The evolution of technology has completely reshaped many industries around the world. Now, almost every industry has incorporated technology into their business models in order to thrive among the competition. Sectors ranging from communication, food, education, business, to even finance have all integrated innovative and advanced technology. Specifically, the financial world has been deeply impacted by the growth of technology. Moreover, banks and firms have been heavily investing in financial technology or “fintech” solutions to provide their consumers with exceptional services. Fintech is described as a technology that seeks to improve or potentially automate financial services. For instance, many banks have launched mobile banking services which eliminate the need for consumers to physically go to a bank. Instead, consumers can now access their bank accounts, make payments, and deposit funds in the palm of their hand. A large majority of global banks, insurers, and investment managers have already dove into the fintech industry, however, within the next 3 to 5 years, even more are expected to enter into the market. Furthermore, with the adoption of fintech solutions, companies can expect a 20% average return on investment on their innovation projects. Through the use of these technologies, companies are able to create and deploy low-cost personalized products for consumers. And as a result, the innovative products are having a significant impact on the consumer, pressuring traditional firms to adapt to the competition. According to data compiled by Mordor Intelligence, the global fintech market is expected to register a CAGR of 13.2% during the forecast period from 2019 to 2024. CLPS Incorporation (NASDAQ: CLPS), First Data Corporation (NYSE: FDC), Overstock.com, Inc (NASDAQ: OSTK), BGC Partners, Inc. (NASDAQ: BGCP), LendingClub Corporation (NYSE: LC)
Primarily, infrastructure-based technologies, through platformification and open application interfaces (APIs) are reshaping the fintech industry. Other operation advancements such as robotic process automation, chatbots, and Distributed Ledger Technology are all enabling greater agility, efficiency, and accuracy. According to Capgemini’s 2018 World Payments Report, there were approximately 600 billion total digital transaction. Furthermore, the report suggests that digital transactions are on pace to grow by 46% over the next four years, growing to 876 billion transactions by 2021. Capgemini also notes that the Asian markets are expected to lead the pack, exhibiting a CAGR of 29% during the period. Other developing markets include regions like Central Europe, the Middle East and Africa, which are expected to register a CAGR of 20%. However, concerns over fraud and security are expected to undermine the industry as consumers fear that cyber attackers can access their accounts or e-wallets and steal personal information or even digital currency. Nonetheless, tech companies and financial institutions have partnered together in order to provide more secure platforms. “If you have not heard about the Fintech revolution that is happening right now, you need to get out from under your rock. These revolutionary advancements are not just impacting the financial industry. They have the potential to change the way we conduct transactions in all aspects of business,” said Daniel Newman, Chief Executive Officer of Broadsuite Media Group and Principal Analyst at Futurum. “Technology has driven us to where we are. As an industry with a heavy focus on technology, it is obvious that changes will happen rapidly and frequently. With the Fintech revolution being the newest disruptor of choice, the banking industry and its consumers will need to hold on for the ride. It will take some time for this technology is gain enough speed to become widely accepted. However, it is definitely on the horizon. Only time will tell what we can expect when we visit our local bank for this is only the beginning.”
CLPS Incorporation (NASDAQ: CLPS) earlier this week announced, “a strategic investment in Economic Modeling Information Technology Co., Ltd. (“EMIT”), a financial big data company. Upon closing of the transaction, CLPS will hold a 30% ownership stake in EMIT.
Established in 2017, EMIT was founded by a team of PhD faculty members from Shanghai University of Finance and Economics (“SHUFE”) in cooperation with SHUFE’s Fintech Research Institute. EMIT provides financial modeling and analysis services to financial services companies and delivers a full range of value-added data mining and data analytics IT solutions to its clients that include intelligent investment systems, risk warning systems, and credit card decision engine core systems. EMIT’s “financial data modeling platform + financial risk warning platform” business model provides its customers with comprehensive financial data services, such as financial data strategic planning, service mode design, and risk control.
