Barclays: ‘Blockchain Could Be the Most Significant Innovation to Impact Africa in 100 years’
Africa has been “late to the fintech party,” according to a report by African news service Quartz. However, peer-to-peer payment processors like M-Pesa and digital currencies such as Bitcoin are providing greater accessibility to banking services on the continent — a trend that legacy banks such as Barclays are starting to not only acknowledge, but also....
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Blockchain technology proponents are staking claims in Africa, paying special attention to banks. Six African banking institutions are making sure financial tech doesn’t disrupt their businesses by working together to connect their systems with distributed ledgers. Absa & Barclays Africa Testing Multiple Platforms Across the South African Region. One....
British multinational banking and financial services company Barclays launchedRise New York, a physical space and virtual global community designed to pioneer the future of financial technology. By the end of 2016, Barclays plans to open other Rise hubs in North America, Europe, Africa and Asia. Barclays' existing open innovation sites in London and Manchester (previously known as Escalators) will be rebranded as Rise locations. "It is time to redefine financial services," said Michael Harte, Barclays' chief operations and technology officer. "Rise is designed to help shape the future of....
Allen Wei, the CEO of LBank exchange, told Cointelegraph that blockchain could contribute to the creation of a robust economy in Africa. As one of the most populated continents in the world, Africa continues to be an important target for blockchain proponents, as adoption in the region could have a significant impact on the broader crypto economy. In an interview with Cointelegraph, Allen Wei, the CEO of crypto exchange LBank, explained that blockchain can have a significant impact on Africa. Moreover, Wei highlighted that adoption within the region can have an effect on crypto and....
Trade finance is entrenched in paper documents these days, as it had been for decades. Using smart contracts on top of blockchain technology could address most of the market inefficiencies. These are exciting times for blockchain technology. Barclays, a world-renowned bank, and Wave, one of their accelerator graduates, conducted a live test of distributed ledger technology. A Live Letter of Credit transaction was performed and completed.This is a significant validation of blockchain technology. Wave is a company dedicated to bringing distributed ledgers to the financial sector. Ever since....
One of South Africa's largest banks has joined the global blockchain consortium led by R3CEV. Absa Bank, a subsidiary of Barclays Africa, announced today that it would be joining the 40-plus consortium, which includes a range of banks and non-bank financial institutions worldwide. Recent participants have included Chinese bank Ping An and the financial arm of automaker Toyota. The partnership is said to include an effort to develop a broader working group within South Africa focused on regional distributed ledger networks, with the goal of creating "the continent’s first distributed....