Published
- 02:00 am
As the world is concerned by the recent Facebook scandal, which hit 87 million users, people ask how safe their personal information is in the digital age.
What's even worse is – identity fraud is on the rise. According to statistics of Javelin Strategy & Research, a research-based advisory organization, "In 2017, there were 16.7 million victims of identity fraud, a record high that followed a previous record the year before," in the U.S.
There is good news though.
Many big players in the digital age such as Microsoft and IBM are all working on their solutions. And, the population-condensed Asia, which homes more than half of the world's 7.6 billion people – is taking the lead.
Tencent is working with China's Ministry of Public Security to launch its eID project. It is a system based on Chinese citizen's ID numbers, something similar to the social security numbers in the U.S., and connected to the Public Security Ministry's database. And, Jack Ma has his Ali Identity of the Pro up and running.
While major media such as Xinhua News Agency and the People's Daily applaud that above digital ID (DID) applications enable people to approve "I am whom I am" anytime and anywhere, smaller players have come up with "better solutions."
"We call it better because our solution is decentralized," said Rita Chao, co-founder of ID Chain, a DID verification system. "Everyone knows there are hackers somewhere in this universe. When one attacks, your centralized system can get collapsed. Our decentralized structure is much tougher in that sense. Hackers have to attack every node on the chain to stop it from functioning."
ID chain develops a blockchain system for banking account onboarding operations. The blockchain is designed to securely verify customer information among banks and facilitate synchronized updates of information.
Blockchain is the technology behind Bitcoin. Though the Chinese authority had ticked the Coin out of its territory, China embraces the technology.
Sheng Songcheng, counselor to the People's Bank of China compared the new blockchain technology with the beginning of the Internet at the recent Boao Forum for Asia. Sheng said if Internet were killed at its baby stage, we'd be still hand writing letters to each other today.
One thing that makes blockchain stand out is its distributed ledger mechanism, which records every transaction on each node of the network. Information tampering is almost impossible with such a design.
On ID Chain blockchain, a first-time onboard user inputs his personal information such as name, date of birth and ID number, etc. into his own mobile digital wallet. The user brings the digital wallet to a bank and goes through initial identity setup and verification. The verified information is stored in ID Chain and confirmed. When the user opens accounts at other banks within the network, he can submit the digital information to the other banks directly and authorize them to use the blockchain for verification. The ID Chain mobile application shows who gets access to the user information on real time.
ID Chain collaborates with the Hong Kong Applied Science and Technology Research Institute (ASTRI) in the blockchain development. In the past, ASTRI has successfully developed a Proof-of-concept Blockchain system for bank account onboarding with Hong Kong Monetary Authority and five leading banks in Hong Kong. ID Chain would like to leverage the success and further enhance such a system with ASTRI. The team is envisioning a powerful exclusive national and international banking and credit system.
"ID Chain got compared a lot to GXS," a decentralized digital personal information exchange platform. Chao clarifies: "We appreciate GXS, and its CEO Huang Minqiang's efforts on data exchange, but there's no data trading on ID Chain. We focus on verification."
No matter how to tackle the issue, Chao and Huang both agree that "Now is only the beginning of block chain; there are tremendous opportunities out there."
"We're ready and excited to make bigger waves," said Chao.
- 06:00 am
BC Platforms, a world leader in genomic data management and analysis solutions, today announced it has partnered with Google Cloud to deliver its highly scalable integrated genomics and clinical data solutions to hospital and industry partners worldwide. In addition to storage, archiving and calculation capacity, Google Cloud genomics and AI tools, including DeepVariant, will be supported.
BC Platforms offers a unique technology capable of processing thousands of genomes per day, produced using either genotype arrays or next generation sequencing. The introduction of BC Platform's capabilities on Google Cloud will enable better access for pharmaceutical companies to identify biobank data sources across the globe for research and development. With BC Platforms on Google Cloud, healthcare institutions wishing to deliver on the promise of precision medicine on population scale will be able to provide cost effective and actionable patient reports based on genotype array or NGS data.
