Published
- 03:00 am
The World Federation of Exchanges (“The WFE”), the global industry group for exchanges and CCPs, has agreed its 2018 business priorities will focus on areas including regulatory coherence; CCP recovery & resolution issues; cyber security; FinTech; and SMEs.
The WFE’s 18-member Board and 67-member Working Committee held their first meetings of 2018 in Frankfurt, hosted by Deutsche Boerse AG, to discuss and agree the ongoing work of the WFE and its forward agenda. Also at the meeting, the WFE admitted two new members: the Nairobi Securities Exchange and China Securities Depositary and Clearing Corporation.
The WFE Board congratulated Wu Qing on his new role as Vice Mayor of the City of Shanghai and thanked him for continuing to serve as Chairman of the WFE. Wu Qing, who remains Non-Executive Chairman of the Shanghai Stock Exchange, will complete his WFE mandate in Autumn 2018 at the WFE General Assembly in Athens.
Wu Qing, Non-Executive Chairman of Shanghai Stock Exchange, and Chairman, The WFE, said: “The WFE will be ramping up its advocacy, research, education and communications efforts over the coming year, as it accelerates delivery of its work plan, and continues on its journey as the voice for the global market infrastructure industry. I am particularly passionate about the new work we will undertake to promote sustainability principles for exchanges. By harnessing the power of our membership, together we can move towards a sustainable financial future, based on socially responsible investment.”
Nandini Sukumar, CEO, The WFE said: “The two-day meeting in Frankfurt clearly defined the WFE’s direction of travel in 2018, and beyond, and we are excited about the next stage of our development. The WFE priorities tackle the most pressing issues impacting our sector across the globe, and form the foundation of our work in the year ahead. 2018 will be a year of growth and evolution for the WFE as we build out our team further, and continue to create momentum behind our long-term objective of engaging and educating stakeholders on the role and value of exchanges and CCPs.”
- 04:00 am
Europe’s first international Blockchain Centre launched its operations in Vilnius - the capital of Lithuania - on 27th January, 2018. The launch attracted entrepreneurs, investors, key decision-makers and experts from around the world. It is the first facility of its kind on the continent. The global network of Blockchain Centres includes Melbourne, Shanghai, and now, Vilnius. It is a not-for-profit knowledge-hub, co-working space and incubator for blockchain technology companies.
The official launch ceremony included a series of signings of cooperation agreements by Blockchain Centre Vilnius and numerous partner organisations, including PWC, the UK’s 20|30 & Pillar Project, Singapore based NEM.io Foundation, Canadian GCAC, Malaysian PUNDI X LABS, Australian Coinstop and Lithuanian Lympo.io among others. The Minister of Economy of Lithuania, Virginijus Sinkevičius, witnessed the signings.
“Experts from the world´s Intellectual centres predict diverse scenarios in cryptocurrency development; however blockchain is not just about cryptocurrency. Blockchain technology is already being adopted by many businesses and public administration sectors. The potential is enormous, therefore, Lithuania must become an important link in the global blockchain industry. I am pleased to be able to put the first block in place today”, V. Sinkevičius said at the ceremony.
The launch event featured high-level debates on the future of blockchain technology. Discussions included representatives from the European Commission, the European Central Bank, the Lithuanian Government, world-renowned companies including; NASDAQ, NEM, Pillar Project, Qadre, and other enterprises that are already applying blockchain technology.
"Lithuania is an amazing place to invest and a great place for innovative businesses. Vilnius is going to attract people from all over the world - it already has for the opening! We are thrilled and excited!" - said Antanas Guoga, Member of the European Parliament, founder of Blockchain Centre Vilnius, and a serial entrepreneur. “Today Lithuania can offer a globally represented blockchain hub and enabling regulatory environment. It goes along the overall positive attitude of the European Union institutions, which are ready to embrace the technology”.