Mr. Raymond Lin, Co-Founder and Chief Executive Officer of CLPS, commented, ‘Big data has become an important area of technological advancement in the financial industry. Our strategic investment in EMIT allows us to expand upon our expertise in providing the financial industry with applications of industry-leading technologies. EMIT’s expertise in data modeling, deep learning and machine learning, and blockchain technology will benefit CLPS’s future development by further expanding our client network. In addition, by offering applications of data mining, we will be able to extend our competitive edge in the banking, insurance and financial sectors.’
About CLPS Incorporation: Headquartered in Shanghai, China, CLPS Incorporation (the “Company”) (Nasdaq: CLPS) is a global leading information technology (“IT”), consulting and solutions service provider focusing on the banking, insurance and financial sectors. The Company serves as an IT solutions provider to a growing network of clients in the global financial industry, including large financial institutions in the US, Europe, Australia and Hong Kong and their PRC-based IT centers. The Company maintains ten delivery and/or research & development centers to serve different customers in various geographic locations. Mainland China centers are located in Shanghai, Beijing, Dalian, Tianjin, Chengdu, Guangzhou and Shenzhen. The remaining three global centers are located in Hong Kong, Singapore and Australia. For further information regarding the Company, please visit: http://ir.clpsglobal.com.”
First Data Corporation (NYSE: FDC) is a global leader in commerce-enabling technology, serving approximately 6 million business locations and 4,000 financial institutions in more than 100 countries around the world. First Data Corporation and Fiserv (NASDAQ: FISV) recently announced that their boards of directors had unanimously approved a definitive merger agreement under which Fiserv will acquire First Data in an all-stock transaction. The transaction unites two premier companies to create one of the world’s leading payments and financial technology providers, and an enhanced value proposition for its clients. This highly complementary combination will offer leading technology capabilities that enable a range of payments and financial services, including account processing and digital banking solutions; card issuer processing and network services; e-commerce; integrated payments; and the Clover
Overstock.com, Inc (NASDAQ: OSTK) is an online retailer and technology company based in Salt Lake City, Utah. Overstock.com, Inc. and its subsidiary tZERO Group, Inc. recently announced that Hong Kong-based private equity firm GSR Capital has retained tZERO to develop a smart contract token that will be utilized for an upcoming sale of cobalt. Subject to compliance with applicable regulatory requirements, the sale is expected to offer recurring tranches of electric vehicle (EV) battery-grade cobalt, with up to USD 200 Million of the material projected to be available for sale in 2019, with more planned for 2020. tZERO Group, Inc. is a majority owned subsidiary of Overstock.com, focusing on the development and commercialization of financial technology (FinTech) based on cryptographically-secured, decentralized ledgers – more commonly known as blockchain technologies. Since its inception, tZERO has pioneered the effort to bring greater efficiency and transparency to capital markets through the integration of blockchain technology. tZERO and GSR Capital intend to build an ecosystem in Asia for tokenized commodity purchase contracts that would simplify the process of identifying, purchasing and tracking the supply of rare minerals. The companies also envision adding a security token trading platform in the region, subject to compliance with applicable regulatory requirements. “We are excited to work with GSR and their partner on this innovative cobalt token offering,” said Overstock Chief Executive Officer and tZERO Executive Chairman, Patrick M. Byrne. “Smart contract automation of these transactions will significantly reduce overall costs while effectively improving transparency in rare earth metals purchases throughout the supply chain process. We look forward to bringing the future of commodities purchasing to the global marketplace.”
BGC Partners, Inc. (NASDAQ: BGCP) is a leading global brokerage and financial technology company. BGC Partners, Inc. recently announced that it has completed the acquisition of Ed Broking Group Limited, an independent Lloyd’s of London insurance broker with a strong reputation across Accident and Health, Aerospace, Cargo, Energy, Financial and Political Risks, Marine, Professional and Executive Risk, Property and Casualty, Specialty and Reinsurance. Ed will become part of BGC’s insurance division, which was established in 2017 with the acquisition of Besso Insurance Group Limited. Steve Hearn, currently Group Chief Executive Officer of Ed, will become Head of BGC’s insurance division. Mr. Hearn will report directly into Mr. Lynn. Under the terms of the agreement, BGC acquired 100% of Ed, which includes broking operations under the Ed brand in the UK, Singapore, Hong Kong, Dubai, Miami and China; Ed’s German marine broking arm Junge & Co. Versicherungsmakler GmbH; Ed’s managing general agent (MGA) operations Globe Underwriting Limited based in the UK; Epsilon Insurance Broking Services Pty Ltd in Australia; and Cooper Gay (France) SAS, which is based in Paris. Shaun D. Lynn, President of BGC Partners, commented on the announcement: “We are delighted to complete the purchase of Ed, a company with a great reputation, a global footprint and an excellent management team that will continue to build on BGC’s success in growing the insurance brokerage business.”
