FESE Capital Markets Academy provides information on new technologies relevant to capital markets. It discusses key trends like artificial intelligence, cloud computing, cybersecurity, big data, distributed ledger technology, and blockchain. FESE represents 36 exchanges across Europe and lists key statistics on the size and scope of the European financial markets.
Slides for the final event of the Start2AIM project of Odisee and Vlaio: short overview of the legal challenges for the use of AI in marketing (automation)
Artificial Intelligence for Banking Fraud PreventionJérôme Kehrli
Artificial Intelligence at NetGuardians:
"From skepticism to large scale adoption towards fraud prevention"
Slides of my speech at the EPFL / EMBA Innovation Leader 2018 event.
This document provides an overview of Internet of Things (IoT) technologies and their applications. It discusses the large technology landscape around IoT, including embedded technologies in devices, communication and networking technologies to connect devices, and application technologies. It also outlines several industry use cases for IoT and ALTEN's positioning and services in this area, which include developing communicating devices, networks, information systems, mobile apps, and integration services.
"Risk Management in Open Finance Era" 26-12-2020Varlam Ebanoidze
"Risk Management in Open Finance Era"
This presentation on "Risk Management in Open Finance Era" is an attempt to visualize a New Operational Risk & Information Security strategies through industry development lenses, and simultaneously to "Zoom" into the details of operations, threats, and technical enablers for sound risk management to FIT the new paradigm of 'Open Finance'.
For example: to ensure a #ZeroTrust’ strategy and #ComposableArchitectures or even help the business to accelerate by ‘Capitalizing’ on Risk Data Value Chain and on #DifferentialPrivacy.
#RiskTech 4 #FinTech
Beyond the hype and the media-fueled apocalyptic scenarios, let's analyze what A.I really
means for the future of the industrial world.
I'll demystify what’s beyond the buzzwords of the moment, and have a close look at A.I,
Blockchain and IoT, illustrated with some real-world use-cases.
I'll finally propose a few scenarios where these three technologies could converge into the 3rd era of the Internet.
Blockchain and tokenization are coming to all asset classes and instrumentsGrow VC Group
Crypto finance and blockchain are in very early phase, ICOs are only the first wave. These models come to main stream, when we have more asset classes and instruments that are relevant for institutional investors and ordinary people. The history has show that technology disruption winners are typically new companies, it is hard for incumbents to adapt.
Slides for the final event of the Start2AIM project of Odisee and Vlaio: short overview of the legal challenges for the use of AI in marketing (automation)
Artificial Intelligence for Banking Fraud PreventionJérôme Kehrli
Artificial Intelligence at NetGuardians:
"From skepticism to large scale adoption towards fraud prevention"
Slides of my speech at the EPFL / EMBA Innovation Leader 2018 event.
This document provides an overview of Internet of Things (IoT) technologies and their applications. It discusses the large technology landscape around IoT, including embedded technologies in devices, communication and networking technologies to connect devices, and application technologies. It also outlines several industry use cases for IoT and ALTEN's positioning and services in this area, which include developing communicating devices, networks, information systems, mobile apps, and integration services.
"Risk Management in Open Finance Era" 26-12-2020Varlam Ebanoidze
"Risk Management in Open Finance Era"
This presentation on "Risk Management in Open Finance Era" is an attempt to visualize a New Operational Risk & Information Security strategies through industry development lenses, and simultaneously to "Zoom" into the details of operations, threats, and technical enablers for sound risk management to FIT the new paradigm of 'Open Finance'.
For example: to ensure a #ZeroTrust’ strategy and #ComposableArchitectures or even help the business to accelerate by ‘Capitalizing’ on Risk Data Value Chain and on #DifferentialPrivacy.
#RiskTech 4 #FinTech
Beyond the hype and the media-fueled apocalyptic scenarios, let's analyze what A.I really
means for the future of the industrial world.
I'll demystify what’s beyond the buzzwords of the moment, and have a close look at A.I,
Blockchain and IoT, illustrated with some real-world use-cases.
I'll finally propose a few scenarios where these three technologies could converge into the 3rd era of the Internet.
Blockchain and tokenization are coming to all asset classes and instrumentsGrow VC Group
Crypto finance and blockchain are in very early phase, ICOs are only the first wave. These models come to main stream, when we have more asset classes and instruments that are relevant for institutional investors and ordinary people. The history has show that technology disruption winners are typically new companies, it is hard for incumbents to adapt.
5 Predictions for Finance, FinTech and Blockchain MarketGrow VC Group
Presentation about the status and future of finance market and distributed finance services at TEN Capital event in Austin, TX. We can learn from the history and other industries, and see how the finance industry can handle its disruption.
Sotiris is currently working as Research Director with the Institute of Computer Science at the Foundation for Research and Technology - Hellas, where his research interests include systems, networks, and security. He is also a member of the European Union Agency for Network and Information Security (ENISA) Permanent Stakeholders Group! During Data Science Conference, Sotiris will talk about how data sharing between private companies and research facilities may lead to monetization.
Procurement governance and complex technologies: a promising future?Albert Sanchez Graells
This is the presentation I will give at the AGM of the UK's Procurement Lawyers Association on 6 March 2019. Its content critically assesses the impacts that complex technologies such as blockchain (or smart contracts), artificial intelligence (including big data) and the internet of things could have for public procurement governance and oversight.
07 role of network effects and digital ecosystems innov-acts-ltd
The document discusses digital platforms and ecosystems in the financial sector. It defines platforms as open infrastructures that facilitate interactions between different partners. Platforms create value through network effects, where more users make the platform more valuable. Ecosystems are networks of organizations that cooperate and compete to deliver products and services. An example is given of Citibank's digital wallet platform and its relationships within the financial services ecosystem.
The Internet of Things (IoT) is actively shaping both the industrial and consumer worlds. Smart tech finds its way to every business and consumer domain there is — from retail to healthcare, from finances to logistics — and a missed opportunity strategically employed by a competitor can easily qualify as a long-term failure for companies who don’t innovate.
Check out more articles at- https://insideaiml.com/articles
Leveraging IoT & Related Technologies in Real Estate & PropTechMobinius Technologies
PropTech refers to the digital transformation of the real estate industry through adopting technologies like IoT. IoT devices and sensors enable data-driven decision making in areas like building management, maintenance, and efficiency. Emerging technologies like predictive analytics using big data, digital twins creating virtual representations of physical buildings, and smart cities connecting infrastructure are pushing the industry forward. The future may see buildings functioning as platforms through connecting all internal systems and assets to leverage aggregated data and optimize operations.
Optimizing the Internet of Things: Key Strategies for Commercial InsurersCognizant
The Internet of Things (IoT) is having a significant effect on both consumer-facing and commercial enterprises. At the consumer level, this can be seen in the increasing number of sensor-based smart devices flooding the marketplace. Yet the biggest economic impact is in the industrial and service-based segments, including commercial insurance. By aligning their business requirements with the capabilities of the Internet of Things, insurers can sharpen operational efficiencies, open new revenue streams, drive profitable growth and keep customers close.
