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Fintech

Financial Institutions Utilize Diverse and Maturing Fintech Solutions

Vlad Poptamas

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Photo source: mobilepaymentstoday.com
Reading Time: 7 minutes

 

The evolution of technology has completely reshaped many industries around the world. Now, almost every industry has incorporated technology into their business models in order to thrive among the competition. Sectors ranging from communication, food, education, business, to even finance have all integrated innovative and advanced technology. Specifically, the financial world has been deeply impacted by the growth of technology. Moreover, banks and firms have been heavily investing in financial technology or “fintech” solutions to provide their consumers with exceptional services. Fintech is described as a technology that seeks to improve or potentially automate financial services. For instance, many banks have launched mobile banking services which eliminate the need for consumers to physically go to a bank. Instead, consumers can now access their bank accounts, make payments, and deposit funds in the palm of their hand. A large majority of global banks, insurers, and investment managers have already dove into the fintech industry, however, within the next 3 to 5 years, even more are expected to enter into the market. Furthermore, with the adoption of fintech solutions, companies can expect a 20% average return on investment on their innovation projects. Through the use of these technologies, companies are able to create and deploy low-cost personalized products for consumers. And as a result, the innovative products are having a significant impact on the consumer, pressuring traditional firms to adapt to the competition. According to data compiled by Mordor Intelligence, the global fintech market is expected to register a CAGR of 13.2% during the forecast period from 2019 to 2024. CLPS Incorporation (NASDAQ: CLPS), First Data Corporation (NYSE: FDC), Overstock.com, Inc (NASDAQ: OSTK), BGC Partners, Inc. (NASDAQ: BGCP), LendingClub Corporation (NYSE: LC)

Primarily, infrastructure-based technologies, through platformification and open application interfaces (APIs) are reshaping the fintech industry. Other operation advancements such as robotic process automation, chatbots, and Distributed Ledger Technology are all enabling greater agility, efficiency, and accuracy. According to Capgemini’s 2018 World Payments Report, there were approximately 600 billion total digital transaction. Furthermore, the report suggests that digital transactions are on pace to grow by 46% over the next four years, growing to 876 billion transactions by 2021. Capgemini also notes that the Asian markets are expected to lead the pack, exhibiting a CAGR of 29% during the period. Other developing markets include regions like Central Europe, the Middle East and Africa, which are expected to register a CAGR of 20%. However, concerns over fraud and security are expected to undermine the industry as consumers fear that cyber attackers can access their accounts or e-wallets and steal personal information or even digital currency. Nonetheless, tech companies and financial institutions have partnered together in order to provide more secure platforms. “If you have not heard about the Fintech revolution that is happening right now, you need to get out from under your rock. These revolutionary advancements are not just impacting the financial industry. They have the potential to change the way we conduct transactions in all aspects of business,” said Daniel Newman, Chief Executive Officer of Broadsuite Media Group and Principal Analyst at Futurum. “Technology has driven us to where we are. As an industry with a heavy focus on technology, it is obvious that changes will happen rapidly and frequently. With the Fintech revolution being the newest disruptor of choice, the banking industry and its consumers will need to hold on for the ride. It will take some time for this technology is gain enough speed to become widely accepted. However, it is definitely on the horizon. Only time will tell what we can expect when we visit our local bank for this is only the beginning.”

CLPS Incorporation (NASDAQ: CLPS) earlier this week announced, “a strategic investment in Economic Modeling Information Technology Co., Ltd. (“EMIT”), a financial big data company. Upon closing of the transaction, CLPS will hold a 30% ownership stake in EMIT.

Established in 2017, EMIT was founded by a team of PhD faculty members from Shanghai University of Finance and Economics (“SHUFE”) in cooperation with SHUFE’s Fintech Research Institute. EMIT provides financial modeling and analysis services to financial services companies and delivers a full range of value-added data mining and data analytics IT solutions to its clients that include intelligent investment systems, risk warning systems, and credit card decision engine core systems. EMIT’s “financial data modeling platform + financial risk warning platform” business model provides its customers with comprehensive financial data services, such as financial data strategic planning, service mode design, and risk control.

