Presentation first given to a roundtable talk at the Sim Kee Boon Institute at Singapore Management University (http://http://skbi.smu.edu.sg/) on March 5, 2015. Additional notes, references and citations are in the comments of each slide. I would like to thank Arthur Breitman, Andrew Geyl (Organ of Corti), Yakov Kofner, Raja Ramachandran and John Whelan for their feedback and comments on several slides.
Fintech and Transformation of the Financial Services IndustryRobin Teigland
Slides from our FinTech day as part of the Entrepreneurship & Innovation Concentration in the Stockholm School of Economics Exec MBA program in Stockholm, Sweden.
The digital banking report for 2016 has some interesting insights for the banking industry for this year. Here is a short look at the top 10 trends that are defining the industry.
FinTech: The revolution is here!
In this session, we will introduce fintech and discuss the eight key innovations in fintech that are revolutionizing how companies are doing business. This session is geared towards fintech enthusiasts and financial industry professionals who are intrigued and fascinated by the innovations in fintech and would like to learn and adapt to the new realities of the 21st century
Role of Financial Technology in Banking. This ppt describes the impact of Fintech in Banking and the new technologies that are disrupting the banking and financial services. This also includes the need for innovation in the banking sector. Fintech i.e. Financial technology plays an important role in the banking sector. Retail banking, financial technology, Fintech, innovations, Technologies, Imoact of Fintech in banking.
Fintech and Transformation of the Financial Services IndustryRobin Teigland
Slides from our FinTech day as part of the Entrepreneurship & Innovation Concentration in the Stockholm School of Economics Exec MBA program in Stockholm, Sweden.
The digital banking report for 2016 has some interesting insights for the banking industry for this year. Here is a short look at the top 10 trends that are defining the industry.
FinTech: The revolution is here!
In this session, we will introduce fintech and discuss the eight key innovations in fintech that are revolutionizing how companies are doing business. This session is geared towards fintech enthusiasts and financial industry professionals who are intrigued and fascinated by the innovations in fintech and would like to learn and adapt to the new realities of the 21st century
Role of Financial Technology in Banking. This ppt describes the impact of Fintech in Banking and the new technologies that are disrupting the banking and financial services. This also includes the need for innovation in the banking sector. Fintech i.e. Financial technology plays an important role in the banking sector. Retail banking, financial technology, Fintech, innovations, Technologies, Imoact of Fintech in banking.
Fintech App Ideas to Consider in 2021 for StartupsQSS Technosoft
If you are looking to begin your startups on financial platforms you must aware of some most incredible fintech app ideas. In these slides, we have explained exceptional fintech app ideas for business startups.
FinTech: Business Opportunity or Disruptor? - tryb @ FIDE Forum KL 4 Aug 2016tryb
tryb was invited to speak to 90+ Board of Directors of Malaysia Financial Institutions. In 90 min the audience learned about the impact of technology in finance, how banks respond to the trends and what kind of technology companies tryb sees in the market.
If you want to know about fintech then you must check out this presentation. Here you will get the basic points about fintech or technology in finance. A fintech is an abbreviated form of Financial Technology. It is also used as a collective term for all the technology in the financial sector. From a technical perspective, it is the seamless integration of technology in the finance sector to produce fast, accurate & efficient solutions for both consumers and businesses.
Business Opportunities in Fintech and BlockchainSaeed Al Dhaheri
This presentation was given at the Etisalat Academy Blockchain Symposium. It highlights how fintech and blockchain technologies are disrupting the financial services industries and other vertical domains as well. It also highlights the important features of blockchain and discusses the business opportunities. It briefly explains types of blockchain and the difference between public and private blockchain ledgers. It talks about the world most major initiatives including Dubai blockchain strategy and provide some examples from current PoC projects in UAE.
We’re growing our compliance team, Ocean’s 11 style. Are you in? Ping us via goodguys@ariv.al - compliance is sexy, and Arival Bank and A.ID knows it: http://bit.ly/2xBj5Qk
I delivered a talk on application of Artificial Intelligence in Fintech to the visiting students of University of Applied Sciences, Wurzburg-Schweinfurt, Germany at Christ University
Unleashing the o2 o business when the local mobile payment services are takin...Emil Chan
A presentation to 150 retail business executives on behalf of the Association of Cloud and Mobile Computing Professionals at the PCCW conference room on 9 Oct 2015.
