Mt Pelerin is excited about the prospects of digitizing the banking system and creating the infrastructure to allow a streamlined issuance of tokens backed by any asset, security, or fiat currency, while also adhering to the strictest regulatory requirements. Unlike traditional banks, which keep only a fraction of cash reserves on hand at any given time (a practice which directly contributed to the 2008 financial crisis), Mt Pelerin is set to keep 100% of current account deposits, providing customers with instant liquidity at any time.
Shinhan Financial Group (Shinhan Bank) headquartered in South Korea have recently introduced a blockchain-based loan system. Shinhan Bank then explained in its official statement, “The introduction of the blockchain qualification system will contribute to the activation of non-face-to-face products. We will make efforts to increase customer convenience and expand accessibility by launching various non-face-to-face products.”
One of the major banks of the Netherlands, Rabobank has announced that it will be discontinuing its plan on “Rabobit” cryptocurrency wallet. Its spokesperson said, “After careful consideration with our customers in mind we recently decided that now is not the time to develop the idea further and bring it to the next phase. “We have learned valuable lessons about our customers and the crypto market and on how to design blockchain and crypto applications, will keep an eye on the market and regulatory developments within the industry.”
The Shenzhen Fintech Research Institute, which was set up by People’s Bank of China (PBoC) has announced a total of 29 job openings and they are looking for suitable prospects for the following positions: a blockchain development engineer, a blockchain architect and a senior technical expert, all of whom will be working with a common goal to develop and optimize a distributed network that will be capable of delivering large scale transactions.
The ABN AMRO bank based in Netherlands has abandoned its plans to launch a custodial bitcoin (BTC) wallet dubbed “Wallie” because of risk concerns. The bank’s senior press officer, Jarco de Swart, said in an email that the bank decided not to continue its plans after it concluded that cryptocurrencies’ unregulated nature are at the moment too risky assets for our clients to invest in. The rumors concerning alleged tests of the wallet first started in January.
Wells Fargo, which agreed to pay a $575 million settlement at the end of last year in connection with systemic wrongdoing, joins a long list of banks and financial institutions that are implementing innovative fintech solutions to maintain their edge in the digital economy. As the bank strives to stay competitive in the digital economy, TransferMate, one of the world’s leading cross-border B2B payment providers, will deliver its Global Invoice Connect platform for Wells Fargo clients.
The Commonwealth Bank of Australia (CBA) and the World Bank have propitiously established bond-i (a blockchain operated new debt instrument) through secondary market trading recorded on blockchain. World Bank Vice President Jingdong Hua said, “Enabling secondary trading recorded on the blockchain is a tremendous step forward towards enabling capital markets to leverage distributed ledger technologies for faster, more efficient, and more secure transactions,”
SFOX (a cryptocurrency prime dealer institution) has partnered with a M.Y. Safra Bank of New York which will give SFOX traders to access insurance through the United States government’s Federal Deposit Insurance Corporation (FDIC) worth up to $250,000. Its CEO Akbar Thobhani posted: “This partnership with M.Y. Safra Bank represents another step forward in our mission to provide our clients with the best place to trade cryptoassets,”
One of the major bank of Brazil, Banco Bradesco has been the the latest institution to join R3’s Marco Polo blockchain network. The R3 is a trade and finance network with major banks such as BNP Paribas, ING and Sumitomo Mitsui Banking Corporation among others. Daniel Cotti MD of Banking & Trade for the Marco Polo Network outlined the impetus for the creation of a blockchain-powered trade finance network, noting that today’s trade processes are compromised by a lack of connectivity.
A blockchain-based regulated bank based in London, BABB has recently welcomed Demetrios Zambouglou as its newly appointed Chief Operating Officer (COO) Dr Zamboglou explained, “My most recent experience has been focused on developing a variety of blockchain-related projects that are orientated towards harnessing the unique power of blockchain to serving the global community.”