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Singapore’s DBS Bank announced it had executed its first intraday repo transaction using JP Morgan’s Onyx Digital Assets network powered by blockchain.
Banks use repurchase agreements, aka repos for short term funding by selling securities such as U.S. Treasuries, and agreeing to repurchase them later.
Repos are a massive market with more than $4 Trillion in U.S. dollar repos outstanding at any one time.
Since repos are intended for short term funding, the drawback is that settlement usually takes two days.
Distributed ledger technology (DLT), with its instant settlement or delivery versus payment (DvP), makes it practical to have repo transactions that span a few hours rather than a day or more.
Andrew Ng, Head of Treasury and Markets at DBS, said that for repos, “infrastructural and technical inefficiencies meant the minimum term has usually been one day.
In the case of Onyx Digital Assets, in addition to tokenizing the repo security, the DLT repo solution also uses JPM Coin its blockchain-based bank account, to enable instant settlement.
DBS Bank is the first Asian bank to use the repo solution. Other announced participants include Goldman Sachs and BNP Paribus.
When BNP joined in May, cumulative transactions had reached $300 billion since the December 2020 launch.
This is the first time that J.P. Morgan is acting as both Triparty Agent and Collateral Token Agent, which is an exciting development for the market,” said Ed Bond, Head of Trading Services, Asia Pacific at J.P. Morgan.
#transactions6 #goldmansachs9 #intelligence #goldmansachs8 #inefficiencies0 #transactions5 #goldmansachs7 #inefficiencies9 #jpmorganchase4 #inefficiencies8 #infrastructural4 #transactions4 #inefficiencies7 #infrastructural3 #goldmansachs6 #goldmansachs5 #inefficiencies6 #intelligence5 #inefficiencies5 #goldmansachs4 #inefficiencies4 #transactions3 #goldmansachs #inefficiencies3 #goldmansachs3 #infrastructural6 #intelligence4 #infrastructural9 #transactions2 #infrastructural8 #infrastructural2 #transactions1 #inefficiencies2 #goldmansachs2 #jpmorganchase3 #intelligence6 #transactions #intelligence3 #distributed #jpmorganchase2 #intelligence2 #deliveryversuspayment #transactions0 #goldmansachs1 #infrastructural #inefficiencies #goldmansachs0 #jpmorganchase9 #infrastructural1 #infrastructural0 #inefficiencies1 #securities #treasuries #jpmorganchase8 #intelligence1 #jpmorganchase1 #jpmorganchase7 #infrastructural5 #jpmorganchase6 #jpmorganchase5 #jpmorganchase #infrastructural7 #jpmorganchase0 #transactions9 #transactions8 #transactions7 #intelligence0
Banks use repurchase agreements, aka repos for short term funding by selling securities such as U.S. Treasuries, and agreeing to repurchase them later.
Repos are a massive market with more than $4 Trillion in U.S. dollar repos outstanding at any one time.
Since repos are intended for short term funding, the drawback is that settlement usually takes two days.
Distributed ledger technology (DLT), with its instant settlement or delivery versus payment (DvP), makes it practical to have repo transactions that span a few hours rather than a day or more.
Andrew Ng, Head of Treasury and Markets at DBS, said that for repos, “infrastructural and technical inefficiencies meant the minimum term has usually been one day.
In the case of Onyx Digital Assets, in addition to tokenizing the repo security, the DLT repo solution also uses JPM Coin its blockchain-based bank account, to enable instant settlement.
DBS Bank is the first Asian bank to use the repo solution. Other announced participants include Goldman Sachs and BNP Paribus.
When BNP joined in May, cumulative transactions had reached $300 billion since the December 2020 launch.
This is the first time that J.P. Morgan is acting as both Triparty Agent and Collateral Token Agent, which is an exciting development for the market,” said Ed Bond, Head of Trading Services, Asia Pacific at J.P. Morgan.
