Fintech
Medici Ventures Keiretsu Companies GrainChain and Symbiont Working Together to Expand Global Operations
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GrainChain to expand to numerous countries in 2020 using Symbiont’s Assembly™ enterprise blockchain solution
SALT LAKE CITY, March 27, 2020 (GLOBE NEWSWIRE) — Medici Ventures, the wholly owned blockchain accelerator of Overstock.com, Inc. (NASDAQ:OSTK), announces that two of its keiretsu companies, GrainChain and Symbiont, are working together to expand GrainChain’s global operations through the use of Symbiont’s blockchain solution. GrainChain, a blockchain-powered agritech company, is utilizing Symbiont’s Assembly™ enterprise blockchain network to improve platform performance and privacy features. Assembly™ has allowed GrainChain to significantly increase the number of farmers, buyers, and grain elevators using its products.“Medici Ventures encourages its keiretsu companies to find synergies among the group to build world-changing technologies. We’re pleased to see these two keiretsu companies working together to build meaningful technology that benefits everyone in the global agricultural community,” said Jonathan Johnson, CEO of Overstock.com and president of Medici Ventures. “GrainChain and Symbiont’s goals align directly with ours, as the companies are working to eliminate middlemen, democratize capital, and re-humanize commerce through the use of blockchain technology.”GrainChain’s innovative platform allows for quicker payments between farmers and buyers while offering immediate availability of tradable commodities. GrainChain currently has operations in Texas, Mexico, and Honduras, with plans to expand to several new countries in 2020.Symbiont is an enterprise fintech company building the next generation of financial markets infrastructure on a foundation of blockchain technology. Symbiont’s Assembly™ blockchain platform provides privacy features and seamless scalability and allows its customers to build networks where numerous, independent entities may view and share data in real time.“GrainChain’s goal is to continue to grow into new countries to help support farmers around the globe, and Symbiont’s blockchain platform is the solution that will help us reach that goal,” said Luis Macias, CEO and founder of GrainChain. “By utilizing blockchain technology in our supply chain operations, each stakeholder in the agriculture ecosystem receives fair value and prompt payment, which is something we believe every buyer and farmer should have access to.”“Assembly™ will bring efficiencies to GrainChain’s operations while allowing the company to continue to empower farmers around the globe,” said Mark Smith, Symbiont CEO. “GrainChain’s work in reducing frictional costs for both farmers and buyers helps everyone in the ecosystem, and Symbiont is pleased to support GrainChain’s expansion to bring this important technology to the global agricultural community.”Medici Ventures, Overstock.com’s wholly owned blockchain accelerator, was founded in 2014 with a mission to change the world by accelerating the adoption of blockchain technology, in order to fundamentally change the way in which we transact. Medici Ventures’ keiretsu of companies are introducing blockchain technologies to industries such as identity, land governance, money and banking, capital markets, supply chain, and voting. Medici Ventures is also committed to increasing public awareness and understanding of the use cases for and corresponding value of blockchain technology through public engagement and policymaker outreach.About GrainChain
GrainChain was founded in 2013 with the goal of using technology to empower farmers and level the playing field in the global agricultural market. Our innovative, blockchain and IoT-based suite of products allows producers, buyers and storage operators to accurately, efficiently and reliably buy, sell and track commodities throughout the supply chain, from farm to market.About Symbiont
Symbiont is the enterprise fintech company creating the next generation of financial markets infrastructure using blockchain technology. Assembly™, Symbiont’s enterprise blockchain platform, creates efficiencies, eliminates manual data replication and reconciliation processes, and enables real-time data sharing with complete privacy. The world’s leading financial services firms, including Citi, Nasdaq, Ranieri, Templum and Vanguard, choose to work with Symbiont to solve their toughest business problems. With offices in New York and Amsterdam, Symbiont is led by a team of experts in capital markets and blockchain technology. To learn more about Symbiont, please visit symbiont.io or contact the team at [email protected].About Medici Ventures
Launched in 2014, Medici Ventures is a wholly-owned subsidiary of Overstock.com, Inc. created to leverage blockchain technology to solve real-world problems with transparent, efficient, and secure solutions. Medici Ventures has interests in a global keiretsu of groundbreaking blockchain-focused companies focused on building the foundation of a technology stack for civilization. Medici Ventures’ companies are introducing blockchain technology to industries including identity, land governance, money and banking, capital markets, supply chain, and voting. The company’s majority-owned financial technology company, tZERO, executed the world’s first blockchain-based stock offering in December 2016.About Overstock
