The research arm of Saudi Arabia’s Islamic Development Bank Group is aiming to develop a blockchain-based smart credit management system. To achieve this, the bank's Islamic Research and Training Institute, or IRTI, has partnered with the Samsung-backed blockchain provider Blocko. The partnership comes as a part of the E24P regional consortium launched by Blocko across the Middle East, Africa, and South-East Asia in April. Curbing technical and economic challenges As the Islamic finance industry is predicted to grow from $2 trillion to $3.78 trillion by 2022, Dr. Sami Al Suwailem, director general of IRTI, says there still are various technical …
If mainstream finance does not adopt new technologies, such as those seen in blockchain and crypto, they will fall behind, according to a few experts’ comments at the World Economic Forum (WEF) in Davos Switzerland. Answering a question on comparing this year’s event to last year’s, Monero’s former lead maintainer Riccardo Spagni noted the same presence of “old school” bank and regulatory personalities. Spagni, also known as Fluffypony, told Cointelegraph in a Jan. 21 interview: “I think by a lot of events like this one and some of the other blockchain events, we’re starting to show them that if they …
Visa has launched a payment system for business-to-business (B2B) transactions partially based on blockchain technology. The United States payment behemoth says its platform, called Visa B2B Connect, offers seamless cross-border payment processing for institutional clients without going through the complex web of third-party intermediaries. In doing so, Visa becomes the latest entrant into the blockchain-based payment processing arena. This move brings the company into direct competition with cryptocurrency startups like Ripple and mainstream players, such as Barclays and BNY Mellon with their Utility Settlement Coin (USC) project under the aegis of the Fnality Consortium. Visa B2B Connect — three years …
Major global banking group HSBC has implemented tokenization technology into its receivables infrastructure for corporate clients in India, according to an announcement on June 18. The British multinational financial services company has reportedly launched its Digital Accounts Receivable Tool (HSBC DART), based on tokenization technology developed by Australian blockchain-powered Fintech company Identitii Ltd., the firm said in the announcement. According to the statement, HSBC DART was developed for HSBC’s Global Liquidity and Cash Management (GLCM) business and deploys Identitii’s approach to tokenization within HSBC’s existing infrastructure of receivables to enhance involved processes. The instrument is designed to automate the accounts …
On Monday, Euroclear, a securities clearing firm that claims it has over 37.6 trillion euros in assets under custody, announced an investment into Fnality, a consortium of financial institutions focused on the regulated adoption of tokenized assets and marketplaces, for an undisclosed amount. Meanwhile, Euroclear is also focusing on developing its distributed ledger technology, or DLT, to settle digital securities against digital cash through the partnership. The solution aims to increase the speed and efficiency of post-trade operations in areas such as market issuance, collateral trades, and servicing interest payments. Founded in 2019, Fnality International said that to seeks to …