#transactions6 #goldmansachs9 #intelligence #goldmansachs8 #inefficiencies0 #transactions5 #goldmansachs7 #inefficiencies9 #jpmorganchase4 #inefficiencies8 #infrastructural4 #transactions4 #inefficiencies7 #infrastructural3 #goldmansachs6 #goldmansachs5 #inefficiencies6 #intelligence5 #inefficiencies5 #goldmansachs4 #inefficiencies4 #transactions3 #goldmansachs #inefficiencies3 #goldmansachs3 #infrastructural6 #intelligence4 #infrastructural9 #transactions2 #infrastructural8 #infrastructural2 #transactions1 #inefficiencies2 #goldmansachs2 #jpmorganchase3 #intelligence6 #transactions #intelligence3 #distributed #jpmorganchase2 #intelligence2 #deliveryversuspayment #transactions0 #goldmansachs1 #infrastructural #inefficiencies #goldmansachs0 #jpmorganchase9 #infrastructural1 #infrastructural0 #inefficiencies1 #securities #treasuries #jpmorganchase8 #intelligence1 #jpmorganchase1 #jpmorganchase7 #infrastructural5 #jpmorganchase6 #jpmorganchase5 #jpmorganchase #infrastructural7 #jpmorganchase0 #transactions9 #transactions8 #transactions7 #intelligence0
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Fabian P. L.
Nov 30, 2022 - 8:35AM
Thank you for sharing. Very interesting
Cryptocurrency exchange Binance announced new details about its industry recovery fund, which aims to prop up struggling players in the wake of FTX's bankruptcy.
Binance said it will devote $1 billion in initial commitments to the recovery fund. It may increase that amount to $2 billion at some point in time, in the future "if the need arises.”
It has also received $50 million in commitments from crypto-native investment firms including Jump Crypto, Polygon Ventures, and Animoca Brands.
Binance CEO Changpeng Zhao shared the public wallet address showing its initial commitment and said: "We do this transparently."
Zhao has emerged as a new savior-like figure for the ailing industry, filling a gap left by Sam Bankman Fried, whose firm had bought or invested in a number of beleaguered crypto firms — from Voyager Digital to BlockFi — prior to its collapse.
Binance anticipates the program will last around six months. It is accepting applications from investors to contribute additional funds, and said it is "flexible on the investment structure" and is accepting contributions in tokens, cash and debt.
"We expect individual situations to require tailored solutions," the company added. Around 150 companies have already applied for support from the fund, Binance said.
#transparency1 #transparency7 #intellignce #animocabrands1 #animocabrands6 #cryptocurrency #cryptocurrency6 #transparency6 #cryptocurrency5 #cryptowinter3 #cryptocurrency2 #transparency5 #animocabrands5 #transparency0 #animocabrands0 #contributions9 #contributions8 #contributions7 #cryptowinter2 #cryptowinter1 #contributions6 #animocabrands9 #contributions5 #contributions4 #transparency4 #jumpcrypto #contributions3 #animocabrands #contributions2 #polygonventures #cryptocurrency4 #cryptocurrency1 #animocabrands4 #animocabrands8 #cryptocurrency0 #transparency3 #cryptowinter0 #contributions1 #animocabrands3 #contributions0 #cryptocurrency3 #cryptowinter #structure #contributions #animocabrands2 #transparency2 #animocabrands7 #cryptocurrency9 #transparency9 #cryptocurrency8 #situations #transparency6 #cryptocurrency7 #transparency #transparency8
Binance said it will devote $1 billion in initial commitments to the recovery fund. It may increase that amount to $2 billion at some point in time, in the future "if the need arises.”
It has also received $50 million in commitments from crypto-native investment firms including Jump Crypto, Polygon Ventures, and Animoca Brands.
Binance CEO Changpeng Zhao shared the public wallet address showing its initial commitment and said: "We do this transparently."
Zhao has emerged as a new savior-like figure for the ailing industry, filling a gap left by Sam Bankman Fried, whose firm had bought or invested in a number of beleaguered crypto firms — from Voyager Digital to BlockFi — prior to its collapse.