Impact of the General Data Protection Regulation (GDPR) on Artificial Intelligence (AI)
Impact of the General Data Protection Regulation (GDPR) on Blockchain
Impact of the General Data Protection Regulation (GDPR) on IoT
FinTech refers to any technology that helps financial institutions or consumers deliver financial services in novel and more convenient ways. Historically, banking involved long queues and paperwork, but FinTech now allows for real-time money tracking and transfers through mobile apps. Major FinTech developments over time include the credit card in the 1950s, online brokerages in the 1980s, and digital payment systems like Google Pay in the 2010s. Both opportunities and challenges exist with FinTech, such as improved convenience but also increased risks of hacking and data theft that require strong cybersecurity from financial institutions. The future of FinTech is expected to increasingly incorporate artificial intelligence and machine learning.
FinTech is more important than ever when it comes to keeping up in the rapidly changing financial industry. Technologies such as cloud computing, data analytics, Artificial Intelligence (AI) and the Internet of Things (IoT) have the potential to cut costs, retain customers and protect against cyberthreats, as long as organizations are willing to invest in them.
See more: http://ms.spr.ly/6005pvK4x
We are at the threshold of 4th industry revolution. The economy will be digital. Data will be the most important commodity. The infrastructures to collect, transmit and process data will be the determining factor of the strength of the future economy.
I have been recently been involved in a number of projects around and about the Internet of Things (IoT), smart solutions, sensors or remote control endpoints (e.g. traffic lights, cameras) and their connectivity (see Wikipedia for a basic explanation.
Initially I was wondering what IoT is all about. Is IoT like many fashions in the IT industry before (e.g. e-business, SOA, big data, virtualisation) or is it different?
The reason I have asked myself is because most of those previous trends have been announced as fundamental changes, revolutions, game-changer and paradigm shifts, while most of the time there was much smoke about very little. There was hardly any shift. The innovation was never that innovative. The IT landscape only became more complex. The expected revolution never came.
In order to collect my thoughts and put them in order I have create a presentation which I would like to share here.
Bottom line: IoT is different but not in as much as only in technology terms. There is a large part of combining some new and a lot of existing technologies in very innovative ways.
The main impact is however in the following areas:
1. The new and complex ways of doing business.
2. An increased relevance of legal aspects.
3. A change what users expect from IT and IoT in specific.
4. The extension of information security from protection and defence into policing and enforcement
5. The extension of information security to include requirements and considerations of operational safety.
It has become apparent to me that this time it is different because there is a clear impact for people using technology, not just a technological change. IoT is different and will change not only the IT industry but business and social life as a whole.
Just have a look how I think it could impact you. I hope you are entertained and inspired.
Fourth Industrial Revolution & Data Economy
AI/Blockchain/IoT/Big Data Introduction
AI/Blockchain/IoT Technology Innovation Insights from Patents
AI/Blockchain/IoT Technology Innovation Frontline
AI/Blockchain/IoT Technology Innovation vs. Privacy Protection
AI/Blockchain/IoT Business Strategy & BM Development
Startup Strategy
AI + Blockchain + IoT Technology Convergence Introduction
AI + Blockchain + IoT Convergence System Development Demo
AI + Blockchain + IoT Convergence System for Digital New Deal
Mediating and moderating factors affecting readiness to io t applications the...IJMIT JOURNAL
Although IOT seems to be the upcoming trend, it is still in its infancy; especially in the banking industry. There is a clear gap in literature, as only few studies identify factors affecting readiness to IOT applications in banks in general, and almost negligible investigations on mediating and moderating factors. Accordingly, this research aims to investigate the main factors that affect employees’ readiness to IOT applications, while highlighting the mediating and moderating factors in the Egyptian banking sector. The importance of Egypt stems from its high population and steady steps taken towards technology adoption. 479 valid questionnaires were distributed over HR employees in banks. Data collected was statistically analysed using Regression and SEM. Results showed a significant impact of ‘Security’, ‘Networking’, ‘Software Development’ and ‘Regulations’ on ‘readiness to IOT applications. Thus, the readiness acceptance level is high‘Security’ and ‘User Intention’ were proven to mediate the relationship between research variables and readiness to IOT applications, and only a partial moderation role was proven for ‘Efficiency’. The study contributes to increasing literature on IOT applications in general, and fills a gap on the Egyptian banking context in particular. Finally, it provides decision makers at banks with useful guidelines on how to optimally promote IOT applications among employees.
Future value of data world map infographic 2018Future Agenda
This is a summary of some key insights on how different experts around the world see the future value of data. It brings together the top 3 challenges, opportunities and emerging issues from each of 30 workshops held in key locations this year and highlights notable areas of global agreement as well as regional variation in views. We thank all hosts and participants for their fantastic support for the project.
Over the next few weeks we will be curating a synthesis of all the core insights, foresights and future implications to share and will then follow on with the full global report and supporting media. We hope that this initial view is useful to you and if you need more information on this project please see the varied items on the future agenda main website futureagenda.org
Technology Innovation Trends In Insurance | Navdeep Arora Navdeep Arora
This presentation talks about ‘Technology Innovation Trends In Insurance’. This covers seven themes that are reshaping supply & demand of #insurance globally, premium & profit pools are migrating across the #insurance value chain. Explains how value creation opportunities are different across mature & developing markets, how #technology & digital capabilities that target value chain effectiveness (not just scale efficiencies) offer compelling #investment opportunities. Also has #InsurTech levers and start-up examples in non-life insurance and life insurance.
Advanced PII / PI data discovery and data protectionUlf Mattsson
We will discuss using Advanced PII/PI Discovery to Find & Inventory All Personal Data at an Enterprise Scale.
Learn about new machine learning & identity intelligence technology.
You will learn how to:
• Identify all PII across structured, unstructured, cloud & Big Data.
• Inventory PII by data subject & residency for GDPR.
• Measure data re-identifiability for pseudonymization.
• Uncover dark or uncatalogued data.
• Fix data quality, visualize PII data relationships
• Apply data protection to discovered sensitive data.
This document provides an introduction and overview of new technologies in the financial sector, including artificial intelligence, cloud computing, cyber security, big data, distributed ledger technology, blockchain, and digital assets. It discusses these technologies and their applications and impact on the financial industry. Key points covered include how these new technologies can help lower costs, increase efficiency, enable new types of assets and transactions, and improve areas like fraud detection and risk management. However, it also notes that further maturation is still needed when it comes to regulations, standards, and other areas for these new technologies to reach their full potential impact.
This document discusses the industrial internet and Internet of Things (IoT), and the business opportunities they present. It provides definitions of these concepts and explains that industrial internet involves systematically applying sensor, communication, and data analysis technologies to improve productivity and create new business. It notes that major industry leaders like Cisco and GE see the industrial internet driving trillions in economic value through increased productivity, optimized asset utilization, and new business models. The document also outlines some of the challenges in realizing this potential, as well as examples of business models and technology solutions that can help companies benefit from the industrial internet.
5 Predictions for Finance, FinTech and Blockchain MarketGrow VC Group
Presentation about the status and future of finance market and distributed finance services at TEN Capital event in Austin, TX. We can learn from the history and other industries, and see how the finance industry can handle its disruption.
Sotiris is currently working as Research Director with the Institute of Computer Science at the Foundation for Research and Technology - Hellas, where his research interests include systems, networks, and security. He is also a member of the European Union Agency for Network and Information Security (ENISA) Permanent Stakeholders Group! During Data Science Conference, Sotiris will talk about how data sharing between private companies and research facilities may lead to monetization.
Procurement governance and complex technologies: a promising future?Albert Sanchez Graells
This is the presentation I will give at the AGM of the UK's Procurement Lawyers Association on 6 March 2019. Its content critically assesses the impacts that complex technologies such as blockchain (or smart contracts), artificial intelligence (including big data) and the internet of things could have for public procurement governance and oversight.