Jonathan Sheffi, product manager for Biomedical Data at Google Cloud commented: "We are excited to collaborate with BC Platforms to provide their highly scalable and fully integrated service offering in Google Cloud. We expect the integration of our technology capabilities to facilitate the adoption of genomics both in clinical and research settings."
Tero Silvola, CEO of BC Platforms, commented: "We are delighted to be partnering with Google Cloud to expand our genomic and clinical data offering in the Google Cloud ecosystem. We are committed to providing highly scalable and integrated solutions to our customers and partners. Our goal is to transform the future of research and clinical practice worldwide in order to drive precision medicine on a population scale."
- 09:00 am
Kx Systems, a division of First Derivatives plc (AIM:FDP.L, ESM:FDP.I), announces that its Kx for Flow electronic trading platform has been extended to support the trading of cryptocurrencies.
Kx for Flow is an HTML5 white label foreign exchange trading platform offering users the ability to create bespoke liquidity pools and distribute price information to clients and markets. Flow offers direct access to key liquidity sources including the world’s top market-making banks, non-banks and ECNs providing pricing and execution for FX, NDFs, precious metals, CFDs, and now cryptocurrencies. Initial coverage will enable spot trading of Bitcoin, Ethereum, Bitcoin Cash, Litecoin and Ripple.
As a fully managed solution, Kx for Flow provides in-depth credit and risk management functions as well as pre- and post-trade analytics. Kx’s leading database technology, kdb+, widely used by global financial institutions for over two decades, is the engine behind Kx for Flow which enables it to capture and analyze data faster than any other FX platform. Kdb+ is already used by leading cryptocurrency platforms such as BitMEX. The addition of cryptocurrencies to Kx’s FX platform fits with the broader strategy of integrating kdb+ with blockchain technology, allowing clients to leverage the combination of high performance analytics in a distributed ledger environment.
Rich Kiel, Head of FX Solutions for Kx commented, “As with most leading trading technology providers we have been inundated with interest in crypto. When you sift through the noise the interest from mainstream financial services firms to begin trading cryptocurrencies has been growing and we are delivering this solution to meet the current and future needs of our clients.”
- 06:00 am
Mitsubishi Corporation (MC), MUFG Bank, Ltd. (MUFG Bank), Bank of Ayudhya PCL (Krungsri), a Thailand-based subsidiary of MUFG Bank, and Standard Chartered Bank (Standard Chartered), today jointly announced the commencement of a pilot test for moving real funds over RippleNet, with the objective of making cross-border payments more convenient and further improving the capital efficiency of corporate groups.
This pilot test will be carried out by MC between the accounts of MC's subsidiaries in Thailand and Singapore, under the Bank of Thailand Regulatory Sandbox Framework. It is the first time for a Japanese company to conduct cross-border payments over RippleNet.
Based on the results of this pilot test, the companies will work towards commercializing this high-speed, transparent and traceable cross-border payments solution and collaborate on a variety of innovative projects.
MC, MUFG Bank, Krungsri and Standard Chartered have been working together to improve financial efficiency internally using next generation technologies. This pilot test is the first result of a joint project between the companies to improve cash management with a real-time, multi-currency, multiple-bank platform.
- 02:00 am
ADVA today achieved a major milestone for network security with the launch of its ConnectGuard(TM) Cloud technology. The new solution is the first in the industry to deliver virtualized encryption in hybrid and multi-cloud environments. The software is a breakthrough for service providers and enterprises that want to move away from IPSec-focused appliance-based solutions that are costly and inflexible. Based on the award-winning Ensemble Connector, ConnectGuard(TM) Cloud's military-grade encryption can be deployed on any COTS server or in a public cloud infrastructure. What's more, with Ensemble Connector's zero touch provisioning capabilities, customers can roll out secure cloud connectivity to thousands of endpoints within minutes.
