News > FinTech

Video: 'Robo advisor' is for technophobes
April Rudin, founder of The Rudin Group, explains why she thinks we should lose the term "robo advisor:"  Technology should be an advisor's best friend.
Video: How fintech is changing consumer behaviour
FinTech
<p>How fintech is changing consumer behaviour from NexChange on Vimeo.</p>
Video: Understanding the difference between fintech and techfin
FinTech
<p>Understanding the difference between Fintech and Techfin from NexChange on Vimeo.</p>
Video: Online advisors pose respectable challenge in comparison test
FinTech
<p>Looking for 'good, better, and best' among financial advisors -- online and offline from NexChange on Vimeo.</p>
Samsung red-faced with China hack on LoopPay
FinTech
<p>This week it was revealed that LoopPay, a US subsidiary of Samsung, was targeted by a group of government-affiliated Chinese hackers earlier in the year,</p> <p>The New York Times reports that the data breech by the so-called the Codoso Group, also called the Sunshock Group, was only discovered in August. It appears they were after LoopPay’s technology, known as magnetic secure transmission (MST).</p> <p>This is a big worry for Samsung which bought LoopPay in February for $250 million and had put its MST tech at the core of mobile payment service Samsung Pay.</p> <p>The hackers are said to have broken into LoopPay’s corporate network, but thankfullly not the system that manages payments. The breech was only found when an organization tracking the hackers unearthed LoopPay’s data during a separate investigation.</p> <p>Samsung and LoopPay have assured the public that the infected machines have been removed, that the service is uaffected, and that customer data is secure.  But the timing could not be worse. Samsung Pay launched in the U.S. just 38 days after LoopPay discovered the attack.</p> <p>Samsung Pay will now not only have to convince consumers of it advantages of its Google and Apple rivals, but will also need to reassure them of its security.<br /> Photo: Charles Roper<br /> &nbsp;</p> <p>&nbsp;</p>
US to put $11m of seized SilkRoad bitcoin under the hammer
FinTech
<p>Next month U.S. Marshals will auction off just over 44,000 bitcoins - worth $10.7 millon - seized after the arrest of SilkRoad founder Ross Ulbricht (AKA Dread Pirate Roberts) in 2013.</p> <p>SilkRoad was the darknet marketplace that gave bitcoin so much of its early notoriety. Bitcoin was used by SilkRoad visitors to trade in various contraband items, mostly drugs. The site generated $1.2 billion in revenue in just two years of operation.</p> <p>The sale, announced on U.S. Marshals site, will be in November, between 8 am and 2pm EST. The bitcoins will be sold in 21 blocks of 2000, plus an additional block of 2,341. Potential bidders are able register using a form available on the site. Bidders need to register by November 2 and winners are notified on November 6.</p> <p>In total, more than 144,000 bitcoins (then worth $122 million) were seizen from Ulbricht. The other 100,000 have been liquidated by the agency in two other public auctions.</p> <p>Photo: Antana</p> <p>&nbsp;</p>
New player adds tactical sophistication to robo-advisor landscape
FinTech
<p>Robo-advisors are still a small percentage of the overall wealth management industry, but there is no denying the rapid growth of these online-based money managers.</p> <p>That rapid growth is paving the way for new entrants to the robo-advisor field, including New York-based Huygens Capital LLC, which describes itself as “a systematic, tactical, ETF strategist and robo advisor enabled by proprietary predictive analytics.”</p> <p>Huygens is launching its tactical, risk-focused robo-advisor Monday, and it appears to be a well-timed entry into the robo-advising space. As of December 2014, the 11 largest robo-advisors had a combined $19 billion in assets under management, representing eight-month asset growth of 65 percent, according to Wealth Management.</p> <p>That number has continued surging.</p> <p>Read more at Benzinga. <br /> Photo: Peyri Herrera</p>
Banks around the world unite to explore the use of Blockchain
FinTech