07 role of network effects and digital ecosystems innov-acts-ltd
The document discusses digital platforms and ecosystems in the financial sector. It defines platforms as open infrastructures that facilitate interactions between different partners. Platforms create value through network effects, where more users make the platform more valuable. Ecosystems are networks of organizations that cooperate and compete to deliver products and services. An example is given of Citibank's digital wallet platform and its relationships within the financial services ecosystem.
The Internet of Things (IoT) is actively shaping both the industrial and consumer worlds. Smart tech finds its way to every business and consumer domain there is — from retail to healthcare, from finances to logistics — and a missed opportunity strategically employed by a competitor can easily qualify as a long-term failure for companies who don’t innovate.
Check out more articles at- https://insideaiml.com/articles
Leveraging IoT & Related Technologies in Real Estate & PropTechMobinius Technologies
PropTech refers to the digital transformation of the real estate industry through adopting technologies like IoT. IoT devices and sensors enable data-driven decision making in areas like building management, maintenance, and efficiency. Emerging technologies like predictive analytics using big data, digital twins creating virtual representations of physical buildings, and smart cities connecting infrastructure are pushing the industry forward. The future may see buildings functioning as platforms through connecting all internal systems and assets to leverage aggregated data and optimize operations.
Optimizing the Internet of Things: Key Strategies for Commercial InsurersCognizant
The Internet of Things (IoT) is having a significant effect on both consumer-facing and commercial enterprises. At the consumer level, this can be seen in the increasing number of sensor-based smart devices flooding the marketplace. Yet the biggest economic impact is in the industrial and service-based segments, including commercial insurance. By aligning their business requirements with the capabilities of the Internet of Things, insurers can sharpen operational efficiencies, open new revenue streams, drive profitable growth and keep customers close.
Impact of the General Data Protection Regulation (GDPR) on Artificial Intelligence (AI)
Impact of the General Data Protection Regulation (GDPR) on Blockchain
Impact of the General Data Protection Regulation (GDPR) on IoT
FinTech refers to any technology that helps financial institutions or consumers deliver financial services in novel and more convenient ways. Historically, banking involved long queues and paperwork, but FinTech now allows for real-time money tracking and transfers through mobile apps. Major FinTech developments over time include the credit card in the 1950s, online brokerages in the 1980s, and digital payment systems like Google Pay in the 2010s. Both opportunities and challenges exist with FinTech, such as improved convenience but also increased risks of hacking and data theft that require strong cybersecurity from financial institutions. The future of FinTech is expected to increasingly incorporate artificial intelligence and machine learning.
FinTech is more important than ever when it comes to keeping up in the rapidly changing financial industry. Technologies such as cloud computing, data analytics, Artificial Intelligence (AI) and the Internet of Things (IoT) have the potential to cut costs, retain customers and protect against cyberthreats, as long as organizations are willing to invest in them.
See more: http://ms.spr.ly/6005pvK4x
We are at the threshold of 4th industry revolution. The economy will be digital. Data will be the most important commodity. The infrastructures to collect, transmit and process data will be the determining factor of the strength of the future economy.
I have been recently been involved in a number of projects around and about the Internet of Things (IoT), smart solutions, sensors or remote control endpoints (e.g. traffic lights, cameras) and their connectivity (see Wikipedia for a basic explanation.
Initially I was wondering what IoT is all about. Is IoT like many fashions in the IT industry before (e.g. e-business, SOA, big data, virtualisation) or is it different?
The reason I have asked myself is because most of those previous trends have been announced as fundamental changes, revolutions, game-changer and paradigm shifts, while most of the time there was much smoke about very little. There was hardly any shift. The innovation was never that innovative. The IT landscape only became more complex. The expected revolution never came.
In order to collect my thoughts and put them in order I have create a presentation which I would like to share here.
Bottom line: IoT is different but not in as much as only in technology terms. There is a large part of combining some new and a lot of existing technologies in very innovative ways.
The main impact is however in the following areas:
1. The new and complex ways of doing business.
2. An increased relevance of legal aspects.
3. A change what users expect from IT and IoT in specific.
4. The extension of information security from protection and defence into policing and enforcement
5. The extension of information security to include requirements and considerations of operational safety.
It has become apparent to me that this time it is different because there is a clear impact for people using technology, not just a technological change. IoT is different and will change not only the IT industry but business and social life as a whole.
Just have a look how I think it could impact you. I hope you are entertained and inspired.
Fourth Industrial Revolution & Data Economy
AI/Blockchain/IoT/Big Data Introduction
AI/Blockchain/IoT Technology Innovation Insights from Patents
AI/Blockchain/IoT Technology Innovation Frontline
AI/Blockchain/IoT Technology Innovation vs. Privacy Protection
AI/Blockchain/IoT Business Strategy & BM Development
Startup Strategy
AI + Blockchain + IoT Technology Convergence Introduction
AI + Blockchain + IoT Convergence System Development Demo
AI + Blockchain + IoT Convergence System for Digital New Deal
Mediating and moderating factors affecting readiness to io t applications the...IJMIT JOURNAL
Although IOT seems to be the upcoming trend, it is still in its infancy; especially in the banking industry. There is a clear gap in literature, as only few studies identify factors affecting readiness to IOT applications in banks in general, and almost negligible investigations on mediating and moderating factors. Accordingly, this research aims to investigate the main factors that affect employees’ readiness to IOT applications, while highlighting the mediating and moderating factors in the Egyptian banking sector. The importance of Egypt stems from its high population and steady steps taken towards technology adoption. 479 valid questionnaires were distributed over HR employees in banks. Data collected was statistically analysed using Regression and SEM. Results showed a significant impact of ‘Security’, ‘Networking’, ‘Software Development’ and ‘Regulations’ on ‘readiness to IOT applications. Thus, the readiness acceptance level is high‘Security’ and ‘User Intention’ were proven to mediate the relationship between research variables and readiness to IOT applications, and only a partial moderation role was proven for ‘Efficiency’. The study contributes to increasing literature on IOT applications in general, and fills a gap on the Egyptian banking context in particular. Finally, it provides decision makers at banks with useful guidelines on how to optimally promote IOT applications among employees.
Future value of data world map infographic 2018Future Agenda
This is a summary of some key insights on how different experts around the world see the future value of data. It brings together the top 3 challenges, opportunities and emerging issues from each of 30 workshops held in key locations this year and highlights notable areas of global agreement as well as regional variation in views. We thank all hosts and participants for their fantastic support for the project.
Over the next few weeks we will be curating a synthesis of all the core insights, foresights and future implications to share and will then follow on with the full global report and supporting media. We hope that this initial view is useful to you and if you need more information on this project please see the varied items on the future agenda main website futureagenda.org
Technology Innovation Trends In Insurance | Navdeep Arora Navdeep Arora
This presentation talks about ‘Technology Innovation Trends In Insurance’. This covers seven themes that are reshaping supply & demand of #insurance globally, premium & profit pools are migrating across the #insurance value chain. Explains how value creation opportunities are different across mature & developing markets, how #technology & digital capabilities that target value chain effectiveness (not just scale efficiencies) offer compelling #investment opportunities. Also has #InsurTech levers and start-up examples in non-life insurance and life insurance.
Advanced PII / PI data discovery and data protectionUlf Mattsson
We will discuss using Advanced PII/PI Discovery to Find & Inventory All Personal Data at an Enterprise Scale.
