‘Another one?’ Bankers react to Facebook’s digital currency Next decade is set to be transformative for small business finance PwC...
As banks look to update legacy technology or partner with fintechs they have turned to consultants for advice; consulting firms like BCG, Accenture and the big four accounting firms, KPMG, PwC, Deloitte and EY have all been called upon to help structure deals or provide banks with advice on regulatory updates; financial institutions are relying on these consultants to help banks implement the technology changes and to adapt quicker as they can help bring knowledge from data scientists or app designers. Source.
PwC's new Vulcan Digital Asset service will include digital asset wallets, international payment processing, investment/trading services, and eventually point-of-sale and merchant services; platform is currently in pilot mode by an international banking group and a central bank; an airline and other multinational banks are assessing the platform; according to Robert Allen, PwC director and Vulcan lead, "Vulcan is a cloud-based platform that enables banks and corporates to offer a suite of new digital currency related products and services to individual, retail and institutional customers within a trusted, transparent and compliant ecosystem. It is the first of its kind globally and has been created to bring digital assets and currency to the mainstream." Source
PwC is out with new research saying alternative asset volumes will double by 2025; alternatives will make up about 15 percent of global assets under management by 2025 because investors are looking for diversification and reduced volatility; Rob Mellor, PwC asset management partner, tells AltFi, “We have seen the rise of the multi-strategy alternative manager and an increasing trend for traditional active managers looking to add alternative strategies to their product range.” Source.
The Startupbootcamp FinTech London and PwC have released a new report which finds more companies are investing in artificial intelligence; the report's findings are based on program applicants; findings show that artificial intelligence is significantly impacting customer service solutions; report also provides insight on top trends in fintech including an increasing number of companies focused on B2B and SME solutions. Source
Cryptocurrency exchange Binance was victims of what the CEO called a well orchestrated large scale security breach; more than $40mn...
Follow Up Friday: Recent Report Shows More Startup Companies in AI and Machine Learning over Blockchain
A recent report by Startupbootcamp and PwC points out that startup trends in 2016 moved towards artificial intelligence (AI) and machine learning companies compared to blockchain; the data shows that 16% of applications to Startupbootcamp are from artificial intelligence and machine learning companies, whereas blockchain applications account for only 6%; blockchain was certainly a bigger buzzword in 2016 but one reason that AI and machine learning has more startups is because companies like Google, Facebook and Amazon have made significant investments in the technology; additionally, the report points out that as blockchain becomes more industrialized more startups will use the technology instead of being a blockchain startup. Source
PwC has released a global report on fintech; says financial institutions across the world could lose 24% of their revenues to financial technology companies over the next three to five years; among other statistics, the report also finds that 82% of respondents plan to increase partnerships with fintech firms over the next three to five years to manage new innovation and market competition. Source
The Singapore Exchange has closed a deal with online debt and equity crowdfunding platform Crowdo with terms of the deal including support for raising small and medium enterprise (SME) awareness or capital funding availability in Singapore, information sharing and cross-referral of clients; similar deal terms were included in the Singapore Exchange and PwC deal with promotion of the Singapore startup ecosystem a central component of the deal. Source
Many believe the metaverse to be just another passing fad. At Merge 2022, panelists discussed why this time, it's different.