0 comments on “La tokenization peut-elle disrupter le marché ?”

La tokenization peut-elle disrupter le marché ?

Le Courrier Financier – 21 novembre 2017 :

La tokenisation est devenue un nouveau moyen de convertir un actif en un jeton numérique sur une blockchain. Le monde de la finance est très enthousiaste quant aux possibilités infinies offertes par l’utilisation de crypto-actifs pour transférer des actifs réels sur des chaînes de blocs tout en conservant les caractéristiques fondamentales des actifs sous- jacents.

Les marchés financiers regorgent d’actifs de différents types : actions, crédits d’émission de CO2, immobilier, pétrole, etc. La plupart de ces actifs sont difficiles à diviser ou à transférer d’un acteur à un autre. En permettant la division d’un actif illiquide, les investisseurs pourront avoir accès à des actifs financiers liquides à l’avenir.

0 comments on “Blockchain: how the technology will reshape the world economy”

Blockchain: how the technology will reshape the world economy

We now all aware that our mode of consumption has tremendously evolved over the past few years, calling for traditional institutions and corporations to rethink their business model as collaborative Economy[1] and digitalisation paved the way for the penetration of disruptor players.

One of the major changes in payments is the growing use of mobile devices in the recent years. Yet, if we look at it on a global scale, we realize that this little revolution was born in Kenya in 2007 before spreading in the rest of Africa, as an alternative to poor financial inclusion.

Nowadays, among the top trendy topics is the Blockchain technology.

The creation of innovative services has allowed us to rethink the modern theories of Economy, what about the Blockchain now – could this promising technology revolutionize the socio-economic area? Just like mobile-banking, what can we learn from developing economies?

0 comments on “La blockchain et la transformation des opérations de paiement : vers la fin des intermédiaires et des coûts associés”

La blockchain et la transformation des opérations de paiement : vers la fin des intermédiaires et des coûts associés

Point Banque – avril 2018 :

La technologie blockchain continue de faire parler d’elle et de ses potentielles utilisations, soutenues par l’augmentation du nombre des transactions et les évolutions surprenantes des multiples cryptomonnaies (ou cryptoactifs), notamment au cours des derniers mois de 2017. Tel est le cas du bitcoin et de l’ether qui ont atteint des niveaux record.

Les nouvelles formes de transaction et d’échange de cryptomonnaies introduites par la blockchain ouvrent de nouvelles opportunités pour la transformation des opérations de paiements. De nombreuses applications sont en cours d’exploration qui visent à tirer profit de la nature généraliste de la technologie blockchain. Elles impliquent son utilisation dans des processus divers au sein des transactions de paiement. Plusieurs acteurs économiques, notamment dans le secteur du e-commerce, ont manifesté un intérêt grandissant pour l’identification des aspects du traitement post-trade qui pourraient bénéficier du potentiel de la blockchain, à travers la réduction du temps d’exécution des transactions et leurs règlements. L’objectif est d’augmenter la vitesse et l’efficacité des opérations qui influencent la durée des cycles de règlement.

Le potentiel de la blockchain sera exploité tout autant pour réduire les coûts liés aux services intermédiaires et au back-office, notamment les procédures manuelles ou les doublons à éliminer.

0 comments on “Blockchain Technology and the internet of things (iot): what does it all mean for insurance industry ?”

Blockchain Technology and the internet of things (iot): what does it all mean for insurance industry ?

AGEFI Luxembourg in April 2018

Introduction: Current state of the insurance market

Insurance whether mandatory, offering peace of mind, or necessary to protect ourselves and our assets is an essential part of most financial decisions. However, conventionally the insurance industry ranks at the top as one of the most paper heavy professions. Digitalization and automation can revolutionize the insurance industry. Blockchain technology and IoT give access to an unprecedented technological landscape to insurers in the way that it can reshape the insurance market structure. Now more than ever, provided these new age tools the insurance industry can keep up with the modernization of their environments.


The blockchain technology is mostly associated with cryptocurrencies which is just the tip of the iceberg in terms of potential. Blockchain is a decentralized, openly shared and distributed digital ledger technology. This ground-breaking technology eliminates huge amounts of record-keeping through efficient digitization, reduces administrative costs through optimization and ultimately kicks operations into a much higher gear.

