Blockchain and KYC
Investigating the use of blockchain technology in KYC
Know Your Customer (KYC) processes are central to financial institutions’ anti-money laundering efforts, yet they remain largely manual and inefficient. Could blockchain technology be used to improve efficiencies? According to certain thought leaders and technology providers, the answer is a resounding “yes”.
In a 2018 paper titled “Could blockchain be the foundation of a viable KYC utility?”, Eamonn Maguire, Global Financial Services and North America Lead, Digital Ledger Services at KPMG International and Tek Yew Chia, Head of Financial Services Advisory at KPMG in Singapore, point out that estimates put the amount spent on financial crime risk management in the banking sector at more than US$25 billion annually, most of which is due to KYC. They also cite that “up to 80 percent of the effort associated with KYC is dedicated to information gathering and processing, and only 20 percent to assessing and monitoring that information for critical insights”.
Poland Open Banking Day Innovation Challenge
Poland is well positioned to embrace the Open Banking wave – making it the perfect place for your fintech to thrive.
Poland is the biggest financial market in the Central and Eastern European region with 32 million banking accounts, more than 17 million active internet users and 8 million active mobile banking users.
Furthermore, Marcin Jankowski, KPMG Associate Director, explains that the Polish Bank Association (a self-government organisation of banks first established in 1991) has created and released a Polish Open Banking Standard. This PolishAPI Standard is a key to the Polish financial market, linking banks to third-party providers and IT vendors. It is defining the interface enabling third parties to access payment accounts, based on the amended directive on payment services in the internal market (PSD2).
KPMG Mobility Series
Mobility – key trends, challenges and opportunities for financial services
Most people will agree that mobility – the movement of people and goods – is a key driver for economic development. As mobility evolves thanks to emerging technology trends, such as autonomous vehicles (AVs) and electric vehicles (EVs), sectors and ecosystems are set to converge. The financial services industry will need to play a key role in enabling and underpinning the mobility ecosystem.
KPMG has dedicated a series of thought leadership articles to exploring what mobility will look like in 2030, and what that means for financial institutions, insurers, technology providers and business as a whole.Read More: KPMG Mobility Series
KPMG Matchi 2018 highlights
2018 was an exciting year at KPMG Matchi as we expanded our offering from fintech into new markets, launching two new products, extended our global reach and scaled the number of emerging tech providers registered with us by more than 80%. We also broadened our new media activities, visited KPMG offices around the world and celebrated some personal milestones within our team. In this article, we celebrate 2018, and conclude with some thoughts on the way forward in 2019.
Smart Start Awards 2018
Winners and insights from the 2018 KPMG Smart Start Awards
The KPMG Smart Start Award 2018 – FinTech and InsurTech recently took place in Hannover, Germany. As an initiative of KPMG Germany, in collaboration with the NORD/LB, the VHV Group and Dieter von Holtzbrinck Ventures, the challenge aims to identify and empower emerging start-ups from around the world. We chatted to organisers Felix Haarstick and Marilena Meinecke from KPMG Innovate, about the winners, the event and the benefits for all involved.
MAS Hackcelerator at Global Fintech Festival
2018 Global Fintech Hackcelerator winners
Congratulations to the winning tech companies of the Global Fintech Hackcelerator 2018 challenge, announced this November by the Monetary Authority of Singapore (MAS) at the third annual Singapore FinTech Festival. The three winning companies are BetterTradeOff Pte. Ltd., Billion Group Ltd. and Mosabi.
The winners were selected from a group of 20 finalists who presented their solutions at the Global Fintech Hackcelerator programme’s Demo Day on the first day of the Singapore Fintech Festival. The challenge, powered by KPMG Digital Village, was a 12-week programme that matched innovative market-ready solutions from around the world with problem statements from the financial industry. KPMG Matchi provided the challenge application system for Hackcelerator applicants to enter.