Global blockchain network
The centre is part of a global network of co-working spaces that are being developed to serve as knowledge-hubs for the blockchain industry. The chain started with Australia’s Melbourne Blockchain Centre. Drawing on the experiences of the Melbourne location - which brands itself as a community of more than 2,000 blockchain technology entrepreneurs, experts, mentors and investors - the new facility's founders say they hope to benefit from Lithuania’s favourable climate for digital businesses.
”We want to build a truly global network between Melbourne, Shanghai and Vilnius”, Paulius Kunčinas, the chairman of the board of Blockchain Centre Vilnius, said at the event. "Lithuania for the last three years has a reputation in this area – the Lithuanian Central Bank and our investment community has been actively developing the fintech industry. Here in Lithuania we are pulling out the stops to bring the world’s top blockchain talent, ideas, investors, and regulators together to create value for both private and public sectors. There is a growing recognition in Europe that Lithuania has gained an edge in financial and digital innovation.”
Since 2014, when the first Blockchain Centre was set up in Melbourne, another centre has been established in Shanghai, China. Melbourne-based Martin Davidson, Global Director and CEO of Blockchain Centre Melbourne, said Lithuania was a natural fit to its growing international network.
“Lithuania is the latest region in the world to be warming up to the concept and application of blockchain technology. It was selected by the Australian and Asian blockchain communities as the network’s first location in Europe due to its political and economic stability, relationship with the European Union, as well as favourable business and regulatory environments.”
Mr Davidson added that the Blockchain Centre is excited to be connecting its growing ecosystem and key stakeholders in three continents. According to him, Blockchain Centre is a fertile ground, from which revolutionary businesses can grow. ”This is a real game changer as we can now open up Australian blockchain and cryptocurrency start-ups to the Asian and European markets allowing them to build networks and further the development of their businesses”, he said.
Ralf Ohlhausen
Business Development Director at PPRO
From IoT to peer-to-peer offerings, the PPRO Group - specialists in cross-border electronic payments - have predicted key online payment trends f see more
- 08:00 am
Today Cisco announced the completion of its acquisition of BroadSoft. BroadSoft accelerates Cisco's cloud strategy and collaboration portfolio by adding the industry's leading cloud calling and contact center solutions to Cisco's leading calling, meetings, messaging, customer care, hardware endpoints and services portfolio.
More and more businesses expect fully featured calling, meeting, messaging and contact center solutions with the ability to deploy them flexibly - on premises, in the cloud or as hybrid solutions to leverage existing investments. By combining BroadSoft's open interface and standards-based solutions primarily delivered via Service Provider partners, with Cisco's existing portfolio, the combined company will offer best-of-breed solutions for businesses of all sizes which will be delivered through VAR and Service Provider partners. Together, Cisco and BroadSoft will deliver a full suite of rich collaboration experiences to power the future of work.
Former BroadSoft CEO Michael Tessler and his organization are joining Cisco's Unified Communications Technology Group led by Vice President and General Manager Tom Puorro, under the Applications Group led by Rowan Trollope.
Under the terms of the agreement, Cisco is paying $55 per share, in cash, in exchange for each share of BroadSoft common stock, for an aggregate purchase price of approximately $1.9 billion net of cash and investment, assuming fully diluted shares including conversion of debt. Cisco and BroadSoft notified NASDAQ of the completion of the acquisition and requested that NASDAQ file a notification of delisting with the Securities and Exchange Commission (the "SEC") on BroadSoft's behalf. Cisco expects that the delisting of BroadSoft's common stock from the NASDAQ stock market will formally become effective on February 12, 2018.
