Accenture Forecasts Strong Blockchain Tech Growth in APAC FinTech

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According to a report from its FinTech Innovation Lab Asia Pacific, Accenture is predicting strong growth in Fintech around blockchain technology.

Accenture expects to see strong growth infintech around blockchain, the underlying distributed ledger technology that supports the exchange of cryptocurrency and cryptographically secured financial assets.

Investors show particular interest in cryptocurrency and blockchain technology startups. Globally, US$461 million has been invested in 54 companies during the first nine months of 2015, for an average investment of US$8.53 million.

While in APAC, Singaporebased BitX, a cryptocurrency-based startup operating a wallet, several exchanges and merchant integration services, raised US$4 million in July through a Series-A round of fundraising.

And Bitspark — a Hong Kongbased company with a remittance platform that uses blockchain technology to send and receive payments in emerging markets — was one of seven startups selected for the 2015 FinTech Innovation Lab Asia-Pacific.

We forecast that blockchain investments in Asia-Pacific will continue to grow, and we see its potential in the securitization of physical assets. This is because although much of the blockchain focus has been on front-oce applications, blockchain and similar distributed ledger technologies might soon play a role in the entire lifecycle of a trade, including clearing and settlement, collateral management, payments and reconciliation.

We also expect distributed ledger technologies to become a critical part of the backbone of future capital markets. This creates multiple opportunities for startups, so banks should pay close attention and have strategies in place for working these technologies into their development roadmaps.

About Richard Kastelein

Founder of industry publication Blockchain News, partner at ICO services collective CryptoAsset Design Group (helped raise over $200m+), director of education company Blockchain Partners (Oracle Partner) and ICO event organiser at leading industry event  CryptoFinancing (first ICO event in Europe) - Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of half a dozen Blockchain startups and has written over 1200 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat.
 
Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London, Manchester, Minsk, Nairobi, Nanchang, San Mateo, Shanghai,Tel Aviv and Venice. His network is global and extensive.
 
He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He's written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com and his work and ideas have been translated into Dutch, Greek, Polish, German and French.
 
A journalist by trade, an entrepreneur and adventurer at heart, Kastelein's professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he's travelled for nearly 30 years as a Canadian expatriate living around the world.
 
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, "The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he's raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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