Learn about new machine learning & identity intelligence technology.
You will learn how to:
• Identify all PII across structured, unstructured, cloud & Big Data.
• Inventory PII by data subject & residency for GDPR.
• Measure data re-identifiability for pseudonymization.
• Uncover dark or uncatalogued data.
• Fix data quality, visualize PII data relationships
• Apply data protection to discovered sensitive data.
This document provides an introduction and overview of new technologies in the financial sector, including artificial intelligence, cloud computing, cyber security, big data, distributed ledger technology, blockchain, and digital assets. It discusses these technologies and their applications and impact on the financial industry. Key points covered include how these new technologies can help lower costs, increase efficiency, enable new types of assets and transactions, and improve areas like fraud detection and risk management. However, it also notes that further maturation is still needed when it comes to regulations, standards, and other areas for these new technologies to reach their full potential impact.
This document discusses the industrial internet and Internet of Things (IoT), and the business opportunities they present. It provides definitions of these concepts and explains that industrial internet involves systematically applying sensor, communication, and data analysis technologies to improve productivity and create new business. It notes that major industry leaders like Cisco and GE see the industrial internet driving trillions in economic value through increased productivity, optimized asset utilization, and new business models. The document also outlines some of the challenges in realizing this potential, as well as examples of business models and technology solutions that can help companies benefit from the industrial internet.
Blockchain and its Applications in the Finance Industry milemadinah
Blockchain and its Applications in the Finance Industry | Nida Khan the head of research | Conexcap | MILE WEBINARS
The revolution against the banking industry is taking place at a breathtaking speed with the movement spearheaded by a new breed of technology entrepreneurs. The finance industry has long been marked by complex regulations, high barriers to entry and economies of scale and this is all set for disruption by the present fintech revolution. One of the most controversial and debated topics in the finance industry is blockchain. It is the buzzword in the finance world nowadays. The rise in Google searches for the term has risen to 1900% since 2013.
This document discusses big data and how it differs from traditional small data approaches. It notes that big data requires different techniques, tools, and architectures to solve new problems or address old problems in better ways due to its larger volume, velocity, and variety. Key enablers of big data's growth include increased storage capacities, processing power, data availability, and daily data creation. Big data analytics can provide competitive advantages through examining large amounts of data to find hidden patterns and insights for better business decisions and customer satisfaction. Applications discussed include homeland security, finance, healthcare, telecom, manufacturing, and retail. The document also discusses the internet of things, its characteristics, and applications like shopping scenarios. Data mining is defined as discovering interesting patterns
A brief Overview on Finance and Technology for Solving Business problemsaraahmed870035
What is Fintech?
What is Crowd Funding/Crowd Sourcing?
Analyzing FinTech’s Dimensions.
Key Terms
Subcategories of Fintech
AI in FinTech
When Not to Use AI in Fintech
The Fintech Landscape In Pakistan
Challenges Faced By Fintech Startups In Pakistan
Get Ahead of Cyber Security by Tiffy Issac, Partner EY IndiaRahul Neel Mani
Internet of Things “IoT” can be defined as physical objects that connect to the internet through embedded systems and sensors, interacting with it to generate meaningful results and convenience to the end-user community. According to industry estimates, machine-to-machine communications
alone will generate approximately US$900 billion in revenues by 2020.
The document discusses how technology is impacting the insurance sector. It begins with an introduction of Chedid Re, a reinsurance broker, and how they utilize technology. It then covers global trends in insurance technology, including blockchain and how it can improve processes. Artificial intelligence is discussed as it applies to claims processing, marketing and underwriting. The Internet of Things is presented and how it will generate data to impact pricing, distribution and underwriting. Regulations regarding technology are also mentioned.
Harbor Research: IoT Investment Report - June 2017Harbor Research
There was a total of $1.3B invested in IoT over the month of May, and we saw a surprising amount of action in blockchain for security and artificial intelligence. Highlights included Microsoft, Cisco and Red Hat acquiring startups for their IoT security portfolios and Apple, Cisco, and Google making investments and launching funds for artificial intelligence.
Will the highly hyped technologies change telco and media industries? - Presented by Bertrand Copigneaux, IDATE at London Breakfast Club on 11 Sep 2018
*** SHARED WITH PERMISSION ***
Blockchain technology allows for decentralized organizations run through smart contracts without centralized governance. This could transform business models by facilitating long-term financing through mechanisms like crowdfunding and new forms of cooperatives organized as decentralized autonomous organizations (DAOs). However, DAOs operate in a regulatory grey area without protections of traditional legal structures, and complex algorithms may be difficult to oversee, raising issues around accountability, fraud, and compliance with laws. Greater transparency and oversight of algorithmic decision making may be needed.
VIVA Investment Partners Briefing Number 1 - Digital Securities w/Tal ElyashivJulie Meyer
Tal Elyashiv, the founder and Managing Partner of SPICE VC, the leader in investing in the digital securities ecosystem and tokenised assets, gives an overview of the investment landscape that SPICE and he have pioneered.
Evolving regulations are changing the way we think about tools and technologyUlf Mattsson
Discover the latest in RegTech and stay up-to-date on compliance tools and best practices.
The move to digital has meant that many organizations have had to rethink legacy systems.
They need to put the customer first, focus on the Customer Experience and Digital Experience Platforms.
They also need to understand the latest in RegTech and solutions for hybrid cloud.
We will discuss Regtech for the financial industry and related technologies for compliance.
We will discuss new International Standards, tools and best practices for financial institutions including PCI v4, FFIEC, NACHA, NIST, GDPR and CCPA.
We will discuss related technologies for Data Security and Privacy, including data de-identification, encryption, tokenization and the new API Economy.
Citizen centric digital and mobile-identity, personal data ecosystems and the...Dr Rachel O'Connell
This document summarizes a presentation by Dr. Rachel O'Connell on assessing security issues related to emerging digital identity, personal data, and internet of things ecosystems. She discusses how these systems are converging and creating new commercial opportunities but also pushing legal, security, and regulatory discussions into new areas. Some key points are: (1) these nascent ecosystems evolving at different rates could introduce diverse new threat vectors; (2) a siloed development approach creates perception issues that need addressing; (3) interactions between citizen-centric and machine-to-machine systems may require the most oversight. International rules may also be needed to govern cybersecurity threats and warfare in these interconnected new domains.
Blockchain the inception of a new database of everything by dinis guarda bloc...Dinis Guarda
Blockchain the inception of a new database of everything by Dinis Guarda blockchain age
Trends and questions?
1. Redefinition of banking and relation with Blockchain
Mobile App banking finance – mobile ledgers – blockchain identity
New products and the emergence of DAO products.
2. System Legacies in paralel with advanced tech - Ethereum.
3. Distribution Strategy in a new Digitalised World who own what.
4. Super computer Cloud base blochcain solutions / infrastructure.
5. Emergence of AI IOE in relation with blockchain all connected.
6. User Experience, UI, UE, Big data and the IOE blockchain touching.
7. Blockchain Cyber Security and Value Reinvention.
Global Digital Sukuk (GDS) - A basic frameworkTariqullah Khan
The document discusses the concept of digitizing sukuk using blockchain technology and cryptocurrencies, outlining some of the perceived advantages such as avoiding intermediaries, instant global transfer of ownership, and enhancing governance through smart contracts, and also addresses some of the regulatory challenges currently facing digital currencies. It proposes a framework for a global digital sukuk that could be issued on a public blockchain by a multilateral development bank to facilitate crowdfunding and investments that comply with Islamic finance principles.