LendingClub Corporation (NYSE: LC) was founded to transform the banking system to make credit more affordable and investing more rewarding. Leading fintech analytics platforms, dv01 recently announced an expanded reporting partnership with LendingClub, securing its role as loan data agent for all completed CLUB Certificate transactions. Prior to this partnership, dv01 has provided reporting services for USD 2.75 Billion of LendingClub securitizations. As loan data agent, dv01 will receive loan data directly from LendingClub, which it will normalize, validate, and roll up for monthly servicer reporting. The company will also prepare and provide monthly loan tapes; reconcile the monthly remittance report; and provide approved investors access to the data through dv01’s portal, which features a suite of reporting, analytics, and cashflow tools designed specifically for the online lending asset class. “LendingClub’s previous work with dv01 has made it clear that investors appreciate the ability to conduct deep analysis into structured products, both before and after purchase,” said Valerie Kay, Chief Capital Officer of LendingClub. “The unique structure of these CLUB Certificate transactions appealed to a new investor audience, and we’re excited to offer these investors access to dv01’s reporting and analytics portal as part of their introduction to the online lending asset class.”
OKX Proof of Reserves Ranked Highest Quality Among Major Exchanges as 11th Consecutive Monthly Reserves Report is Published
OKX, a leading global Web3 technology company and crypto exchange, has published its industry-best 11th consecutive monthly Proof of Reserves (PoR), showing balances of USD$11.2 billion in primary assets, as its PoR was given the highest quality rating among major exchanges.
OKX’s latest PoR comes days after Castle Island Ventures partner and blockchain and Proof of Reserves expert Nic Carter ranked OKX highest of all major centralized exchanges on its quality of Proof of Reserves. In his ranking, he cited OKX’s credibility, knowledge of leadership, demonstrated commitment to transparency and overall PoR quality as reasons for his positive assessment.
OKX’s PoR covers 22 commonly used digital assets and shows that OKX has maintained a reserve ratio exceeding 100% for 11 consecutive months across all those assets. In addition to BTC, ETH and USDT, the assets included are: USDC, XRP, DOGE, SOL, OKB, APT, DASH, DOT, ELF, EOS, ETC, FIL, LINK, LTC, OKT, PEOPLE, TON, TRX and UNI.
OKX’s current reserve ratios are as follows:
- BTC: 102%
- ETH: 103%
- USDT: 102%
OKX Global Chief Commercial Officer Lennix Lai said: “With our 11th consecutive Proof of Reserves report, we are reaffirming our unwavering commitment to greater transparency and trust within the crypto industry. At OKX, we believe that integrity is the cornerstone of our success, and our PoR stands as a testament to our dedication to safeguarding user assets. As we approach a full calendar year of consecutive PoR releases, we have never been more committed to continuing to raise the bar for transparency in our sector.”
In August, OKX conducted two Twitter surveys to measure the sentiment of the online community with regards to the importance of PoR and transparency. Poll results showed that 84% of respondents say monthly PoR reports are either ‘somewhat important’ or ‘very important‘ and 88% state that transparency is either ‘somewhat important’ or ‘very important’ when choosing which crypto platform to trust.
OKX has seen hundreds of thousands of users engage with its PoR, visit its PoR page and view their self-audits since first launching its PoR page in late 2022. The open-source verification tool allows users to independently verify OKX’s solvency and confirm their assets are backed by OKX reserves while maintaining their privacy.
OKX has published over 210,000 addresses for its PoR program, and will continue to allow the public to view its asset flows.
Users can view the latest PoR report, reserve ratios, and verify OKX’s solvency here.