Initial Country Offering: How To Build Government-In-The-Cloud or Country-As-...Vladislav Solodkiy
Overview of blockchain-based GovTech startups and trends by Life.SREDA VC, The BB Fund and Arival bank. Article on CoinTelehraph: https://goo.gl/ea6reR
In this presentation I talk about the state of the digital currency economy in mid 2020, including my unique perspective as CEO of Gilded, a B2B payment solution using digital currency.
I also discuss what it will take to get the flywheel moving and grow the digital currency economy in 2021 and beyond.
By the numbers: understanding value transfers to and from ChinaTim Swanson
This presentation is based on a combination of research for Melotic, for SKBI in Singapore and for the "Blockchain Global Impact" Stanford conference held in March 2015.
The question that led to the market research was, "Can blockchains positively impact areas such as remittances?"
References and citations can be found in the notes of each slide.
The tech landscape surrounding distributed ledgersTim Swanson
This is an abbreviated presentation based on R3CEV research first publicly shown at the Gaiax – Blockchain University event “Blockchain Summit” held in Tokyo on December 18, 2015: http://gaiax-blockchain.com
All citations and references can be found here: http://www.ofnumbers.com/2015/12/19/the-evolving-distributed-ledger-tech-landscape/
Copyright R3CEV 2015 All Rights Reserved
Fintech App Ideas to Consider in 2021 for StartupsQSS Technosoft
If you are looking to begin your startups on financial platforms you must aware of some most incredible fintech app ideas. In these slides, we have explained exceptional fintech app ideas for business startups.
FinTech: Business Opportunity or Disruptor? - tryb @ FIDE Forum KL 4 Aug 2016tryb
tryb was invited to speak to 90+ Board of Directors of Malaysia Financial Institutions. In 90 min the audience learned about the impact of technology in finance, how banks respond to the trends and what kind of technology companies tryb sees in the market.
If you want to know about fintech then you must check out this presentation. Here you will get the basic points about fintech or technology in finance. A fintech is an abbreviated form of Financial Technology. It is also used as a collective term for all the technology in the financial sector. From a technical perspective, it is the seamless integration of technology in the finance sector to produce fast, accurate & efficient solutions for both consumers and businesses.
Business Opportunities in Fintech and BlockchainSaeed Al Dhaheri
This presentation was given at the Etisalat Academy Blockchain Symposium. It highlights how fintech and blockchain technologies are disrupting the financial services industries and other vertical domains as well. It also highlights the important features of blockchain and discusses the business opportunities. It briefly explains types of blockchain and the difference between public and private blockchain ledgers. It talks about the world most major initiatives including Dubai blockchain strategy and provide some examples from current PoC projects in UAE.
We’re growing our compliance team, Ocean’s 11 style. Are you in? Ping us via goodguys@ariv.al - compliance is sexy, and Arival Bank and A.ID knows it: http://bit.ly/2xBj5Qk
I delivered a talk on application of Artificial Intelligence in Fintech to the visiting students of University of Applied Sciences, Wurzburg-Schweinfurt, Germany at Christ University
Unleashing the o2 o business when the local mobile payment services are takin...Emil Chan
A presentation to 150 retail business executives on behalf of the Association of Cloud and Mobile Computing Professionals at the PCCW conference room on 9 Oct 2015.
Initial Country Offering: How To Build Government-In-The-Cloud or Country-As-...Vladislav Solodkiy
Overview of blockchain-based GovTech startups and trends by Life.SREDA VC, The BB Fund and Arival bank. Article on CoinTelehraph: https://goo.gl/ea6reR
In this presentation I talk about the state of the digital currency economy in mid 2020, including my unique perspective as CEO of Gilded, a B2B payment solution using digital currency.
I also discuss what it will take to get the flywheel moving and grow the digital currency economy in 2021 and beyond.
By the numbers: understanding value transfers to and from ChinaTim Swanson
This presentation is based on a combination of research for Melotic, for SKBI in Singapore and for the "Blockchain Global Impact" Stanford conference held in March 2015.
The question that led to the market research was, "Can blockchains positively impact areas such as remittances?"
References and citations can be found in the notes of each slide.
