Category Archives: Press Release

Press Release: Singapore Consortium to Deliver the World’s First Blockchain Application For Trade Finance

The Infocomm Development Authority of Singapore, DBS Bank and the Standard Chartered Bank have successfully completed a proof of concept (PoC) delivering the world’s first application of Blockchain technology designed to enhance the overall security of trade finance invoicing. Leveraging distributed ledger technology, the initiative will reduce risk around duplicate invoice financing for banks while preserving client confidentiality.

Gautam Jain, Global Head, Digitisation and Client Access, Transaction Banking, Standard Chartered, said:“THIS SUCCESS LAYS THE FOUNDATION FOR HARNESSING TECHNOLOGY TO ACHIEVE GREATER GOALS IN THE BANKING INDUSTRY. AS THE WORLD’S LEADING TRADE FINANCE BANK, WE CONTINUE TO INNOVATE AND DEVELOP SOLUTIONS TO SOLVE REAL WORLD ISSUES AND MORE IMPORTANTLY CONTRIBUTE TO THE OVERALL DIGITISATION OF TRADE AND TRADE FINANCE. WE WILL CONTINUE TO LOOK AT WAYS TO COLLABORATE AND CONTRIBUTE TO THE OVERALL GROWTH OF THE INDUSTRY.”

The PoC marks an important milestone in the digitisation journey of trade finance and the revival of global trade. With enhanced security brought into the overall process, it reduces the systemic capital risks arising from duplicate invoices between lenders in a market. This creates a more conducive trading environment which in turn should encourage more trading activities using invoice financing.

Lum Yin Fong, Global Head, Client Management and Implementation, Global Transaction Services, DBS Bank, said:

“DBS IS COMMITTED TO INNOVATING AND SHAPING THE FUTURE OF BANKING TO MAKE BANKING EASIER AND MORE SEAMLESS FOR OUR CUSTOMERS. THIS CUTS ACROSS OUR DIFFERENT BUSINESSES AND THIS PROOF OF CONCEPT IS ANOTHER IMPORTANT MILESTONE FOR THE FRANCHISE. TRADE FINANCE IS TRADITIONALLY A PAPER-INTENSIVE PROCESS BUT WITH THE USE OF DISTRIBUTED LEDGER TECHNOLOGY, WE CAN NOW DIGITISE AND AUTHENTICATE RECORDS. THIS COULD REVOLUTIONISE AND TRANSFORM TRADE OPERATIONS, ENHANCING RISK MITIGATION AND CREATING MORE EFFICIENT PROCESSES FOR BOTH CORPORATES AND BANKS.”

The initiative allows banks to convert invoices into digital assets on a distributed ledger. This gives the participants the ability to access a single source of information for the status of invoices seeking financing across all the participating banks while preserving client and commercial confidentiality. This is done by utilising distributed ledger technology as a means to prevent duplicate financing of the same invoice by different banks. Further, the initiative is envisaged to be an open ecosystem where neutral third parties can participate and verify the authenticity of the related trade documents being financed; further reducing the risk of financing duplicate invoices.

Khoong Hock Yun, Assistant Chief Executive, Development Group, IDA, said:

“AS WE BUILD SINGAPORE INTO A SMART NATION, WE ARE ALSO WORKING CLOSELY WITH THE FINANCIAL SECTOR TO ENABLE INNOVATIONS THAT CAN HELP INCREASE SINGAPORE’S COMPETITIVENESS AS A GLOBAL TRADING HUB. IT IS ESSENTIAL FOR STRONG PUBLIC-PRIVATE SECTOR PARTNERSHIPS TO FLOURISH TO CREATE A SMART FINANCIAL CENTRE WITH WORLD CLASS LEADING EDGE SOLUTIONS THAT BENEFIT OUR BUSINESSES.”

Jacqueline Loh, Deputy Managing Director, Development and International, FinTech and Innovation Group, MAS, said:

“GIVEN SINGAPORE’S ROLE AS A LEADING GLOBAL TRADE FINANCE AND FINTECH CENTRE, BANKS BASED HERE ARE WELL POSITIONED TO TWIN THESE TWO STRENGTHS TO IMPROVE EFFICIENCY AND STRENGTHEN RISK MANAGEMENT. THIS POC DEMONSTRATES THE INNOVATIVE SPIRIT OF SINGAPORE’S SMART FINANCIAL CENTRE TO LEVERAGE DISTRIBUTED LEDGER TECHNOLOGY TO SUPPORT ECONOMIC TRADE – WHICH IS THE LIFEBLOOD OF ASIA’S ECONOMY.”

In the next phase of the project, the working team will be looking at widening the participation to include other industry stakeholders, including government agencies such as Singapore Customs and other banks based in Singapore, to join as partners and contribute to the commercial adoption of this initiative.

Press Release: Blockchain Technology Deal To Make Union Voting More Secure

Global Arena Holding announced today, that its subsidiary, Global Election Services, is exploring expansion opportunities offering secured blockchain voting applications developed by the Blockchain Technologies Corporation.

Global Election Services provides comprehensive technology-enabled election services primarily for organized labor associations – and have been supervising elections since 1981, having managed over 7,000 elections involving more than 40,000,000 voters – none of which have been overturned.

GES, which has been a major contributor to the Company’s bottom line, has explored the possibility of expansion through the use of secured blockchain voting applications since the Company began acquisition talks with BTC. Management indicated that growth opportunities are abound for GES, if successfully aligned with BTC, setting the stage for GES to become a leading election management company.