Smart insurance contracts instead of traditional insurance contracts

The insurance policy is a contract between the insurer and the insured. It outlines the terms and conditions which the insurer is legally responsible for upon the agreed terms. The insurance policy contracts are operated in a centralized database, which has been the model of insurance. In this dynamic, there are more administrative costs associated with the business process. Additionally, in some case the involvement of third-party intermediaries (insurance brokers or insurance agents). This aspect works in the favor of consumers in alleviating conflicts of interests arising by third party’s participation (preferred insurance providers or administrators of benefits).

Powered in blockchain technology, a smart contract is a digitally signed customizable agreement between two or more parties containing specific instructions given to them, and all transactions are traceable and irreversible. It has the ability to initiate responsive actions when predefined conditions are met without any human intervention. Every single transaction between two parties automatically generates a record on the digitally enabled distributed ledger. In turns because of this mechanism the authenticity can be verified by the entire community. This added value falls right into mitigating risks of fraud associated with insurance. Moreover, the automated variable would allow virtually instantaneous payments resulting a claim as well as remove delays associated with insurance subscriptions or desired changed by the customer.

Fizzy by AXA one of the first practical business case

In terms of blockchain implementation, last year AXA managed to be the first insurance company to market a parametric insurance offer based on the blockchain technology. Last September they launched a new product that relies on the Ethereum blockchain. The insurance covers flight delays with an automated and effortless claim payment based on flight statistics. Hence the product, called Fizzy, is being pitched as “smart insurance”. Fizzy benefits from a 100% digitalized and secured subscription process. It offers complete transparency about the payment that would be received in case of a delay longer than 2 hours and most importantly does not require any paper trail nor justification or even action from the subscriber. The payment is automatically made based on the flight statistics, which are already public and fed in real-time. The benefits of digitalization, in terms of instantaneity, reliability and user friendliness speak for themselves. The product is still in this early stage being tested on the transatlantic flights from / to Paris CDG to / from the US, but they are planning on a worldwide coverage for 2018. Also, we can hope for an incoming reduction of the subscription delay, which is currently 15 days ahead of the flight. Blockchain both insures the integrity of the self-executing parameter-based smart contracts and allows low-cost deployment. All these new developments were unavailable until the arrival of IoT and blockchain.


The internet of things can virtually and instantly connect nearly every type of consumer device. This technological progress enables the collection of more detailed and more specific data in a way that wasn’t possible in the past. Historically, insurance companies have relied on an outdated underwriting model to assess their pricing premiums. The IoT platform allows basing rates directly on individual characteristics instead of a more general population sample. Insurance companies can more accurately calculate insurance rates based on case by case basis rather than generic tendencies. This introduces usage-based insurance (UBI), which provides new tools that completely change the work methodology, the relationship with the customers and how products are structured and delivered.

Usage-based insurance (UBI)

With the progressive digitalization of all services and the introduction of UBI insurance companies can attain a never before reached level of customer-centricity. For example, auto insurers can track the precise number of kilometers driven and calculate your policy rate accordingly. Therefore, as a collateral effect it also creates an incentive for the customer to be more attentive to their driving habits and consider even balancing with car sharing options. Insurers can use the IoT tool to build a closer relationship with their customers by adapting existing products and influence customers’ behavior. Another example is wearable activity tracker to record physical activity or health habits. The health giant Aetna started back in 2016 health initiatives and offers the Apple Watch to their customers for a small charge.

Blockchain and IoT, the demand for web developers, data miners, and data engineers continues to grow. Due to the volume of data now available, there is need for the information to be analyzed and assimilated into useful metrics. The demand for web-specific technical skills has increased over the years thanks to the popularity of new technology and the milestone we have achieved. With these new players we can expect a more dynamic insurance industry over the coming years.


In this new ecosystem, we can forecast new customer expectations, increasingly fierce competition, new laws that resonate with customer data protection (IDD, GDPR). However, it will not change the core business of insurance which relies on forecasting and calculating the premiums but the rapidly changing market and technological conditions are presenting insurers with an unparalleled range of strategic and operational challenges. Down the line it might prompt rigorous expectations from regulators and standards but ultimately ameliorate the consumer experience.