Abu Dhabi Innovation Challenge
Insights from the 2018 Fintech Abu Dhabi Innovation Challenge
Abu Dhabi Global Market (ADGM) and KPMG came together in 2017 to launch the Fintech Abu Dhabi Innovation Challenge. The event aimed to enable start-ups to access industry-leading solutions to address emerging business challenges in the financial services industry, with 156 fintech companies from around the world shortlisted to address 15 problem statements. The 2018 event built on the success of the inaugural challenge and focused on technology adoption as the key to effective fintech. Matchi once again provided the entry mechanism and helped to assess and shortlist successful applicants and their solutions. We spoke to Umair Hameed, Partner for Financial Services at KPMG Lower Gulf, about the lessons and themes from the 2018 Fintech Abu Dhabi Innovation Challenge:
How tech firms can present themselves more effectively to FIs
Lessons in presenting your tech solution to corporates
LFollowing a project undertaken by KPMG Matchi and KPMG Nigeria, sourcing potential fintech solutions for a large financial institution, we spoke to Yusuf Sheriff, Senior Associate at KPMG Nigeria, about lessons for tech providers. He talked us through some tips and advice for solutions providers looking to attract interest from large corporates:
Yusuf notes that one of the hardest things for technology companies to get right when presenting their solutions to corporates is to speak about their offerings in an accessible way. It’s tricky to explain the solution without getting very technical, but he advises focusing on showing that the solution is fit for purpose. “Instead of focusing on how your solution does what it does, focus on what is does – that’s what will interest businesses,” he suggests.
Experiences of Frankfurt from an emerging technology business’s perspective
Located in Frankfurt, TechQuartier provides access to a valuable network of start-ups, corporates, investors, talents and mentors. One of its programmes is Landing Pad, which aims to help selected companies to discover Frankfurt as Germany's fintech hub over the period of one week. The programme offers a guided exploration of Frankfurt’s ecosystem, with direct channels to relevant markets, investors, and industry experts. Agile Automations took part in the 2018 programme, and we spoke to CEO Martin Keelagher about the experience, benefits and lessons he garnered. Here’s what he had to say:
Read More: Experiences of Frankfurt from an emerging technology business’s perspective
Exploring Japan’s Fintech Sector
Impressions from Matchi CEO, David Milligan
Matchi CEO David Milligan recently travelled to Tokyo, Japan, to meet with various corporations, banks, trading houses, fintech firms and government organisations. His aim was to understand the emerging technology landscape in Japan, to learn from the people he met about their thinking on fintech, mobility and regtech developments, and to share with them KPMG and Matchi’s global capabilities in sourcing these sorts of technology solutions. He was also invited by the Australian embassy to speak at a seminar on trends in global fintech, especially around funding and the most noteworthy themes emerging in 2018.Read More: Exploring Japan’s Fintech Sector
More Articles ...
1. Meet the 2018 Smart Start Award finalistsMeet the 2018 Smart Start Award finalists
2. Impressions of SIBOS Sydney 2018Impressions of SIBOS Sydney 2018
3. Don’t forget to register for Digital Insurer’s Global LiveFest 2018Don’t forget to register for Digital Insurer’s Global LiveFest 2018
5. The Fintech100 – announcing the world’s leading fintech innovators for 2018The Fintech100 – announcing the world’s leading fintech innovators for 2018
6. Calling all FinTech and InsurTech start-ups!Calling all FinTech and InsurTech start-ups!
7. The Fintech Abu Dhabi Innovation Challenge 2018 is openThe Fintech Abu Dhabi Innovation Challenge 2018 is open
8. It’s time to step forward for the 2018 Fintech100It’s time to step forward for the 2018 Fintech100
9. KPMG launches Mobility 2030 Innovation ChallengeKPMG launches Mobility 2030 Innovation Challenge
10. The 2018 Global Fintech Hackcelerator is open!The 2018 Global Fintech Hackcelerator is open!
11. Let’s talk about the F-Word in FintechLet’s talk about the F-Word in Fintech
12. Large Singapore bank launches Innovation Challenge Large Singapore bank launches Innovation Challenge
13. Mismatched furniture? Hipster. A mismatched experience across channels? Not so cool.Mismatched furniture? Hipster. A mismatched experience across channels? Not so cool.
