Nearly 40% of Banks Will Offer Crypto Services to Customers in Future

Nearly 40% of Banks Will Offer Crypto Services to Customers in Future

In December 2021 the magazine for top banking executives American Banker published its banking forecast for 2022. The forecast is based on a survey of 175 top banking executives, including global, regional, and departmental executives from community financial institutions. American Banker magazine has a high reputation in the industry focusing on innovation, technology, and regulation.

The report ‘Flexibility, fear and fortitude: Finance faces the future’ by Lynnley Browning, finds only about 20% of banks in the world currently offer crypto asset consulting to their clients. However, beginning in 2022, it’s forecast that cryptocurrencies will play a larger role in traditional banking. In this 22-page survey report, nearly 40% of banking industry respondents from around the world stated that they may begin providing crypto-asset services to their retail customers in 2022. Approximately 10% of customers in the global banking industry currently manage their Bitcoin or other digital currencies in their bank accounts.

According to respondents, approximately 4% of all customers currently own some type of cryptocurrency. Sixty percent of respondents expect customer ownership of cryptocurrency to increase beginning in 2022, implying that cryptocurrency is gradually entering the mainstream, which is exciting news for the entire cryptocurrency market. Even though only 2% of banking executives polled said their institutions already accept cryptocurrency transactions, more people are preparing to make the historic leap in the banking industry.

Currently the report found that only two out of ten financial advisors, which the report concludes are “overwhelmingly older white men” currently provide support to their clients regarding crypto investing. “Just over one in ten manages Bitcoin or other digital currencies within client accounts. Still, while only 4% of clients of advisors surveyed are invested in crypto, six in ten advisors expect that to increase in 2022,” the report confirmed. Part of the change to providing a more crypto savvy service involves hiring a “more inclusive and representative workforce if they want to tap into their future customers. Waiting a decade to make those changes will impact the bottom line.”

The survey report also discovered that with the support of US legislators and regulators for cryptocurrency, approximately 66% of banking executives said that more policy work may stimulate competition in products such as stablecoins. BigONE believes that if these banks and financial institutions can further clarify the rules governing the management of digital assets in 2022, the existing regulatory landscape will be significantly altered.

Credit: American Banker

A connected issue is the impact on the crypto market as a result of the number of central banks researching or launching new central bank digital currencies (CBDCs) this year. “Some countries have embarked on digital currency projects as a bulwark against the proliferation of private cryptocurrencies such as Bitcoin. Others have set out to use CBDCs as a means of incentivizing blockchain-savvy investors and businesses to set up shop on their soil. This year will be a litmus test of which approach to CBDCs will prevail: force the use of a state digital currency at the expense of all others, or allow CBDCs to coexist among an ecosystem of other coins as a bridge between the monetary matters of state and those of the private sector,” observed a report in Forkast.

The crypto assets industry is thriving

Soon after the American Banker’s report was published, some banking institutions confirmed the good news and their involvement in the field of crypto assets. On December 30, 2021, the Swedish crypto-friendly bank Mecro Bank announced that a pilot project to launch digital asset custody services in the future is currently underway. According to the report, Mecro Bank intends to launch its own NFT collection as well as a virtual banking service experience in a metaverse-based virtual world. Mecro Bank believes that the metaverse is obviously a home for banking and financial transactions, as well as personal and business interaction. Effective financial and transaction management will be critical to make the metaverse environment as immersive and realistic as possible.

Sygnum, a Swiss digital asset bank, and trading platform, raised $90 million in a new round of financing valued at $800 million on January 6, 2022. Sun Hung Kai led the financing, with Animoca Brands and Meta Investments also participating. Sygnum, a Swiss digital asset bank, previously announced the launch of a series of DeFi token custody and transaction services, including Aave, Aragon, Curve, MKR, Synthetix, Uniswap, and 1inch Network. Sygnum has also expanded its USDC-related banking services.

