Inside Fintech - Seoul - Day 1 - Thursday, November 30th, 2017
Struggling to deal with today’s explosion of data stuck on systems from the past? Google’s experts will demonstrate how cloud computing and machine learning are giving financial services companies the edge they need. Face the future with confidence with innovative ways to extract insight from your data.
The blockchain technology that is difficult to forge and falsify and records blocks by consensus is expected as a new way to guarantee the reliability of transactions. There are important technologies such as hash, digital signature, and consensus algorithm in the background where the blockchain can increase the reliability of the record. In this session, we will discuss how the technologies are used in the blockchain, compare it with older way of recording, and what efforts are needed to make the blockchain technology work well in the real world. The Oracle blockchain technology ready for enterprises will also be introduced.
In December 2015, Microsoft announced Blockchain as a Service(BaaS) development platform on the Azure cloud, named “Project Bletchley”. Which provides rapid, low-cost, low-risk and fail-fast platform for organizations and partners. Aside from building and maintaining general purpose BaaS development environments for clients, Microsoft has launched Blockchain middleware and frameworks to solving and supporting issues around Blockchain solutions in the market continuously.
In this session, I would like to show what is the Microsoft’s Blockchain strategy and roadmap as well as introducing Enterprise Smart Contract, CoCo Framework(tentative name) and Project Lexington(tentative name) and its business values they can make.
The new growth engine in the era of 4th industrial revolution will become a distributed ledger technology called blockchain. Over the past few years, the volume of domestic cryptocurrency trading has outpaced the KOSDAQ, but the level of understanding of the blockchain technology is still low. At this point, the role of the exchange is very important. Firstly, the exchange offers distributed ledger-based cryptocurrency transactions. Secondly, it can perform various roles such as overseas remittance, investment, and deposit utilizing global exchanges. Thirdly, it aims to develop understanding of blockchain and related technology. Through these roles, it is the ultimate goal of the exchange, COINNEST, to make full use of the blockchain technology so that it can be the next growth engine of the Republic of Korea. In this session, we will discuss the bridging role between blockchain technology and real life.
It is often difficult to apply the concept of public blockchain in the financial sector which requires real name transactions. The function of broadcasting could be an example for this. Broadcasting is sometimes necessary but unconditional sharing of information causes privacy problems. Corda shares limited information with participants other than parties and solves the privacy problem. In this session, we are to explore the function and its value of distributed ledger in the finance.
Robotic Process Automation (RPA) has rapidly become a hot topic and many of the large players are either accessing the possibilities or already benefitting from this emerging technology. Implementing software robots to perform business processes and eliminate inefficiencies is an attractive proposition for IT and business leaders. This session aims to share important learnings and insights to help executives, business leaders, technology leaders and project managers who would like to initiate RPA projects in the near future.
Pavel Matveev, CEO of the world’s first cryptocurrency debit card provider, who has attracted $3M funding from Japan’s most high profile FinTech investor, SoftBank, will focus on the extent to which cryptocurrencies bring simplicity, convenience, and cost-effectiveness to both businesses and consumers alike.
Cryptocurrency cards stimulate increased competition in payments and between the card service providers. This benefits consumers and companies alike, as both enjoy a greater choice of highly competitive services driven by technological innovation.
The Asia payments ecosystem has been very dynamic and evolving very rapidly for the past 3 years. As more new players emerge in the market, the future of payments offers much more options for the customers to pay. China has risen to be the No. 1 market in ecommerce last year with sales totaling 14 billion. As a gateway to mainland China, Hong Kong strategic position as a trade hub will be a launchpad for cross border selling and startups acceleration. In his speech, Joseph will share his insights on the ecommerce statistics in the region and finding opportunities even among the challenging business environment.
With the quick advance of the cryptocurrency market, the existing financial landscape has been in the short span of 5 years turned on its head. What are the challenges in retrofitting the existing financial institutions to the new world of crypto currencies? What are the legal and regulatory struggles, and the changes to how money and value are transferred? The best practices in this brave new world have yet to be defined, and it will take the guidance of those who have one foot in the old guard, but innovative enough to see the vision of the new landscape. It will require new institutions merging with the old, and a complete evolution of what the popular notion of what 'banking' is.
Presentation will cover practical applications involving customer experience, better matching opportunities, regulations etc. in the asset management field through fintech.
Jeff McDonald, the Vice President of the NEM Foundation, will introduce the history of the blockchain, why it is important, and the current market applications. He will then focus on the NEM protocol and why it is an ideal out-of-the-box solution for small to enterprises level businesses to adapt.
Over the past 5 years, the FIDO Alliance has developed own protocol and standard for replacing existing password issues with global deployments such as Facebook, Google, eBay, PayPal, Bank of America, and NTT Docomo. As a result of it, more than 300 million users are using FIDO Solution to verify themselves in their accounts. Amazon and Line recently joined the FIDO Alliance which will accelerate expansion of the FIDO Solution soon. A couple of years will be the original year for the FIDO ecosystem to be ‘Nexus’ that covers easy to use & secure security over the industries including wearable, connected car, healthcare and other IoT domains. This presentation will discuss these movement and expectation for next two years to come.
