Did The Fintech Sector Spook Santander Bank?
Is fintech sector a threat to the banking world? Traditional banking is still observing this sector and has taken a lot of steps towards utilizing the technology behind Bitcoin, the blockchain. But still, at least in the case of Santander Bank, the fintech industry did raise a few red flags. Business Insider has quoted Mariano Belinky, the head of Santander's fintech investment fund InnoVentures, discussing the exercise that the bank had undertaken to gauge the level of impact that the nascent industry could have on its operations. While speaking at an online lending conference, LendIt....
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After releasing a paper covering 20 to 25 uses of blockchain technology, Santander is reportedly ready to invest in a cryptocurrency startup to sustain their initiatives. Santander is the tenth largest bank in the world, according to a list by Forbes. The bank has come up with Santander InnoVentures, which is the banking giant's $100 million fintech investment fund. This was launched last year and has made three investments so far. Blockchain Technology Startups. "We're very excited about distributed ledgers and blockchain technology. They really have the potential to disrupt many of the....
Santander Innoventures, the $100 million fintech venture capital fund of multi-billion dollar Spanish banking group Santander, has partnered with startup agency OneVest to run a Distributed Ledger (DL) Challenge for early-stage startups. Specifically, the bank will be actively searching for blockchain-based startups targeting mortgage processing, trade finance and asset leasing, and technologies which could help the bank bridge conventional payment systems with decentralized payment networks like the blockchain. "Distributed ledger technologies will create huge value for customers, banks....
Santander Bank in the U.K. has become the latest high street bank in the country to block fund transfers to cryptocurrency exchange Binance. Recently, Barclays and Natwest banks reportedly made a similar move. A number of Santander Bank customers reported on social media that they have received an email from the bank stating, “We’re stopping payments to Binance for your protection,” beginning on July 8. The bank explained: This follows the Financial Conduct Authority (FCA)’s recent warning to consumers and is to help protect you from fraud. For now, we want to be....
Santander UK has put a per transaction limit as well as a total monthly restriction on the amount that users can transfer to crypto exchanges. Santander UK Bank Says Investing In Crypto Can Be High Risk The United Kingdom branch of the banking giant Banco Santander yesterday posted a notification for its customers, where it […]
Santander InnoVentures has launched a global competition titled 'Santander InnoVentures Distributed Ledger Challenge' with the aim of encouraging and supporting those startups that employ distributed ledger technologies and blockchain in the fintech industry. The entry submission begins from November 5th, 2015 and the deadline is December 31st. In the next step, the startups will be shortlisted and then they will be further selected by a panel of distributed ledger and blockchain technology experts. Later, the winner will be revealed at New York in January 2016. Santander InnoVentures is a....