Traditional financial institutions drive crypto regulatory policies

Many changes have occurred in the field of cryptocurrency regulation over the last year. As the pace of traditional financial institutions entering the field of crypto assets accelerates in 2022, it is certain that crypto regulatory policies will continue to improve. Crypto assets are unstoppable, and many countries and regions around the world are passing crypto regulatory legislation. Certain actions have been taken by the United States at the state and local levels. The mayor of Miami, for example, accepts Bitcoin wages, and miners use less expensive and cleaner energy. Will they, however, follow the lead of their South American ally, El Salvador, and treat Bitcoin and other tokens as legal tender? It will be interesting to see what happens.

The EU will continue to debate its proposed legislation, and if Switzerland’s cryptocurrency continues to heat up, the pace of legislation may pick up. As more institutions become interested in cryptocurrency, the European Union must implement crypto asset regulatory policies as soon as possible to avoid losing a significant share of the modern digital economy. Simultaneously, as the lines between financial and technology companies become increasingly blurred, reducing potential risks in the financial system will become increasingly important.

Also in Europe, the UK may see Brexit as a key opportunity to lead many EU countries, but based on previous evidence, regulators’ interest does not appear to have met expectations. The UK Treasury recently discussed the regulation of certain stablecoins, particularly those linked to the base currency or assets. As these talks progress, the UK may shift away from volatile cryptocurrencies and toward state-backed CBDCs, forever altering the UK-cryptocurrency relationship. Indeed, the UK is leading the way across Europe in preparing for the adoption of an interbank digital currency and is currently fifth in the world. However, a consumer offer remains some way off, according to a recent analysis by PwC from December 2020.

In short, the future development of the cryptocurrency market is still fraught with uncertainty, but there will be a more orderly market environment governed by regulations. This is an unquestionable industry consensus, and regulation will be more supportive of the cryptocurrency sector’s growth. “It’s right that mainstream banks take the needs of their customers crypto investing seriously, otherwise they’ll out to startups who are crypto-first. The interesting question is whether they’ll fight for greater choice for their customers in the face of CBDCs or fall in line with central bank policy and reduce consumer choice,” suggested BigONE Chairman Anndy Lian.

 

Original Source: https://www.securities.io/nearly-40-of-banks-will-offer-crypto-services-to-customers-in-future/

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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Anndy Lian’s Comments Quoted “DeFI as an open financial ecosystem where you can build various small financial tools and services in a decentralized manner.”- Associated Press

Anndy Lian’s Comments Quoted “DeFI as an open financial ecosystem where you can build various small financial tools and services in a decentralized manner.”- Associated Press

Thanks for taking my comments BitBerry. I got to know about this wallet from UpBit in their early days. Glad to see that they are moving along with the times and working with new partners to expand their business.

Anndy Lian, a DeFI expert and also a Member of Gyeongsangbuk-do Blockchain Special Committee, Government of the Republic of Korea added:

“I am a user of BitBerry and I do see the importance for their wallet to move with the times and embrace DeFI. DeFI as an open financial ecosystem where you can build various small financial tools and services in a decentralized manner. Thanks to their existing framework, BitBerry’s non-custodial nature can let users safely store their own funds without having to rely on third-party institutions to hold their assets. And by partnering with OKEx and listing OKB to their wallet, this has opened up new opportunities for the current users.”

 

 

BitBerry Signs MOU with OKEx, a world-leading cryptocurrency spot and derivatives exchange

 

South Korea, Seoul — BitBerry signs MOU with OKEx, a world-leading cryptocurrency spot and derivatives exchange to work together in the cryptocurrency industry. On the signed document, both parties agree to help each other in the markets that they are active in and also look at listing OKB onto BitBerry’s wallet.

BitBerry, founded in 2016 is a leading cryptocurrency wallet in South Korea with over 100,000 users. They aim to make money transfer simple, easy and secure globally based on blockchain technology.  While, OKEx is a world-leading cryptocurrency spot and derivatives exchange, offering the most diverse marketplace where global crypto traders, miners and institutional investors come to manage crypto assets, enhance investment opportunities and hedge risks.