Binance anticipates the program will last around six months. It is accepting applications from investors to contribute additional funds, and said it is "flexible on the investment structure" and is accepting contributions in tokens, cash and debt.
"We expect individual situations to require tailored solutions," the company added. Around 150 companies have already applied for support from the fund, Binance said.
#transparency1 #transparency7 #intellignce #animocabrands1 #animocabrands6 #cryptocurrency #cryptocurrency6 #transparency6 #cryptocurrency5 #cryptowinter3 #cryptocurrency2 #transparency5 #animocabrands5 #transparency0 #animocabrands0 #contributions9 #contributions8 #contributions7 #cryptowinter2 #cryptowinter1 #contributions6 #animocabrands9 #contributions5 #contributions4 #transparency4 #jumpcrypto #contributions3 #animocabrands #contributions2 #polygonventures #cryptocurrency4 #cryptocurrency1 #animocabrands4 #animocabrands8 #cryptocurrency0 #transparency3 #cryptowinter0 #contributions1 #animocabrands3 #contributions0 #cryptocurrency3 #cryptowinter #structure #contributions #animocabrands2 #transparency2 #animocabrands7 #cryptocurrency9 #transparency9 #cryptocurrency8 #situations #transparency6 #cryptocurrency7 #transparency #transparency8
Are you a Fintech investor or CEO and would like to accelerate its growth?
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Our team at 10X|BizDev is composed of senior financial industry executives who can utilize their exclusive market knowledge and business relationships on your behalf, providing personal introductions to decision-makers at carefully selected prospect companies. We have a long track record of success in helping innovative Fintechs achieve market expansion and deliver their growth objectives.
Our multi-faceted strategic approach is designed to deliver a balance of near-term results through direct sales while identifying and executing game-changing partnerships for long-term prosperity and investor value creation. Should the potential offered by our unique industry expertise be of interest, please contact me directly for an exploratory discussion on how we might most effectively work together.
Best regards, Les
Check us out www.10xbizdev.com. We are uniquely positioned to help B2B or B2B2C Fintechs accelerate their growth and cut time to market through securing the right strategic partnerships. We specialize in working with both investors in and principals of innovative, financial technology enterprises—especially foreign, growth-stage companies—looking for rapid expansion but lacking the resources or infrastructure to achieve that without building a regional sales force.
Our team at 10X|BizDev is composed of senior financial industry executives who can utilize their exclusive market knowledge and business relationships on your behalf, providing personal introductions to decision-makers at carefully selected prospect companies. We have a long track record of success in helping innovative Fintechs achieve market expansion and deliver their growth objectives.
Our multi-faceted strategic approach is designed to deliver a balance of near-term results through direct sales while identifying and executing game-changing partnerships for long-term prosperity and investor value creation. Should the potential offered by our unique industry expertise be of interest, please contact me directly for an exploratory discussion on how we might most effectively work together.
Best regards, Les
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:quality(70)/d1t2f78qo6hdah.cloudfront.net/10-01-2022/t_9754387774c64f17897b0689e7633860_name_file_960x540_1600_v4_.jpg)
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Master C.
Jan 8, 2023
We are looking for the best of the best from our members to join our Premier Master Enabler Program. Focusing right now on International Expansion and New Market Entry professionals for Europe, Latin America, and the USA. Interested in learning more message Master Connector here or email - masterenabler@fintechconnector.com
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Master C.
Aug 9, 2022
Meet our FinTech Connector Switzerland Cruise sponsors on September 9th in Zurich.
Lloyd's & Partners (VIP Gold Sponsor) and VISA Europe (Premier Sponsor).
We want to thank Lucas T. Landolt (Lloyd's & Partners), Adrian Burgi (Lloyd's & Partners) and Santosh Ritter (VISA) for your support and we look forward to meeting you in Zurich.
There is still time to RSVP for our premier event of the year - https://www.eventbrite.com/e/fintech-connector-switzerland-networking-lunch-cruise-vip-dinner-registration-239437362597
Thank you Fabian Lehner for organizing this event for our FinTech Connector members and partners.