Mr. Raymond Lin, Co-Founder and Chief Executive Officer of CLPS, commented, ‘Big data has become an important area of technological advancement in the financial industry. Our strategic investment in EMIT allows us to expand upon our expertise in providing the financial industry with applications of industry-leading technologies. EMIT’s expertise in data modeling, deep learning and machine learning, and blockchain technology will benefit CLPS’s future development by further expanding our client network. In addition, by offering applications of data mining, we will be able to extend our competitive edge in the banking, insurance and financial sectors.’

About CLPS Incorporation: Headquartered in Shanghai, China, CLPS Incorporation (the “Company”) (Nasdaq: CLPS) is a global leading information technology (“IT”), consulting and solutions service provider focusing on the banking, insurance and financial sectors. The Company serves as an IT solutions provider to a growing network of clients in the global financial industry, including large financial institutions in the US, EuropeAustralia and Hong Kong and their PRC-based IT centers. The Company maintains ten delivery and/or research & development centers to serve different customers in various geographic locations. Mainland China centers are located in ShanghaiBeijingDalianTianjinChengduGuangzhou and Shenzhen. The remaining three global centers are located in Hong KongSingapore and Australia. For further information regarding the Company, please visit: http://ir.clpsglobal.com.”

First Data Corporation (NYSE: FDC) is a global leader in commerce-enabling technology, serving approximately 6 million business locations and 4,000 financial institutions in more than 100 countries around the world. First Data Corporation and Fiserv (NASDAQ: FISV) recently announced that their boards of directors had unanimously approved a definitive merger agreement under which Fiserv will acquire First Data in an all-stock transaction. The transaction unites two premier companies to create one of the world’s leading payments and financial technology providers, and an enhanced value proposition for its clients. This highly complementary combination will offer leading technology capabilities that enable a range of payments and financial services, including account processing and digital banking solutions; card issuer processing and network services; e-commerce; integrated payments; and the Clover™ cloud-based point-of-sale solution. The combined company will offer comprehensive distribution channels and have deep expertise in partnering with financial institutions, merchants and billers of all sizes, as well as software developers. “I have long admired what Fiserv has achieved over the years, and I look forward to working with the talented associates of both companies as we set a higher standard of innovation and service in the industry,” said First Data Chairman and Chief Executive Officer Frank Bisignano. “Our goal at First Data has always been to provide our clients with the most comprehensive suite of innovative, highly-differentiated solutions and services, and I am excited by the significant value that the combination with Fiserv creates for all stakeholders.”

Overstock.com, Inc (NASDAQ: OSTK) is an online retailer and technology company based in Salt Lake City, Utah. Overstock.com, Inc. and its subsidiary tZERO Group, Inc. recently announced that Hong Kong-based private equity firm GSR Capital has retained tZERO to develop a smart contract token that will be utilized for an upcoming sale of cobalt. Subject to compliance with applicable regulatory requirements, the sale is expected to offer recurring tranches of electric vehicle (EV) battery-grade cobalt, with up to USD 200 Million of the material projected to be available for sale in 2019, with more planned for 2020. tZERO Group, Inc. is a majority owned subsidiary of Overstock.com, focusing on the development and commercialization of financial technology (FinTech) based on cryptographically-secured, decentralized ledgers – more commonly known as blockchain technologies. Since its inception, tZERO has pioneered the effort to bring greater efficiency and transparency to capital markets through the integration of blockchain technology. tZERO and GSR Capital intend to build an ecosystem in Asia for tokenized commodity purchase contracts that would simplify the process of identifying, purchasing and tracking the supply of rare minerals. The companies also envision adding a security token trading platform in the region, subject to compliance with applicable regulatory requirements. “We are excited to work with GSR and their partner on this innovative cobalt token offering,” said Overstock Chief Executive Officer and tZERO Executive Chairman, Patrick M. Byrne. “Smart contract automation of these transactions will significantly reduce overall costs while effectively improving transparency in rare earth metals purchases throughout the supply chain process. We look forward to bringing the future of commodities purchasing to the global marketplace.”

