Accenture: Asia-Pacific Banks Should Develop Blockchain Strategies
Asia-Pacific (APAC) banks, credit card firms and startups can be expected to increasingly focus on blockchain technology in the coming years, according to a new report by Accenture. The management consulting services firm, which has recently been assertive in voicing its opinions on the emerging technology, stated that this trend would coincide with the need for FinTech firms to streamline operations and comply with regulations. The prediction formed part of a new report that projects FinTech investments in the Asia-Pacific region will "quadruple" in 2015, rising to $3.5bn this year, up....
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Hong Kong-based startup Bitspark has been one of the seven startups to join Accenture's FinTech Innovation Lab Asia-Pacific 2015, a "collaboration between a number of the world's leading banks, such as Bank of America Merrill Lynch, China Citic Bank International, Commonwealth Bank of Australia, Credit Suisse, Goldman Sachs, HSBC, and J. P. Morgan." This year, Accenture's FinTech Innovation Lab has been heavily focusing on giving opportunities to startups to work with global banks and financial establishments, and enable the startups to implement their technology within the banks'....
Accenture has debuted a new blockchain-focused hardware solution for storing private keys. The professional services firm partnered with Thales, a French company that works in the fields of cyber security, aerospace and defense, to develop the solution. It relies on hardware security modules (HSMs) to store the private keys – pieces of digital information that are used to sign blockchain transactions – in a bid to shore up security around enterprise-facing blockchains. Specifically, the Accenture solution relies on the nShield HSM product developed by Thales. In statements, Accenture....
The Asia-Pacific region led by China is quickly catching up to the West in terms of wealth. With the accelerating pace of innovation in mobile communications and fintech, the region is expected to not only leapfrog the US & Europe by 2019, but also integrate millions of unbanked people into the global economy. The Asia Pacific region, led by China, is growing fast. In 2014, the sum total of worldwide assets reached a record high of US$164.3 trillion. As central banks have come to the rescue, asset prices have risen to record highs globally. Global growth overall grew by 11.9% (see chart....
Technology and consulting major Accenture and 16 other leading banks have invited applications for the Fourth Annual Fintech Innovation Lab London. Earlier, there were 15 banks which supported Fintech Innovation Lab London, but now, Societe Generale has become the 16th. Other leading names are Bank of America Merrill Lynch, Barclays, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, Intesa Sanpaolo, JPMorgan Chase, Lloyds Banking Group, Morgan Stanley, Nationwide, RBS, Santander and UBS. The competition is open to fintech entrepreneurs that are developing disruptive new products,....
Payments giant Mastercard is launching crypto-linked payment cards for the Asia-Pacific region in partnership with three crypto service providers. “For the first time, consumers and businesses in the Asia Pacific region will be able to apply for crypto-linked Mastercard credit, debit, or prepaid cards,” Mastercard said.
First Crypto-Linked Mastercards in Asia-Pacific Region
Mastercard announced Monday that it has partnered with three crypto service providers across the Asia-Pacific region “to launch the region’s first crypto-linked payment....