Presentation by Keita Nishiyama at the OECD Global Conference on Governance Innovation which took place in Paris on 13-14 January 2020. Further information is available at http://www.oecd.org/gov/regulatory-policy/oecd-global-conference-on-governance-innovation.htm.
The document discusses the digital economy and its key components. It defines the digital economy as one largely driven by digital technologies like the internet, cloud computing, and increasingly AI. It describes the digital economy as having three layers: applications on top, enabling technologies in the middle, and fundamental infrastructure technologies on the bottom like internet and semiconductors. Major sectors transforming digitally are industry through "Industry 4.0", financial services through "fintech", and other areas through AI, big data, and cloud computing. The rise of technologies like blockchain, IoT, 5G, and HPC is critical for powering the digital economy. Both opportunities and challenges for society from the digital transformation are discussed.
the world of technology is changing at an unprecedented pace, and th.docxpelise1
the world of technology is changing at an unprecedented pace, and these changes represent business opportunities as well as challenges. Mass connectivity and faster speeds create opportunities for businesses to network more devices, complete more transactions, and enhance transaction quality. Internet Protocol version 6 (IPv6) and Internet of things (IoT) are two such technologies that represent significant opportunities for strategic cybersecurity technology professionals to create lasting value for their organizations.
IoT is the phenomenon of connecting devices used in everyday life. It provides an interactive environment of human users and a myriad of devices in a global information highway, always on and always able to provide information. IoT connections happen among many types of devices — sensors, embedded technologies, machines, appliances, smart phones — all connected through wired and wireless networks.
Cloud architectures such as software as a service have allowed for big data analytics and improved areas such as automated manufacturing. Data and real-time analytics are now available to workers through wearables and mobile devices.
Such pervasive proliferation of IoT devices gives hackers avenues to gain access to personal data and financial information and increases the complexity of data protection. Given the increased risks of data breaches, newer techniques in data loss prevention should be examined.
Increased bandwidth and increased levels of interconnectivity have allowed data to become dispersed, creating issues for big data integrity. In such a world, even the financial transactions of the future are likely to be different — Bitcoin and digital currency may replace a large portion of future financial transactions.
To survive and thrive, organizational technology strategists must develop appropriate technology road maps. These strategists must consider appropriate function, protection, and tamper-proofing of these new communications and transactions.
It will be impossible to protect data by merely concentrating on protecting repositories such as networks or endpoints. Cybersecurity strategists have to concentrate on protecting the data themselves. They will need to ensure that the data are protected no matter where they reside.:
Step2
Select Devices and Technologies
By now, you have an idea of your team members and your role on the team project. Now, it's time to get the details about the devices and technologies needed to be included in the Strategic Technology Plan for Data Loss Prevention.
You should limit the scope of this project by selecting a set of devices and technologies which are most appropriate for data loss prevention for your business mission and future success. Based on your prior knowledge of your company and based on the project roles you agreed upon in the previous step, perform some independent research on the following topics and identify a set of devices and technologies that you propose for.
Initio at World Blockchain & Cryptocurrency Summit 2018Initio
We at Initio, went to Moscow to present our vision about How Blockchain can support businesses to be compliant with these regulations? We provided leadership insights and global best market practices to answer to this major question by focusing on the 3 hot topics in EU: GDPR, MiFID and AML. Find out more about this subject in our WBC Summit Moscow slides.
Similar to FESE Capital Markets Academy - New technologies (20)
The document provides data on listed instruments from FESE members in 2021. There were over 3 times as many new listings in 2021 compared to 2020. Most new listings were from companies incorporated in Northern and Western European countries, with Sweden, Germany, the US, Norway, and France being the top countries. The majority of new listings were IPOs, while industries and technology saw the most new listings by sector. There were also significantly more delistings in 2021 compared to 2020.
The document provides an overview of listing and initial public offerings (IPOs) in Europe, noting that there are over 11,000 listed companies that have raised over €240 billion collectively. It discusses the main benefits of going public for companies and shareholders, as well as listing requirements and the typical process of an IPO. The majority of listed companies in Europe are small- and medium-sized enterprises, though they make up a smaller portion of the total market capitalization.
FESE Capital Markets Academy - What are exchanges?StephenGilmore10
1. Exchanges are market venues where investors can buy and sell different financial instruments at transparent prices, allowing companies to raise capital and investors to gain exposure.
2. Exchanges have developed over centuries, becoming central to modern economies by facilitating global trading via telegraph lines and now electronic trading.
3. Exchanges play an important social role by providing price formation, ensuring market integrity, enabling financing for the real economy, and promoting economic growth and innovation through offering diverse investment opportunities.
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After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
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Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
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Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
BONKMILLON Unleashes Its Bonkers Potential on Solana.pdfcoingabbar
Introducing BONKMILLON - The Most Bonkers Meme Coin Yet
Let's be real for a second – the world of meme coins can feel like a bit of a circus at times. Every other day, there's a new token promising to take you "to the moon" or offering some groundbreaking utility that'll change the game forever. But how many of them actually deliver on that hype?
2. FESE – Federation of European Securities
Exchanges
2 New technologies
FESE represents 36 exchanges in equities,
bonds and derivatives
13 Multilateral Trading Facilities (MTFs)
dedicated to listing and trading of SMEs
From EU member states as well as Iceland,
Norway and Switzerland
16 Full Members and 1 Affiliate Member
35 Regulated Markets
13 MTFs dedicated to SMEs
1 Affiliate Member
3. New technologies
Source: FESE and WFE, EOB turnover, 2018 data
3
Key figures: European Financial markets
~€600 tn
Options and
futures notional
turnover
~€13,000 bn
Market cap for
listed companies
~€6 tn
Bonds turnover
~€32bn
Money raised at IPO
~11,000
Listed
companies
~€8.5 tn
Equity turnover
4. Index
1. New Technologies in the Financial Sector
2. Digital Assets – A New Asset Class Era
3. Security Aspects in a Digital Asset Environment
4. Regulation of Digital Assets
New technologies
4
6. Current Technological Trends in the Financial Sector
Artificial Intelligence (AI)
Cloud Computing
Cyber Security
Big Data /
Internet of Things (IoT)
Distributed Ledger Technology (DLT) /
Blockchain (BC) /
6 New technologies
7. Big Data
“The use of massive volume of both structured and unstructured data too large to process using
traditional database and software techniques.”
Big Data covers three Vs:
Volume. Organisations collect data from a variety of sources, including business transactions, social media
and information from sensor or machine-to-machine data. In the past, storing it would’ve been a problem –
but new technologies have eased the burden.
Velocity. Data streams in at an unprecedented speed and must be dealt with in a timely manner.
Variety. Data comes in all types of formats – from structured, numeric data in traditional databases to
unstructured text documents, email, video, audio, stock ticker data and financial transactions.
7 New technologies
8. Big Data
Big Data Characteristics:
Maintain a competitive edge.
Through structure and unstructured data, complex algorithms can execute trades using a number of data
sources.
Sophistication of statistical techniques.
Chances for the Financial Industry:
Individualised customer experience within the financial services
More efficient segmentation and targeting
Optimization and automation of business processes
Improved cyber security and risk management (prevent hackers by better fraud identification)
Increased employee performance management
8 New technologies
9. Cloud Computing
“The use of various services, such as software development platforms, servers, storage and software,
over the internet, often referred to as the "cloud“.”
