About Startup365

Chaque jour nous vous présenterons une nouvelle Startup française ! Notre pays regorge de talents et d'entrepreneurs brillants ! Alors partons à la découverte des meilleures startup françaises ! Certaines d'entre elles sont dans une étape essentielle dans la vie d'une startup : la recherche de financement, notamment par le financement participatif (ou crowdfunding en anglais). Alors participez à cette grande aventure en leur faisant une petite donation ! Les startups françaises ont besoin de vous !

#Blockchain The Daily: Crypto’s Latest VR World, New Blockchain Analytics Tools

The Daily: Crypto’s Latest VR World, New Blockchain Analytics Tools

As the maxim goes, bear markets are good for building out cryptocurrency infrastructure – or “buidling” as the meme of the meme goes. Thursday’s installment of The Daily is rich in examples of the sort of development work being undertaken across the industry. From dapp trackers to virtual worlds, there’s a little bit of everything in today’s news roundup.

Also read: Bitpay Reports Processing Over $1 Billion Transactions in 2018

Blockchain VR World Beachhead Enters the Fray

The blockchain-based virtual reality realm is getting crowded. Decentraland, which resides in the virtual metropolis of Genesis City, has got itself a competitor in the form of Beachhead City. BH2020VR, as it’s also known, aims to blur the line between gaming and roaming a virtual world of commerce and adventure. Income can be earned in-game through protecting the city or supplying defense weapons and other resources.

Just as video games like Grand Theft Auto have a main storyline complemented by side missions and mini-games, Beachhead has a primary narrative running through it, but participants are at liberty to interact with the world in a multitude of ways. This includes participating in the cryptoconomy within BH2020VR, purchasing real estate, and upgrading virtual turf by incorporating theaters, shops, and cars including user-generated content. Virtual assets will be tradable within Beachhead as non-fungible tokens, with a tokenized rewards system making BH2020VR feel like the crypto world’s equivalent to The Sims.

The Daily: Crypto’s Latest VR World, New Blockchain Analytics Tools

Dappradar Adds Crosschain Metrics

Virtual worlds such as Decentraland and the forthcoming Beachhead are the sort of decentralized applications (dapps) that can be monitored at Dappradar.com. The popular Ethereum dapp tracker has just had an upgrade, allowing it to track onchain activity on the Tron and EOS protocols too. The site now boasts of having stats on 1,700 dapps including decentralized exchanges, crypto collectible marketplaces, and gambling dapps.

The Daily: Crypto’s Latest VR World, New Blockchain Analytics Tools

According to Dappradar’s statistics, the top Tron and EOS dapps are seeing significantly more usage than their Ethereum counterparts in terms of the number of reported daily users. Predictably, betting dapps seem to be faring the best across all blockchains featured on Dappradar.

Cryptohound Follows the Money Trail

The Daily: Crypto’s Latest VR World, New Blockchain Analytics ToolsORS Cryptohound, a blockchain analytics firm, has been sniffing around in the Ethereum network in a bid to identify the source of six “highly unusual transactions” that were spotted in December, comprising approximately 5 percent of the ETH supply. “We discovered that over 5.5m ETH were sent to 39 wallets after 313 transactions,” they explain. “All six wallets have the same portfolio which consists of more than 92% share of OMG tokens” plus 150,000 ETH each. Cryptohound’s investigative report then goes on to speculate over the identity of the entity behind the $500 million move.

Demonstrating a practical application for blockchain forensics, a number of leading cryptocurrency exchanges have vowed to freeze funds stolen from Cryptopia. The hackers who infiltrated the New Zealand-based exchange earlier this week, before making off with several million dollars’ worth of ETH and tokens, have attempted to send their ill-gotten gains to Binance and Kucoin, prompting both platforms to freeze the accounts of the suspects.

What are your thoughts on the stories in today’s news roundup? Let us know in the comments section below.


Images courtesy of Shutterstock and Dappradar.


Need to calculate your bitcoin holdings? Check our tools section.

The post The Daily: Crypto’s Latest VR World, New Blockchain Analytics Tools appeared first on Bitcoin News.

from Bitcoin News http://bit.ly/2FJvIhk The Daily: Crypto’s Latest VR World, New Blockchain Analytics Tools

#UK Are you an active or passive candidate?