The tech landscape surrounding distributed ledgersTim Swanson
This is an abbreviated presentation based on R3CEV research first publicly shown at the Gaiax – Blockchain University event “Blockchain Summit” held in Tokyo on December 18, 2015: http://gaiax-blockchain.com
All citations and references can be found here: http://www.ofnumbers.com/2015/12/19/the-evolving-distributed-ledger-tech-landscape/
Copyright R3CEV 2015 All Rights Reserved
Buckets of Permissioned, Permissionless, and Permissioned Permissionlessness ...Tim Swanson
This was first presented on July 20, 2015 at Infosys in Mysore, India with the Blockchain University team. It is a heavily modified version of a previous presentation covering the distributed ledger landscape. All citations and references can be found in the notes.
First presented on June 27, 2015 for Blockchain University hosted at PricewaterhouseCoopers in San Francisco. [Video: https://www.youtube.com/watch?v=8-OxnJip-bA ] Additional notes, references and citations are in the comments of each slide. I would like to thank Arthur Breitman, Richard Brown, Alexandre Callea, Pinar Emirdag, Andrew Geyl, Dave Hudson, Hyder Jaffrey, Yakov Kofner, Antony Lewis, Todd McDonald, Piotr Piasecki, Robert Sams and John Whelan for their feedback.
This was first presented on July 20, 2015 at Infosys in Mysore, India with the Blockchain University team. Additional references and citations are in the notes section.
This was first presented on July 22, 2015 at Infosys in Mysore, India with the Blockchain University team. All citations and references can be found in the notes.
Video: https://www.youtube.com/watch?v=9mVcWps1VQ0
First presented at the Ethereum Palo Alto meetup on August 7, 2016: http://www.meetup.com/EthereumSiliconValley/events/233053122/
All citations and references can be found in the Notes section.
I would like to thank Ian Grigg for his constructive feedback on these slides.
The Continued Existence of Altcoins, Appcoins and Commodity coinsTim Swanson
[Video: https://www.youtube.com/watch?v=fBuwc3yu6sI]
Tim Swanson discusses altcoins, appcoins, commodity coins, bitcoin 2.0, future protocols, legal and technical challenges and opportunities for developers and the economic incentives for why coins are created. First presented at Plug and Play Tech Center in Sunnyvale on September 23, 2014 for the Bitcoin Meetup. Citations and references in the notes section. More information at: www.ofnumbers.com
Philippe Gelis, CEO & Co-Founder of Kantox, talking about the next 10 years in Fintech; A new co-petitive eco-system starts emerging within the financial sector
Overview of industry trends and insights of Fortune 500 companies and startups' activities in the FinTech space. We cover banking tech (security, crm, analytics), payments (pos, money transfer, commerce), cyber currency (blockchain, bitcoin, wallets, cryptocurrency exchanges), business finance (lending, crowdfunding), personal finance (lending, wealth management, mortgage, credit), and alternative cores (banking, insurance).
Semi-global Leaderless Consensus with Input Saturation Constraints via Adapti...IJRES Journal
In this paper, the problems of semi-global leaderless consensus for continuous-time multi-agent
systems under input saturation restraints are investigated. We consider the leaderless consensus problems
under fixed undirected communication topology. New necessary synthesis conditions are established for
achieving semi-global leaderless consensus via the distributed adaptive protocols, which is designed by utilizing
low gain feedback tactics and the relative state measurements of the neighboring agents. Finally, simulation
results illustrate the theoretic developments.
VanFUNDING 2016: How tech is changing capital formation in commercial real e...Craig Asano
Real estate panel discussion on how financial technology is changing traditional ways of raising capital for commercial real estate projects. Moderator, Amar Nijjar, CEO-Founder, R2Crowd leads a discussion with Thomas Beyer
Founder, Prestigious Properties, Diane Delves
President and CEO, Quantum Properties and Nadja Gehriger
Vice President, SwissReal Group
Branching out: FinTech, rising CRE costs driving design strategy for U.S. banksJLL
A JLL research study of recent office and retail leasing activity among banks and financial services firms across the U.S. and Canada identified several trends for 2015.
Explore the top three trends here and see the impact to banking and financial services real estate.
A presentation highlighting some of the problems with banking technology and how new Financial Technology start ups are tranforming financial services for the better.
Tracxn Research — Crowdfunding Landscape, November 2016Tracxn
Equity and reward based crowdfunding platforms were also the top funded business models in this sector from a historical perspective so far. The sector also witnessed acquisition activity with three buyout deals. Y Combinator, 500 Startups, Collaborative Fund, SV Angel and Techstars emerged as the most active investors by deal volume.