A real estate investment trust (REIT) is a company that owns, and in most cases operates, income-producing real estate. REITs can be publicly traded on major exchanges, public but non-listed, or private (source: Wiki). The project of issuance REIT with blockchain under ethereum is a real case in Taiwan. In this session, we are to explore various blockchain applications not only on REIT issuance with ethereum smart contract but on other real cases as well.
Your mobile phone knows your behavior patterns better than any other devices because it breathes with you 24/7. So, by analyzing your life and behavior pattern through the mobile phone, it is possible to judge whether a person who owns his or her mobile phone is a verifier or not. It is called 'Context Authentication' in Finotek. Context Authentication is more secure than any other identity authentication such as memorization or biometric authentication. Also, Context Authentication has the advantage, which provides easy authentication in real time without personal intervention. In this session, a concept of ‘Context Authentication’ and its technique will be described.
IoT (Internet of Things) is a key component of the 4th industrial revolution, but it is still questioned in regards to the security and safety of the things (Objects connected to internet, Smart devices, Artificial Intelligence, and etc). We believe that IoT revolution will be completely achieved as long as the numerous numbers of devices properly work on a trust-based network.
Blockchain technology has ensured that the complete distributed processing and P2P trust structure, which the Internet has long been dreaming of, now become achievable and this technological progress will change “the internet of information” to “the internet of value”.
The future form of Fintech is supposed to be a service platform that would bring practical advantages in daily lives and also be beneficial for both user and provider.
I sincerely hope to share what ‘Beyond the Human Pay’ represents and how the convergence between Blockchain technology and IoT would overcome congested transaction traffics in order to implement Machine-to-Machine Currency for IoT (Smart Home, Smart Factory, and Smart Car) payments on a trust-based Blockchain environment.
VLB Tokens streamline the $1.8 trillion Vehicle Lifecycle Industry. Vehicle Lifecycle Blockchain, fueled by VLB utility tokens, creates cost saving and operations optimization opportunities for a wide range of auto industry players. Value of these opportunities exceeds the value of VLB Tokens at ICO by multiple orders of magnitude. Vehicle Lifecycle Blockchain will ultimately be fully decentralized and will be deployed by CarFix in cooperation with QIWI Blockchain Technologies (NASDAQ: QIWI).
CarFix, the issuer of VLB Tokens, is a transaction platform that is reshaping one of the largest consumer industries in the world – auto sale, repair & maintenance. CarFix, just after 18 months since creation, has already brought a significant degree of order and transparency into the industry. CarFix has developed and implemented software that establishes algorithm based final fixed prices for all key repair and maintenance works.
Inside Fintech - Seoul - Day 2 - Friday, December 1st, 2017
The word ‘FinTech’ has become such a buzzword that many have heard of by now. However, current FinTech services fail to fully capture and deliver the benefits to customers. While the early FinTech industry grew in a comparable manner throughout the globe, each country starts to differentiate and develop its own unique strategies now. Moreover, due to ever-changing regional issues and industry environment, answers to essential questions are still unclear. In this session, we will discuss how FinTech can provide actual benefits to customers and how the unique business models of ‘Korean-FinTech’ can blossom in Korea and beyond.
We are to analyze the reason of a huge success of the launch of Kakao Bank in Korea and its impact on the whole society in a perspective of FinTech. Unlike traditional banks, Kakao Bank tackles issues of service innovation, technology leadership and work environment that focus on how to approach and define the problem and make fundamental differences. The full story of Kakao Bank will be covered from the beginning.
What is bitcoin and how and why is it growing in different locations around the world? New challenges it faces and how the industry is tackling them. Finally what does the future hold for bitcoin and the cryptocurrency industry.
The boundaries of access to documents have disappeared through the Internet world since the 1990s, and with the advent of cloud systems in the 2000s, the limitations of document creation and storage have also disappeared. These changes have increased the amount of electronic document data rapidly, but still there is a lack of solutions for counterfeiting, tampering, and taking over the electronic documents. But the Block
Chain technology, which is at the center of the 4th industrial revolution, can play a big role in overcoming the limits of this electronic document market. By verifying the reliability of electronic documents through Block Chain, we will be able to expect a very efficient and rapid market spread.
Initial Coin Offerings (ICOs) have raised billions of dollars in 2017 and have provided both companies and investors with some amazing returns. But with regulators from many jurisdictions looking to regulate the innovative, but risky form of fundraising, what role do ICOs have in the future of cryptocurrency in the future? Will they replace traditional fundraising methods or will they be regulated out of existence?
This session will cover the present and future of blockchain technology and its tremendous impacts on banking and financial market as well as cross-industrial area and discuss the strategy of survival using blockchain technology. It will especially focus on how to adopt blockchain technology as an enterprise exploring various global use cases. Blockchain technologies present opportunities for disruptive innovation. It enables global business transactions with less friction and more trust. It fosters a new generation of transactional applications that establish trust, accountability and transparency from contracts to payments. The enterprise-ready blockchain technology that can overcome existing limitations of blockchain technology in terms of privacy, confidentiality, audibility, performance and scalability will be introduced in this session.
