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.View: 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.
Trend briefing on information security
When it comes to banking, compromising or breaching of client information is potentially one of the highest risk areas for both individuals and companies. Personal information that is compromised could lead to fraud and financial loss, as well as third-party control over financial affairs, while banks themselves are subject to huge reputational risk and regulatory risk in allowing breaches of information. However, there are other significant consequences apart from financial loss.
View: Trend briefing on information security
Matchi Master Discussion: Switching Innovation "On"
As the pace of change continues to accelerate, it is becoming more important for organizations to switch on their culture of innovation to achieve long-term success. As emphasised in the Workplace of the future report (https://home.kpmg.com/xx/en/home/insights/2009/08/frontiers-in-finance.html), creating an innovation culture is not a project or a task. Innovation culture is a by-product of broader business decisions. For this reason, leadership has the most critical role in sparking cultural change and encouraging that change to flourish over the long term. Looking at trends, we estimate 70 percent of the impact to culture comes from leadership decisions, guidance and modelled behaviours, while the remaining 30 percent is driven by elements such as training and engagement programs.
View: Matchi Master Discussion: Switching Innovation "On"
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.
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