#FinTechConnector #Switzerland #Zurich #Event
Lloyd's & Partners (VIP Gold Sponsor) and VISA Europe (Premier Sponsor).
We want to thank Lucas T. Landolt (Lloyd's & Partners), Adrian Burgi (Lloyd's & Partners) and Santosh Ritter (VISA) for your support and we look forward to meeting you in Zurich.
There is still time to RSVP for our premier event of the year - https://www.eventbrite.com/e/fintech-connector-switzerland-networking-lunch-cruise-vip-dinner-registration-239437362597
Thank you Fabian Lehner for organizing this event for our FinTech Connector members and partners.
#FinTechConnector #Switzerland #Zurich #Event
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Master C.
Jun 17, 2022
As the global economic environment is shifting, now more than ever partnering with the right organizations to increase business opportunities, focus on revenue growth, and drive innovation is critically important.
We can help you on your fintech and innovation journey.
Click on the link to learn more and let's jump on a call to discuss your business objective - https://www.fintechconnector.com/organizations
#FinTechConnector #Innovation #Partnerships #BusinessDevelopment
We can help you on your fintech and innovation journey.
Click on the link to learn more and let's jump on a call to discuss your business objective - https://www.fintechconnector.com/organizations
#FinTechConnector #Innovation #Partnerships #BusinessDevelopment
Upvoted by Brian and 4 others
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Stephen W.
Mar 18, 2022
See our recent WealthTech 2022 report for a range of viewpoints and thinking on the main trends for WealthTech in 2021/2022.
https://www.thewealthmosaic.com/vendors/the-wealth-mosaic/news/wealthtech-2022-is-live/
This is one of an expanding number of reports we've created at The Wealth Mosaic on technology in wealth management. Next up is our second ESG report, then our second Blockchain & DLT report, then our first US RIA WealthTech report.
https://www.thewealthmosaic.com/vendors/the-wealth-mosaic/news/wealthtech-2022-is-live/
This is one of an expanding number of reports we've created at The Wealth Mosaic on technology in wealth management. Next up is our second ESG report, then our second Blockchain & DLT report, then our first US RIA WealthTech report.
Upvoted by Diego and 7 others
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Angel L.
Jan 11, 2023
I wrote an article that highlights the opportunities and challenges of digital transformation in banking and covers points on having a well-thought-out plan, organizational culture, and how to get started with partners that have done it already.
Click to read the article - https://www.fintechconnector.com/blog-actual/2023/1/9/innovating-banks-start-with-a-digital-transformation-plan
Sharing with our Financial Service Automators - Vikas Bansal Erik Gillet Darrell Wright Luisa Franco Batu Sat Simon Weifenbach Les Riedl Andy Lin Jenna Chamra Craig Schwartz Robert Lacoursière Michael Montecuollo Jonathan Blessing Christin Nagel Shweta Mahajan Michael Young Martina Rousseau Ridham Modi Trena Blair Jen Gonzalez Carlos M. Mendes
Click to read the article - https://www.fintechconnector.com/blog-actual/2023/1/9/innovating-banks-start-with-a-digital-transformation-plan
Sharing with our Financial Service Automators - Vikas Bansal Erik Gillet Darrell Wright Luisa Franco Batu Sat Simon Weifenbach Les Riedl Andy Lin Jenna Chamra Craig Schwartz Robert Lacoursière Michael Montecuollo Jonathan Blessing Christin Nagel Shweta Mahajan Michael Young Martina Rousseau Ridham Modi Trena Blair Jen Gonzalez Carlos M. Mendes
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Luisa F.
Mar 7, 2024
Hello Fintech Connector Community! I have a bank client looking for fintechs that are interested in bank sponsorship. If you're in the market for a bank sponsor, please message me.
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Angel L.
Apr 17, 2022
Another powerful report from FIS on global payments. This is a 156-report that gives you global payments trends, key insights, and other important ecosystem information.
The payments space continues to evolve with super apps, CBDCs, embedded finance, evolution of real-time payments, banking the unbanked, and more...