BGC Partners, Inc. (NASDAQ: BGCP) is a leading global brokerage and financial technology company.  BGC Partners, Inc. recently announced that it has completed the acquisition of Ed Broking Group Limited, an independent Lloyd’s of London insurance broker with a strong reputation across Accident and Health, Aerospace, Cargo, Energy, Financial and Political Risks, Marine, Professional and Executive Risk, Property and Casualty, Specialty and Reinsurance. Ed will become part of BGC’s insurance division, which was established in 2017 with the acquisition of Besso Insurance Group Limited. Steve Hearn, currently Group Chief Executive Officer of Ed, will become Head of BGC’s insurance division. Mr. Hearn will report directly into Mr. Lynn. Under the terms of the agreement, BGC acquired 100% of Ed, which includes broking operations under the Ed brand in the UK, SingaporeHong KongDubaiMiami and China; Ed’s German marine broking arm Junge & Co. Versicherungsmakler GmbH; Ed’s managing general agent (MGA) operations Globe Underwriting Limited based in the UK; Epsilon Insurance Broking Services Pty Ltd in Australia; and Cooper Gay (France) SAS, which is based in ParisShaun D. Lynn, President of BGC Partners, commented on the announcement: “We are delighted to complete the purchase of Ed, a company with a great reputation, a global footprint and an excellent management team that will continue to build on BGC’s success in growing the insurance brokerage business.”

LendingClub Corporation (NYSE: LC) was founded to transform the banking system to make credit more affordable and investing more rewarding. Leading fintech analytics platforms, dv01 recently announced an expanded reporting partnership with LendingClub, securing its role as loan data agent for all completed CLUB Certificate transactions. Prior to this partnership, dv01 has provided reporting services for USD 2.75 Billion of LendingClub securitizations. As loan data agent, dv01 will receive loan data directly from LendingClub, which it will normalize, validate, and roll up for monthly servicer reporting. The company will also prepare and provide monthly loan tapes; reconcile the monthly remittance report; and provide approved investors access to the data through dv01’s portal, which features a suite of reporting, analytics, and cashflow tools designed specifically for the online lending asset class. “LendingClub’s previous work with dv01 has made it clear that investors appreciate the ability to conduct deep analysis into structured products, both before and after purchase,” said Valerie Kay, Chief Capital Officer of LendingClub. “The unique structure of these CLUB Certificate transactions appealed to a new investor audience, and we’re excited to offer these investors access to dv01’s reporting and analytics portal as part of their introduction to the online lending asset class.”

 

SOURCE FinancialBuzz.com

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Fintech

Vestmark Honored with Silver Stevie® Award at 2019 American Business Awards® Gala

Vlad Poptamas

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Reading Time: 2 minutes

 

Vestmark is proud to have received the Silver Stevie® Award in the FinTech Solution category as part of the 17th Annual American Business Awards®, in recognition of the VestmarkONE®platform’s recently launched advanced options trading and risk management module.

Mark Peabody, Senior Vice President of Product Management, accepted the award on Vestmark’s behalf at this year’s American Business Awards gala last week at the Marriott Marquis Hotel in New York City.

This options module, available on the VestmarkONE® platform, provides an innovative trading and risk management capability that enables advisors to scale options trading and more efficiently use options strategies across all types of advisory programs.  With this tool, hundreds or even thousands of accounts – across an entire book of business – can be traded at once, without impacting accounts following models, avoiding false rebalancing alerts and model drift notifications.  The module also includes several automated risk management functions to help advisors and firms balance the risk of trading options.  For more details, visit https://www.vestmark.com/solutions/vestmark-one/options-trading-and-risk-management.

Over 3,800 nominations of public, private, for-profit, and non-profit U.S. organizations of all sizes, and from a wide variety of industries, were submitted to American Business Awards® categories this year.  More than 200 professionals worldwide participated in the judging process to select this year’s Stevie Award® winners.  For a full list of 2019 Stevie Award® winners, and to obtain more information about the American Business Awards®, visit https://stevieawards.com/aba.

In selecting the VestmarkONE® platform for its award, the panel of judges lauded the platform as an “impressive product and innovative usage of technology,” and described “VestmarkONE’s New Options Module, one of the best products in its category that allows users to provide options trading across platforms.”

“I commend our teams at Vestmark for their ongoing commitment to developing and enhancing leading edge technology solutions for financial advisors and institutions,” said John Lunny, CEO of Vestmark. “This innovative options trading and risk management module in the VestmarkONE® platform makes it possible to scale the implementation of sophisticated portfolio management strategies for clients and accounts of all sizes.  We are honored that our peers recognize the impact this innovation can have on the wealth management industry.”