Overstock.com, Inc Common Shares (NASDAQ:OSTK) / Digital Voting Series A-1 Preferred Stock (Medici Ventures’ tZERO platform:OSTKO) / Series B Preferred (OTCQX:OSTBP) is an online retailer and technology company based in Salt Lake City, Utah. Its leading e-commerce website sells a broad range of new home products at low prices, including furniture, décor, rugs, bedding, home improvement, and more. The online shopping site, which is visited by nearly 40 million customers a month, also features a marketplace providing customers access to millions of products from third-party sellers. Overstock was the first major retailer to accept cryptocurrency in 2014, and in the same year founded Medici Ventures, its wholly owned subsidiary dedicated to the development and acceleration of blockchain technologies to democratize capital, eliminate middlemen, and re-humanize commerce. Overstock regularly posts information about the Company and other related matters on the Newsroom and Investor Relations pages on its website, Overstock.com.O, Overstock.com, O.com, Club O, Main Street Revolution, and Worldstock are registered trademarks of Overstock.com, Inc. Other service marks, trademarks and trade names which may be referred to herein are the property of their respective owners.This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include all statements other than statements of historical fact, including but not limited to statements regarding Overstock’s expectations regarding Symbiont and GrainChain. Additional information regarding factors that could materially affect results and the accuracy of the forward-looking statements contained herein may be found in the Company’s Form 10-Q for the quarter ended December 31, 2019, which was filed with the SEC on March 13, 2020, and any subsequent filings with the SEC.SOURCE: Overstock.com, Inc.Media Contact:
[email protected]Investor Contact:
[email protected]
Fintech
Banking in the United Arab Emirates stands at an inflection point between the traditional branch-based model and a digital AI-enabled future – new Capco survey
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A desire for more insights into personal finances, a willingness to share data to unlock individually tailored services, and a high level of comfort with AI-driven guidance are key themes to emerge from the new survey of UAE retail banking customers conducted by Capco, the global management and technology consultancy.
As the UAE pushes forward with ambitious plans to grow its digital economy, Capco’s Bank of the Future survey of over 1,200 UAE banking service users aged between 18 and 65 found that 89% have become more confident in using mobile and digital banking services over the last two years. Eight in ten (83%) now use mobile apps to access banking, offering a solid foundation for future banking innovation.
In addition, 87% of respondents say they would be attracted to an app that offered personalized insights into their finances, including 41% who say this would be ‘extremely attractive’. The survey also reveals that 72% would ‘definitely’ or ‘probably’ share additional personal data – such as social media profiles or wearables data – to unlock personalized products, services or offers.
In support of its main survey, Capco conducted more focused polling of 500 consumers that looked specifically at the adoption of digital-first banking services. This found that nine in ten UAE respondents (89%) now have digital-first accounts, including both international and UAE-based firms. Three-quarters (76%) have an account with a UAE-based digital-first provider.
Capco’s survey findings highlight opportunities for UAE banks and fintechs to capitalize on positive attitudes to data sharing and innovation to deliver the products and services that consumers say they want. It also offers recommended paths forward for banks as they explore how best to apply the latest approaches to data analytics and AI to address customers’ aspirations.
James Arnett, Managing Partner, APAC & Middle East at Capco, said: “Consumers in the UAE are looking for products and services that provide a more bespoke user experience, including personalized financial insights. Seizing this opportunity will require an ever more nuanced understanding of individual consumer’s aspirations, and banks and other providers will need to prepare by investing in improved data management and advanced analytics.”
Naim Alame, Managing Partner, Middle East at Capco, said: “Consumers want convenient, integrated financial services and seamless digital journeys enabled by improved connectivity, data analytics and AI. Delivering the products and experiences that consumers want will require more agile banking models and significantly greater collaboration with third parties in order to embed value-added financial services ever more deeply into customers’ lives.
“For the bank of the future, collaboration may prove to be as important a priority as disruption. Offering a mobile-first experience that embeds payment aggregations, finance options and other ecosystem services to provide a more seamless and holistic experience will be the key to keeping customers engaged.”
