Blockchain
Finastra helps redefine the future of finance to improve millions of lives worldwide
Finastra has announced plans around a range of initiatives which will enable its customers to accelerate through change, as well as creating positive outcomes for millions of people around the world. The move is part of the company’s ongoing innovation and open cloud platform strategy.
Through technology and collaboration, Finastra and its customers are set to positively impact over nine million lives around the world, with key areas of focus including:
1. The SME funding gap – Finastra is piloting a revolutionary microfinance initiative, Trust Machine, in Kenya. Together with partners in data, financial literacy, blockchain and scenario modelling, the resulting loan and balance sheet optimization solution aims to reduce the $19bn funding gap by 1% in the country, which could potentially create 50,000 new jobs to encourage sustainable economic growth.
2. Equality in financial services – Between 2009 and 2015 in the US, it was estimated that up to 1.3 million purchase and refinance loans were rejected for African American and Latinx applicants. FinEqual is a hackathon winning idea that is now under investigation at Finastra, designed to spot potential bias in credit decisions.
3. Financial inclusion – Finastra digital solutions are enabling customers to reach over five million people who are currently unbanked. One example is IFIC Bank in Bangladesh which is helping to bring more people into the banking ecosystem, many of whom didn’t hold a bank account before.
4. Serving customers through change – Ecobank recently connected 34 African countries with a unified cash management system, powered by Finastra. In three months, Ecobank processed approximately $75 million in transaction volumes for COVID-19 relief funds to citizens, through Fusion Cash Management.
Separately, having moved to the cloud earlier this year, Finastra’s core banking platform, Fusion Phoenix, is expected to enable US community banks and credit unions to provide continued banking support remotely to nearly a million end users.
For other initiatives and projects, click here.
“2020 has been a year of monumental change and disruption on so many fronts. With it has come a broader awareness of the need to redefine finance for good, and to empower better outcomes for society as a whole,” said Simon Paris, CEO of Finastra. “Our goal is to support our customers through this change as they accelerate their digital transformation and deepen the role of financial services to help millions of individuals, SMEs and communities navigate the future. Our people, technology and ecosystem help tackle some of the biggest challenges in our industry, with the aim of driving open finance and economic prosperity for all.”
Erika Baumann, Senior Wholesale Banking Analyst, Aite Group said, “COVID-19 has forced a global rethink for many organizations, accelerating the need for solutions that positively impact lives, businesses and communities. Initiatives like Finastra’s Trust Machine, which pull together ecosystem expertise to tackle bigger problems such as inequality and poverty, are just one way that industry is reshaping itself for better outcomes.”
Finastra’s broad technology product set across lending, payments, treasury and retail banking is powering these initiatives, alongside its FusionFabric.cloud open developer platform. It is all underpinned by a comprehensive suite of data-driven insights applications to improve business intelligence; and a suite of transformational services designed to help customers successfully accelerate through change.
To join our regional webcasts today and tomorrow, which cover these topics in more detail, or to access the recordings visit: https://www.finastra.com/financeforgoodlive
bybit lucky
Blockchain
Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin)
Blockchain technology continues to drive innovation across industries, reshaping finance, infrastructure, and philanthropy. Today’s news roundup explores exciting developments in blockchain ETFs, tokenization funding, quantum-resistant chips, public blockchain initiatives, and impactful social projects. Here’s a deep dive into the latest blockchain headlines:
BlackRock ETF Embraces Blockchain with First Muni Bond Purchase
BlackRock’s blockchain-focused ETF has made its first foray into municipal bonds, signaling increased confidence in integrating blockchain technology with traditional finance. The ETF’s strategic investment demonstrates how blockchain can enhance transparency and efficiency in bond markets.
By tokenizing municipal bonds, BlackRock aims to simplify trading and settlement processes while reducing associated costs. This development underscores the growing role of blockchain in transforming financial instruments and fostering greater market accessibility.
Source: Yahoo Finance
Plume Secures Funding for Tokenization Platform
Blockchain fintech company Plume has raised significant funding to advance its tokenization platform. The company’s innovative approach enables businesses to convert real-world assets into digital tokens, streamlining asset management and unlocking liquidity.
