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

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, the Netherlands where he has set down his anchor to raise a family and write.

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Founder and publisher of industry publication Blockchain News (EST 2015) and director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He has written over 2500 articles on Blockchain technology and startups at Blockchain News and has also published in Harvard Business Review, Venturebeat, Wired, The Guardian and a number of other publications.

Kastelein has an Honorary Ph.D. and is Chair Professor of Blockchain at China's first blockchain University in Nanchang at the Jiangxi Ahead Institute software and Technology. He has over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the EuropeanCommission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division. Kastelein has spoken (keynotes & panels) on Blockchain technology at over 50 events in 30+ cities.

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