Other key findings in Capco’s UAE survey report include:
86% of respondents would be attracted by a banking app that integrates financial services with the non-financial services they use in their daily lives, such as ride hailing and e-commerce.
- 37% would find such an app ‘extremely attractive’.
The characteristics that would convince a respondent to use a specific bank or financial institution include ‘a wide range of services’ (51%) and ‘more accessible services’ (45%).*
- ‘Trust in the company’ (39%) and ‘highly personalized products’ (34%) are also seen as important.
Four in ten of respondents (41%) cite cashback options as a value-added feature they consider when selecting a new card or account.*
- Other important features respondents would consider include discounts on travel (33%), monthly offers such as retail discounts (32%) and the ability to use points to make purchases (32%).
As digitalization accelerates, 72% of those using payment services identify online payments as a preferred payment method and 69% mention digital wallets.*
- Cash remains a preferred payment method for 51% of respondents, and cheques continue to be preferred by 28%.
- In Capco’s recent Kingdom of Saudi Arabia (KSA) banking survey, online payments (65%) and cards (65%) were the leading preferred methods of payment, while 57% of respondents cited digital wallets, 55% mentioned cash, but only 11% chose cheques.
The UAE played host to the COP28 global climate conference in late 2023, and almost nine in ten respondents (88%) say it is important that their primary bank has a proactive stance on ESG issues.
- In our KSA banking survey, 80% of respondents stated that this is important.
*Multiple responses permitted
Capco’s UAE survey report can be accessed here.
The post Banking in the United Arab Emirates stands at an inflection point between the traditional branch-based model and a digital AI-enabled future – new Capco survey appeared first on HIPTHER Alerts.
Fintech
RegVerse Boosts Compliance Support for RIAs with Avery Platform Update
![regverse-boosts-compliance-support-for-rias-with-avery-platform-update](https://thefintechbuzz.com/wp-content/uploads/2024/08/54457-regverse-boosts-compliance-support-for-rias-with-avery-platform-update.jpg)
RegVerse, a leading provider of compliance solutions, has announced a significant update to its Avery platform, designed to enhance compliance support for Registered Investment Advisors (RIAs). The latest update brings new features and functionalities that address the evolving regulatory landscape, helping RIAs stay compliant with the latest rules and regulations.
What’s New in the Avery Platform Update?
The Avery platform update introduces several enhancements aimed at making compliance easier and more efficient for RIAs. These updates are designed to help firms navigate complex regulatory requirements, reduce compliance costs, and improve overall operational efficiency.
Key Features of the Avery Platform Update:
- Enhanced Regulatory Reporting: The updated platform includes new reporting capabilities that allow RIAs to generate detailed compliance reports quickly and accurately. This feature is particularly useful for meeting the reporting requirements of regulators such as the SEC.
- Automated Compliance Checks: Avery now offers automated compliance checks that monitor for potential violations in real-time. This proactive approach helps RIAs identify and address compliance issues before they become significant problems.
- Improved Document Management: The platform’s document management system has been upgraded to support secure storage, retrieval, and sharing of compliance-related documents. This helps RIAs maintain organized records and ensures that they can provide necessary documentation during audits.
- Customizable Dashboards: The update includes customizable dashboards that provide RIAs with a comprehensive view of their compliance status. Users can track key metrics, set alerts for potential issues, and gain insights into their overall compliance performance.
Benefits of the Avery Platform for RIAs
The Avery platform update is designed to address some of the most pressing challenges faced by RIAs in today’s regulatory environment. By providing advanced compliance tools and streamlined processes, Avery helps RIAs achieve the following benefits:
- Reduced Compliance Burden: Automated compliance checks and streamlined reporting reduce the manual workload for compliance teams, allowing them to focus on more strategic tasks.
- Enhanced Risk Management: Real-time monitoring and proactive alerts help RIAs identify and mitigate risks early, reducing the likelihood of regulatory violations and associated penalties.
- Improved Client Trust: By maintaining high compliance standards, RIAs can build trust with their clients, demonstrating a commitment to operating with integrity and transparency.