The Backbase webinar slides on Wednesday, 30th March: Embrace FinTech with Jouk Pleiter and Jelmer de Jong.
In this webinar, Jouk Pleiter and Jelmer de Jong of Backbase will talk about how banks turn the threat into opportunity and embrace fintech. Fintech is a hot market. All around the world, startups are launching, challenger banks are formed, and fintech is on everybody's lips. In this free webinar, we reveal how banking and financial services can learn from these new fintech players, and how banks can use fintech companies and fintech vision to accelerate their own digital transformation, with strong focus on:
How to leverage fintech in your digital strategy.
The emerging Banking as a Service (BaaS) model.
The impact of the open fintech API ecosystem.
Initiating rapid business innovation.
Real-world examples.
General introduction to FinTech.
What you will learn by reading this presentation:
> What is FinTech
> Why it works
> Where it works
> How it might impact you
Looking forward to reading your comments
Investing In Blockchain Startups - A Guide For Angels & VCs Jamie Burke
A presentation by Jamie Burke at www.blockchainangels.eu meetup (11 02-16) for angel and VC investors wanting to understand opportunity & risk in the space.
Blockchain for Executives, Entrepreneurs and InvestorsFenbushi Capital
A brief summary of key issues that executives, entrepreneurs and investors across all industries should be aware of when considering blockchain.
First presented 8 June 2018 at the Longhash Incubator in Singapore.
Originally presented on November 5, 2014 at the Inaugural CAIA-SKBI Cryptocurrency Conference 2014 hosted at Singapore Management University: http://skbi.smu.edu.sg/conference/111726?itemid=5806
Citations and references found in the notes of each slide.
Abstract:
With nearly six years of empirical data and use-cases behind the Nakamoto consensus method the community has observed that a cryptocurrency economy behaves differently than originally envisioned and intended. What has arisen from these half-a-decade of physical interactions is a nearly complete rollback of the primary attributes embodied within the first of these Nakamoto consensus protocols, Bitcoin – to the point where it may best to refer to it as Bitcoin-in-name-only (BINO). Consequently there are two other challenges within this existing BINO framework: (1) the diametrically opposed forces of speculative demand versus transactional demand; (2) decoupling coins from the ledger altogether. This presentation discusses several proposed solutions to the challenges currently being devised by a multitude of teams.
This provides a deep intro to the blockchain technology, and explores several use-cases within healthcare where it could lead to disruption and add value
8 areas for PMF and IMF with blockchains_.pptxTim Swanson
First presented at the 2nd Annual Sora Economics conference on September 23, 2022: https://soranomics.com/
Video of presentation: https://www.youtube.com/watch?v=5aDSWXxQciA
The Nuances of Tokenization: A brief explanation on attempts from this past d...Tim Swanson
There are many misconceptions surrounding the world of NFTs. To fully understand how (art-related) NFTs arose we need to look back at the history of tokenization and fungible tokens as a whole. This brief overview was first presented at the Web 3.1 Unconference on February 28, 2022: https://web31.xyz/
DeFi's dependency on the U.S. banking systemTim Swanson
First presented on June 22, 2021 at SORA Economic Forum. Discusses collateral-backed "stablecoins" that rely on the U.S. financial system. See also Daistats.com for up-to-date charts.
By several measures Binance Smart Chain (BSC) has seen a lot of growth since it first launched nearly six months. This presentation was to give some context around the evolution of the BNB token and how it interacts with a couple of different chains (namely Binance Chain and BSC). This was first presented on February 19, 2021
Technology to help regulators and compliance departments has been in development and deployment for several decades. Why do some of the laws exist in the first place? And in the world of anarchic cryptocurrencies, what have market participants done to become compliant or non-compliant with laws surrounding identification and sanctions screening?
This presentation looks at coin intermediaries (commonly called cryptocurrency exchanges) and the various problems and challenges that have occurred over their existence. This includes hacks, insider thefts, exit scams, and facilitating money laundering.
This was first presented at Boston University on April 23, 2019. References are in the speaker notes.
B-words and financial market infrastructuresTim Swanson
This presentation provides a general overview of financial market infrastructures (FMI) and how blockchains can be used to remove intermediaries in capital markets. It also briefly looks at several companies and consortia with respect to their differences and similarities. Lastly, it describes a novel solution in the form of "decentralized financial market infrastructure" that was first proposed in 2018.