ACX’s technology to power Indonesia Carbon Exchange
ACX (AirCarbon Exchange), operating its proprietary regulated environmental asset trading platform, is the technology provider for Indonesia’s carbon exchange hosted and operated by the Indonesia Stock Exchange (IDX) after a competitive Request for Proposal process.
Launched on 26th September 2023, with its first carbon trades, Indonesia’s official carbon exchange, IDXCarbon, will play a vital role in reducing Indonesia’s carbon emissions and driving Indonesia’s transition to reach net zero emissions by 2060.
“With ACX support, IDXCarbon has reached a key milestone towards achieving net zero emission in 2060 or sooner. We anticipate a thriving and enduring collaboration with ACX that will continue to drive innovation and success, as the Indonesian carbon market develops.” said Iman Rachman, President Director of IDX.
IDXCarbon has been customised by ACX to meet the country’s unique requirements, as well as aligned with Indonesian institutions, including the National Registry System for Climate Change Control (SRN-PPI). This will ensure the exchange is compliant with Indonesia’s standards and procedures, as well as the requirements recently established by the OJK, the country’s financial services authority. ACX provides a complete end-to-end solution that utilises blockchain technology to ensure the transparency and auditability of all trades transacted on the exchange. With that, the exchange will play a central role and promote transparency, accountability, and efficiency in the Indonesian carbon market.
“We are honoured to be the technology provider for Indonesia’s carbon exchange and to contribute towards the country’s vision of a fair and inclusive carbon ecosystem,” said Thomas McMahon, co-CEO and co-Founder of ACX. “Our end-to-end solution will enable the exchange to provide comprehensive services. This will make it easier for companies to access and participate in the carbon market, ultimately driving down Indonesia’s carbon emissions and contributing to global sustainability efforts.”
Hum Wei Mei, Head of APAC and Global Head of Environmental Products, said: “Indonesia has a critical role to play in international climate action while IDXCarbon is at the heart of ensuring that Indonesia’s carbon market progresses as envisioned. As the technology provider to IDXCarbon, ACX is committed to working closely with IDX to implement a highly customised, iconic and state-of-the-art carbon exchange which will act as critical supporting infrastructure for Indonesia’s long-term plans & interests in emissions trading, carbon markets & climate action.”
With a global footprint covering Asia, the Middle East, Europe, North and South America, ACX has demonstrated itself to be a leading technology provider with a proven track record of designing and implementing carbon trading system worldwide, leveraging the company’s expertise and experience to ensure a robust and reliable platform for trading environmental assets.
Nex News Network Launches World’s First Blockchain-Integrated Web3 and Metaverse News Platform
Nex News Network, the pioneering media organization, is proud to announce the launch of its groundbreaking platform, revolutionizing the way news and media are consumed. This year marks a momentous milestone as Nex News Network becomes the world’s first-ever blockchain integrated, Web3, and Metaverse news and media platform. With a fusion of cutting-edge technology and visionary media strategies, Nex News Network is set to redefine the media landscape.
A New Era in Media Industry: Nex News Network’s Unique Offering
Nex News Network has embarked on an extraordinary journey to bring the future of media to the present. As a trailblazer in the industry, the platform integrates blockchain technology, Web3, and Metaverse, delivering an unparalleled experience to users. This year, Nex News Network establishes itself as the vanguard in news and media, providing a platform that seamlessly connects diverse sources of information, making them accessible from anywhere, on any device.
Innovative Media Revolution
Nex News Network introduces a unique animation concept that transforms the traditional news and media industry. With this innovation, the animation seamlessly integrates with media and news content, sparking a revolutionary shift in how information is consumed. This innovation not only redefines the media industry but also catalyzes a new era of interaction, engagement, and understanding.
Empowering Users and Advertisers
Nex News Network brings a new dimension to user experience by creating an integrated platform that caters to a diverse range of interests and categories. Users can explore validated blockchain content, industry news, directories, event information, technology updates, and more. For advertisers, Nex News Network offers direct access to their target audience, bypassing intermediaries and providing real-time performance data for smarter decision-making.
