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Bitcoin: A Peer-to-Peer Electronic Cash System

23/9/2018

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Over the past few months I have attended a lot of events where blockchain and distributed ledger technology has been discussed.  Some have been excellent and some, well let's just say, that some have adopted a a 'smoke and mirrors' approach.

Having spent a lot of my life being a regulator and investigator, I always approach what I hear from self appointed experts with a healthy bit of skepticism.  

I am surprised when panel experts confuse blockchain with DLT (they are not the same) and then seek to bamboozle the audience with reasons why the chain will soon disrupt their businesses and lives.  Yet whenever you seek to have some of these folk (and there are many good and informed experts out there) answer simple questions, they often gloss over the topic and seek to remind you that it is too complex to explain from the podium.

Everything in life can be explained in terms of A, B and C.  If someone cannot describe for you an idea, business or technology on an A4 piece of paper or a powerpoint slide with a diagram, chances are they don't have a decent grasp of the subject matter.

Before you start reading other people's views and analysis, why not start by empowering yourself with the knowledge contained in the very short (9 pages) paper titled "Bitcoin: A Peer-to-Peer Electronic Cash System" by the unidentified Satoshi Nakamoto.  At 9 pages, it is a fraction of the size of a lot of publications that have since followed.

Download it and search the word 'block' (it appears 67 times in the 9 pages).  Once you've read the original document, everything else is someone else's view (some valid and some perhaps not so valid).  By reading the foundation document and getting to grips with it, you may even find that you are more knowledgeable than many of the so called blockchain experts.  Have some fun - quote a line or two from the paper at the expert and see how he/she reacts.

Once you have read through the paper, you can start to look around at independent sources of information on the subject, such as wikipedia's excellent and free information and other resources.


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EBA assesses risks and opportunities from Fintech and its impact on incumbents business models

8/7/2018

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Report 1 - Report on the impact of FinTech on incumbent credit institutions' business models 
Report 2 - Report on the prudential risks and opportunities arising for institutions from FinTech
Report 1 - Report on the impact of FinTech on incumbent credit institutions' business models ​​
  • ​Report on the impact of FinTech on incumbent credit institutions' business models Based on the EBA's observations, incumbents are categorised into (i) proactive/front-runners, (ii) reactive and (iii) passive in terms of the level of adoption of innovative technologies and overall engagement with FinTech. Potential risks may arise both for incumbents not able to react adequately and timely, remaining passive observers, but also for aggressive front-runners that alter their business models without a clear strategic objective in mind, backed by appropriate governance, operational and technical changes. 
  • The report sets out five factors that might significantly affect incumbents' business models from a sustainability perspective: (i) digitalisation/innovation strategies pursued to keep up with the fast-changing environment, (ii) challenges arising from legacy ICT systems, (iii) operational capacity to implement the necessary changes, (iv) concerns over retaining and attracting staff and (v) increasing risk of competition from peers and other entities. 
  • The report concurs that currently the predominant type of relationship between incumbents and FinTech is partnership with FinTech firms, which is considered a "win-win" situation.

​
Report 2 - Report on the prudential risks and opportunities arising for institutions from FinTech
  • Report on the prudential risks and opportunities arising for institutions from FinTechThe report assesses seven use cases, where new technologies are applied or considered to be applied to existing financial processes, procedures and services. The report aims to provide both competent authorities and institutions with useful guidance on such applications. It focuses on micro-prudential aspects, setting out potential prudential risks and opportunities that may arise from each use case:
  1. Biometric authentication using fingerprint recognition;
  2. Use of robo-advisors for investment advice;
  3. Use of big data and machine learning for credit scoring;
  4. Use of distributed ledger technology and smart contracts for trade finance;
  5. Use of distributed ledger technology to streamline customer due diligence processes;
  6. Mobile wallet with the use of near-field communication;
  7. Outsourcing core banking/payment system to the public cloud;

  • No significant implementation of sophisticated technologies has been noted yet by institutions, possibly because of security concerns and filtering the hype around FinTech. From the prudential risks' perspective, there is a growing shift towards operational risk, arising mainly from the accentuation of ICT risks as institutions move towards more technology-based solutions.
  • Dependencies on third-party providers, heightened legal and compliance risks and negative impact on conduct risk add to the overall increased operational risk. The potential efficiency gains and improved customer experience are currently the predominant potential opportunities while the changing customer behaviour is an important factor triggering institutions' interest towards FinTech.  
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Australian EML Payments acquires majority stake in Irish fintech PerfectCard (€6 million) to corner EU market

5/7/2018

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Established in 2006, Perfectcard (an e-money firm licensed by the Irish Central), founded by Nikki Evans to provide gift cards to Irish shopping malls, has been had 74.9% of his share capital acquired by Australian EML Payments for AUD$9.5 million (€6 million).  This values PerfectCard at AUD12.7 million (€8 mn).

Australian listed payments solutions provider EML Payments expects Perfectcard to generate earnings of $400,000-600,000 in FY19 after integration costs.


​Read more by @davidsimmons94 at www.businessnewsaus.com.au/articles/eml-payments-acquires-irish-fintech-to-corner-eu-market.html


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European Data Protection Board Letter Regarding The PSD2 Directive

5/7/2018

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The European Data Protection Board adopted a letter on behalf of the EDPB Chair addressed to Sophie in’t Veld MEP regarding the revised Payments Services Directive (PSD2 Directive). In its reply to Sophie in’t Veld the EDPB sheds further light on ‘silent party data’ by Third Party Providers, the procedures with regard to giving and withdrawing consent, the Regulatory Technical Standards, the cooperation between banks and the European Commission, EDPS and WP29 and what remains to be done to close any remaining data protection gaps.

The EDPB has replace the Article 29 Working Party.  The letter covers:
  • Legal Framework - The legal framework regarding the protection of personal data in the context of PSD2 is complex and developments in this regard are therefore being monitored by the EDPB.
  • Silent party data - Concerning "silent party data", you raised the question whether the processing of personal data of "silent parties" is legitimate when explicit consent for the processing of personal data has (only) been given by another data subject. 
  • Explicit Consent
  • Regulatory Technical Standards
  • Position of Banks 
  • Further Activities

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"This is a marker in relation to corporate responsibility" - Peter Oakes on sentencing of former senior Irish banker

21/6/2018

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21/06/2018 - "This is a marker in relation to corporate responsibility" Peter Oakes, Former Director of Enforcement at the Central Bank of Ireland (now Founder of Fintech Ireland), discusses how David Drumm's trial will change banking culture

CLICK HERE TO LISTEN


Click Here to visit RTE's website

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