INDUSTRY – FINANCE: ARCHIVE

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REVIEW THESE INFORMATIVE ARTICLES FROM 2018 – AND READ THOSE THAT INTEREST YOU

AI is taking over finance jobs on Wall Street (Finance - 2018-11 - Bloomberg)

A robot that can trade bonds better than a bond trader, and a video about various jobs that are in danger of being replaced by AI.

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WeChat enables a cashless society in China (Finance - 2018-11 - Stansberry Research)

An example of how dinner out with friends can be initiated, planned, implemented and paid for – all using WeChat.

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Trading in oil and wheat using a blockchain will start in 2018 (Finance/Trading - 2018-09 - TechRepublic)

Several major global banks and trading firms are using blockchain to trade commodities like oil and wheat. The platform will be launched by a new venture named komgo SA, and is set to go live late in 2018.

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Overwhelming' response to world's first blockchain bond (Finance - 2018-08 - CNBC)

The world’s first public bond created and managed using only blockchain had support from seven investors, with lead manager the Commonwealth Bank of Australia. It raised $80.48 million for the World Bank.

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IBM uses the blockchain to boost financial services innovation (Finance/Banking - 2018-07 - TechRepublic)

IBM and New York-based cash settlement firm CLS have teamed up with major banks to launch a blockchain-based platform to provide financial services, including KYC processes, sanctions screening, collateral management, derivatives post-trade processing and reconciliation, and market data.

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Banks conduct cross-border trades on IBM-powered blockchain (Finance/International Trade - 2018-07 - CoinDesk)

A series of cross-border financial trades were completed through a jointly developed blockchain platform by a group of European banks (Deutsche Bank, HSBC, KBC, Natixis, Nordea, Rabobank, Santander, Société Générale and UniCredit) over five days between 10 companies.

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Human bankers are losing to robots as Nordea sets a new standard (Finance/Banking - 2018-07 - Bloomberg)

Sweden’s Nordea Bank CEO expects banks to halve its workforce within 10 years, with automation and robots taking over from people in everything from asset management to call centres.

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Digitization of money and finance: Challenges and opportunities (Finance - 2018-05 - American News)

A measured speech by IMF Deputy Managing Director Tao Zhang on the issues facing central banks and regulatory authorities in this era of technological advances in the field of finance. Segments include: How financial services may be transformed by the adoption of financial technology; How crypto-assets’ rise may pose challenges to financial integrity and stability; How central banks and regulators can mitigate potential stability risks without impeding innovation.

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AI could Kill 2.5 million financial jobs - and save US banks $1 trillion (Finance - 2018-05 - Fast Company)

Research firm Autonomous’ new report indicates that AI is on the verge of software gaining competency to perform service work. By 2030, AI implementation could save U.S.-based financial services companies $1 trillion through productivity gains and reduced headcount in banking, insurance, and investment management. 2.5 million jobs are at risk. AI will drive gradual change over the next 7 years, with an accelerated change between 2025 and 2030.

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The Bank of England is testing blockchain to support domestic payments (Finance/Banking - 2018-04 - Digital Treds)

The Bank of England said that it’s currently working on a “proof of concept” to see if its real-time gross settlement service will benefit from blockchain. The bank’s governor, Mark Carney, said that securities settlements need innovation, and blockchain technology – aka distributed ledger tech – could produce “significant” gains regarding platform stability, efficiency, accuracy, and security.

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Spanish bank’s customers using blockchain to transfer money (Finance/Banking - 2018-04 - Quartz)

Santander, a major Spanish bank, has launched an international money transfer service, using California-based Ripple’s distributed ledger technology (but not its XRP cryptocurrency). The service is supposed to be cheaper and faster than existing systems and will provide more certainty about when the money will arrive. It’s currently available for retail customers in Spain, UK, Brazil, and Poland and will roll out in other countries soon. Transfers to Europe can be made on the same day and the bank is targeting instant payments by the summer. The service uses touch and facial identification and connects with Apple Pay.

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How blockchain trade finance is breaking proof-of-concept gridlock (Blockchain/Trade Finance - 2018-04 - Coindesk)

Several trade finance distributes ledger technology platforms currently under development were initiated by banks, and are designed to satisfy clients’ need for a leaner, faster process for securing and financing international trade transactions.

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ANZ and IBM build blockchain solution for insurance (Finance-Insurance/Blockchain - 2018-04 - Coindesk)

ANZ bank has partnered with IBM to build a blockchain solution for transparent, secure transfer of data and premiums between insurance brokers and insurers.

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9 easy steps to a secure, cross-border multi-language home sale (Financial-Real Estate/Blockchain - 2018-03 - Futurism)

February 20, 2018: Through a pilot program between the city of South Burlington, Vermont and a San Francisco-based start-up, Propy, developer of a blockchain platform designed to facilitate real estate transactions, Katherine Purcell became the first person in the U.S. to sell a home using blockchain. Propy allows anyone to buy or sell real estate, anywhere, completely online. Their blockchain records each step in the transaction, from expressing interest in a property to signing agreements to title transfers. There’s an immutable record of every action on a virtually unhackable ledger. Propy will eventually completely replace the city’s software for managing land records.

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REVIEW THESE INFORMATIVE ARTICLES FROM 2017 – AND READ THOSE THAT INTEREST YOU

American Express added B2B blockchain payments for US businesses sending money to businesses banking with Santander UK (Blockchain/Money Transfer - 2017-11 - TechRepublic)

American Express added B2B blockchain payments for faster transfers and added security for US businesses sending money to businesses banking with Santander UK. By using blockchain, the payments are instant, trackable, and don’t require a credit card. 

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New blockchain banking system to process global payments faster and cost effectively (Blockchain/Banking - 2017-10 - TechRepublic)

A new IBM blockchain solution will allow financial institutions to process global payments faster and cost-effectively. Modernizing the global payments process and improving financial access could improve international commerce, and extend financial services to one billion people by 2020, according to the World Bank. This marks another move by IBM using blockchain technology, and IT leaders across all industries will need to understand it.

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Blockchain technology used to manage digital bank guarantees (Blockchain/Banking - 2017-09 - Fortune.com)

Microsoft is working with Israel’s Bank Hapoalim on a system that uses blockchain technology to manage digital bank guarantees. Microsoft is also using its blockchain-based Azure cloud computing platform for a recent proof-of-concept trial with shipping giant Maersk for sharing marine insurance data, to collaborate with Accenture for an ID system that could register refugees, and with Bank of America to test a system to log financial transactions.

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REVIEW THESE INFORMATIVE ARTICLES FROM 2016 – AND READ THOSE THAT INTEREST YOU

Barclays Bank facilitate first trade using blockchain technology (Blockchain/Trade Finance - 2016-09 - InternationalMan)

On September 7, 2016, Barclays facilitated a $100,000 trade of cheese and butter between Irish food company Ornua and the Seychelles Trading Company, which took less than 4 hours (compared to the current average of 10 days).

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Bank Of America to fire 8,000 (AI/Banking - 2016-06 - Zerohedge.com)

Bank of America firing 8,000 in 2016, adding to 10,000 in 2015, and more than 68,400 since 2009, also reducing branches by 1,400. Cause is digital banking reducing the need for “back office staff” and bank tellers.

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Technology reduces stocktraders by 98% (AI/Stock Trading - 2015-12 - Business Insider)

In 2000, Goldman Sachs had 600 traders in New York City making markets in US stocks. Today, that number is less than 10.

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