The U.S. Securities and Exchange Commission (SEC) has launched the agency’s Strategic Hub for Innovation and Financial Technology (FinHub), according to an official announcement published Oct. 18. The FinHub will be run by Valerie A. Szczepanik, Senior Advisor for Digital Assets and Innovation and Associate Director in the SEC's Division of Corporation Finance. The hub aims to facilitate the SEC’s engagement in the fintech-related fields, including, among others, distributed ledger technology (DLT) and digital assets. It will also take over some of the tasks of existing working groups focused on similar issues. Per the statement, FinHub’s main objectives are to …

Global management consultancy firm Accenture announced it had partnered with a subsidiary of Thailand’s oldest bank on a new blockchain tool aimed at supply chains in a press release Wednesday, Oct. 17. In the latest implementation of the technology for Accenture, the company partnered with Siam Commercial Bank’s fintech subsidiary Digital Ventures Co. Ltd on the blockchain solution, which has already gone live with its first clients. Known as Procure-to-Pay or B2P, it leverages R3’s Corda technology as its basis, the release confirms. Divyesh Vithlani, head of Accenture’s Financial Services practice in the ASEAN region commented: “The most exciting part …

What if the volatility of cryptocurrencies could be eliminated, making crypto more of a feasible, mainstream investment? An established fintech company is working to achieve just that. Rise, which was founded in 2012, is planning to adapt its artificial intelligence (AI) trading technology to the cryptocurrency markets – enabling users to manage their investments and trade across dozens of exchanges. The Germany-based software firm began life in 2012, and its algorithms are already being applied to stock markets, forex, precious metals, and other commodities. Since its launch, Rise says its technology has been “proven to outperform major markets.” Unlike other …

Leading South Korean financial holding company KB Financial Group Inc. has been awarded a patent for a blockchain-based fintech app security solution, South Korean economic news outlets The Digital Times reports Monday, Oct. 15. KB Financial is reported to have over $342 billion in assets under management and presides over multiple overseas and domestic subsidiaries, among them KB Kookmin Bank, the country’s largest bank and also the 60th largest bank globally as of 2017. KB’s new patent focuses on a blockchain-based solution to improve an “essential” security program for fintech applications. The newly patented technology reportedly separates this security program …

HBUS, the U.S.-based “strategic partner” of sixth largest crypto exchange Huobi, has hired a new Chief Compliance Officer (CCO). The company has revealed this in a press release shared with Cointelegraph Oct. 11. The new CCO, Megan Monroe-Coleman, was formerly MTL Compliance Officer at U.S. software giant Intuit, following the company’s acquisition of financial software firm Mint, where Monroe-Coleman had also served as a compliance officer. Before her work at Intuit, she worked over seven years at “Big Four” auditor PricewaterhouseCoopers (PwC), five years of which she spent as compliance director, according to her LinkedIn profile. According to the press …

The United Arab Emirates (UAE)’s national securities regulator plans to introduce Initial Coin Offerings (ICO) for capital markets in 2019, Reuters reported Oct. 8. Reuters notes that the regulator has embraced the innovative fundraising model to diversify the means through which companies can raise capital, noting that in recent years, “weak” equity markets, coupled with low oil prices, have been adversely impacting Initial Public Offerings (IPOs) in the country and wider region. Reuters quotes the CEO of the country’s national securities watchdog, Obaid Saif al-Zaabi, as saying that: “The board of the Emirates Securities & Commodities Authority [ESCA] has approved …

Financial intermediaries will be “facing the chop” thanks to Bitcoin and cryptocurrency, Malta’s finance minister told Cointelegraph in an interview Friday, October 5. Speaking in a private interview during the Malta Blockchain Conference: Delta Summit 2018, Edward Scicluna said that the advent of cryptocurrency that is usable by the mass populace was making the middlemen of finance go the way of traditional photo developers. “This is a disruptive technology,” he said when asked whether he sees crypto as a future payment method, continuing: “I can see this, just like in photography when you could tell that […] those who process …

The European Securities and Markets Authority (ESMA) has budgeted over 1 million euro for monitoring fintech and crypto assets, according to a document published Oct. 4. Founded in 2011 in Paris, the ESMA has an objective to develop a uniform rulebook for European Union (E.U.) financial markets, as well as provide market supervision. The authority has established Technical Committees in various industrial fields, including information technology (IT), and also works in the field of securities legislation and regulation. In its 2019 Annual Work Program, the ESMA cites a 1.1 million euro program and its objectives for the next year, which …

A study into JPMorgan’s digital transformation initiatives has revealed that blockchain is a key technology for the bank’s roadmap, according to a press release published by ResearchAndMarkets.com (RM) October 3. RM has analyzed JPMorgan’s enterprise-wide strategies to secure its “competitive edge” against rival banks, non-financial firms, and fintech startups. The bank has reportedly earmarked $10.8 billion for technology spending in 2018, $5 billion of which will go towards fintech investments. The study covers JPMorgan’s digital transformation roadmap, with blockchain listed as the first in a range of bleeding-edge technologies that are being pursued by the bank — including big data, …

The Italian Banking Association (ABI) has revealed they successfully passed the initial phase of testing their blockchain-powered interbank system, Italian financial media outlet Ansa reported September 29. By applying distributed ledger technology (DLT), the group of 14 Italian banks is planning to improve interbanking processes. Specifically, the association intends to boost the processing time of operations, increase the transparency of banking information, and enable the verification and exchange of information directly within the application. According to local Italian source Corriere Nazionale, the application of blockchain technology will also assist in specific aspects of banking operations that usually involve a number …

The Financial Times (FT) has released a Special Report on global financial markets Monday, October 1. In the report, FT dedicated two out of six sections to the cryptocurrency industry. In their report entitled “Exchanges, Trading and Clearing,” FT names cryptocurrency alongside such phenomena as Brexit and the emergence of new markets as “some of the biggest changes” in financial markets over the past ten years. One of the two crypto-focused articles in the report, entitled “Crypto exchanges must face up to responsibilities as they mature,” provides an overview of crypto markets in comparison with traditional markets, pointing out major …

Hydrogen, a NYC-based business that was recently named KPMG’s fintech startup of the year has signed a public blockchain licensing deal with TD Bank – the world’s 12th-biggest bank in terms of market capitalization. Hydrogen is a decentralized ecosystem for financial services that combines artificial intelligence, record keeping, authentication, payments and identity services. The initial phase of the collaboration will integrate Hydrogen’s APIs into TD’s WebBroker program, which will allow all TD clients to design their own financial plans and implement custom investment portfolios. Future developments will include several new capabilities for TD retail banking customers as planned integration of …