14. Is Fintech really all about millennials?Is Fintech really all about millennials?
15. KPMG Pulse of Fintech, Q4 2017KPMG Pulse of Fintech, Q4 2017
16. Activating Fintech in Twenty Great-Teen! Activating Fintech in Twenty Great-Teen!
17. Webinar: 2018 Digital Insurance PredictionsWebinar: 2018 Digital Insurance Predictions
18. H2 Ventures KPMG Fintech 100H2 Ventures KPMG Fintech 100
19. 4 Key Themes Emerge during Fintech Rising Africa4 Key Themes Emerge during Fintech Rising Africa
20. Matchi CEO speaks at KPMG Digital Summit Matchi CEO speaks at KPMG Digital Summit
21. Possible approaches to Fintegration within bankingPossible approaches to Fintegration within banking
22. Key Take-Aways from Sibos 2017Key Take-Aways from Sibos 2017
23. KPMG Pulse of Fintech, Q3 2017KPMG Pulse of Fintech, Q3 2017
24. FRS Labs and Silent Eight win Fintech Abu Dhabi Global Innovation ChallengeFRS Labs and Silent Eight win Fintech Abu Dhabi Global Innovation Challenge
25. Forging the Future: KPMG global fintech reportForging the Future: KPMG global fintech report
26. Game-changing solutions to be showcased at FinTech Abu Dhabi Game-changing solutions to be showcased at FinTech Abu Dhabi
27. MAS Announces Finalists for the Global FinTech Hackcelerator MAS Announces Finalists for the Global FinTech Hackcelerator
28. Qumram, Microblink and Beagle.ai Demo Live at CRO Roundtable, SydneyQumram, Microblink and Beagle.ai Demo Live at CRO Roundtable, Sydney
29. ADGM and KPMG launch FinTech Abu Dhabi Innovation ChallengeADGM and KPMG launch FinTech Abu Dhabi Innovation Challenge
30. Trust as a Fintech CommodityTrust as a Fintech Commodity
31. Pitch Your Solution to 40 Chief Risk Officers from Leading Australian BanksPitch Your Solution to 40 Chief Risk Officers from Leading Australian Banks
32. Crowdfund your Fintech: The Art of AskingCrowdfund your Fintech: The Art of Asking
33. Winner Announcement: BankTech Asia Fin5ive Challenge 2017Winner Announcement: BankTech Asia Fin5ive Challenge 2017
34. Winner Announcement: Customer Onboarding Global Innovation Challenge by ATB FinancialWinner Announcement: Customer Onboarding Global Innovation Challenge by ATB Financial
35. Meet Matchi CEO - David Milligan at Money 2020 EuropeMeet Matchi CEO - David Milligan at Money 2020 Europe
36. Shortlist Announcement: Customer Onboarding Global Innovation Challenge by ATB Financial Shortlist Announcement: Customer Onboarding Global Innovation Challenge by ATB Financial
37. Fintech is turning banking into a fine artFintech is turning banking into a fine art
38. Global Fintech Hackcelerator 2017 is open for entryGlobal Fintech Hackcelerator 2017 is open for entry
39. BankTech Asia Launches Global Fintech ChallengeBankTech Asia Launches Global Fintech Challenge
40. KPMG Fintech is the new home for MatchiKPMG Fintech is the new home for Matchi
41. Collaborating with a Tech Firm? Consider this.Collaborating with a Tech Firm? Consider this.
42. Matchi attends BankTech Asia event in Sri LankaMatchi attends BankTech Asia event in Sri Lanka
43. Bankchain: Explore, Build and Implement Blockchain SolutionsBankchain: Explore, Build and Implement Blockchain Solutions
44. Meftech 2017: Manufacturing Financial ServicesMeftech 2017: Manufacturing Financial Services
45. ATB Financial launches Customer Onboarding Innovation ChallengeATB Financial launches Customer Onboarding Innovation Challenge
46. Matchi heading to BankTech Asia in Sri Lanka, 21-22 March 2017Matchi heading to BankTech Asia in Sri Lanka, 21-22 March 2017
47. Top 4 Focus: KPMG East Africa’s 2nd Annual Insurance ConferenceTop 4 Focus: KPMG East Africa’s 2nd Annual Insurance Conference
48. 10 Firms to Watch: Meftech 2017 Fintech Pavilion10 Firms to Watch: Meftech 2017 Fintech Pavilion
49. Exhibiting at a fintech conference? We can help you thrive.Exhibiting at a fintech conference? We can help you thrive.
