Category: Financial Services

Regulators Plan a “Global Sandbox” for Fintech

Daily Fintech, Ilias Louis Hatzis | Aug. 13, 2018
In July, China’s third-largest bank issued the country’s first mortgage loan on the blockchain, using technology issued by the National Agricultural Bank System. Ultimately, the lender, the Agricultural Bank of China (ABC) plans to offer tea farmers e-loans and use land rights and housing property as guarantees. Thus, ABC’s e-loan project requires similar collateral information to the mortgage loans.

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How AI Is Impacting the Future of Insurance

McKinsey & Company, Ramnath Balasubramanian, Ari Libarikian, and Doug McElhaney | May 2018
The insurance industry is on the verge of a seismic, tech-driven shift, according to McKinsey & Company analysts. Artificial Intelligence can deliver on industry expectations through machine learning and deep learning. “In this evolution, insurance will shift from its current state of ‘detect and repair’ to ‘predict and prevent,’ transforming every aspect of the industry in the process,” wrote McKinsey analysts. “The pace of change will also accelerate as brokers, consumers, financial intermediaries, insurers, and suppliers become more adept at using advanced technologies to enhance decision making and productivity, lower costs, and optimize the customer experience.”

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Treasury Releases Report on Nonbank Financials, Fintech, and Innovation

U.S. Treasury | July 31, 2018
On July 31, the U.S. Department of the Treasury released a 222-page report that identifies improvements to the regulatory landscape that will better support nonbank financial institutions, embrace financial technology, and foster innovation. Treasury’s fact sheet for this report provides a summary of the agency’s 80 recommendations that are designed to (i) embrace the efficient and responsible use of consumer financial data and competitive technologies; (ii) streamline the regulatory environment to foster innovation and avoid fragmentation; (iii) modernize regulations; and (iv) facilitate “regulatory sandboxes” to promote innovation.

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China’s Third-Largest Bank Issues Farmland Mortgage Loan on a Blockchain

Press Release, Agricultural Bank of China | July 31, 2018
In July, China’s third-largest bank issued the country’s first mortgage loan on the blockchain, using technology issued by the National Agricultural Bank System. Ultimately, the lender, the Agricultural Bank of China (ABC) plans to offer tea farmers e-loans and use land rights and housing property as guarantees. Thus, ABC’s e-loan project requires similar collateral information to the mortgage loans.

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