Pursuant to the Indenture, dated as of June 20, 2011 (as supplemented, the "2011 Indenture"), between BroadSoft and Wells Fargo Bank, National Association ("Wells Fargo"), relating to its outstanding 1.50% Convertible Senior Notes due 2018 (the "2011 Notes"), and the Indenture, dated as of September 15, 2015 (as supplemented, the "2015 Indenture"), between BroadSoft and Wells Fargo, relating to its outstanding 1.00% Convertible Senior Notes due 2022 (the "2015 Notes"), the completion of Cisco's acquisition of BroadSoft constituted both a "Fundamental Change" and a "Make-Whole Fundamental Change" (each, as defined in the 2011 Indenture and the 2015 Indenture, respectively) effective yesterday. A copy of the 2011 Indenture was included as an exhibit to BroadSoft's Current Report on Form 8-K, filed with the SEC on June 21, 2011 and a copy of the 2015 Indenture was included as an exhibit to BroadSoft's Current Report on Form 8-K, filed with the SEC on September 15, 2015.
- 02:00 am
Alipay, the world’s largest mobile payment and lifestyle platform, operated by Ant Financial Services Group, today announced that a group of Chinese travelers have concluded the first ever cashless journey to Finland, with all transactions throughout their trip made via their Alipay accounts. From booking flights, making local retail purchases in Helsinki, and dining out, to visiting museums, experiencing recreational activities, and managing transportation, as well as receiving an instant tax refund at the airport, Finland becomes the first country outside China where Alipay users can make all payments with their smartphones, and enjoy their trip without worrying about cash and language barriers, just as they would at home in China.
To encourage future seamless, cashless journeys, Alipay has also teamed up with Lähitaksi, one of Finland’s major taxi companies. Alipay will be made available on all 1,250 Lähitaksi taxis in Helsinki and the city’s surrounding towns before the Chinese Lunar New Year holidays later this month.
“More and more Chinese travelers have been asking whether our taxis accept Alipay, which is why we decided to launch this payment method and provide our Chinese passengers a better experience during their time in Helsinki,” said Heidi Säynäjoki, Marketing Manager of LähiTaksi. Since 2017, Alipay has also been made available at the Airport Taxi in Helsinki and in taxis and buses operated by local taxi company Santa Line across Finland’s northernmost region, Lapland.
The group of eight Chinese tourists who visited Finland were selected from an online social media campaign initiated by Alipay at the end of 2017. The selected group commenced on a 6-day trip, visiting the cities of Rovaniemi and Helsinki in mid-January to experience the cashless journey, flying Finnair and staying in Nova Skyland Hotel in Rovaniemi and IHG’s Holiday Inn Helsinki’s City Centre, leveraging Alipay’s in-app outbound tourism service platform to find nearby merchants, collect coupons and enjoy exclusive offers. All the merchants accept Alipay for online reservation and onsite spending. Finnair became the first airline in the world to accept mobile payments for in-flight purchases when it began accepting Alipay on flights between Helsinki and Shanghai in January 2017.
Zoe Cai, 28, a housewife and frequent overseas tourist from Guangdong Province, said, “I didn’t expect us to be able to use Alipay almost everywhere in Finland. I brought some cash with me, but the only place I got to use it was in a supermarket in Rovaniemi. At first, we were surprised when so many merchants accepted Alipay, but after this experience, we may be surprised if a merchant doesn’t accept Alipay when we travel next time.”
Retail shops in popular overseas destinations have benefited from the rise of China’s middle-class over the last decade. An increase in disposal income has led to a greater interest to travel abroad, where Chinese tourists enjoy experiencing different cultures, exotic cuisines and new adventures. Alipay has now become a must-have tool for overseas merchants to provide Chinese tourists with a seamless traveling experience.
Paavo Virkkunen, Executive Vice President of Finland’s national tourism board Visit Finland, said, “Alipay was first made available in Finland in December 2016. I am glad to see it is widely accepted among Finnish merchants today, and it demonstrates Finland’s commitment to ensure that Chinese visitors leave our country with an unforgettable experience.” Official statistics of Visit Finland show that China is Finland’s fifth largest source of tourist arrivals. ePassi is Alipay’s local partner in providing tailor-made solutions for various types of Finnish merchants to accept Alipay across the country.