The community members from BitBerry who heard of the plans to include OKB into their wallets spark new excitement in the forum. OKB is a globally available ERC-20 utility token issued by the OK Blockchain Foundation that gives users of the OKEx trading platform various exclusive benefits. OKEx also has a buy-back and burn program for OKB tokens, whereby 30% of spot trading fee income is allocated to acquiring OKB from the secondary market each quarter. In terms of performance, OKB posted gains of 287.96% in 2019 and according to date from CoinGecko, OKB topped the list of the 30 digital cash in the first quarter of 2020, with a 148% increase. A crypto analytics firm  Messari, the annual return on investment of OKB is as high as 62%, which is far above the industry average.

Jae Bum Yoo, CEO of BitBerry said: “Having OKB listed on our wallet is a gateway for our platform to grow globally. OKB is a top 20 coin according to CoinGecko.com and Blockreview.net, we want our users to be exposed to coins and products ranging from DeFI, payments and security to cryptocurrency trading bots that come together with the OKB ecosystem. This will be win-win-win for all parties. We will work hard to make it happen earlier for our users.”

BitBerry has more than 100,000 users on their platform currently and many of the users are also keen to know more about OKB and experience DeFI services that comes in the ecosystem. For example, once the integration and listing of OKB is completed on BitBerry, OKB now can be used as  collateral in C2C loans  on OKEx. Users can borrow USDT by pledging OKB without incurring any service fees and take advantage of the minimum interest on borrowing, which is as little as 0.01% per day.

Connecting Wallet to DeFI

DeFI or commonly known as decentralized finance refers to financial services, including lending, exchanges, investment, stablecoins, and more, is currently the buzz word in the cryptocurrency space. Financial services are bounded by smart contracts, which are automated enforceable agreements that do not require intermediaries like a bank or lawyer and use online blockchain technology instead.

BitBerry is ready for this space and it is ideal integrating their wallet to OKEx’s full suite of trading products for on DEX such as Uniswap. Anndy Lian, a DeFI expert and also a Member of Gyeongsangbuk-do Blockchain Special Committee, Government of the Republic of Korea added: “I am a user of BitBerry and I do see the importance for their wallet to move with the times and embrace DeFI. DeFI as an open financial ecosystem where you can build various small financial tools and services in a decentralized manner. Thanks to their existing framework, BitBerry’s non-custodial nature can let users safely store their own funds without having to rely on third-party institutions to hold their assets. And by partnering with OKEx and listing OKB to their wallet, this has opened up new opportunities for the current users.”

Planting Seeds for Regional Growth

While BitBerry is a known brand in South Korea, they allow users to transfer money via phone numbers by issuing a unique address based on the unique phone number. The login process is simple and authentication can be triggered using KakaoTalk or fingerprint recognition via Kakao Pay. The strong case study in South Korea gave them more confidence in the regional market.

BitBerry’s sales and marketing spokesperson also highlighted that they are already working with more corporate clients regionally who want to utilize BitBerry’s technology for retail and other commercial purposes. They are continuing its efforts to move beyond its shores into South East Asia such as Singapore, Malaysia, Thailand and Philippines as their next target markets. The regional growth plans will expand more effectively with the help of the MOU with OKEx.

 

About BitBerry ( www.bitberry.app)

Founded in 2016 is a leading cryptocurrency wallet in South Korea with over 100,000 users. BitBerry aims to make money transfer simple, easy and secure globally based on blockchain technology. MonsterCube is the owner of BitBerry and also SODAcoin that is already listed on Bithumb.

 

About OKEx ( www.okex.com)

A world-leading cryptocurrency spot and derivatives exchange, OKEx offers the most diverse marketplace where global crypto traders, miners and institutional investors come to manage crypto assets, enhance investment opportunities and hedge risks.

