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How Paypal and Bitcoin can be a handy workaround for China capital controls
FinTech
As a devalued yuan threatens more capital outflows, the Chinese authorities are trying to stem the hemorrhaging by tightening controls. But fear not, fintech innovation could be a handy tool for those wealthy Chinese trying to squirrel money out of the country. Transfers using Paypal and cryptocurrencies like Bitcoin feature in a toolbox of methods being employed by savvy investors
Insurance tech had a record-breaking start to 2016
FinTech
It is a relatively nascent segment within the broader fintech sector, but investments in Insurance Tech have still soared in the first quarter of 2016. According to CB Insights, the first quarter of 2016 saw early stage investments break all previous records for the same period in previous years. Over $55 million has been invested in Insurance Tech so far this year.
Banks’ adoption of blockchain: an updated primer
FinTech
Banks are kicking the tires on blockchain technology but implementation is some time away, especially since banks need to learn to collaborate extensively to make it work. Blockchain is a type of  “distributed ledger,” that is, a database maintained collaboratively by several participants. The computers agree on how to update transactions using a "consensus mechanism," after which the modifications they have settled
Beijing is China’s startup hotspot, according to survey
FinTech
China’s startup crucible is neither racy Shanghai nor parvenu Shenzhen. Instead, crusty Beijing is emerging as the country’s Silicon Valley. A report by the National Survey Research Center at Renmin University of China found that more than 30% of 2,100 entrepreneurs across 21 cities interviewed said that Beijing had the best startup environment. Cities in the Yangtze Delta region such
What happens when we become a cashless society?
FinTech
Imagine a future where everything is seamlessly paid for via your phone. It's a beautiful vision—with some dangerous unintended consequences. The U.S. government didn’t issue banknotes until 1862. Before that, people paid for goods and services with a mix of government-minted coins and currencies issued by private banks. And now cash is on its way out, accounting for just 40%
Digital tech is shaking up shopping worldwide, says Deloitte
Some of us might prefer the handiness of cash, or even – at least in the U.S. -- scribbling our name on a check, but whether we like it not, the rest of the world is changing the way it shops. The retail industry everywhere world is being radically shaken up by digital technology, according to a new report from
How the technology behind Bitcoin is going to change the lives of the bottom billion
FinTech
The blockchain is coming—and it's going to create huge benefits for the world's poorest people, from financial access to property rights to controlling their identities. Perhaps it's hard to imagine bitcoin making the world a better place. For the general public, the cryptocurrency is mostly associated with felons like Ross William Ulbricht, of Silk Road darknet fame, and failures like
These are the early days for robo-advisors: The shake-up has just begun
Robo-advisors are grabbing plenty of headlines in the financial world -- but they are just in the early days and have already changed the way some of the biggest asset managers are working. During a panel discussion at the Asset Management-themed Fintech O-2-O Meetup in Hong Kong on Thursday, Philipp Portmann, co-founder and CEO of Fundinfo, said robo-advisors had a
Yintran offers Hong Kong a new payments solution
FinTech
In the U.S., mobile apps like Venmo have made it easier for people to send money to each other with a smartphone. But in Hong Kong — a city which helped pioneer electronic payments with the launch of the Octopus card in 1997 — there have been few equivalents if any. That is until the launch of Yintran, a new money transfer network. The
2015 pulse of fintech report: The industry is 'maturing'
FinTech
Last week, KPMG released its 2015 Pulse of Fintech report, chronicling the year's global Fintech investment and expansion. Fintech saw nearly $14 billion in investment over 653 deals globally in 2015. Two key trends emerged in their findings: funding to VC-backed companies more than doubled from 2014 to 2015, and corporate entities took part in more than 25 percent of