With its focus on blockchain integration, Web3, and Metaverse, Nex News Network embraces the future of digital content. The Metaverse, an advanced digital realm, complements the platform, creating immersive experiences through augmented reality (AR), virtual reality (VR), and artificial intelligence (AI). Nex News Network pioneers the way for this interconnected digital world, offering users a new dimension of engagement and exploration.
A Call to the Future
Nex News Network is poised to reshape the media industry by introducing blockchain integration, Web3, and Metaverse technology. Through its visionary leadership, dedication to user experience, and commitment to innovation, Nex News Network is laying the foundation for a new era in news and media consumption. As the world’s first blockchain-integrated Web3, and Metaverse news platform, Nex News Network stands ready to redefine the media landscape.
Setting the Stage with NexNews Network – A New Era in Media Consumption and Engagement
NexNews Network pioneers a transformative approach to media consumption, driven by innovation and led by a dedicated team. With a focus on user experience, NexNews Network creates a dynamic space where users can seamlessly access news and media sources from various categories, transcending traditional boundaries.
Visionary Leadership – Founder Aakash Jugraj and the Power of Innovation
Under the visionary leadership of Aakash Jugraj, NexNews Network has positioned itself as a trailblazer in the industry. Backed by the reputable Shivaksh Media Group of Companies, the platform represents a fusion of expertise and innovation that sets a new benchmark for media excellence.
Founder Aakash Jugraj – A Driving Force for Media Innovation
At the helm of NexNews Network is Founder Aakash Jugraj, a visionary entrepreneur with a deep-rooted commitment to revolutionizing the media landscape. His forward-thinking approach has driven the platform’s mission to redefine publication creation, distribution, and consumption using Web3, Blockchain & Metaverse technologies.of Companies.
Aakash Jugraj, the driving force behind NexNews Network, envisions a media ecosystem that champions transparency, authenticity, and user-centric experiences. His vision aligns seamlessly with the ethos of Shivaksh Media Group of Companies, creating a formidable alliance for media innovation.
Continuous Industry Evolution: NexNews Network’s Transformative Role
NexNews Network signifies a departure from traditional media models, offering a continuous industry experience that transcends conventional boundaries. The platform’s transformative capabilities make it a pioneering force in providing a new-age media ecosystem that empowers users with unparalleled access and engagement.
Technology at the Forefront: Nex News Network’s Secure and Transparent Platform
Technologically adept, NexNews Network harnesses the power of blockchain integration, Web3, and Metaverse to ensure the highest level of security, authenticity, and transparency. This technological synergy enables users to engage with news and media content with utmost confidence.
Personalized User Experience – NexNews Network’s Tailored Approach
Through NexNews Network, users will enjoy a distinctly personalized experience. The platform’s integration of blockchain technology ensures that users can consume news and media content that aligns precisely with their interests, fostering deeper engagement and resonance.
Empowering Advertisers: Nex News Network Effective Advertising Platform
Advertisers will benefit from NexNews Network’s innovative approach by accessing a tailored platform that enables direct engagement with their target audience. The blockchain integration ensures a transparent and effective advertising experience, enabling advertisers to refine their strategies based on real-time performance data.
NexNews Network is poised to play a pivotal role in the upcoming election season. With its unique blend of blockchain integration, Web3, and Metaverse, the platform will facilitate informed decision-making by providing accurate and transparent information to voters.
- OKX Proof of Reserves Ranked Highest Quality Among Major Exchanges as 11th Consecutive Monthly Reserves Report is Published
- ACX’s technology to power Indonesia Carbon Exchange
- Bitget’s Smart Portfolio Bot Enables Sophisticated Crypto Trading For Users
- Nex News Network Launches World’s First Blockchain-Integrated Web3 and Metaverse News Platform
- Bitget Wallet Quick Buy Expands Fiat Support to Include EUR/RUB/JPY Currencies
- CoinScan Emerges from Stealth with $6.3 Million in Funding
- Vestinda Bridges Web3 and Traditional Finance with Support for 100,000 Asset Pairs
- aelf Sets Up Global Hub in Singapore to Support Web3 Developer Ecosystem Growth
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- nChain appoints Peter Coulson as its new group COO
- MAX Exchange and Bitget announce strategic partnership, marking MAX Token’s debut on an international exchange
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