This was first presented at the Ethereum Silicon Valley meetup in Santa Clara hosted at Mindrome on April 9, 2019. References are in the speaker notes.
First presented at Anderson Kill's 1st Annual Blockchain and Virtual Currency Conference on May 23, 2018 in New York City.
Note: my presentation provided additional color to the key topic presented earlier by Stephen Palley who actually defines "dead token litigation."
See: https://www.andersonkill.com/Event-Details/EventID/1212
Part of a panel conversation, first presented at the UC Berkeley Blockchain Course on April 23, 2018
https://www.eventbrite.com/e/uc-berkeley-blockchain-course-guest-panel-series-v-blockchain-in-2040-tickets-45226658152#
First presented on April 4, 2018 at Deconomy event in Seoul, South Korea. Based on a previous presentation on the same topic at the Smart Cloud event held on September 21, 2016 also in Seoul.
Distributed Ledger Technology as Financial Market InfrastructureTim Swanson
Keynote first presented at "The Future of Financial Payment Services Driven by Technology Innovation" on November 22, 2016 from Korea Finance Telecommunications & Clearings Institute (KFTC) 30th Anniversary Seminar in Seoul, South Korea.
Making Lemonade out of Lemons: Squeezing utility from a proof-of-work experimentTim Swanson
[Note: references and citations can be found in the notes section of the slides]
First presented at the R3 Cryptocurrency Round Table on December 11, 2014 in Palo Alto. Covers "Bitcoin 2.0" ideas including alternative consensus mechanisms, costs of operating decentralized ledgers, use-cases for these new ledgers within existing financial institutions and potential hurdles including disproportional rewards.
[Video: https://www.youtube.com/watch?v=JZrwIlB6SVA ]
[Paper: http://www.ofnumbers.com/wp-content/uploads/2014/04/Learning-from-Bitcoins-past.pdf ]
Tim Swanson discusses sidechains, merged mining, blockchain 2.0, bitcoin information security. bitcoin thefts and potential use-cases for the network. First presented at Stanford on April 28, 2014 for the Symbolic Systems 150 course. Citations and references in the notes section. More information at: www.ofnumbers.com
Future Opportunities and Economic Challenges for Cryptoledgers: Trends and sp...Tim Swanson
[Video: https://www.youtube.com/watch?v=pyuCJkLF2Jo ]
[Paper: http://www.ofnumbers.com/wp-content/uploads/2014/04/Bitcoins-Public-Goods-hurdles.pdf ]
Presentation given at the Institute for the Future on March 27, 2014. Note: there are numerous footnotes containing additional quotes and references of each slide. It covers the technical and economic limitations of Bitcoin in its current state, the financial incentives for operating a mining pool, the financial incentives for working as a developer and the various public goods issues surrounding a communal effort including special interest groups and lobbying.
Primer to smart contracts, smart property, trustless asset managementTim Swanson
Companion video at: http://youtu.be/VDRYZ122mXA
Tim Swanson discusses cryptocurrencies, cryptoledgers, smart contracts, smart property, decentralized autonomous organizations and cryptobarter. There are footnotes included as well. Filmed at Hacker Dojo on February 14, 2014 during Ethereum meetup. More info at: www.ofnumbers.com
3. • Fintech is the innovative application of technology and ideas to banking, trading,
and financial services
• Many people think Fintech is just payments
• But what about capital markets and the Fintech around it?
