Latest News on BANKING

Industry

Banking on Blockchain: ICBC Releases First-Ever White Paper on Blockchain for the Financial Sector

One of China's major banks, the Industrial and Commercial Bank of China (ICBC) has released its white paper on blockchain-based applications in the financial sector. The document is the first white paper related to blockchain technology in the financial industry. The paper also highlights the present challenges faced by the banking sector.

Sarah Tran

Apr 22, 2020

| 2 Min Read

#ICBC #CHINA #BLOCKCHAIN #WHITEPAPER #FINANCE #FINANCIAL SECTOR #BANKING

Industry

Brazilian Banking Federation President Claims Crypto Cannot Replace Fiat Money

The President of Brazilian Banking Federation has argued that cryptocurrencies do not meet the basic criteria of real currencies.

Nicholas Otieno

Mar 30, 2020

| 3 Min Read

#CRYPTOCURRENCIES #BRAZIL #BANKING #FEDERATION #FIAT #CURRENCY #FUNCTION #BITCOIN NEWS

Technology

Standard Chartered's Planned Hong Kong Virtual Bank Announced as Mox

Mox is the new virtual bank in Hong Kong to be launched by Standard Chartered in partnership with PCCW, HKT and Trip.com. Launching later this year, the mission of Mox is to help everyone in Hong Kong grow – “your money, your world, your possibilities.”

Lucas Cacioli

Mar 09, 2020

| 2 Min Read

#BITCOIN #STANDARD CHARTERED #PCCW #TRIP.COM #VIRTUAL BANK #MOX #HKT #BANKING #DIGITAL

Industry

Wells Fargo Injects $5M into Blockchain Startup Bridging Crypto Exchanges and Banks to Expand in Asia

US Banking Giant, Wells Fargo is investing in blockchain startup focusing on forensics, Elliptic. Wells Fargo Strategic Capital (WFSC), the venture capital arm of the bank, has decided to inject $5 million into Elliptic’s Series B funding round.

Sarah Tran

Feb 14, 2020

| 2 Min Read

#BLOCKCHAIN #WELLS FARGO #BANKING #ELLIPTIC

Industry

DAG Global Seeks to Break New Ground as First UK Bank to Support Crypto Businesses

DAG Global, a UK financial services company, aims to set a precedent by gaining a UK banking license to close the void between banks and crypto businesses. It intends to become the nation’s first bank to support cryptocurrency businesses.

Brian Njuguna

Feb 11, 2020

| 2 Min Read

#DAG GLOBAL #UK #BANKING #CRYPTO BUSINESSES #CRYPTOCURRENCIES #CRYPTO CUSTODY

Industry

Goldman Sachs and Citigroup Perform the First Equity Swap on Blockchain

Traditional equity swaps have to be continuously updated for multiple variables. These include different interest rates, end-of-day market prices, and corporate actions like stock splits and dividend payments. Financial institutions need to hire many people to verify the process until the swap completion, which in some rare cases, could take months.

Nicholas Otieno

Feb 10, 2020

| 2 Min Read

#BLOCKCHAIN #EQUITY SWAP #GOLDMAN SACHS #CITIGROUP #BANKING #FINANCE

Industry

Will Distributed Ledger Technology and Cryptocurrencies Ever Lead to the Extinction of Banks?

In the world we live in today, virtually every sector of human activities have begun to experience one form of digitisation or another, and the Banking sector happens to be one of the sectors at the forefront of this evolution.

Alo Kingsley

Jan 28, 2020

| 4 Min Read

#DLT #BLOCKCHAIN #BANKING #TECHNOLOGY

Technology

Why is Blockchain Technology Revolutionizing the Banking and Finance Market?

As technology continues to evolve year after year, it becomes glaring that it is gradually sweeping every productive sector in the world, more importantly, finance and banking. This is so because the sector is about the most sensitive in every economy. It’s got to be, right? Money is important and needed by everyone – one way or another.

David Smith

Nov 24, 2019

| 5 Min Read

#BLOCKCHAIN #TECHNOLOGY #FINANCE #BANKING

Regulation

South Korea Intensifies Blockchain in Banking but Rules Out Digital Fiat Currency

Wide application of blockchain technology is expected to affect people’s lives, business, education, governance, and other sectors. That is the reason, many countries explore and even deploy the huge potential of this technology. But the latest trend of the technology seems to have taken a new twist in South Korea. Now let’s find out why South Korea continues adopting blockchain in banking but rejects rolling out digital fiat currency.

Nicholas Otieno

Nov 05, 2019

| 3 Min Read

#BANKING #BLOCKCHAIN #SOUTH KOREA

Industry

Bitwala Incorporates CryptoTax for Better Tax Reporting

Bitwala, a German-licensed Bitcoin banking service application, announced its new integration remedy with CryptoTax, an entity that assists crypto users to adhere to yearly tax declaration deadlines. This will be instrumental in solving crypto tax headaches.

Brian Njuguna

Oct 23, 2019

| 1 Min Read

#TAX #CRYPTO #BANKING

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