Capgemini, the French consulting, technology and outsourcing group is expanding its specialised blockchain practice within its financial services business unit “to help clients improve operational efficiency, security, customer service and capture new market opportunities.”
The group has recruited a core team of blockchain technology specialists and plans to expand its global team to more than 100 professionals by year-end.
Capgemini recently published a whitepaper entitled ‘Blockchain: A Fundamental Shift for Financial Services Institutions’, and reports that it is helping clients assess and implement various blockchain-related solutions across retail banking, commercial banking, global markets and insurance.
“Capgemini is collaborating with fintechs to develop innovative blockchain solutions on micro payments, syndicate loans, asset management and claims handling which [it] will implement as a preferred systems integrator,” said Thierry Delaporte, chief executive officer (CEO), Capgemini’s financial services strategic business unit and member of the group management board.
“Blockchain is a game-changer in the industry and no financial services firm can afford to ignore it,” added Anirban Bose, global head of banking and financial services, Capgemini.
“Blockchain is a good architecture to consider as the velocity of financial transaction processing increases, as it can reduce processing time from hours to minutes while providing unprecedented levels of transaction security. Central banks, financial institutions, and technology firms are beginning to embrace blockchain’s potential, and we are driving our expertise to be at the forefront of its adoption.”
Jimit Arora, a partner of management consultancy Everest Group, added: “As the technology matures and adoption increases, financial services firms will leverage multiple integrated hyperscale distributed ledgers backed by application programming interfaces (APIs) to drive seamless connectivity and interoperability over public and private networks.”
The top five sectors Asian fintech investors are interested in are data analytics, blockchain, lending, payments and regtech, according to Gary Hwa, EY regional managing partner.
On the third day of the Singapore Fintech Festival conference, there was a focus on specific applications of fintech innovation. One was trade finance, which is clearly is ripe for a revolution.
Kicking off the first day of the Singapore Fintech Festival, issues with cryptocurrencies were addressed by MIT media labs director, Joi Ito, and panels of technology leaders discussed how they’re using data analytics.
Technology will drive the innovation in banking: Damian Richardson, head of payments strategy & innovation at NatWest
At this year's Sibos conference in Toronto, digital finance reporter, Alara Basul, sat down with Damian Richardson, head of payments strategy and innovation at NatWest to discuss how technology is driving innovation in banking.