"The security of our customers' data is something we've focused on for over two decades. Our team is intent on making sure that their data is safe wherever it is in the network," said Christoph Glingener, CTO, COO, ADVA. "That's why today marks a breakthrough. We've expanded our ConnectGuard(TM) security platform from protecting optical transport and Ethernet traffic to now safeguarding the cloud. With our ConnectGuard(TM) suite, we're securing data across Layers 1, 2, 3 and 4. This is something that no one else in the industry can offer. More than this, when customers use ConnectGuard(TM) Cloud, they benefit from all the unique capabilities of Ensemble Connector. With this solution, we can help customers safely migrate their applications to the cloud and we can even support a multi-cloud deployment model. This is a major step forward."
As more and more enterprises move their applications to both private and public clouds, it's imperative that the data be rigorously protected. ConnectGuard(TM) Cloud has been engineered specifically for this task. It's powered by Senetas' transport-independent encryption engine that supports dynamic software encryption at multiple layers, enabling customers to apply encryption based on the needs of the application and the type of networking available at remote sites. This offers customers a far more efficient and flexible security solution with much lower latency than existing products. ConnectGuard(TM) Cloud's encryption is standards compliant and supports end-to-end encryption and tunneling. It's currently in multiple trials with enterprises and service providers across the globe.
"Ensemble Connector is all about empowerment and choice. It's about providing our customers with a flexible platform that enables them to unshackle themselves from legacy solutions. With the addition of ConnectGuard(TM) Cloud, Ensemble Connector now enables our customers to protect their data in the cloud," commented Prayson Pate, CTO, Ensemble Division, ADVA. "It doesn't matter whether we're talking about hybrid or multi-cloud environments, what we're offering is a cloud-native encryption solution, and there's no one else in the industry who can deliver this. When you combine this level of security with Ensemble Connector's zero touch provisioning capabilities, you're talking about something game-changing."
- 03:00 am
Tyro, Australia’s business-only bank, today announced a deal that will see it deliver an API platform designed to remove the complexities and expense of integrating multiple apps and point of sale (POS) systems, by providing a single integration solution.
Expanding on its deep experience in payments integration with POS systems, Tyro’s platform will sit at the centre of a network that seamlessly connects POS systems and apps. It will eliminate the need for POS players to build and maintain multiple integrations, and in doing so, they will benefit from significant cost savings, and an increased value proposition to their customers. For small to medium enterprises (SMEs), it will radically simplify how they onboard, manage and switch between the plethora of apps available to businesses and those that are increasingly being demanded by consumers.
Initially focusing on the hospitality industry, Tyro has formed partnerships with six leading POS providers in the sector to develop and deliver a much-needed transformation to the connectivity between POS, apps and merchants. Central to the agreements is Tyro’s role as the exclusive app integrator and platform provider for these six POS providers in respect of certain integrations (including but not limited to delivery, ordering, reservation, data and analytics, logistics and workforce management apps). Tyro believes that this innovative ‘one-stop’ solution will encourage other POS providers to sign up alongside foundation partners, Bepoz, Fedelta, Idealpos, OrderMate, Redcat and SwiftPOS. Tyro already has a number of arrangements in place with app providers and is looking to significantly increase this number over the coming months, focusing on those that provide the best experience for merchants and their customers.
As it stands today, consumers are ’loving’ the accessibility of order-ahead apps – they can order from anywhere to anywhere at their convenience, receive offers, discounts and loyalty points instantly, and save time. Meanwhile, merchants are weighed down, currently requiring the installation of multiple separate devices and plug-in points in order to service the range of different order-ahead, loyalty and booking apps their customers want to use. This causes clutter and mayhem at the front counter. At the end of the day, reconciliation of the orders generated from each separate app is a labour-intensive chore.
Robbie Cooke, CEO of Tyro, said, “Merchants are increasingly interacting with their customers through order-ahead apps, loyalty and rewards apps and bookings apps, amongst others. While customers are loving how easy these apps are to use, the complexity of juggling multiple systems to accommodate different apps and POS systems is an onerous by-product of meeting customer expectations, not to mention the counter space all the devices occupy and the tangle of cables.”
