During his recent visit to Singapore, we seized the opportunity to chat with US-based founder and CEO of LATOKEN Valentin Preobrazhenskiy about his plans for growing a footprint in Asia, his philosophy club The World Model, and why he agrees with robot Sophia that the purpose of life is to increase its viability…
RegTech is holding the attention of traditional banking institutions to deal with the growing complexities of global regulatory compliance requirements. According to Bengaluru-based FinTech consultant Medici, it estimates the global demand for regulatory, compliance and governance software to reach USD 118.7 billion, by 2020.
While the fault line has been forming for some time, it is about to turn into the Grand Canyon with banks on one side, and tech companies on the other. As of January 2018, the Second Payment Services Directive (PSD2) regulations come into effect across the European Union enabling businesses and customers to use third-party providers to manage their finances.
Since India’s largest public sector bank, State Bank of India (SBI) announced the formation of the country’s first such exploration consortium for banks, Bank-Chain, during an industry meeting in Mumbai in February earlier this year, there’s been a lot of positive industry feedback. However, there’s been little discussion around the impact of the inevitable, major employment losses the banking sector will undergo due to industry transformation – with one report projecting a net loss of over five million jobs by 2020 world-wide.
CEO of Chronobank Sergei Sergienko is on a mission to create a better human labour trading system by using a cryptocurrency that is backed by time, through blockchain technology. If there’s one takeaway message Sergienko wants people to consider, it’s to understand that your time is far more valuable and measurable, than you think.