Cloud computing is developing fast. Estimates indicate that these developments could lead to the growth of the
European cloud market from €9.5bn in 2013 to €44.8bn by 2020, i.e. almost five times the market size in 2013.
(European Commission)
Cloud computing features for the financial industry:
Security
Cost effectiveness
Storage and big data
Scalability
Compliance
Availability of Data / Mobility
9 New technologies
10. - Combination of specific IT-
infrastructure from public and
private clouds
- For a specific organisation
- Hosting and administration can
be internally or externally (3rd
party) managed
- Similar as the public cloud,
however for a smaller audience
that shares the costs (for
example government offices)
- Access to specific IT-
infrastructure for the public.
- Renting of IT-infrastructure on a
flexible basis (pay as you use)
Cloud Computing
Public
Cloud
Community
Cloud
Private
Cloud
Hybrid
Cloud
Multi Cloud
“Provision of IT-Infrastructure with one decentralized computer network”
10 New Technologies
12. Artificial Intelligence
“A branch of computer science dealing with the simulation of intelligent behaviour in computers. Artificial
intelligence mirrors the capability of a machine to imitate intelligent human behaviour.”
Artificial Intelligence is taking the financial services industry by storm. Almost every company in the financial
technology sector has already started using AI to save time, reduce costs, and add value.
6. Pillars of AI
1. Credit
Scoring
2. Risk
Management
3. Fraud
Prevention
5. Trading
6. Personal-
ised Banking
4. Process
Automation
12 New technologies
13. Artificial Intelligence
AI impact on the financial industry:
Maximizing resources and efficiency
Replace human decision-making with more sophisticated technologies
Filtering information and analysing sentiment
Algo-trading
Robo advisers (investment & trading management)
Credit lending assessment, managed risk
Market surveillance / Fraud detection
Image recognition
13 New technologies
14. Cyber Security
“Cyber Security is a subset of information security. It specifically focuses on protecting computer systems
and their components, including hardware, software and data, and digital infrastructure from attack,
unauthorised access or being otherwise damaged or made inaccessible. Data centres, websites,
programmes, servers or accounts can all be exploited through a cyber attack.”
Increasing Digitalisation Increasing Risk for Cyberattacks
14 New technologies
15. Cyber Security
Malware
Web Based
Attacks
Web
Applicatio
n Attacks
Phising
Denial of
Service
Top 5 Threats 2018 (ENISA)
Top 5 Cyber-Attack Industries (Forbes)
2018
1. Healthcare
2. Financial Services
3. Businesses
4. Government Agencies
5. Transportation
2015
1. Healthcare
2. Manufacturing
3. Financial Services
4. Government Agencies
5. Transportation
15 New Technologies
16. Cyber Security
Average expenditures on cybercrime are increasing dramatically, and costs associated with these crimes can be
crippling to companies who have not made cybersecurity part of their regular budget.
The average cost of a malware attack on a company is $2.4 million (source: Accenture)
The three pillars of cyber security:
People - Users must understand and comply with basic data security principles
Process - Organisations must have a framework for how they deal with both attempted and successful
cyber attacks
Technology - Essential for computer security tools needed to protect themselves from cyber attacks
16 New technologies
17. Cyber Security
Web-Based Attack distribution by source Country (Q2, 2018)
Source: ENISA Threat Landscape Report 2018, Jan 2018
17 New technologies
19. INTRODUCTION
19
Financing Types According to the Legal Position of Investors
Funding source External Financing Internal financing
Equity financing Deposit- and equity funding
Profits (Self financing)
Equity release
Provision
Debt financing Credit
New technologies
20. INTRODUCTION
20
Comparison Criteria Equity Financing (Equity Finance) Mezzanin-Capital Debt Financing
Legal Justice Ownership at the company
In dependance of
the depth, equity
and debt financing
characteristics
Creditors of the company
Requirement Basis Ratio Nominalratio
Success Underlying Performance based payments Contract based payments
Limitation No Yes
Liability Yes, but limited No
Managing Control Yes, but limited No
Risk and Profit Higher compared to debt financing Lower, compared to equity financing
Financing Types According to the Legal Position of Investors
New technologies
21. INTRODUCTION
21
Financial Innovation Profit-Risk Matrix
Risk
Profit
Debt Financing
Equity Financing
Loans
Silent Partnership
Participation Certificate
Convertible Bond
Option
Does the Blockchain-Technology has key financial innovation potential?
New technologies
22. INTRODUCTION
22
„Anything that you can conceive of as a supply chain, blockchain can vastly improve its
efficiency – it doesn‘t matter if ist people, numbers, data, money.“
Ginni
Rometti,
CEO IBM
„The biggest opportunity set we can think of over the next decade.“
Bob Greifeld,
CEO
NASDAQ
„I‘ve been at this 35 years, wirting about the digital age. I‘ve never seen a technology
that I thought had greater potential for humanity.“
Don
Tapscott,
Writer
The Potential of Blockchain
New technologies
23. BLOCKCHAIN AND DISTRIBUTED LEDGER TECHNOLGIES
23
DISTRIBUTED LEDGER TECHNOLOGIE (DLT)
Distributed = Allocated
Ledger = Basis account containing information as
for example the transaction history
Nodes = Multiple computers
Peer-to-peer = Equal
BLOCKCHAIN –
ONE TYPE OF SPECIFICATION OF THE (DLT)
Storing of data in blocks
Cryptographical implementation to connect the
blocks (Hashs)
Chronological connection of the blocks
Consesus nmechanism for example Proof of work
(Bitcoin), Proof-of Stake (Ethereum)
Digital signatures (private and public keys)
New technologies
25. DIGITAL ASSETS AND CORPORATE FINANCE
25
COINS
Independent and own blockchains
Separate setup, rules and use cases
Bitcoin, Ethereum/Ether, Litecoin
TOKENS
Use of existing blockchains
More than just a digital P2P currency: corporate
participation, voting rights or preemptive rights
ERC20 Token, based on the Ethereum blockchain
A Token can turn into a Coin whenever it uses it‘s own platform and operates independently
Difference between a coin and a token
New technologies
26. DIGITAL ASSETS AND CORPORATE FINANCE
26
PAYMENT-TOKEN
represents a cryptocurrency
to be classified as private
payment solution (P2P)
UTILITY-TOKEN
provide access to the goods
& services that the project will
launch in the future
they can also be used as a
type of discount or premium
access to the goods &
services of the project
SECURITY-TOKEN
represents assets to physical
underlyings, companies,
earnings streams, dividends or
interest payments
very similar to equities,
bonds or derivatives
Utility-Tokens and Security-Tokens are often called to be attained through ICOs
THE COINS/TOKENS ARE KEY ELEMENT IN CORPORATE FINANCE USE CASES
New technologies
27. DIGITAL ASSETS AND CORPORATE FINANCE
27
Own Coin
Initial Coin
Offering (ICO)
Unit of account
Cryptocurrency
Other Token
Payment-
Token
Initial Token
Offering (ITO)
Unit of account
Cryptocurrency
Utility-
Token
