-blockchain/19405/ Thu, 21 Jun 2018 04:42:59 +0000 http://fintechnews.ch/?p=19405 Charitable donation is the lifeblood of global NGOs like WWF, yet the good intentions of donation come hand-in-hand with issues of their own. Accountability for the donation, the transaction costs

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Charitable donation is the lifeblood of global NGOs like WWF, yet the good intentions of donation come hand-in-hand with issues of their own.

Accountability for the donation, the transaction costs of processing so many individual contributions, and confirmation of the donation for tax purposes are just a few of the challenges that Proxeus and WWF aim to overcome with this test case.

Starting with a prototype blockchain-powered donation confirmation engine, this project aims to empower consumers to donate more easily while reducing administration costs associated with processing these donations, ensuring more of the donation goes to its intended purpose. For the prototype, no real donor data was used.

Antoine Verdon

Antoine Verdon

“This is a real opportunity to use our technology for social good,”

said Antoine Verdon, co-founder of Proxeus.

“We are helping ensure that the donations go where they have to. By minimizing the system complexity we’ve maximized the benefit for WWF Switzerland’s projects.”

 

The first step in this process is the donation confirmation engine, which uses the Ethereum blockchain to confirm receipt of the donation(s) from the donor and issue a confirmation of donation at the end of the year for tax purposes, all while maintaining full GDPR-compliant privacy protection. The vision for this project goes much further, for example enabling donation targeting, micro-donations at points of sale, and aggregated cross-platform donation acknowledgement.

In real terms, this could allow donations to be made as micro-donations at points of sale – currently not efficient due to transaction cost – and at the end of the year have the full sum of the donations aggregated and acknowledged for tax purposes.

Thomas Vellacott

Thomas Vellacott

“Blockchain will affect many aspects of our life and work. Even though issues remain to be  resolved, the technology has considerable potential to streamline processes in fundraising and administration, and to scale up our conservation impact. Hence, WWF is motivated to test real-life applications of blockchain in different areas of our work,”

said Thomas Vellacott, CEO of WWF Switzerland.

“We are currently running several initiatives worldwide to test the application of blockchain. WWF Switzerland works with other WWF offices on these initiatives. We will analyze the results and decide how to use blockchain going forward.”

Despite fears to the contrary, blockchain-based donation processes will not lead to unsustainable use of resources. By replacing paper, blockchain not only consumes power at a comparable or lesser rate (7,000-14,000kWh/kg for paper, 70kWh/transaction for Ethereum, with that consumption rate diminishing significantly as the verification mechanism in the Ethereum network is switched from a “proof of work” to a “proof of stake” mechanism by an upgrade to the Casper protocol), blockchain does not have any of the undesirable impacts of paper production such as deforestation and pollution of water and air.

WWF Demo Frontend:

 

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Iot Zieht Investitionen Aus Fintech Und Insurtech An http://fintechnews.ch/iot/iot-zieht-investitionen-aus-fintech-und-insurtech-an/14238/ Wed, 20 Jun 2018 11:03:43 +0000 http://fintechnews.ch/?p=14238 Das Internet of Things (IoT) ist noch immer ein neuartiges Konzept in der Finanzdienstleistung, deren oftmals komplexes regulatorisches Umfeld die Einführung neuer Technologien mit grossen Ecosystemen verhindert. Trotzdem hat sein

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Das Internet of Things (IoT) ist noch immer ein neuartiges Konzept in der Finanzdienstleistung, deren oftmals komplexes regulatorisches Umfeld die Einführung neuer Technologien mit grossen Ecosystemen verhindert.

Trotzdem hat sein disruptives Potenzial, Unternehmen mehr Einsicht in die Bedürfnisse ihrer Kunden zu geben und das zeitnahe Bereitstellen adäquater Produkte zu fördern, in der Branche bereits zu substanziellen Investitionen von Fintech und Insurtech geführt.

Image Credit: Global Iot Financial Service Market 2017 via go.frost.com

Die Frost & Sullivan Studie Global IoT in Financial Services Market, 2017 bietet einen Überblick über die IoT-Trends bei Banken und Versicherungen.

Die Studie beschreibt Fallbeispiele, Faktoren und Herausforderungen, die die Einführung vorantreiben bzw. verhindern, die Rolle von Stakeholder im IoT-Ecosystem sowie Wege und Möglichkeiten, wie Versicherungsunternehmen ihre Geschäftsmodelle nach Einführung von IoT-Lösungen verändern.

Jean-Noël Georges

„Die zunehmende Akzeptanz des IoT bei Versicherungen und Bankdienstleistungen legt den Grundstein für neue datenzentrierte Geschäftsmodelle und innovative Prozesse, die es seinen Nutzern ermöglichen, neue Produkte und Dienstleistungen auf den Markt zu bringen,”

erklärt Frost & Sullivan Digital Transformation Global Program Director Jean-Noël Georges. 

„Der zunehmende Erfolg von technik-affinen Startups übt zudem Druck auf die traditionellen Finanzunternehmen aus, deren Technologien zu aktualisieren bzw. aufzurüsten, um weiterhin wettbewerbsfähig zu bleiben. Die überzeugenden Vorteile des IoT hinsichtlich schnellerer Schadensabwicklung, eines effizienteren Versicherungsgeschäfts und einer verbesserten internen Effizienz zieht Investoren aus dem gesamten Spektrum an.”

Auch wenn sich die Finanzdienstleistungsunternehmen allmählich mit dem IoT anfreunden, hegen sie noch immer Bedenken, was die Migration sensibler Daten in Netzwerke mit unzähligen Endpunkten betrifft. Eine Sicherheitslücke kann kritische Kundendaten, wie beispielsweise Adressen, Kartendaten und persönliche Informationen, gefährden und zu einem Verlust des Markenwerts der Finanzorganisation führen.

Dienstleister, die eine überwachte Infrastruktur für vernetzte Smartphones, Wearables und On-Board-Diagnosegeräte bereitstellen können, werden in diesem sich entwickelnden Markt erfolgreich sein. Zudem wird die Allgemeine Datenschutzbestimmung (engl. General Data Protection Regulation, GPRD) die Finanzinstitutionen dazu drängen, die Datensicherheit für europäische Bürger zu erhöhen.

„Das IoT wird bei Finanzdienstleistern auf grössere Akzeptanz stossen, sobald Stakeholder mit Technologieanbietern entlang der Wertschöpfungskette kooperieren,”

glaubt Georges.

„Das ermöglicht umfangreiche und tiefergehende Tests zu Auswirkungen von IoT-Technologien und die Zahl relevanter Fallbeispiele wird steigen. Künstliche Intelligenz und Machine Learning werden zudem die Einführung des IoT in Banken ergänzen und die notwendige Transparenz sowie wichtige Einblicke in Echtzeitdaten bieten.”

Früher oder später werden Banken voraussichtlich die Anzahl ihrer physikalischen Geschäftsstellen reduzieren, die digitalen erhöhen und damit mehr Möglichkeiten für die Einführung des IoT schaffen.

 

Featured image via Pixabay

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