“Tyro is uniquely positioned to solve this problem and streamline merchant processes with our POS partners. Currently, we directly integrate with more than 240 POS and PMS systems, more than any other bank in Australia, and we have the in-house technical capability to take a lead creating a broad ecosystem of POS software providers and apps.”
Mr Cooke said the scaling potential for the platform is exciting and far-reaching. Merchants will not need to be payments or banking customers of Tyro to access the connectivity benefits of this initiative.
Tyro is diversifying its offering and responding to merchant needs through innovative design and a single-minded focus on delivering a better business experience. The platform will extend Tyro’s offerings outside its existing EFTPOS and banking space.
Tyro’s launch into app integration is another indication of its strong commitment to SMEs following the release of its industry-first least-cost routing product, Tap & Save, and the launch of Flexible Settlements, which allows merchants to choose a daily settlement time to suit their business operations.[1]
“In time, we intend to extend the platform to offer benefits to retail and health merchants, as well as other uses including staff management, analytics, loyalty, marketing, booking and inventory management. The platform will also enable us to consolidate and deliver insights gathered across multiple applications to help merchants run their businesses,” Mr Cooke added.
Tyro plans to bring the platform to the hospitality sector during financial year 2019 and roll out across other sectors shortly thereafter.
- 08:00 am
The Autoriti Monetari Brunei Darussalam (AMBD) and the Monetary Authority of Singapore (MAS) today signed a FinTech Cooperation Agreement (CA) to foster innovation in financial services between Brunei Darussalam and Singapore.
The FinTech CA will facilitate the sharing of information on emerging FinTech trends and developments, and promote joint innovation projects between both countries. It will also establish a framework for both authorities to provide support for FinTech companies to better understand the regulatory regime and opportunities in each jurisdiction.
Beyond the FinTech CA, AMBD and MAS will also work together to enhance the retail payment ecosystem between Brunei Darussalam and Singapore. Both authorities will be guided by a cooperation framework that will provide mutual benefits to businesses and consumers in the two countries.
The signing took place during the State Visit of the President of the Republic of Singapore, Mdm Halimah Yacob, to Brunei Darussalam, and was witnessed by both President Halimah and His Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah ibni Al-Marhum Sultan Haji Omar ‘Ali Saifuddien Sa’adul Khairi Waddien, Sultan and Yang Di-Pertuan of Brunei Darussalam.
Signing on behalf of AMBD was Managing Director Yang Mulia Yusof bin Hj Abd Rahman of AMBD, while MAS was represented by Deputy Managing Director Jacqueline Loh.
- 03:00 am
Wolters Kluwer’s Finance, Risk & Reporting business is sponsoring the Risk Americas Convention taking place in New York on May 17th and 18th.
More than 400 attendees are expected at the event - the 7th annual such conference - with more than 80 Chief Risk Officers and Heads of Risk from leading financial services firms set to present.
Will Newcomer, Vice President of Product & Strategy for Wolters Kluwer’s Finance, Risk & Reporting business, will present a session rreviewing the connectivity of liquidity and capital, pointing to the need for alignment, especially for regulatory exercises. The presentation will also update delegates on the Comprehensive Capital Analysis and Review (CCAR) - the regulatory framework introduced by the Federal Reserve to assess, regulate, and supervise large banks and financial institutions.
Newcomer has more than 35 years of experience in risk and finance with major and regional banks as well as leading technology firms. In addition, Newcomer uses extensive experience in enterprise-wide management information systems to help financial institutions in the areas of risk adjusted performance management, budgeting and planning, asset and liability management, incentive compensation, financial reporting and stress testing.
Attendees will also have the opportunity to hear a case study from Bill Collette, Director of Product Management for Wolters Kluwer’s Finance, Risk & Reporting business and Chris Butler, Senior Vice President and Director of Financial Reporting at BBVA Compass, Birmingham, Alabama.
Collette has 25 years of experiences across a range of positions for leading financial services technology firms, joining Wolters Kluwer in 2014.
