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How Blockchain Disrupts Global Business | Sibos 2019

Blockchain technology is reshaping the face of our global financial system, and it goes far beyond cryptocurrencies alone. Since Bitcoin’s arrival, the conventional finance world has been intrigued by blockchain, Bitcoin’s underlying disruptive technology. Now we are seeing that intrigue being transformed into a full-fledged and active public interest, and the potential onset of popular mass adoption. But why is the white-collar financial world interested in adopting the very technology that holds profound implications for …

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SBI’s Crypto-Focused Venture Capital Arm Sees Major Turnaround On Year

SBI Securities’ trading revenue surged 19.2% in 2019, largely due to the inclusion of the company’s crypto investment wing, which turned a $7.1 million loss into a $30 million profit over the year. Japanese financial services giant SBI Holdings released its new financial report on Oct. 30. The report analyzed results for the six-month period ended Sept. 30, 2019 and witnessed major growth of SBI’s crypto-heavy venture capital arm in 2019 amid a general decline …

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EY Launches Blockchain Tool to Help Bring Accountability to Public Finances

Professional services giant EY (Ernst & Young) is using blockchain tech to assist governments in improving transparency and accountability in the management of public funds. The firm, one of the Big Four accounting firms, announced the news Wednesday, saying its new “blockchain-enabled” EY OpsChain Public Finance Manager will compare government spending programs with the results of the expenditure, even when the money has passed through different layers of government and public service agencies. It’s claimed to …

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How Tokenization Is Transforming Film Financing, Wesley Snipes’ Fund

As the world of finance continues adapting to contemporary innovations, it almost cannot help but drag other industries along for the ride — willingly or otherwise. Film is one such sector currently undergoing a quiet revolt, concocting a radical subversion to traditional models of financing. This is partly due to the emergence of distributed technologies such as blockchain, and it has led to a new concept: the tokenization of everything.  In its purest form, tokenization …

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Indian IT Giant Tech Mahindra to Launch Blockchain Finance Management

Tech Mahindra, the IT subsidiary of Indian conglomerate Mahindra Group, partnered with American distributed ledger technology (DLT) firm Adjoint to launch a blockchain financial management and insurance solution. Telecommunications industry news outlet CommsMEA reported on Sept. 2 that the solution is the first of its kind. With this service, clients will reportedly be able to save $4 million for every $1 billion of financial risk management and banking relationships. Auditable data recording Per the report, …

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Africa’s Largest Bank Joins Blockchain-Based Marco Polo Network

Standard Bank, Africa’s largest bank by total assets, has joined blockchain-based trade finance network, the Marco Polo Network. Standard Bank will now develop trade finance solutions alongside major global financial institutions such as French BNP Paribas and Dutch ING, according to a press release on Aug. 22. Backed by the world’s biggest bank, the Industrial and Commercial Bank of China, Standard Bank is the first African bank to join the network, the press release notes. …

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