Cross-border payments in today’s world still faces major challenges: high fees, long processing time, lack of transparency, unmet need from the underbanked. This session will be discussing how Stellar utilizes blockchain technology to facilitate multi-currency transfer between financial institutions in a way that helps lower transfer costs and improve the way they currently do business.
As digital currency spreads, so does its global regulation. The legality of virtual- or cryptocurrency varies substantially from country to country and is still undefined or changing in many of them. Whilst the majority of countries do not make the usage of Bitcoin or other digital currencies illegal per se, its status as money (or a commodity) varies, with differing regulatory implications. Further, one country’s regulation of a virtual currency that has no physical situs inevitably leads to an extraterritorial reach beyond the country’s borders.
In this session, Mr. Sangyoon Park, Esq. is going to give a global overview of how different countries regulate cryptocurrencies and blockchain technology, and examine how such regulatory structures may impact Korean companies engaged in the business of blockchain technology and digital currency.
Unlike other areas in financial services, the insurance market has not been remarkably disrupted by innovative technologies and new business models until now. While the pace of innovation is rapid in financial services, insurance is still a complex and a highly regulated market. However, it appears to be at a point of articulation, as stakeholders from the FinTech ecosystem have their vision set on InsurTech as the next greatest opportunity. This session provides a analysis of the challenges, technology trends within the insurance market, areas of interests for InsurTech start-ups, key technologies enabling innovation in insurance, geographic representation of global InsurTech companies, and InsurTech ecosystem incumbent’s response to InsurTech.
Aadhaar, the world’s largest citizen identity database was envisaged and built when Blockchain was too nascent. With Blockchain emerging as a applicable technology, is it time to take the technology leap on Aadhaar? Could Blockchain - an open-source distributed database using state of the art cryptography offer a new platform for truth and trust? In this paper we investigate whether Blockchain can be leveraged in the Aadhar System - to add more security and safety to the world’s largest identity project. Can moving from a Centralised registry to a De-centralised ledger prove to be viable and more efficient? What will the new architecture look like and what will be the transition cost?
Recently, Chinese media forecasted that China could be the first cashless society in human history. With the rapid popularization of smart phones in China, Chinese payment market has made a quantum leap to the era of mobile payment. Furthermore, AliPay, a gigantic e-commerce platform Alibaba’s payment solution and Tencent’s WechatPay have matured the mobile payment market in China. The total market size of the mobile payment in China has increased to the RMB 38 trillion (USD 573 billion) with the growth rate of three times compared to that of last year. The Cashless Payment even helps the growth of the whole economic system as well. According to the UnionPay report, 10% growth of the payment without cash will lead the 0.5%~0.8% growth of the GDP. If the 70% of total cash payment is replaced with mobile payment, the cashless payment system, the GDP will grow around 3.5%~5.6%. In this session, the current status and the forecast of China’s consumer market triggered by the mass adoption of mobile payment solution will be discussed
- Evaluating the concept of governance without governance, where the implementation of financial regulation is automated (Smart Regulations).
- Self-regulating tokens is the future of financial regulation, where regulation is transferred into code and immutably placed on the blockchain.
- Drawing parallels between systemic risk in the traditional economy and the cryptoeconomy. Evaluating systemic risks associated with multi-faceted roles cryptocurrencies play today, and the importance of measuring systemic risk associated with cryptocurrencies.
By nearly any measure, Asia Fintech continued to lead the world in 2017 as consumers and businesses alike adopted new platforms and solutions, and in the process, have redefined the financial industry landscape. Although fintech continues to grow and gain awareness from investors, start-ups and traditional industry players, usage of technologies like blockchain and AI have largely failed to match the hype and many fintech start-ups struggle to become profitable. What is ahead for fintech in 2018? Will traditional players be further disrupted by fintech upstarts? And finally with regulators across the region focusing more on fintech, what can we expect for regulation in 2018? During this engaging 45min session, Zennon Kapron will walk us through progress in fintech in 2017 as well as what to expect in 2018.
The $2 trillion credit gap for SMEs has been debated and discussed for years. As a private equity investor, I manage and invest in companies that have made significant impact on SME finance. Instead of top down solution ideas, this session will focus on bottom up ideas and we will go into specific nuances of unsecured vs secured products, different distribution models, and technology and unit economics.
In this talk, I want to discuss very specific business and technology ideas from Asia, that are working at scale and have come up with model that can be emulated by other countries. Companies I will talk about are - IFMR Capital, Ciginify, Aye Finance and others.
Will enterprise blockchain technology impact the bottom line for businesses and consumers anytime soon? Are digital assets like Bitcoin, Ethereum, and Initial Coin Offerings just the 90s dot-com bubble all over again? We will separate the hype from the real innovations and discuss how cryptography is transforming the way money and assets are issued and moved around the world.