Utility Token
Offerings (UTO)
Digital coupon
Promised benefits
Security-
Token
Security Token
Offerings (STO)
Digital security
Promised participation
BLOCKCHAIN ATTAINED THROUGH EXPLANATION
CORPORATE
FINANCE CONTEXT
Earlier sales
in terms of time
Earlier sales
in terms of time
Earlier sales
in terms of time
Issuance of
securities
Primary Market
Is often referred
to as ICO
New technologies
28. DIGITAL ASSETS AND CORPORATE FINANCE
28
CORPORATE FINANCE WORLD WITH & W/O BLOCKCHAIN
THE MAIN DIFFERENCE & ADVANTAGES ARE COMING FROM THE TECHNICAL PROCESS
Criteria Corporate Finance without Blockchain Corporate Finance with Blockchain
Table of classification of financial
instruments
External & internal financing
External financing (STO)
Internal financing (ICO/ITO, UTO)
Accounting standards (IFRS/IAS) IFRS 9, IFRS 15, IAS 32 IFRS 9, IFRS 15, IAS 32
Organisational process of issuing an
asset
Typically 10 steps (e.g. term sheets, legal
documents, marketing, listing)
Typically 10 steps (e.g. term sheets,
legal documents, marketing, listing)
Technical process of issuing an asset Investmentbank & Custody with key role
No Investmentbank & Custody needed
any more
New technologies
29. DIGITAL ASSETS AND CORPORATE FINANCE
29
Issuer
(e.g. Company)
Investmentbank
Custody
(e.g. Clearstream)
Investor A
Trading Bank /
Broker
Investor B
Exchange
Legal ownership
(rechtliches Eigentum)
under Investmentbank
Beneficial ownership
(wirtschaftl. Eigentum)
held by custodian
Record of Assets
held for clients
Record of money
held for clients
Beneficial ownership
transferred to Investor
Constant exchange of
information
Trading Bank /
Broker
Trading Bank /
Broker
Primary Market Secondary Market
MAIN DIFFERENCES: TECHNICAL PROCESS OF TOKEN-ISSUING
New technologies
30. DIGITAL ASSETS AND CORPORATE FINANCE
30
MAIN DIFFERENCES: TECHNICAL PROCESS OF TOKEN-ISSUING
Issuer
(e.g. Company)
Blockchain Blockchain
Investor A
Trading Bank /
Broker
Investor B
Exchange
Legal & beneficial
ownership can be
allocated on a
Blockchain
Constant exchange of
information
Trading Bank /
Broker
Trading Bank /
Broker
Primary Market Secondary Market
Record of assets & money held for clients can be
allocated on Blockchain (clearing and settlement)
New technologies
31. BENEFITS AND RISKS
31
THERE MUST BE SOME ADVANTAGES CONCERNING TOKEN FINANCING
BIGGEST MOVEMENTS WITHIN THE LAST FEW YEARS
CUMULATIVE ICO FUNDING
New technologies
32. BENEFITS AND RISKS
32
Lower
transaction costs
Shared infrastructure
(shared settlement layer)
Any time,
from anywhere
Faster
transactions
Programmable assets
(Smart Contracts)
Issuers get direct access
to investors
GENERAL ADVANTAGES OF TOKEN FINANCING
New technologies
33. BENEFITS AND RISKS
33
PAYMENT-TOKEN/COIN
Completely new financial
product
Reliable Market-pre-test of
business idea on which the
coin/token is sold
Tradable on a secondary
with higher liquidity
UTILITY-TOKEN
Completely new financial
product
Reliable Market-pre-test of
business idea on which the
coin/token is sold
Tradable on a secondary
with higher liquidity
SECURITY-TOKEN
Lower barrier of entry
(Platforms like TokenizEU
established worked-on legal
structures of conducting
offerings, which brings down
costs)
Fractional ownership
(Tokens can be fractionalized
into smaller units)
BLOCKCHAIN BRINGS HIGH POTENTIAL FOR CORPORATE FINANCE
New technologies
34. BENEFITS AND RISKS
34
39.970 bn $
AND THE MARKET IS STILL AN ABSOLUTE NICHE
BECAUSE OF ADVANTAGES TOKENISATION IN FINANCE WILL FORGE AHEAD
175b
n $
CRYPTO
ASSETS
830 bn $
UNICORN
STARTUPS
7.700 bn $
PHYSICAL
GOLD
MSCI
WORLD
New technologies
35. BENEFITS AND RISKS
35
ESPECIALLY COST REDUCTION IS A MAJOR TOPIC
MAIN FINDING IS …
that the unit cost of financial intermediation in the
U.S. has remained around 2% for the past 130
years
similar unit costs in other major countries
(Germany, U.K., France)
Improvements in information technologies until
now have not been passed through to the end
users of financial services
THERE IS A FINTECH OPPORTUNITY AT THE MOMENT
New technologies
36. BENEFITS AND RISKS
36
BUT THERE IS STILL A LONG WAY
THERE ARE SOME CATCHING-UP TO DOS CONCERNING TOKENISED CORPORATE FINANCE
KEY
ROLE
MATURITY
Primary Market Secondary Market Custodian / Clearing Regulation Standards Standardization
New technologies
37. SUMMARY AND QUESTIONS
37
Definition of ICO Corporate Finance Still a niche market
The most ICOs should be
correctly named ITO,
because of issuing tokens
on existing blockchains
like Ether (and not on own
blockchain)
Token Issuing fits well
into our existing
models explaining
Corporate Finance
Accounting Standards
(balance sheet) Table of
classification, process
of issuance
The market of
tokenisation is still
underdeveloped with a
huge potential
Non digital assets
could be digitalised in
the future
Innovation Power
Tokenisation brought up
some new financial
products
But the real potential
comes technically:
lower transaction costs,
shared infrastructure and
internationalisation
KEY LEARNINGS
New technologies
38. SUMMARY AND QUESTIONS
38
FUNNY TAKEAWAY FOR YOUR WEEKEND: PRICE CHART OF LONG ISLAND ICED TEA CORP.
+ 500 %
New technologies
39. SUMMARY AND QUESTIONS
39
FUNNY TAKEAWAY FOR YOUR WEEKEND …
Long Island Iced Tea Corp. Long Blockchain Corp.
+ 500 %
New technologies
41. TRADING OF DIGITAL ASSETS
41
• Blockchain is a decentralised system that links several users by the underlying
distributed ledger technology.
• The decentralised database links each user and enables insights into every
transaction within that blockchain.
• Every user ownes an identical duplicate of the database.
• A specific amount of transactions are stored in blocks. Each block gets furthermore
added to a previous block that is currently the last block within the „chain of
blocks“.
• Information that is stored in a block can not be changed afterwards.
Basis: Blockchain Technology
Central Decentral
New technologies
42. TRADING OF DIGITAL ASSETS
42
Public Key Private Key
e-Wallet
Access to see the content of the wallet
Analogy: ISIN to see the price of a stock
Access to the wallet
Analogy: Access code for a debit/credit
card at a ATM
Software to store
Public Key, Personal Wallet and Private Key
New technologies
43. TRADING OF DIGITAL ASSETS
43
Key Ownership
The private key has to be kept secure
Whoever gains the private key, gains
access to the whole wallet
51% Attacks
Double spending possibility
Risk of spending the same coin twice
Code Error
Errors in the source code enable an easy
access for hackers and lead to serious
consequences
Fraud
Social Engineering
Sim-Card fraud shuts down the two factor
authentification system
Phishing
Duplication of exchanges enables hackers
access to data
Exit Scam
Shut down of ICO Projects due to
collected cryptocurrencies
Fraud
Fraud
Challenges and Security
New technologies
44. Desktop Wallet
with an USB (Dongle)
Online Wallet (Internet)
Mobile Wallet (Mobile Phone)
Desktop Wallet (Program)
Hardware Wallet
(USB with access code)
Paper Wallet
TRADING OF DIGITAL ASSETS
44
online offline
HOT COLD
Solutions – different types of wallets
New technologies
45. Multisignature (Multisig) defines the process of the necessity to use more than only one key in
order to authorise a transaction.