 

SOURCE Vestmark

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Blockchain

Wise MPay Partners With Jelurida to Launch Blockchain Financial Services Platform in Southeast Asia

Vlad Poptamas

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Jack Bai and Jelurida team members during their visit to Singapore in November 2018 with the Wise MPay ATMs (PRNewsfoto/Jelurida Swiss SA)
Reading Time: 2 minutes

 

Singapore-based global payments technology company, Wise MPay, are working with renowned blockchain experts, Jelurida, to launch a public-permissioned blockchain financial services (BFS) platform. With KPMG research showing 27% of Southeast Asians own a bank account while local mobile connections outnumber the population by 33%, the region is ripe for a revolution in access to digital finance. Coalculus is aiming to launch in September 2019 as JPL-compliant software that brings cutting-edge digital payment, remittance, and ATM solutions to governments, banks, and the unbanked of Southeast Asia.

Banks and financial institutions consider blockchain capable of both increasing trust in multi-party centralized ecosystems and increasing the speed, security and efficiency of many traditional banking processes. The Coalculus BFS platform is being built on the time-tested Proof-of-stake (POS) consensus algorithm, ensuring high levels of decentralization, security, scalability and efficiency. Based on a permissioned version of Jelurida’s Ardor technology, Coalculus promises lower costs, faster execution of transactions, improved transparency, auditability of operations, and other advantages that will benefit both financial institutions and unbanked individuals seeking access to digital financial services.

Wise MPay also added end-to-end KYC/AML/CFT processes to its enterprise blockchain solution, value added with internet-of-things (IOT) devices such as prepaid cards and automated teller machines (ATMs). Additionally, Coalculus provides the infrastructure for easily developing, integrating, and adopting mobile applications with built-in tools like QR code generators and standard application programming interfaces (APIs).

Mr Jack Bai, Director of Wise MPay, said, “Our vision for Coalculus is to create a globally-trusted financial transaction facilitation platform, but our initial focus is between ASEAN (Association of Southeast Asian Nations) countries, Hong Kong and Australia. Our framework is a convergence of public and permissioned blockchains developed on the simple idea that organizations should be able to quickly and easily implement new financial services and leverage the benefits of blockchain. This is our USP and this is why we chose Jelurida as our technology provider.”

“We are impressed by the professionalism of the Coalculus team. Wise MPay came to us with more than just a vision,” said Lior Yaffe, Senior Developer and Managing Director of Jelurida. “They keenly understand the different blockchain technologies on the market and have identified opportunities for maximizing the value of their BFS platform. It has been our pleasure to support the team at Wise MPay in making Coalculus a reality.”

 

SOURCE Jelurida Swiss SA

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Artificial Intelligence

Chinsay’s Intelligent Contract Platform Enables Rio Tinto & Cargill to Complete the First Fully Digitalised Iron Ore Trade

Vlad Poptamas

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Photo source: salestechstar.com
Reading Time: 1 minute

 

Chinsay, the leading provider of contract digitalisation solutions in the commodity and freight markets, is announcing today the completion of the first fully digitalised iron ore trade, through a trial achieved in partnership with Rio Tinto and Cargill‘s Metals business on Chinsay’s Intelligent Contract Platform (ICP).

In using ICP, Rio Tinto and Cargill collaborated on a single platform to dramatically reduce the time it takes to create, issue and approve commodity contracts from several days to under two hours. The digitalisation of this fundamental trade process creates the opportunity to automate and deliver post-trade efficiencies by linking front-, middle- and back-office functions.

Colin Hayward, Chinsay CEO, said: “This is a technological milestone for the industry, and we are delighted Rio Tinto and Cargill Metals chose to partner with us and use our ICP as the core technology to create this advance. We are constantly collaborating with clients, market participants, tech vendors and industry consortia to extend digitalisation further along the commodity trade lifecycle.”

“The Intelligent Contract Platform is a great tool that has the potential to benefit the entire ferrous industry,” said Lee Kirk, Managing Director for Cargill’s Metals business. “This is a great example of how we can leverage advancements in technology to benefit from increased speed, transparency and efficiencies that enable us to serve our customers and suppliers better.”

ICP is state-of-the-art technology which allows companies to digitalise pre-trade processes early in the deal lifecycle, creating an agreed contract dataset that can be seamlessly integrated with other operational systems, functions and processes, enabling transparency and traceability across the supply chain.  ICP prepares clients for the use of technologies such as blockchain, ML, AI and electronic trade documentation solutions.

 

SOURCE Chinsay

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