 

Press Contact

Name: Jenny Zheng

Title: Editor

Email: [email protected]

Web: www.blockcast.cc

 

 

Source: https://apnews.com/press-release/kisspr/technology-business-financial-technology-seoul-south-korea-61100ffaa3e727fc3827735d699af011

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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Winner of Blockchain- IT Services at Singapore Business Review Technology Excellence Awards 2019

Winner of Blockchain- IT Services at Singapore Business Review Technology Excellence Awards 2019

Thank you SBR for the award: Winner of Blockchain- IT Services at Singapore Business Review Technology Excellence Awards 2019.

This article is published on 31 May 2019 on Singapore Business Review.

Singapore’s most innovative companies recognised at the Singapore Business Review Technology Excellence Awards 2019

Close to 150 corporate leaders graced the awards ceremony.

Singapore Business Review awarded the most outstanding companies at the inaugural SBR Technology Excellence Awards held at Conrad Centennial Singapore last 30 May.

The SBR Technology Excellence Awards recognises companies in Singapore with groundbreaking IT products and solutions that have successfully served the changing needs of customers and internal processes. Winners of the Technology Excellence Awards are companies from across industries that have remarkably contributed to transforming businesses through technology.

This year’s nominations were deliberated by an elite panel that includes Cheang Wai Keat, Head of Advisory, Ernst & Young LLP; Darwin Thio, Director, Cybersecurity & Technology Services, Nexia TS; Daryl Pereira, Head of Cybersecurity, KPMG; Evelyn Lim, Executive Director, Tax Advisory, BDO LLP; and Jonathan Kok, Co-Head of Technology, Media & Communications Industry Group, RHTLaw Taylor Wessing LLP.

The full list of winners are as follows:

Back-up – Computer Software

Acronis Asia Pte Ltd

Cloud – Computer Software

Acronis Asia Pte Ltd

Mobile – Advertising

Affle International Pte Ltd

Information Management – Life Insurance

AIA Singapore

Digital – Media & Entertainment

AP Media Pte Ltd

AI – Business Services

Automation Anywhere

Digital – Financial Services

Cashwagon Pte Ltd

Connectivity – Retail

Changi Travel Services Pte Ltd

Cloud – Data Center

Equinix

IoT – Hospitality & Leisure

EverComm Uni-Tech Singapore Pte Ltd

IoT – Energy

Feigin Electric Singapore Pte Ltd

IoT – Location Services

Here Technologies

Network and Broadband – Data Center

Huawei International Pte Ltd

Network and Broadband – IT Services

Huawei International Pte Ltd

Connectivity – Financial Services

IPC Systems

Infrastructure Technology – Financial Services

IPC Systems

Cybersecurity – IT Services

Kaspersky Lab

AI – Real Estate

Knowledge Navigator Pte Ltd

ICT – Business Services

Lantone Systems Pte Ltd

Blockchain – IT Services

LINFINITY Pte Ltd

Cybersecurity – Computer Software

LogRhythm

Connectivity – Life Insurance

NetFoundry Inc.

Network and Broadband – Telecommunications

Netpluz Asia Pte Ltd

Digital – Real Estate

Novade Solutions Pte Ltd

Digital – Personal Insurance

NTUC Income Insurance Co-operative Limited

Digital – Hospitality & Leisure

Oxfordcaps Pte Ltd

Infrastructure Technology – IT Services

Park Place Technologies

AI – Financial Services

Persistent Systems Pte Ltd

Big Data – Hospitality & Leisure

RedDoorz

Virtualization – IT Services

SolarWinds Software Asia Pte Ltd

IoT – Telecommunications

SP Telecommunications Pte Ltd

Analytics – Telecommunications

Subex

Enterprise Software – Business Services

Suites Digital Pte Ltd

Digital – Banking

Tagit

Digital – Life Insurance

The Great Eastern Life Assurance Co. Ltd.

Mobile – Life Insurance

The Great Eastern Life Assurance Co. Ltd.

AI – Banking

Tookitaki Holding Pte Ltd

FinTech – Financial Services

Turnkey Lender

Infrastructure Technology -Telecommunications

VIAVI Solutions

Robotics – Hospitality & Leisure

YOTEL Singapore Orchard

 

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

j j j