Check out the report and use it as a reference guide for what's happening and what's coming in payments.
I want to thank Ahmed Refaie Abdo from DSRPTD in the UAE for sharing it with me.
What are your thoughts? Steven Wasserman, Mario Cohen, Jaroslaw Sarwa, Angel Lorente, Carlos M. Mendes , Fabian Lehner , Elena Kozhemyakina , Jaroslaw Sarwa , Adam Ull , Sefa Bicer , Shafique Ibrahim
#fintechconnector #fintech #financialservices #innovation #payments #CBDC #cryptocurrency
The payments space continues to evolve with super apps, CBDCs, embedded finance, evolution of real-time payments, banking the unbanked, and more...
Check out the report and use it as a reference guide for what's happening and what's coming in payments.
I want to thank Ahmed Refaie Abdo from DSRPTD in the UAE for sharing it with me.
What are your thoughts? Steven Wasserman, Mario Cohen, Jaroslaw Sarwa, Angel Lorente, Carlos M. Mendes , Fabian Lehner , Elena Kozhemyakina , Jaroslaw Sarwa , Adam Ull , Sefa Bicer , Shafique Ibrahim
#fintechconnector #fintech #financialservices #innovation #payments #CBDC #cryptocurrency
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Master C.
Oct 5, 2022
Great seeing our Mexico Community Partner Sofia Gamboa on El Financiero Factor Fintec speaking with Sergio Loredo about fintech in Mexico.
Watch the interview here - https://www.elfinanciero.com.mx/video/tv/factor-fintech/2022/10/01/entrevista-con-sofia-gamboa-de-fintech-connector-por-sergio-loredo-factor-fintec-4-t4/
NOTE: The interview is in Spanish.
Watch the interview here - https://www.elfinanciero.com.mx/video/tv/factor-fintech/2022/10/01/entrevista-con-sofia-gamboa-de-fintech-connector-por-sergio-loredo-factor-fintec-4-t4/
NOTE: The interview is in Spanish.
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Master C.
May 13, 2022
SWITZERLAND IS CALLING ALL FINTECH CONNECTOR MEMBERS...
Join us in Zurich in September for a networking lunch cruise around Lake Zurich.
RSVP today and meet members from over 10+ countries in one of the most beautiful cities in Europe.
Here is the link - https://www.eventbrite.com/e/fintech-connector-switzerland-networking-lunch-cruise-vip-dinner-registration-239437362597
#FinTechConnector #Community #Zurich #Events
Join us in Zurich in September for a networking lunch cruise around Lake Zurich.
RSVP today and meet members from over 10+ countries in one of the most beautiful cities in Europe.
Here is the link - https://www.eventbrite.com/e/fintech-connector-switzerland-networking-lunch-cruise-vip-dinner-registration-239437362597
#FinTechConnector #Community #Zurich #Events
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Angel L.
Nov 11, 2022
Great to see how we have come a long way since our Meet Ups at Hurley's in NYC to now travelling the world to connect people, opportunities, and capital. Looking forward to our 2023 FinTech Connector events being announced shortly.
Hope to have many of our members joining us on our Innovation Days, Cruises, and VIP Member Dinners.
Thanks to our Community Partners Fabian Lehner Jaroslaw Sarwa Elena Kozhemyakina Shmuel Ben Tovim Mario Cohen Narayanan Ganapathy Meriem Yacoubi Varsenia Stoyanova Aleksandra Ossowska Alfonso Ballesteros Ryohei Uetani Sofia Gamboa Vikas Bansal Shaul Lifshitz
Hope to have many of our members joining us on our Innovation Days, Cruises, and VIP Member Dinners.
Thanks to our Community Partners Fabian Lehner Jaroslaw Sarwa Elena Kozhemyakina Shmuel Ben Tovim Mario Cohen Narayanan Ganapathy Meriem Yacoubi Varsenia Stoyanova Aleksandra Ossowska Alfonso Ballesteros Ryohei Uetani Sofia Gamboa Vikas Bansal Shaul Lifshitz
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