Philadelphia Fed president, Patrick Harker, gave a speech titled, "Fintech: Revolution or Evolution?" at the University of Pennsylvania; the speech was part of a lecture series at the School of Engineering and Applied Science; Patrick Harker discussed fintech in the context of technology, business and government noting innovation in cryptocurrency, blockchain, banking and regulation. Source
Cost reduction benefits have been identified for blockchain however revenue benefits are also a factor for banks; banks are increasingly using blockchain solutions to reduce expenses and now banks are also researching ways to utilize blockchain for revenue growth; as blockchain becomes more widely used in the industry it is likely that banks will develop revenue generating products that use the technology; while banks have not greatly been reporting on new blockchain products, potential product development exists with digitizing illiquid assets and building micropayment systems. Source
Innovate Finance has reported global investment in fintech trending higher; details reported to Crowdfund Insider cite an increase of 27% in 2016 with investment for the year at $15.2 billion with 839 deals; UK fintech investment has slowed while investment in China has been increasing; Innovate Finance says China has reported the top three fintech investment deals globally with funding for Alipay, Lufax and JD Finance; in the US, insurtech firm, Oscar, has led investment fundraising with funding of $400 million. Source