The genereal reason of Multisigs, is to split the responsibility of Bitcoin ownership
TRADING OF DIGITAL ASSETS
45
Multisig wallets increase the security, especially within the business environment
Analogy: Four-eye-principle
Solutions – multi signature wallets
New technologies
46. TRADING OF DIGITAL ASSETS
46
Recovery Mnemonic Phrase is the possibility to
re-create a lost private key
Solutions – recovery mnemonic phrase
New technologies
48. MOTIVATION
Eva Kailin (Member of the European Parliament)
We do not want to stop innovation,” she explains. “The resolution[1] is a roadmap to support this
very exciting technology. We [the European Parliament] have shown that we are open-minded.” (…)
“By its nature, blockchain technology doesn’t recognize borders,” she says. “It’s unstoppable. You
will be disrupted if you don’t try to understand it. Instead you need to see the potential.”
Source: Ripple (2019): What’s on the Regulatory Horizon for Digital Assets in the E.U.?
1: European Parliament resolution on distributed ledger technologies and blockchains: building trust with disintermediation (3 October 2018)
European Securities and Markets Authority (ESMA)
ICOs are highly speculative investments. ICOs, depending on how they are structured, may fall
outside of the regulated space, in which case investors do not benefit from the protection that
comes with regulated investments. ICOs are also vulnerable to fraud or illicit activities, owing to
their anonymity and their capacity to raise large amounts of money in a short timeframe.
Source: ESMA (2017): ESMA alerts investors to the high risks of Initial Coin Offerings (ICOs)
48 New technologies
49. Policy makers and regulators are working on a number of fronts, directly addressing issues arising
from digital assets. Examples are …
OPEN REGULATORY QUESTIONS
49
Promote
Innovation
Financial
Stability
Anti-
Money-
Laundering
Market
Infra-
structure
Investor
Protection
Bank
Exposures
How to adapt new rules without
hindering innovation?
Which regulatory gaps need
to be addressed to ensure
sufficient investor
protection?
Do digital assets pose
a immediate threat
to the financial
stability of the euro
area?
What is the best way to combat illegal
activities such as money laundering?
Which rules are
necessary to ensure
orderly primary and
secondary markets and
custodian services?
What is an appro-
priate risk
management
framework for
financial institutions?
Focus in the following
New technologies
50. 2013 2018 2019
EUROPEAN INITIATIVES
- Incomplete –
for discussion only
Oct.2018 EU Parliament
resolution on DLT and
blockchains
• Feb.2018 European
Blockchain Observatory and
Forum
• Mar.2018 FinTech Action
Plan by EU COM
Dec.2017 ESMA
statement to
highlight ICO risks
for investors and
firms
Oct.2018 ESMA
SMSG own initiative
report on ICOs and
crypto assets
Apr.2019 Launch of the
International Association
of Trusted Blockchain
Applications (INATBA)
• Jan.2019 ESMA
statement
crypto assets
need a common
EU-wide
approach (…)
• Jan.2019 EBA
report on
crypto-assets
May.2018 Digital
wallet providers
and exchanges are
regulated by the
Fifth Money
Laundering
Directive (“5MLD”)
starting from Jan.
2020
May.2019 ECB
Crypto-Assets
Task Force
paper on
crypto-assets:
Implications for
financial
stability,
monetary
policy, and
payments and
market
infrastructures
Jul.2018 EU
Parliament
Policy
Department on
virtual
currencies and
central banks
monetary
policy:
challenges
ahead
Dec.2013 EBA
warns consumers
on virtual
currencies
Policy makers and regulators have taken great interest in these new markets
50
Dec.2019 COM
consultations
on:
• Crypto-assets
• Digital
operational
resilience
framework
Jan.2020 COM 2020 Work
Programme which includes
AI, FinTech, cybersecurity,
and crypto-assets.
New technologies
51. Commission Consultations
51
• EU regulatory framework for crypto-assets
• Classification of crypto-assets
• Crypto-assets that are not currently covered by EU
legislation
• Crypto-assets that are currently covered by EU legislation
• MiFID II – MAR – SSR – Prospectus R – CSDR –
EMIR – (…)
• Digital Operational Resilience Framework
• ICT and security requirements
• ICT and security incident reporting requirements
• Digital operational resilience testing framework
• Oversight of third-party providers
• Interaction with the Security of Network and Information
Systems (NIS) Directive
• Potential impacts
Deadline: 19th March 2020
New technologies
52. Commission Work Programme 2020
52
- Examples –
for discussion only
• A European approach to Artificial Intelligence
• White Paper on Artificial Intelligence (non-legislative, Q1 2020)
• Digital services
• Digital Services Act (legislative, incl. impact assessment, Article 114
TFEU, Q4 2020)
• Increasing cybersecurity
• Review of the Directive on security of network and information
systems (NIS Directive) (legislative, incl. impact assessment, Article
114 TFEU, Q4 2020)
• Digital finance
• Action Plan on FinTech including a Strategy on an Integrated EU
Payments Market (non-legislative, Q3 2020)
• Proposal on Crypto Assets (legislative, incl. impact assessment,
Article 114 TFEU, Q3 2020)
• Cross-sectoral financial services act on operational and cyber
resilience (legislative, incl. impact assessment, Article 114 TFEU,
Q3 2020)
New
Initiatives
New technologies
53. NATIONAL INITIATIVES
53
Framework for ICOs and
digital assets services
providers by the Action
Plan for Business Growth
and Transformation (PACTE)
New regulatory framework:
Innovative Technology
Arrangements and Services
(ITAS) and Virtual Financial
(VFA) Act
How DTL, ICOs and digital asset trading are regulated in various European countries – some insights
into crypto regulations
Currently consulting
on regulatory reforms
Swiss government
suggests amending
existing laws in a bid to
enhance Switzerland’s
status as a blockchain-
friendly country
- Examples –
for discussion only
New technologies
57. LIST OF SOURCES
57
• BlockSize Capital (2019): Asset tokenization – the future of capital markets, STO-Day, Frankfurt am Main, 17. April 2019
• Cohen/Smith/Arulchandran/Sehra (2018): Automation and blockchain in securities issuances, in: Butterworths Journal of
International Banking and Financial Law
• Comistar Global (2019): Security Token Offerings (STO) VS Initial Public Offerings (IPO), URL:
https://medium.com/@Comistar/security-token-offerings-sto-vs-initial-public-offerings-ipo-6a8885ee721a
• ICO Tracker (2019): ICO Tracker, URL: https://www.coindesk.com/ico-tracker
• Lindenpartners (2019): How to run a successful STO – A legal perspective, STO-Day, Frankfurt am Main, 17. April 2019
• Perridon/Steiner/Rathgeber (2009): Finanzwirtschaft und Unternehmung, 15. Auflage, Vahlen Verlag
• Philippon (2017): The FinTech Opportunity, BIS Working Papers No 655
• PWC (2019): IFRS für die Praxis. Rechnungslegung von Krypto-Assets und zugehörigen Transaktionen
New technologies