• Three overall components include:
1) Payments, payment tech, retail tech (ATMs) are all one segment of the consumer
bank
• Very large component because it is physical
2) Traditional banking, such as consumer lending has moved to heavy iron (cloud
computing and corporate intranet)
• What they do internally is increasingly important relative to outside customer
base
• Insurance / reinsurance - services that relate to consumer funds (for risk
management)
3) Capital markets, investment markets, trading (all of which is a legion of tech)
4. Fintech Structure – Innovation Components
Consumer Bank Commercial Bank Investment Banking Wealth and Investment Mgt General
Payments Credit Analytics
(ZestFinance)
Algorithms Robo advisors (Wealthfront,
Nutmeg, Betterment)
Security (IDGate)
P2P Lending Education lending (Common
Bond)
Visualization, analytics Thematic investing (Motif) Mass storage
Crowdfunding Working Capital solutions
(Marketinvoice)
New Exchanges (Second
market)
CRM tools HTML 5 and Web 2.0
Mobile Banking Market surveillance tools –
monitor client flow (Nasdaq)
Quantum Computing
(QxBranch)
Robo-investing Prediction - AI Secure ID’s , remote device
security
Alt Currency Conversion to e-Platforms
(Electronifie, Bondcube,
TruMid)
Data driven marketing
5. Investment banking changes
• In terms of where things currently are:
• Regulatory overhang globally on trading businesses
• Most institutions have spent a lot of money on compliance (Basel, MiFID, Dodd-
Frank, EMIR)
• Thus a lot of non-revenue generating investment has gone to “Fintech”
• Into systems to update for reporting, business conduct
• This has been an opportunity cost: has displaced a lot of investment in other revenue generating
technologies
• Number of 3rd parties, such as ClearPar, one of many entities that sits in the middle
because the space has inefficiencies
6. Investment banking changes cont’d
• Front office:
• Investment in “speed” (speed of light) no longer driver of investment – marginal cost
of investment far too expensive for upside
• There have been two phases of algorithms for sophisticated price management and
execution
• First was price makers and their ability to serve high frequency clients to help gain volume
• Second was algo’s for trade excecution to lower cost of trade
• The last couple of years algos have really incorporated intelligence venue selection per trade,
asset allocation, geographic market advantage, and predictive capabilities.
• Next wave could capitalize on that along with ability to attract retail flow.
• Aggregation, real big struggle between banks and end user execution now that customer has
multiple choices (FX space: Tradeweb, 360T, Citi; who's customer is it?)
• All of that has occurred over the past several years; banks are now playing the game of Orbitz
(“it is just channels”)
7. Raja’s Tea Leaves: Several other drivers at banks
• Regulatory impact has put a hold on some of these trends and as a result innovation has moved into these banks
(e.g., algos for market makers)
Peering into the future:
• These venues will have to be commercial bank friendly, align with credit issuance, take on and issue debt (interest rates are
globally low, constant churning of bond syndication because it is cheap)
• Many originators of debt are going to push that, banks will get more of it
• FX has had consolidation with increasingly more activity around the exchanges
• Consolidation around multiparties around bonds (fixed income), commodities, options platforms are independent and the
“last bastion” (haven't changed the flow because of regulations)
• Analytic platforms and heavy move towards Web 2.0, HTML 5
• Ongoing need for algorithmic as speed is less of an issue due to costs; tech that will enable multiplatform trading
management
• Banks that trade on venues that have "last look" -- have last look before they price, creates a greater equality if this goes
away (this will favor market makers like Virtu as they don’t have cost overhead associated with banks – lower spreads)
• Banks will have to create better adapters because as spreads widen a bit, costs will be absorbed by customers (could lead
to cost efficiency, rebating)
• This also cover the front office (portfolio management, big databases, regulatory implementation)
• Next 2-3 years “last mile of regulatory implementation,” systems are fairly compliant, now is just more of an increment
• The next 5-7 years: improving their web infrastructure, cost containment (potentially where some type of blockchain(s)
could be used to reduce costs?)
8. Consumer banking
• Where all the buzz and buzzwords are around:
• Crowdlending, microtransactions, cross border payments, peer to peer tech
• Open question as to whether P2P lending sustainable due to lack of robust credit ratings (e.g., subprime
borrowers incentivized to take out loans they cannot repay in China and UK)
• Big banks will buy the innovation (acquisition of startups) and whatever “network effect”
these startups had
• Consumer base is willing and ready to work with this (ApplePay, Square Cash)
• Banks will want to build inroads on traditional processors for consumers
• Will be based on growth markets such as Eastern Europe, India, Latin America
• “Intelligent bots” (like Wealthfront) will work with price sensitive investors who do not want to pay
heavy management fees
• Get bots that pick the stocks based on risk profiles
• E.g., if you're geared towards stocks that grow at 4-6%, multiple venues to track this based on risk profile
• This type of institutional logic coming down to retail level; firms like Schwab, eTrade and Fidelity are
already fairly sophisticated (and increasingly automated)
• (Note: it may ultimately be deemed unorthodox and unrealistic to include investment firms under “consumer
banking” and not under “investment management.”)
9. So you are an entrepreneur or run an in-
house incubator?