Alipay is focused on upgrading the overseas Chinese travelers’ experience throughout their visit, enabling a cashless journey via mobile payment, thus omitting language and currency barriers. It offers Chinese consumers their most preferred payment method and offers greater convenience during their travels, particularly when making transactions with overseas bricks-and-mortar merchants. Alipay is now accepted by merchants across 38 countries and regions who connect with travelers via the Alipay marketing platform and accept payments in stores and online.
- 06:00 am
For many of the 68 million workers in the gig and sharing economy in the United States, waiting for a distant payday is a luxury they can’t afford. They have urgent expenses that require payment for their services now.
Living paycheck-to-paycheck, multiple jobs, and loans that fill the gap between paydays is the uncomfortable reality of many freelance workers. The U.S. financial sector is aware of the demand for instant payouts but has been hard pressed to keep up. For companies that rely on these workers, slow paydays make it hard to attract and retain talent.
PUSH Payments’ real-time payment services allows financial technology firm ZayZoon, to offer a completely frictionless, on-demand payroll service, that meets the needs of the gig economy.
“For socially responsible Fintechs like ZayZoon, our real-time services are a huge advantage,” said PUSH Payments CEO, Travis Dulaney. “Real-time payments has helped them improve retention and acquisition numbers while helping their clients avoid overdraft bank fees and ridiculous interest charges from predatory lenders.”
“By eliminating their workers’ financial insecurities and the debt accumulation associated with delayed access to earnings, gig and sharing economy businesses gain a huge advantage by using our real-time services.”
“ZayZoon provides employees and contractors across North America access to their wages on demand,” said ZayZoon president, Tate Hackert. “PUSH Payments helps ZayZoon provide services to its audience of more than 350,000 employees and contractors spread out to over 25,000 businesses.”
Dulaney said the demand for real time payment services is expected to grow. He cited ridesharing platforms and home rental marketplaces, as well as businesses that produce high volumes of consumer payouts such insurance claims, rebates, refunds, commissions and more as natural fits for on-demand pay.
“This is just the beginning of a long awaited need,” he said.
John Bertrand
IVE at SAP
Thanks to advanced technologies, we now have natural language robotics and facial recognition that can measure and match unique characteristics for the purposes of authentication and identification see more
- 03:00 am
As part of the LHoFT delegation at the Paris Fintech Forum held on January 30 & 31 at the former stock exchange in the very heart of Paris in Palais Brongniart, the Luxembourg House of Financial Technology Foundation (LHoFT) is pleased to announce the signature of a new Memorandum of Understanding (MoU) with the Belgian Fintech hub B-Hive on Tuesday, 30 January.
The Memorandum of Understanding was signed during a LHoFT invite-only cocktail at the Paris Fintech Forum gathering key representatives of the Luxemburg Fintech community, corporate partners & members of the B-Hive delegation, Fintech startups as well as other delegates attending the Forum. The objective of the two hubs is to work on collaborative initiatives and further promote the FinTech industry across Europe for the benefit of the whole industry. A direct action will follow the signature of this MoU as the LHoFT will have the pleasure to welcome a B-Hive delegation on the 15th of February where Luxembourg and Belgium Fintechs will have the possibility to discuss, exchange best practices and collaborate towards new business deals.
Mr. Pierre Gramegna, Luxembourg Finance Minister: “Luxembourg and Belgium enjoy a profound friendship and have extensive ties in all fields. The agreement between B-Hive and the LHoFT will strengthen our relationship in the field of Fintech and help foster important synergies between Belgian and Luxembourg players.”
Mr. Johan Van Overtveldt, Belgian Finance Minister: “I am very pleased that we can activate once more an old partnership between two founding members of the EU, Belgium and Luxembourg. I am convinced this cooperation on fintech and new technologies will strengthen the BELUX Tech4Fin ecosystem, giving a further boost to the economic development and prosperity of our region. By working together with LHoFT, we open up even more doors for tech-for-fin startups and scale-ups in the region for growth. I am very pleased we can facilitate the international matchmaking as a start for their business development.”