The Future of Compliance for RIAs
As the regulatory landscape continues to evolve, RIAs must stay vigilant and proactive in managing their compliance obligations. The latest update to the Avery platform reflects RegVerse’s commitment to supporting RIAs with innovative solutions that simplify compliance and reduce risk.
Looking ahead, RegVerse plans to continue enhancing the Avery platform with new features and integrations that address emerging regulatory challenges. By staying at the forefront of compliance technology, RegVerse aims to help RIAs navigate the complexities of the regulatory environment with confidence and ease.
For RIAs seeking a comprehensive compliance solution, the updated Avery platform offers a powerful toolset that can help them achieve their regulatory goals and maintain a strong compliance posture in an increasingly complex market.
Source: Investment News
The post RegVerse Boosts Compliance Support for RIAs with Avery Platform Update appeared first on HIPTHER Alerts.
Fintech
Jumio Now Available on AWS Marketplace: Simplifying Digital Identity Verification for Enterprises
![jumio-now-available-on-aws-marketplace:-simplifying-digital-identity-verification-for-enterprises](https://thefintechbuzz.com/wp-content/uploads/2024/08/54459-jumio-now-available-on-aws-marketplace-simplifying-digital-identity-verification-for-enterprises.jpg)
Jumio, a global leader in digital identity verification, has announced that its solutions are now available on AWS Marketplace. This move aims to simplify the process for enterprises looking to integrate advanced identity verification services into their operations, enhancing security and compliance in the digital age.
Why Jumio’s Presence on AWS Marketplace Matters
AWS Marketplace is a digital catalog that makes it easy for businesses to find, purchase, and deploy software solutions in the cloud. By making its solutions available on AWS Marketplace, Jumio is streamlining the procurement process for enterprises, allowing them to quickly access its industry-leading identity verification services.
Key Benefits of Jumio on AWS Marketplace:
- Easy Integration: Jumio’s presence on AWS Marketplace simplifies the integration of its identity verification services with other AWS-powered applications. Enterprises can quickly deploy Jumio’s solutions without the need for complex configurations or lengthy setup processes.
- Scalable Identity Verification: As businesses grow, their identity verification needs become more complex. Jumio’s solutions are designed to scale with businesses, providing robust verification capabilities that can handle high volumes of transactions with ease.
- Enhanced Security and Compliance: Jumio’s identity verification services help businesses comply with regulatory requirements, such as KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations. By using AI and biometrics, Jumio ensures that identity verification is both secure and reliable.
- Cost Efficiency: Purchasing through AWS Marketplace allows businesses to take advantage of flexible pricing models, including pay-as-you-go and annual subscriptions. This cost-effective approach helps businesses manage their budgets more effectively while accessing cutting-edge technology.
The Role of Identity Verification in Digital Transformation
As more businesses undergo digital transformation, the need for reliable identity verification solutions has never been greater. Identity verification is crucial for preventing fraud, ensuring compliance, and building trust with customers. Jumio’s solutions, available through AWS Marketplace, provide businesses with the tools they need to navigate the challenges of the digital economy.
Applications of Jumio’s Identity Verification Solutions:
- Financial Services: Banks and fintech companies can use Jumio’s solutions to onboard customers securely, reduce fraud, and meet regulatory requirements.
- eCommerce: Online retailers can enhance their customer experience by using Jumio’s verification services to streamline account creation and payment processes, ensuring that transactions are legitimate.
- Healthcare: Jumio’s identity verification solutions help healthcare providers protect patient data and comply with regulations like HIPAA, ensuring that only authorized individuals have access to sensitive information.
Looking Ahead: The Future of Digital Identity Verification
The availability of Jumio on AWS Marketplace is a significant step forward in the evolution of digital identity verification. As cyber threats continue to evolve, businesses must prioritize security and compliance, making solutions like Jumio’s an essential part of their digital strategy.
Looking ahead, Jumio plans to continue expanding its offerings on AWS Marketplace, providing businesses with even more tools to protect their operations and build trust with their customers. As the demand for secure, scalable, and compliant identity verification grows, Jumio’s presence on AWS Marketplace positions it as a leader in the digital identity space.
Source: Fintech News Singapore
The post Jumio Now Available on AWS Marketplace: Simplifying Digital Identity Verification for Enterprises appeared first on HIPTHER Alerts.
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