By Frederic LorainAnta Sylla consultants at Initio

0 comments on “La réglementation PSD2 et la technologie blockchain, vers la fin programmée du modèle bancaire”

La réglementation PSD2 et la technologie blockchain, vers la fin programmée du modèle bancaire

Des milliards de dollars de transactions sont effectués chaque jour à travers des systèmes d’information financiers qui représentent à la fois des dépenses et des délais conséquents, mais aussi des fraudes et des cyberattaques.

Le paiement mobile sans contact avait déjà bouleversé le monde traditionnel du paiement – et de la banque – en donnant la possibilité aux utilisateurs possédant un smartphone de payer chez les commerçants en posant simplement le téléphone sur un terminal de paiement. Simplicité, efficacité et sécurité. C’est l’intégration de la technologie HCE, fournissant une représentation virtuelle des cartes de paiement, qui permet d’utiliser les commandes NFC d’un smartphone afin d’effectuer des transactions. Des solutions innovantes et de nouveaux acteurs ont donc pu émerger comme Apple avec l’Apple Pay.

Cependant, le temps dessine un nouveau paysage technologique en finance. L’apparition de la technologie blockchain notamment, considérée comme la plus importante innovation depuis internet, ainsi que la réglementation PSD2 qui entre en vigueur en janvier 2018, montrent des perspectives nouvelles pour les banques et annoncent l’arrivée de nouveaux acteurs.

0 comments on “La blockchain : opportunité ou menace pour le conseiller patrimonial ?”

La blockchain : opportunité ou menace pour le conseiller patrimonial ?

Journal AXA Thema – septembre 2017 :

La blockchain est la technologie en vogue du moment. Et pour cause, elle a des applications dans bien des domaines comme l’Assurance, l’Energie, la Santé et bien entendu la Finance et pourrait même devenir l’innovation qui va « uberiser » Über.. Mais derrière cette révolution annoncée, le potentiel de la blockchain peut-il aujourd’hui bouleverser le métier de conseiller patrimonial ?

0 comments on “La blockchain, technologie révolutionnaire, mais parle-t-on des impacts à long terme ?”

La blockchain, technologie révolutionnaire, mais parle-t-on des impacts à long terme ?

Les Echos – 9 juin 2016 :

La crypto-monnaie bitcoin a longuement été critiquée par les banques et les leaders d’entreprise lors de son apparition en 2009 avec la blockchain. Retour de situation, car aujourd’hui le protocole du bitcoin « chaîne de Bloc » intéresse… Effectivement même si la technologie blockchain est née avec la monnaie numérique, son utilisation va bien au-delà et ses champs d’exploitation sont gigantesques.

Enjeux pour les banques ?

Nombreuses sont les banques qui souhaitent implémenter cette technologie révolutionnaire. Selon une étude réalisée auprès de 200 banques mondiales par IBM, 65 % d’entre elles prévoient de débuter un projet de mise en place de la plateforme commune avant 2020 et 15 % pour fin 2017.

Depuis des années les banques d’Investissements aussi bien que les banques de détail accentuent leurs plans d’économie par des réductions de coûts qui s’effectuent à travers la mutualisation, la baisse des effectifs, et les délocalisations visant notamment à compenser la hausse des coûts règlementaires et de transformation digitale.

La mise en place d’une plateforme blockchain pourrait donc être un moyen de répondre à ces objectifs et faire réaliser aux banques encore plus d’économie ?

Le secteur bancaire investit et n’a pas fini d’investir dans la technologie blockchain. La plateforme pourrait les aider à réduire leurs coûts d’infrastructure et à réaliser des économies potentielles à hauteur de 10 milliards d’euros par an.

Nombreuses questions tournent autour de son intégration au sein des processus métiers : une automatisation des fonctions supports des banques à travers la plateforme avec pour but principal la diminution des cycles de décision et processus administratifs, l’automatisation et l’optimisation du traitement des données, un contrôle plus efficient, des règlements plus rapides, et l’éventuelle suppression des tiers de confiance.