Nasir Zubairi, CEO of the LHoFT commented: “This cooperation agreement with B-Hive and the LHoFT Foundation is the confirmation of the strong and trusted relationship between two core Fintech hubs across Europe. The agreement seeks to cement the historical bond between Belgium and Luxembourg, valuing cooperation that is paramount to promote Fintech in Europe.”
Ellen Thijs, VP Business Development of B-Hive added: “B-Hive is proud to collaborate with the LHoFT Foundation and work together on the expediency of further cooperation in several areas, including a mutual exchange of trends, research and more. We will continue to build upon this relationship on February 15 when a B-Hive delegation will visit Luxembourg and connect our community face-to-face with LHoFT’s community.”
- 05:00 am
The Agency for Housing Mortgage Lending («AHML») and Tinkoff Bank have signed an agreement to set up a joint venture to offer mortgage lending on a special electronic platform. The agreement was signed by Alexander Plutnik, CEO of AHML, and Oleg Tinkov, Chairman of the Board of Directors of Tinkoff Bank.
This online mortgage lending platform will also enable borrowers to service mortgage loans, including making monthly payments. Customers will be able to request bank statements and other mortgage documents, including insurance contacts, and seek mortgage servicing advice.
In this joint effort, AHML will focus on creating mortgage products, underwriting, online registration of property transactions and loan origination by the agency’s bank. Tinkoff Bank, in turn, will be responsible for setting up the platform, promoting the service and providing 24/7 customer support.
"An increasing number of Russians are looking to use mortgage loans to buy a home. We need to put in place an up-to-date solution to make this process as user-friendly and easy-to-use as possible. Tinkoff Bank is a fintech leader with an extensive track record in developing innovative online services. Together, we will build a platform to propel mortgage origination in Russia to a whole new level," commented Alexander Plutnik.
"We are delighted to combine AHML’s e-transaction experience and Tinkoff Bank’s customer acquisition expertise to harness this synergy and bring a new, promising mortgage player to the Russian market. This is a huge step forward for Tinkoff Bank. While in the past Tinkoff Mortgage served as a platform to partner with banks for a better customer experience, we will now be able to make a difference across the entire mortgage origination process," said Oleg Tinkov.
- 02:00 am
EBC Foundation, the company behind the blockchain Fintech project EBCoin, officially announced that they will launch a new cryptocurrency trading exchange based in Japan.
Today EBC Foundation, the company behind the blockchain Fintech project EBCoin, officially announced that they will launch a new cryptocurrency trading exchange based in Japan. They also announced negotiations to list their EBCoin currency (Symbol: EBC) on local Japanese exchanges BitFlyer, GMO and Zaif, soon after the conclusion of their crowd sale on February 13.
EBC Foundation originally planned to establish their exchange, KRPEX, in Korea. However, due to the rising regulatory uncertainty faced by digital currencies in Korea, the team set their sights on Japan as the preferred location. In contrast with Korea, Japan has been providing clear guidelines for establishing cryptocurrency exchanges since last year.
The group will work with their Japanese partner, Integro Welfare, who will facilitate the entire process to register and launch KRPEX. Of course, the new exchange will also list EBC Foundation's own EBCoin currency against various other currency trading pairs.
The Japanese Yen is currently the top Bitcoin trading currency in the world, accounting for 56.2 percent of the total trading volume of Bitcoin against fiat currency. The Japanese government in April 2017 introduced legislation to officially recognize cryptocurrency as a payment method equivalent to fiat currencies such as the Yen or the US Dollar.
Jason Kim, CEO of EBC Foundation said,
"Japan is, without a doubt, considered the global industry leader when it comes to cryptocurrency. We expect the listing of EBCoin on Japanese exchanges to bring us much closer to our goal of making EBC one of the major cryptocurrencies in the market."
