TagR3 Consortium

R3's Refusal of Russia's Sberbank is Against the Principles of Blockchain

R

After long and careful consideration, R3CEV, better known as the R3 consortium, also simply called R3, reportedly denied the application of Russia’s Largest Bank, Sberbank, to join the rest of the banks in the consortium due to international sanctions against Russia. Since the introduction of Bitcoin and the concept of blockchain technology in 2009, the blockchain has represented the following...

The U.S. Federal Reserve is Set to Outline FinTech Monitoring

T
federal reserve

The Federal Reserve is expected to outline how it intends to monitor FinTech innovations today in a research paper, according to a report from The Wall Street Journal. Even though the Fed has been visiting FinTech startups to understand what it is they do, the research is unlikely to hold any definitive decisions now. It is reported that the Federal Reserve is looking into banks’ decisions when...

African Banks Start to See the Potential of Blockchain

A
Project Khokha South Africa

The African financial system is turning its attention toward blockchain technology as it looks for ways to help reduce the cost of banking transactions, according to The Africa Report. In the summer of this year, one of South Africa’s largest banks, Absa Bank, the South African subsidiary of Barclays Africa joined forces with the R3 Consortium to explore and develop the technology for the...

Report: London is Still the Global Hub for FinTech; Singapore and New York Follow

R

A new report has found that London is still leading the way as the global hub for the FinTech sector, which saw 2015 investments in the industry amounting to $19 billion. The report from Deloitte and All Street Research [PDF] looked at 21 of the major FinTech hubs around the world. After working through quantitative research and interviews with local FinTech subject matter experts, the research...

Hong Kong Monetary Authority Sees Blockchain as a Money Laundering Risk

H

A recent assessment from the Hong Kong Central Bank has warned that blockchain could increase the risk of money laundering, according to The Business Times. In a study, the HKMA said even though bitcoin's distributed ledger could save on cost and cut down on time, it also had the potential to provide criminals with a way of undertaking illegal activities. Shu Pui Li, the central bank’s executive...