La décentralisation d’activités vers la blockchain pourrait donc retourner le secteur financier et les métiers supports en occuperaient le premier rang.

En effet, les métiers opérationnels, métiers de la compliance, onboarding, chargés de reporting, Business Opération pourraient assister à une réduction majeure de leurs coûts d’au moins 50 %, selon une étude menée par IBM.

Ce qui laisse place à la question du risque de diminution des effectifs dû à une automatisation des tâches. Même si aujourd’hui un grand nombre d’acteurs affirment que celle-ci pourrait conduire à la création de nouveaux emplois avec un fort besoin de « spécialistes blockchain », notamment dans le domaine de la sécurité, les métiers supports sont-ils à risque ?

Le secteur va devoir s’adapter à ce nouveau paradigme comme il l’a toujours fait. Il y aura des restructurations, mais ce sera une opportunité offerte aux acteurs du secteur pour rester plus proche de leurs clients banque ; comme vient de l’annoncer la Société Générale dans son plan de transformation en enrichissant la relation qu’ils entretiennent avec leurs partenaires et collaborateurs pour apporter davantage de valeur aux clients dans l’ensemble des métiers du groupe.

Par Stéphanie Gehin, consultante Senior du cabinet VERTUO conseil

0 comments on “From Fintech to Regtech: the possible use of Blockchain for KYC”

From Fintech to Regtech: the possible use of Blockchain for KYC

Banks have not had the best of times this decennium. The backlash of the financial crisis, low interest rates, strict regulations, government control and low consumer trust have forced banks to change their general approach, shifting from money first to rules and risk first.

Technological innovations referred to as “Fintech” that use technology to provide automatized financial products have the potential to undermine the traditional positioning of banks.

Further treats comes from the current consumer attitude towards banks. Researchers have used to term “millennial time bomb” to describe the risk posed by the current generation that is wary of financial institutions and receptive to new innovations. Nowadays customer’s demand personalized service and products available with the speed of a mouse click. Therefore banks these days invest strong in technology. This opens up a market for what is termed “Regtech”, the technological response to regulatory requirements.

Read the full white paper (pdf) « From Fintech to Regtech: the possible use of Blockchain for KYC  » by Initio Consultant Yvonne Lootsma.

0 comments on “Blockchain: A storm in the Fund Industry ?”

Blockchain: A storm in the Fund Industry ?

In the early stage of stock exchanges, trading was a very straightforward process without any intermediaries involved. An investor was selling its asset of value and directly received a payment in return.

However, over the time, the financial industry has continuously evolved toward a more complex model where an increasing number of parties are now involved in each transaction. As we will see with a zoom on the Funds industry, this increase in complexity had a huge impact in term of cost, timeliness and regulatory requirements to process transactions.

On the other hand, a new technology has recently started to grab everyone’s attention in this industry as it has the potential to completely reshuffle it…Blockchain.

Indeed, the technology behind the digital currency “Bitcoin”, has the potential to get rid of many intermediaries of the sector by automating processes and to lead to significant time and cost savings for the fund distribution.

Read the full white paper (pdf) « Blockchain: A storm in the Fund Industry? » by our consultant Nelson Dossogne.

0 comments on “How blockchain is disrupting the financial sector”

How blockchain is disrupting the financial sector

Blockchain is one of the hot topics nowadays. Most people heard already about blockchain, yet few people know what really can be expected from it. This technology will have a big impact on the public sector, digital applications, internet of things, etc. Even though the whole blockchain idea is still in uncharted waters, it is clearly disrupting the financial sector.

Bitcoin: the tip of the iceberg

Blockchain was first applied as the underlying technology for the cryptocurrency “Bitcoin”. This digital currency proved it is possible to transact cash without an intermediary. It provided a decentralized ledger with anonymous consensus, made possible by virtual mining systems (O’Donnell, 2016). By assisting the mining mechanism it was possible to earn money. The mechanism burns energy to stay in balance and was financially very interesting in the beginning (Gill, 2016). However, at this moment it is hard to make “free” money by mining bitcoins. Recently, it became clear that the virtual currency was only the tip of the Iceberg (Augur, 2015).