50. Matchi to speak at 2nd Annual KPMG Insurance Conference in KenyaMatchi to speak at 2nd Annual KPMG Insurance Conference in Kenya
51. Matchi partners with prestigious fintech event in Abu Dhabi Matchi partners with prestigious fintech event in Abu Dhabi
52. Matchi collaborates with Seamless Africa to deliver fintech edgeMatchi collaborates with Seamless Africa to deliver fintech edge
53. Free Matchi Webinar - Join our Live Lunch with KPMG InsuranceFree Matchi Webinar - Join our Live Lunch with KPMG Insurance
54. Matchi speaks at the 7th Annual Insurance Technology Summit in MumbaiMatchi speaks at the 7th Annual Insurance Technology Summit in Mumbai
55. Three solutions win Proof-of-Concept projects within Mahindra FinanceThree solutions win Proof-of-Concept projects within Mahindra Finance
56. Master Discussion: Fintech Proof of Concept ImplementationMaster Discussion: Fintech Proof of Concept Implementation
57. BankTech Asia Fin5ive winners demo live in Kuala LumpurBankTech Asia Fin5ive winners demo live in Kuala Lumpur
58. BankTech Asia Fin5ive Challenge Winners AnnouncementBankTech Asia Fin5ive Challenge Winners Announcement
59. Mahindra Finance Launches Global Fintech ChallengeMahindra Finance Launches Global Fintech Challenge
60. Canadian Institute Fintech Challenge - Winners AnnouncementCanadian Institute Fintech Challenge - Winners Announcement
61. Opportunity to exhibit and demo at KPMG Nigeria Fintech Summit 2016Opportunity to exhibit and demo at KPMG Nigeria Fintech Summit 2016
62. Canadian Institute launches Global Fintech Challenge with MatchiCanadian Institute launches Global Fintech Challenge with Matchi
63. BankTech Asia Launches Global Fintech Challenge BankTech Asia Launches Global Fintech Challenge
64. Liberty Fintech Challenge 2016: Winners AnnouncementLiberty Fintech Challenge 2016: Winners Announcement
65. 5 Marketing Tips for Fintech Startups5 Marketing Tips for Fintech Startups
66. Matchi Mid-Year Review 2016 - InfographicMatchi Mid-Year Review 2016 - Infographic
67. Fintech in East Africa - Pioneering a different roadFintech in East Africa - Pioneering a different road
68. Proof-of-Concept projects that workProof-of-Concept projects that work
69. Top 5 things keeping Matchi FI Members awake at nightTop 5 things keeping Matchi FI Members awake at night
70. Matchi CEO to speak at Money Expo, 8-9 July 2016Matchi CEO to speak at Money Expo, 8-9 July 2016
71. Logical Glue Wins SME FinTech Challenge 2016Logical Glue Wins SME FinTech Challenge 2016
72. Matchi Co-Presents 'FinTech In India' ReportMatchi Co-Presents 'FinTech In India' Report
73. Liberty Launches Global FinTech Challenge with MatchiLiberty Launches Global FinTech Challenge with Matchi
74. Matchi Joins FinTech Market Leaders at MEFTECH 2016 Matchi Joins FinTech Market Leaders at MEFTECH 2016
75. Matchi partners with Dot Finance Africa, 4-5 May, NairobiMatchi partners with Dot Finance Africa, 4-5 May, Nairobi
76. Matchi to present at InPayCo, TorontoMatchi to present at InPayCo, Toronto
77. iProov wins the FinTech Innovation Challenge by SonyiProov wins the FinTech Innovation Challenge by Sony
78. Matchi Partners with MEFTECH 2016Matchi Partners with MEFTECH 2016
79. Announcement Top 6 Entries: Fintech Innovation Challenge by SonyAnnouncement Top 6 Entries: Fintech Innovation Challenge by Sony
80. Mystery Bank launches SME Fintech Innovation Challenge with MatchiMystery Bank launches SME Fintech Innovation Challenge with Matchi
81. KPMG hosts the 2nd Annual Matchi Innovation Summit in LondonKPMG hosts the 2nd Annual Matchi Innovation Summit in London
82. Matchi and KPMG to present at Retail Banking Innovation ConferenceMatchi and KPMG to present at Retail Banking Innovation Conference