10. “Assume a can opener”
• Who are the first adopters: banks, funds, insurance?
• What do they specifically want to do, what is the use-case? (e.g., instant
clearing and settlement of OTC derivatives and FX trading)
• How is it currently done?
• What is the problem with how it is currently done? (Very important)
• What are the available solutions such as technologies?
• How to pilot and build proof of concept?
• How to implement?
• How to scale?
• Is there a revenue model, or do these just reduce costs?
16. Changes in lending landscape?
“Silicon Valley is coming. There are hundreds of startups with a lot of
brains and money working on various alternatives to traditional
banking. The ones you read about most are in the lending business,
whereby the firms can lend to individuals and small businesses very
quickly and – these entities believe – effectively by using Big Data to
enhance credit underwriting. They are very good at reducing the
“pain points” in that they can make loans in minutes, which might
take banks weeks. We are going to work hard to make our services as
seamless and competitive as theirs. And we also are completely
comfortable with partnering where it makes sense.”
- Jamie Dimon, CEO of JPMorgan
21. Minimal to maximal future scenarios
• There’s the minimalistic consumer Bitcoin company. They do something
minimal like provide a way to convert your airlines miles into bitcoin, or
provide a toolbox to access bitcoin markets with some API. They use
Ruby on Rails and node.js.
• There’s the less minimalistic but still single focused financial Bitcoin
company. They have former bankers as founders. They give you an
expensive way to buy bitcoin that makes institutional clients
comfortable.
• There’s the maximalists that want to airlift capital and labor away from
New York and London with 3D printed drones paid for and powered
with bitcoin. Sandhill VC’s watch through their Oculus-powered goggles
as Washington DC slips off into the Atlantic all while drinking Soylent in
their robotically chauffeured Uber vehicles, all of which is paid for with
bitcoin.
22. Min to max con’td
• There’s the Fintech company that wants to target the unbanked. They offer
services based on bitcoin but they're thinking about using Stellar. The
founders have trust funds and they love to talk on conference panels and
attend Burning Man.
• There’s the Fintech company that wants to bring blockchain technology to
the mainstream. They are forking a cornucopia of projects. God forbid they
be mistaken as a currency, they are a software company. Or middle-ware.
They use the words “stack“ and “disrupt” a lot.
• Cryptosingularity: protocol research and development continues by the
Young Turks (Zerocash, Ethereum, Tezos, Hyperledger, Tendermint, Augur)
until Metalic Boterin -- the mothership -- recalls its fully formed AGI
progeny, Vitalik Buterin. Everyone speaks Esperanto.
23. Consequently some of the funded projects seem
like they came from: Butwithbitcoins.com
25. The fate of blockchains?
• Bitcoin survives as a regulated asset class for a few years, but doesn’t quite take
off. No other cryptocurrency retains any substantial market share. No one buys a
Wi-Fi mining “toaster.” Washington DC stays above sea level.
• No one on Wall Street bothers with the swap startup or graph/API. As soon as
(and if) there is regulatory clarity, they replicate those services because they
already know how to do this.
• One or two “Universal” buckets survive by replicating and offering every virtual
currency service available but fiat-related services remain their dominant revenue
source. They are like a cross between Venmo and Beenz.
• Developing world scenario: the unbanked somehow acquire smartphones and use
a Stellar-like service operated by the local phone company that curates a variety
of apps around it.
• Developed world scenario: after a few years of playing with the tech, a bank
decides to use some kind of blockchain, but internally. They end up not really
seeing the point, the project is scrapped. Silicon Valley is auctioned off by
monocle-wearing New York and London yacht owners navigated by humans eating
caviar and smoking cigars.
31. Are many cryptocurrency-focused companies
simply just window and tire companies?
“I would say that your general characterization of some in the space is
correct. But if you had a really good idea about how to build a better
tire for an automobile, you would probably be really interested in
talking to the auto companies because they are the people that
ultimately are going to make use of your technology. You could think
that maybe, because of the power of your tire, there might emerge a
whole new brand of auto companies that supplant the General Motors
of the world because the incumbents never really got the whole
concept of what a good tire should be all about. But I’m not sure that
would be a good move.”
• Blythe Masters (formerly JPMorgan now at DAH)
32. Mixing dry code with wet code
According to Deutsche Bank: measured as a percentage of revenues,
financial services firms spend more on IT than any other industry. Banks’ IT
costs equal 7.3% of their revenues, compared to an average of 3.7% across
all other industries surveyed.