Tokenization is rapidly gaining traction as a game-changer in sectors such as real estate, art, and commodities. Plume’s success reflects a broader trend of investment in blockchain solutions that bridge the gap between traditional assets and decentralized technologies.
Source: Fortune
SEALSQ and Hedera Partner for Quantum-Resistant Blockchain Chips
SEALSQ and Hedera have announced a groundbreaking collaboration to develop quantum-resistant chips designed to secure blockchain infrastructure. These advanced chips will provide robust protection against future quantum computing threats, ensuring the integrity of blockchain networks.
As quantum computing capabilities evolve, safeguarding blockchain ecosystems becomes increasingly critical. This partnership highlights the importance of proactive measures in maintaining the resilience and trustworthiness of decentralized systems.
Source: The Quantum Insider
Deutsche Bank’s Public, Permissioned Blockchain Initiative
Deutsche Bank’s Layer 2 blockchain solution is set to go public and operate as a permissioned network, according to its tech partner. This initiative aims to strike a balance between accessibility and security, leveraging blockchain to streamline financial services and enhance operational efficiency.
The decision to adopt a public, permissioned model reflects a growing trend among enterprises seeking to harness the benefits of decentralization while maintaining control over sensitive data. Deutsche Bank’s approach could serve as a blueprint for other financial institutions exploring blockchain adoption.
Source: CoinDesk
KuCoin’s “Light Up Africa” Initiative Brings Hope to Thousands
Cryptocurrency exchange KuCoin has made a significant impact through its “Light Up Africa” donation ceremony in Ghana, benefiting 36,000 children across the continent. The initiative combines blockchain technology with philanthropy to address energy poverty and support education.
By leveraging blockchain for transparency in charitable contributions, KuCoin sets an example of how the crypto industry can drive meaningful social change. The project demonstrates the potential of blockchain to empower communities and foster sustainable development.
Source: PR Newswire
Industry Implications and Key Takeaways
Today’s developments highlight the transformative potential of blockchain across multiple domains:
- Integration with Traditional Finance: BlackRock’s ETF underscores the synergy between blockchain and established financial systems.
- Tokenization Trends: Plume’s funding success reflects the growing demand for digital asset solutions.
- Quantum-Resistant Technologies: SEALSQ and Hedera’s partnership addresses emerging cybersecurity challenges.
- Enterprise Blockchain Adoption: Deutsche Bank’s public, permissioned network showcases the adaptability of blockchain in financial services.
- Social Impact: KuCoin’s philanthropic efforts illustrate blockchain’s capacity to drive positive societal outcomes.
The post Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin) appeared first on News, Events, Advertising Options.
-
Blockchain6 days agoBridging Innovation and Regulation: How Yellow Network is Transforming Non-Custodial Trading in a Pro-Crypto Future
-
Blockchain7 days ago
Prosper Adds 7,000 More ASIC Miners from BITMAIN To Drive Tokenization of Hashrate as Multichain RWA ; Targets 170MW Capacity With New Strategic Round
-
Blockchain Press Releases6 days agoHTX Ventures Identifies Five Rapidly-Growing Sectors in 2024, Expects Positive Crypto Regulations Driven by Trump Next Year
-
Blockchain6 days ago
Blocks & Headlines: Today in Blockchain (Reserve Bank of India (RBI), Aethir, Blockchain Center Abu Dhabi, Qubetics, )
-
Blockchain3 days ago
50,000+ Mined Coins and 100,000 New Users: EMCD Summarizes 2024
-
Blockchain7 days agoLoan Brokers Market Opportunities and Strategies Report to 2033 – Loan Brokers Market Poised for Strong Growth, Forecasted to Reach $947.9 Billion by 2033
-
Blockchain3 days ago
Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin)
-
Blockchain5 days agoBuilding Bridges in Crypto: Bybit Sparked Dialogues and Joined Industry Leaders at Bitcoin MENA
