Tag Archives: digital

Infinigold Integrates Coinfirm’s AML amp Analytics Platform Setting A New Compliance And Security Standard For Digitalised Commodities

Infinigold Integrates Coinfirm’s AML & Analytics Platform, Setting A New Compliance And Security Standard For Digitalised Commodities


Sydney, Australia – 29 July 2020 – Leading commodities digitisation company, InfiniGold, and Coinfirm, the blockchain analytics and AML company,

today announced a partnership to establish a new compliance and security standard for digitalised commodities, in anticipation of widening distribution of the commodities market via public blockchains or tokenised securities. InfiniGold, who provides a white-labelled PaaS solution for the commodities industry, has already successfully rolled out Perth Mint Gold Token, the first product implemented with their platform, and starting today, the InfiniGold platform will utilise Coinfirm’s transaction monitoring solution – enabling AML compliance and ensuring against suspicious and potentially fraudulent activity, setting a new security and compliance standard for its partners.

Typically, exchanges or banks are responsible for AML compliance and transaction disclosure. However, as the issuer of PMGT, and future tokenised commodities, Infinigold understands the importance of transparency and due diligence when it comes to protecting underlying assets, especially with the opaque reserve management of other asset-backed stablecoins coming under fire.Harnessing a range of automated risk assessments, Coinfirm’s platform continuously monitors all transactions and balances in the PMGT contract. This helps identify any suspicious transactions or excessive risk—preventing or otherwise detecting money laundering, terrorism financing, and any other unauthorised interactions with the PMGT smart contract. This not only allows for greater investor peace of mind but helps legitimize the commodities digitisation sector
 
even further.
 
Jon Deane, CEO of InfiniGold, said: “Integrating Coinfirm’s platform into PMGT isn’t solely a step forward for InfiniGold, but commodities digitisation in general. InfiniGold strives to set a standard in commodities digitisation—aiding legitimacy and complying with regulation is paramount to attain that goal.”
 
The Coinfirm collaboration will also kit out InfiniGold with the tools to investigate the complex web of interwoven blockchain transactions in the instance that it detects or suspects suspicious transactions. This will enable InfiniGold to flag any transactions it deems unusual, ensuring that due diligence is adhered to.With this year being tipped to be one of the worst years for cybercrime, the integration couldn’t have come at a more appropriate time. According to Coinfirm CEO, Pawel Kuskowski, an aggregate of over $10 billion has been appropriated in crypto thefts, hacks, and frauds in the crypto sector to date. As such, asset protection is more important than ever.Fortunately, with Coinfirm’s integration and The Perth Mint acting as custodian of the underlying assets, PMGT is protected by an unprecedented level of security.

About InfiniGold
InfiniGold is a leading precious metals digitisation company that has developed a platform for the digitisation of gold and other precious metals. A spinout from Rozetta Ventures and part of the RoZetta Group (www.rozetta.com.au, formerly Capital Markets CRC), the technology underpinning InfiniGold’s digital gold certificates is co-developed with other Rozetta Institute companies. It is also used to issue electronic cash and for the trading, clearing and settlement of unlisted securities. The core InfiniGold team previously developed SMARTS, the leading, global market surveillance business that was acquired by NASDAQ in 2010. For more information please visit: https://www.infinigold.com/

About Coinfirm
Coinfirm is a global leader in AML and regulatory technology for blockchain and cryptocurrencies. It offers the industry’s largest blockchain coverage, supporting over 1,400 cryptocurrencies and protocols including Bitcoin, Ethereum, Hyperledger, and many more. Coinfirm’s solutions are used by market leaders globally, ranging from crypto exchanges such as Binance, and protocols like XRP, to major financial institutions like PKO BP. The company’s services also include Reclaim Crypto in partnership with Kroll, as well as Trudatum, a standalone regtech platform that allows any file to be registered, signed, and verified with 100% accuracy. For more information, please visit: 

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https://cryptomode.com/infinigold-integrates-coinfirms-aml-analytics-platform-setting-a-new-compliance-and-security-standard-for-digitalised-commodities/

Heiko Closhen, Entrepreneur

China to Allegedly Test Digital Renminbi in Hong Kong

China to Allegedly Test Digital Renminbi in Hong Kong


Strong possibility of China testing the Digital Renminbi beyond its borders in Hong Kong and Macau,

according to Andy Mukherjee a Bloomberg opinion columnist. The Chinese government’s plans to test the digital CBDC is an active effort to provide a system that will bypass the U.S. Sanctions for officials. These rumors were already denied through the official Xinhua news agency, according to SCMP. However, Chinese officials had already made the statement during a press conference the day before, so these efforts to change the narrative are seen as manipulative tactics designed to bend the truth. Depending on whether they actually provide the Digital Renminbi to Hong Kong and Macau, it may cause a significant strain on the rapidly deteriorating relationship between China and the US. Positioning the CBDC in Hong Kong will provide more options for people that are currently being sanctioned, mostly pro-security law officials.

With international banks not willing to risk getting blacklisted, the CBDC may provide an additional platform for lending, mortgages, and payments. It is unlikely that Hong Kong citizens will be willing to share financial data with the CCP, however, they might be tempted by better than average offers on interest rates. Yuan-based transactions are on the rise in the region exceeding 1.1 trillion yuan in 2019, which is 55% higher compared to 2014 when the Yuan was at its ATH. If successful, this experiment may prove to be the spark necessary to establish the Digital Renminbi on the international stage. Hong Kong is a major player in global investments in China. Any significant increase of yuan usage (digital or otherwise) would result in improving the value proposition and usefulness of the currency. With the CBDC eventually making a global debut, it stands to challenge both the US and Euro.

