Winner of the 2015 Innotribe Startup Challenge Finale held at Sibos in Singapore last week: Hyperledger. Credit: SWIFT
The blockchain fever has indeed hit the financial industry, as proven by Hyperledger's win at the 2015 Innotribe Startup Challenge Finale.
Held alongside Sibos 2015 in Singapore last week, the challenge required finalists to convince judges that their innovations were the most important in the financial industry's future. The judges included global industry experts, venture capitalists, financial institutions and bank decision-makers who attended Sibos.
Hyperledger beat 11 other early-stage finalists and walked away with the cash prize of US$50,000. The US-based startup offers a distributed ledger platform (ie. blockchain) to enable banks to clear and settle payments in real-time without the need for a central party. This helps financial institutions to eliminate reconciliation costs, delays and settlement risks. Besides that, the platform can integrate with existing systems to break down silos in the bank and increase liquidity, claimed Hyperledger.
Bitspark is a bitcoin remittance company that offers a platform for offline remittance agents in Asia to offer online remittance services. This enables remittance businesses to receive 100 percent of the fee charged to customers instead of 20 percent as per the traditional franchise commission model. "Our new cash in, cash out remittance platform enables money transfer operators and financial institutions to leverage blockchain technology to send money quicker, cheaper and to more emerging market destinations without the need for any knowledge of bitcoin or blockchain tech," said George Harrap, Bitspark's CEO.
Jewel Paymentech provides an automated risk management platform for banks and payment facilitators (ie. acquirers) to manage e-commerce merchant risk. This is done through a proprietary intelligent risk scoring algorithm with machine learning, web heuristics and image analytics. Jewel Paymentech hopes that its platform will help acquirers to proactively detect illegal e-commerce merchant activities before complaints and penalties are imposed by IP owners, law enforcement and payment networks.
Sign up for CIO Asia eNewsletters.