<p>Financial tech firm R3 has created an initiative under which some of the world's largest banks will explore the use of blockchain in the financial sector. The effort represents the first time major banks have joined forces to research how blockchain may influence the sector and improve operations.</p> <p>This week, several big name banks including HSBC Holdings plc (ADR) HSBC, Deutsche Bank AG DB, Citigroup Inc C and Bank of America Corp BAC all signed on to the consortium, which is headed up by David Rutter, the former CEO of ICAP Electronic Trading.</p> <p>Blockchain For Markets</p> <p>The banks are planning to research how blockchain can revolutionize financial markets and whether or not implementing the ledger-like technology would be beneficial. Many believe that financial institutions would benefit from blockchain as the system would make their operations more efficient and increase transparency. Blockchain ledgers are able to keep track of every transaction, and integrating that system within financial institutions around the world would make it easier for banks to monitor cross-border payments and interact with each other.<br /> Smart Contracts<br /> Blockchain could also be used to facilitate contract transactions as the system would have the ability to recognize whether or not conditions have been met. Deutsche Bank has been working on this initiative in order to issue corporate bonds through a blockchain-powered smart contract system.<br /> Security Concerns<br /> Of course, as blockchain is a relatively new technology, there are concerns regarding the safety and security of such a system. Several hacking attacks have given bitcoin, the cryptocurrency that runs on blockchain, a bad name and could lead to resistance from the public. However, R3 is hoping that through collaboration within the financial sector, the risks associated with blockchain-powered systems will be addressed and the technology can be used to move the industry forward.</p> <p>This story first appeared in Benzinga.<br /> Photo: 401(K) 2012</p>
Standard Chartered launches FinTech Accelerator Program
FinTech
<p>Standard Chartered launched a new SuperCharger FinTech Accelerator Program in Hong Kong today. In a unique collaboration, the UK bank has partnered with fellow-heavyweights Baidu, China’s top internet search engine, and TusPark Global Network which has already incubated 19 companies in its technology parks that have subsequently listed.</p> <p>The venture aims to encourage innovation and entrepreneurship by helping local and international early-stage as well as more established FinTech companies grow in Asia’s dynamic markets.</p> <p>Technopreneurs will be part of a structured curriculum and receive coaching and mentoring from Baidu’s technologists, Standard Chartered’s bankers together with venture capitalists and industry experts to refine their business model, develop market entry strategies, navigate the regulatory landscape and identify joint ventures opportunities.</p> <p>“Hong Kong’s vibrant international financial ecosystem as well as strategic location as a gateway to China, one of the world's largest FinTech market opportunities, makes it the perfect place to co-create the future of financial services with technopreneurs at the intersection of finance and technology,” said Ericson Chan, Standard Chartered’s regional chief information officer, Greater China and North Asia.</p> <p>The program kicks off today with a call for technopreneurs to come forward with their business ideas. Applications will close on 20 November 2015. Throughout October, a roadshow will travel in search of the best businesses worldwide with stops including London, New York, Tel Aviv, Singapore and Beijing.</p> <p>Between January and April selected businesses will then have the chance “to explore cross-pollination of ideas between other verticals such as IoT, media and hardware, located within this world-class innovation hub,” said Standard Chartered in a statement.<br /> Photo: Thomas Fan</p>
Feds bust a $32m cyptocurrency scam - but it's not Bitcoin
FinTech
<p>The cryptocurrency world has been rocked by another scandal after US regulators file fraud charges against the operator of a global pyramid scheme involving a digital currency called GemCoin.</p> <p>About $32 million was swindled out of investors by US Fine Investment Arts (USFIA) which claimed it owned large amber mines in Argentina and the Dominican Republic, the Securities and Exchange Commission (SEC) said in a statement.</p> <p>The SEC has put Californian Steve Chen, and 13 companies linked to him, at the center of the alleged fraud</p> <p>It claims that Chen falsely promoted USFIA as a legitimate multi-level marketing company and told investors they could profit by investing in amounts from $1,000 to $30,000, and earn larger returns as more investors are brought into the program.</p> <p>Chen is alleged to have then converted existing investors’ holdings into Gemcoins, saying the virtual currency was secured by the company’s amber holdings.  In reality, the SEC says, the were worthless.</p> <p>In its litigation filing, SEC said the $32 million raised from Gemcoin went straight into Chen’s personal accounts in China, which are now frozen.</p> <p>However by the time the SEC rumbled Chen. the majority of the funds were already blown on luxury cars, travel, entertainment, and cash withdrawals.<br /> Photo: Michael Rhys</p>