Executive teams at BTC and GES have already begun conceptually augmenting the process of registered mail ballots, in-person registrations, tabulations and internet voting. With an extensive background in government elections and a working knowledge of elections for Labor Unions, Associations, etc., BTC certainly brings strength to GES family.

Press Release: Bitcoin CFD Trading Platform Bit4x Launches New Clients Account Manager and Generous Referral Program

Bit4X.com, the first bitcoin-based ECN broker, has announced the launch of their new client backend system and a very generous referral program.

Bit4x.com’s new client backend system allows clients to fully manage their demo and live accounts. Traders can check their open orders and balances, manage deposits, withdrawals, set trading account leverage and more – all from one central location. First launched in 2012, Bit4X’s innovative platform allows users to trade a diverse selection of high liquidity spot FX and CFD markets with Bitcoin.

Liquid mainstream global markets including Forex, Commodities, Indices, Stocks and more are all available to Bitcoin users. Bit4X’ offers a variety of financial instruments, including spot FX and CFDs. Those instruments can be traded in order to speculate on the future movement of market prices. If a trader thinks the price of a commodity such as gold is going to fall they can open a ‘short’ position, enabling them to take profit in Bitcoin if their prediction is correct.

Likewise, users can also open a ‘long’ position with Bitcoin if they think a commodity or stock is going to increase in value, and again earn Bitcoin profit if they are right. CFDs can also be used as a powerful hedging tool to help offset any potential future losses. A trader simply opens a ‘short’ position on any investments they may hold.

The new referral program, which is open to anyone, pays 100% commissions for all referrals at least until November 1st. After that, commissions will still be anywhere up to a very generous 50%. The 100% commissions period may also be extended at a future date.Clients can access their referral URL by clicking on ‘referrals’ from the Bit4X Account Manager, where they can also track commissions, payouts, and real time data on all referrals from the same page. Bit4X also plans to roll out integrated signals and a new API in the coming weeks, further improving upon the tools provided to their clients to boost their trading strategies.

Press Release: Blockchain Pioneer Symbiont Appoints Industry Veterans to Advisory Board

Symbiont, a pioneer in the use of blockchains and the creator of Smart Securities™, today announced that it has appointed two financial industry veterans, Maureen O’Hara and Dr. Keith B. Jarrett to its Advisory Board. These appointments will provide proven expertise and guidance to the Symbiont team in the areas of market structure and the adoption of disruptive financial technologies.

The appointment of O’Hara and Jarrett will reinforce Symbiont’s leadership position in the development of real-world application of blockchain technology. In August 2015, it announced the issuance of the first Smart Securities™, an important step forward in the financial industry’s adoption of distributed ledgers to better manage operational workflow.

Adding seasoned FinTech leaders like Maureen and Keith is perfectly timed and we’re excited to have them join our Advisory Board,” said Mark Smith, CEO and founder of Symbiont. O’Hara is currently the Chairman of the Board of Directors of Investment Technology Group, Inc.

She was a driver of ITG’s innovation and industry leadership, helping clients across the ecosystem transform from manual to electronic and algorithmic trading in US equity markets.She is also on the Board of TIAA-CREF and is the Robert W. Purcell Professor of Finance at the Johnson Graduate School of Management at Cornell University. Ms. O’Hara served as the President for a number of major economic and financial industry organizations, and was a member of the CFTC-SEC Emerging Regulatory Issues Task Force, the Global Advisory Board of the Securities Exchange Board of India (SEBI), and the Advisory Board of the Office of Financial Research in the U.S. Treasury. Dr. Jarrett was a founding executive of Thomson Financial (now Thomson Reuters) where he spent 20 years developing and implementing disruptive information technologies into the professional financial and banking industry.

Those 20 years witnessed Thomson and Jarrett alter the international FinTech landscape as developers, vendors and spokesmen for intelligent PC workstations, Wall Street research distribution and accessibility, electronic trading, and Straight thru Processing. Since his retirement from Thomson in 2002, Dr. Jarrett has served as a university educator in entrepreneurship, and a private equity investor, advisor, and board member for public and private financial and financial technology firms.

Dr. Jarrett is also a distinguished graduate of the United States Military Academy. “Not since the confluence of the microchip and the Internet 20 years ago, has there been a technological innovation which has greater potential to materially improve the infrastructure of financial securities’ issuance, trading, and safekeeping,” remarked Jarrett.

Press Release: BlockDelhi Conference – Embracing Blockchain into India’s Business

New Delhi: On February 21st, more than 250 global participants gathered in Le Meridien Hotel for BlockDelhi – the first
international blockchain conference in India’s capital.

Featured speakers included political leader Sir Shri Ajay Singh, who delivered government keynote on the future of blockchain in India as well as professionals from local and international businesses discussing various opportunities and challenges associated with the technology.

Yale ReiSoleil, CEO of IOB Fund LLC spoke about investments in blockchain and how the emerging technologies are changing the future of finance. “We believe in balance of innovation and regulation” – said Mr. ReiSoleil. IOB is bringing together an international regulated exchange network by investing in regulated, licensed, and legal entities.

Companies in the blockchain space are currently facing challenges of integrating accounting and legal aspects of business such as compliance and taxation into the platform. Mr. Reisoleil emphasized that being able to provide substantial technological solutions to these challenges is one of the major factors to consider when looking at investment options.

IOB has abolished the annual management fee and is confident that commission-based transactions should be eliminated. The CEO
highlighted that the term “blockchain” might become obsolete as there is a necessity to implement a multidimensional transactional structure or “mesh”.

Visit: http://www.iob.vc/

and https://www.blackarrowconferences.com/blockdelhi.html for more information.

Twitter link: https://twitter.com/IOBFund