Article Produced By
Zoran Spirkovski

Copywriter, Journalist, Blockchain Enthusiast. Writing with Crypto-News.net since 2016. Loves to travel and experience different cultures. Highly ambitious and with an ever-increasing attraction towards quality work, products, services, and experiences. You can find him on Telegram where he has been known to spend his time making friends, and doing business.

https://www.crypto-news.net/china-to-allegedly-test-digital-renminbi-in-hong-kong/

Heiko Closhen, Entrepreneur

Digital transformation: Making it work in the real world

It takes more than shiny new technologies to remake business processes. Here are a few ideas on how to make digital transformation projects work in your organisation.
 Mark Samuels
By Mark Samuels | March 1, 2017 — 16:17 GMT (16:17 GMT) | Topic: Digital Transformation: A CXO's Guide

Having the right skills in place is key to engendering full cultural change, both in terms of understanding the customer and linking those trends back to the business."

Digital transformation is the process through which companies can take a new look at their existing processes and remake them with the help of new technologies and new ways of thinking.

The aim might be to cut costs, understand customers better, or create new revenue streams. It's a relatively simple concept but hard to put into practice; here we look at some of the issues involved in such a project.

Marketing: How to create a digital-first attitude

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Customer experience (CX) is the big priority for marketing professionals through 2017, says Jim Clark, research director at Econsultancy. He draws on evidence from the research firm's recently released Digital Trends 2017 report, which surveyed over 14,000 marketing professionals globally. Almost a quarter (22 per cent) of marketeers say CX is their key concern this year.

Clark, however, issues a word of warning and suggests great experiences are by no means a given: executives must focus on techniques that help their business exploit data in an integrated manner. "CX is in itself important, but marketing professionals must think now about how they implement experience as a strategy," said Clark, speaking at Adobe's recent Digital Trends Forum in London.

The good news is that almost half (46 per cent) of firms believe that digital now permeates their marketing efforts. Clark says easy access to the cloud and software-as-a-service is helping marketeers to harness digital technology quickly in their attempts to change business processes and customer experiences for the better.

There is interest in technology to spread insights, too. Almost half (49 per cent) of marketing professionals intend to increase their investment in analytics this year. However, the research suggests that digital transformation is a far from straightforward process. Just 14 percent of marketing chiefs described their business as a digital-first organisation in 2015; today, that figure is even lower at 11 per cent.

"The reality of the situation is that implementing digital transformation is tough," says Clark. "Some boards might not be as fully behind change as others. Having the right skills in place is key to engendering full cultural change, both in terms of understanding the customer and linking those trends back to the business."

Clarke points to best-practice examples in strategy. He says smart companies are findings ways to converge sales and marketing teams, ensuring customer data is pooled across the business, rather than being held in isolated and unconnected stove pipes.

Leadership matters, too. More than three quarters (77 percent) of blue-chip firms now have a chief customer officer or equivalent, according to analyst Gartner. These C-suite executives are focused on building and pushing the focus on customer experience across the business' various operational activities.

"Data-driven marketing technology is now a lot more accessible but there needs to be an awareness in terms of engaging audiences," says Clark. "Your business needs to fully understand the key trends to engage with customers personally. As new technologies like VR roll out, that focus on personalisation becomes even more critical."

All firms, he says, must look to continually surprise and delight their customers. "It can be difficult to engender digital-led change, particularly in a sector like finance," says Clark. "One way is to start small on key projects, and to hope these examples pick up traction and that the benefits permeate across the rest of the organisation."

Building a digital foundation in financial services
Chris Worle, digital strategy director at Hargreaves Lansdown, is one executive driving transformation in a finance firm. Worle manages digital-led change at the FTSE 100 business, which manages £70 billion of assets on behalf of its 876,000 clients. Worle and his team run a website that receives more than 100 million visits a year.

"We find ourselves today in a constant cycle of measure, understand and improve," says Hargreaves Lansdown's Chris Worle.

"We're seeing huge growth in mobile, both in terms of the use of our apps and direct visits to the website," he says. "The number of trades via mobile is up 200 per cent year-on-year. This has consequences in terms of the experiences we provide, because we pride ourselves on a high quality of service."

Worle recognises the number of channels to market has grown rapidly since the firm started its transformation journey in 2008, as has the number of products offered to clients. The digital team started sifting through huge volumes of data to keep a tight grip on customer experiences, but found itself swamped with information.

"We took a breath and decided to start small instead," he says, looking back on the digital change process. "We then took a strategic approach to testing and optimisation. Rather than focusing on the entire website, we focused on quick wins connected to high-volume web pages. We used that insight to drive improvements."

Worle and his team honed website content and launched the firm's first app in 2011. Yet transformation in the mobile age remains a work in progress. "We find ourselves today in a constant cycle of measure, understand and improve," he says.

The modern digital challenges facing Hargreaves can be summed up by three key terms, says Worle: complexity, speed and expectations. "There's a requirement to create a consistent experience across multiple channels and that's incredibly difficult," he says, referring to the issue of complexity. "We're actively working on cracking that approach."

When it comes to speed, Worle says his organisation feels the pressure to innovate and deliver solutions increasingly quickly. "Technology is moving faster than ever before," he says. "People will drop off, and you will lose their business, if they have to wait even just a few seconds for a web page to load."

The final challenge is around expectations and the ever-demanding nature of modern customers. "Your business will be judged against the digital experiences that people get everywhere else, be that from technology companies like Google or via online retailers," says Worle. "Customers don't care that you're a regulated finance firm — they just expect the same high quality of service, regardless of sector."

The good news is Worle continues to deliver great customer experiences. The key lesson for other CXOs is to recognise the importance of mobility. "Most of our clients use mobile as their main communication channel of choice," he says. "The business needs to focus on the fact that mobile is more than just another channel — and that's a constant battle."

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