Guest speakers also include senior representatives from The Federal Reserve Bank of New York, Federal Reserve Bank of Chicago, Federal Reserve Bank of Atlantaand Federal Reserve Bank of Richmond,
Leading financial services firms from across the world have implemented the company’s OneSumX solution for Regulatory Reporting, Risk and Finance (including CECL and IFRS 9 solutions). Major financial services providers that have recently announced their use of Wolters Kluwer include ABN AMRO, Bahrain Middle East Bank, China Everbright Bank, China Merchants Bank, LGT, Nordea, BBVA and CIBC.
Wolters Kluwer has received a number of recent awards, providing independent verification of its leading market position in integrated regulatory reporting. Chartis Research, for example, recently named Wolters Kluwer a Category Leader for IFRS 9 solutions, for the second year running, as well as a Category Leader in its Markets in Financial Instruments Directive II (MiFID II) Report. Wolters Kluwer has won a number of other accolades for its dominant position in regulatory reporting from the likes of Wealth & Finance International, FinTech Finance, Data Management Review and Corporate Vision magazine.
- 07:00 am
BroadSoft, Inc., now a part of Cisco, and a global market leader in cloud calling, meeting, messaging and contact center software as a service (SaaS), announces that Spark, one of New Zealand's largest telecommunications providers, will now be offering Spark Cloud Phone powered by the BroadCloud calling platform to small and medium businesses throughout New Zealand.
Spark Cloud Phone will provide the company with a proven SaaS service delivery platform, allowing the company to quickly deploy a complete UC solution with a flexible OPEX service delivery model.
The BroadCloud calling platform will provide Spark Cloud Phone customers with a complete suite of UC services based on the BroadSoft UC-One application including, instant messaging and presence (IM&P), hosted voice, mobile client support, a full-featured soft client for computing devices, desktop and file sharing, virtual meeting rooms and voice and video conferencing.
"We are very pleased to be working with Spark in New Zealand to bring their cloud UC offering to market on BroadCloud," said Jonathan Reid, Managing Director, Worldwide Sales, Cisco Cloud Calling. "Spark has outstanding reach in the New Zealand market and a world class engineering team behind the new Spark Cloud Phone product line. We look forward to working closely with them as they bring the new service to market in the first half of this year."
Sally Gordon, Head of Business Marketing for Spark, said, "We're thrilled to bring Spark Cloud Phone to market with BroadSoft UC-One. Our business customers tell us they need a feature-rich calling solution that helps improve collaboration and can easily scale as their business needs change. We believe Cloud Phone will deliver that for them and help give their business an edge."
- 05:00 am
Mastercard continues to celebrate the achievements, innovation and leadership of women by sponsoring Women In Payments, May 14 and 15 in Washington D.C. Themed “The Speed of Change,” this year’s conference provides industry insights and professional advice on trends ranging from cross border ecommerce; diversity and gender parity, faster payments and the rise of the gig economy.
Mastercard voices will be raised in advocacy for women throughout the conference:
Monday, May 14
- 7:00 p.m.: Laurie Waligurski, SVP, Strategic Program Management, was be honored with a 2018 Women in Payments Award.
- Pilar Ramos and Sherri Haymond participated in the event’s mentorship auction.
Tuesday, May 15
- 9:45am: Raj Seshadri, President, U.S. issuers, will participate in an executive panel discussion with Eve Aretakis, ACI Worldwide; Carol Grunberg, Ant Financial/Alipay; Kathryn Petralia, Kabbage, Inc.; and Rebecca Romero Rainey ICBA on women in the workforce.
- 11:15 a.m.: Andrea Gilman, senior vice president, product management, will debate the Faster Payments Governance Framework: Why It’s Necessary and How the Industry Can Get Involved with Connie Theien, Federal Reserve and Jan Estep of NACHA.
- 12:15 p.m. Craig Vosburg, North America President, will speak on the inclusive and diverse payments industry.
- 4:15 p.m. Cheryl Guerin, executive vice president of marketing and communications, will offer a closing keynote address on what “The Speed of Change” means in a constantly evolving industry.