[Note: to understand and use this tech you do not necessarily need to set up
an office in SOMA/Mission District, additional innovation can and will
continue exist outside hipster corridors]
35. What are some replicated ledger projects in
the Fintech space?
36.
37. Is it only a binary choice between permissioned
and permissionless ledgers? How much co-
existence and cooperation will occur between the
two ecosystems?
Presentation first given to a roundtable talk at the Sim Kee Boon Institute at Singapore Management University (http://http://skbi.smu.edu.sg/) on March 5, 2015. I would like to thank Arthur Breitman, Andrew Geyl (Organ of Corti), Yakov Kofner, Raja Ramachandran and John Whelan for their feedback and comments on several slides.
I would like to thank Raja Ramachandran for his comments and insights.
I would like to thank Raja Ramachandran for this slide
I would like to thank Raja Ramachandran for his comments and insights.
I would like to thank Raja Ramachandran for his comments and insights.
I would like to thank Raja Ramachandran for his comments and insights.
I would like to thank Raja Ramachandran for his comments and insights. Thanks to Yakov Kofner for his consideration regarding consumer banking and investment management.
I would like to thank John Whelan for his comments and insights.
Image source: “FinTech Is Disrupting Financial Services. But What Happens Next?” http://ftjournal.com/future-fintech-bank/
Source: Analyzing the Fintech Landscape from CBInsights.com (page 7)
Source: Analyzing the Fintech Landscape from CBInsights.com
Source: Analyzing the Fintech Landscape from CBInsights.com (page 11)
Source: “Jamie Dimon: Silicon Valley startups are coming to eat Wall Street’s lunch” http://www.businessinsider.sg/jamie-dimon-shareholder-letter-and-silicon-valley-2015-4/#.VUkxYKMiXDA
Source: https://www.venturescanner.com/scans/financial-technology
Note: it is unclear what the criteria for “remittance” players are. What is the underlying difference between the digital arms of Western Union, MoneyGram, Ria versus online-only providers such as Xoom, TransferWise, Azimo and Remitly?
Source: “The Periodic Table of Fin Tech” https://www.cbinsights.com/blog/fin-tech-periodic-table/
I would like to thank Arthur Breitman for his comments and insights.
Source: http://butwithbitcoins.com/
I would like to thank Arthur Breitman for his comments and insights.
See also: “Meet the company that wants to put a bitcoin miner in your toaster” http://ftalphaville.ft.com/2015/04/30/2127543/meet-the-company-that-wants-to-put-a-bitcoin-miner-in-your-toaster/
Source: “The flow of funds on the Bitcoin network in 2015” http://www.ofnumbers.com/2015/04/22/the-flow-of-funds-on-the-bitcoin-network-in-2015/
Source: “The flow of funds on the Bitcoin network in 2015” http://www.ofnumbers.com/2015/04/22/the-flow-of-funds-on-the-bitcoin-network-in-2015/
Source: http://dicesites.com/primedice
See also: https://twitter.com/PrimeDice/status/594565822418386945
Source: http://organofcorti.blogspot.co.uk/
See also: “Slicing Data” http://www.ofnumbers.com/2015/01/22/slicing-data-what-comprises-blockchain-transactions/
Source: “Derivatives pioneer Blythe Masters tackles digital currency” http://www.institutionalinvestor.com/article/3446313/banking-and-capital-markets-trading-and-technology/derivatives-pioneer-blythe-masters-tackles-digital-currency.html#.VTvVLpO7yH0
Source: http://www.dbresearch.com/PROD/DBR_INTERNET_ENPROD/PROD0000000000299039.pdf
And title: “Wet code and dry” http://unenumerated.blogspot.com/2006/11/wet-code-and-dry.html
Source: “Consensus as a service” http://www.ofnumbers.com/2015/04/06/consensus-as-a-service-a-brief-report-on-the-emergence-of-permissioned-distributed-ledger-systems/
Source: “Consensus as a service” http://www.ofnumbers.com/2015/04/06/consensus-as-a-service-a-brief-report-on-the-emergence-of-permissioned-distributed-ledger-systems/
Star Trek image: http://www.treknews.net/2013/01/31/star-trek-tng-season-3-best-of-both-worlds-blu-ray-cover-art/