83. Join us at the Future of Digital Banking - Asia PacificJoin us at the Future of Digital Banking - Asia Pacific
84. KPMG FinTech Innovation Challenge WinnersKPMG FinTech Innovation Challenge Winners
85. 索尼的FinTech Innovation Challenge索尼的FinTech Innovation Challenge
86. The FinTech Innovation Challenge by SonyThe FinTech Innovation Challenge by Sony
87. The FinTech Innovation Challenge by SonyThe FinTech Innovation Challenge by Sony
88. KPMG launches FinTech Innovation Challenge with MatchiKPMG launches FinTech Innovation Challenge with Matchi
89. African Fintech Showcase at Standard Bank InnoWeek 2015African Fintech Showcase at Standard Bank InnoWeek 2015
90. Should Banks Use Matchi To Strike Up New Relationships?Should Banks Use Matchi To Strike Up New Relationships?
91. Future of Fintech - The Art of CollaborationFuture of Fintech - The Art of Collaboration
92. Liberty confirms 2 POC Projects with Matchi Innovator MembersLiberty confirms 2 POC Projects with Matchi Innovator Members
93. Matchi Fintech ChallengesMatchi Fintech Challenges
94. African Fintech Innovation Challenge 2015African Fintech Innovation Challenge 2015
95. Liberty InsuranceTech Innovation Challenge 2015Liberty InsuranceTech Innovation Challenge 2015
96. Matchi featured in the Australian Financial ReviewMatchi featured in the Australian Financial Review
97. Matchi - Financial Times features Matchi, 30 August 2015Matchi - Financial Times features Matchi, 30 August 2015
98. KPMG Forms Exclusive Alliance with MatchiKPMG Forms Exclusive Alliance with Matchi
99. Matchi sponsors Global Summit for Insurance InnovationMatchi sponsors Global Summit for Insurance Innovation
100. Matchi Launches New Insurance CategoryMatchi Launches New Insurance Category
101. 3 Innovator Members awarded POC Projects3 Innovator Members awarded POC Projects
102. Barclays Africa Business Banking Challenge - FinalistsBarclays Africa Business Banking Challenge - Finalists
103. Matchi joins Sponsors of Citi Mobile Challenge 2015Matchi joins Sponsors of Citi Mobile Challenge 2015
104. Matchi joins the Forefront of Fintech at Rakuten Financial Conference, JapanMatchi joins the Forefront of Fintech at Rakuten Financial Conference, Japan
105. Barclays Africa Business Banking ChallengeBarclays Africa Business Banking Challenge
106. Top 5 Tips to make your Matchi Innovation stand outTop 5 Tips to make your Matchi Innovation stand out
107. Matchi Innovation Sponsor Summit 2014Matchi Innovation Sponsor Summit 2014
108. Standard Bank FinTech Innovation Showcase with Matchi.bizStandard Bank FinTech Innovation Showcase with Matchi.biz
109. Fintech Startup Winners will Emerge in 2015Fintech Startup Winners will Emerge in 2015
110. A Chat With Paul Steenkamp Of Standard BankA Chat With Paul Steenkamp Of Standard Bank
111. Your bank doesn’t suck – The 2014 Matchi Global Fintech Innovation ChallengeYour bank doesn’t suck – The 2014 Matchi Global Fintech Innovation Challenge
112. FinovateFall 2014 Conference VideoFinovateFall 2014 Conference Video
113. Matchi Global Fintech Innovation Challenge WinnersMatchi Global Fintech Innovation Challenge Winners
114. Matchi Global Fintech Innovation Challenge 2014 - TOP 20Matchi Global Fintech Innovation Challenge 2014 - TOP 20
115. You’re invited to register for the Citi Mobile Challenge 2014!You’re invited to register for the Citi Mobile Challenge 2014!
116. Matchi presents at New Finance, San FranciscoMatchi presents at New Finance, San Francisco
117. George Osborne launches Innovate Finance trade body at Canary WharfGeorge Osborne launches Innovate Finance trade body at Canary Wharf
118. New Matchi Sponsor - Bank HapoalimNew Matchi Sponsor - Bank Hapoalim
119. London FinTech Podcast - Interview with our Warren Bond London FinTech Podcast - Interview with our Warren Bond
120. Santander launches $100m fintech venture fundSantander launches $100m fintech venture fund