//

Statistics show that 75 per cent of global candidates are ‘passive job seekers’ – How are you positioned to take advantage of every opportunity out there? Tristan Drane, founder and managing director of The One Group, reports.

Passive candidates can be defined as individuals who are not actively seeking a new job role, due to either being satisfied in their current role, being part of an ongoing project or simply a lack of motivation to seek opportunity. 

An active candidate takes action to find a better vocation, to improve career prospects and in theory give themselves more opportunity for change.

Is it better to be an active or passive candidate?

The type of candidate you should aim to be is highly dependent on which sector or type of industry you work within. Sectors such as administration, customer service and sales are often seen as more ‘disposable’ skill sets, with willing replacements said to be easier to find. 

As a candidate working in this employer led environment, you cannot afford to be as passive and will likely benefit from actively making yourself accessible to potential employers either via numerous jobs applications, adding your details to a CV database or engaging with recruitment agency. 
 
On the other hand, industries prizing more niche or deeper skill sets, such as Technology, Engineering or Scientific, candidates are often in high demand and so can afford to be a little more passive in their approach. 

Forbes found that only 30 per cent of the global tech workforce are actively seeking for more – putting greater emphasis on the employer to go out and find them. The question for this group of candidates is, even if you have a desirable skill set to offer, are you in the right places to be discovered?

As a short answer, no it is not better to solely an active or passive, the first question you need to ask yourself is where do I fit on the scale below? Are you in a low skilled environment needing to work that bit harder to find new opportunity, are you highly skilled and can afford to take a foot off the gas or like most of us are you somewhere in the middle just looking to make yourself that little bit more desirable to a potential employer?

How desirable do you think you are?

As mentioned, your ability to be recognised and plucked from the talent pool will be relative to the environment in which you work, the demand for your particular skill set and your competition. There are three fundamentals to making yourself desirable to potential employers.

A candidate, either passively or actively searching for a new role while still in full time employment is far more desirable than an individual who is currently unemployed. 

Your worth and value as an employee is far easier to demonstrate – with recruiters and employers able to see the difference your role is making in real-time, without having to rely on a snippet from your CV. 

Don’t wait until you’re at the end of the road to start your job search, whether you are looking or not keep an open mind, flag yourself as open to new opportunities.  

Many passive and even some active candidates continue to rely on outdated CV’s and old profiles, if you haven’t added those latest qualifications, skills or work placements, how can you expect recruiters and prospective employers to know your true potential. Is there something that could add to push you up the skills scale? Is this something you already have in your armoury? Or is this something new you could explore?

All the statistics point to passion and drive being the way to fill a skills gap. According to a survey conducted by The Polling Company, 70 per cent of talent acquisition leaders, and 51 per cent of recruiters push forward candidates with greater motivation and drive.

Although difficult to demonstrate on paper, research also backs this up suggesting that 9/10 recruiters preferred to hire active candidates; could this be the route to making yourself more desirable if you are lower on the skills scale?

Five tips for making yourself accessible 

You have decided where you sit on the in skills model, you know how active or passive you need to be to create a new opportunity for yourself and you have updated your profile to help maximise your potential and saleability. Here’s five steps to ensure you’re making yourself discoverable and taking advantage of every opportunity that comes your way.

1. Build your online brand
How discoverable are you? Could a potential employer find you with a quick search? According to research conducted by Aberdeen Group, a staggering 73 per cent of millennials found their last job through a social networking platform.

  1. Upload your CV to relevant job boards (Completing additional profile information where applicable)
  2. Update LinkedIn profile – Does this match your CV? Have your declared yourself as open to opportunity?
  3. Do your other social media platforms give the right impression?  

2. Talk to a recruiter 
Not all recruiters are created equal. Upload your CV to relevant local and specialist recruiters.

3. Fill a skills gap
Look at your peers, is there a skill or qualification that could complement your current skill set or make you eligible for your dream job?

4. Be confident 
Approachability and preparation are key to success when searching for a new role – be confident in your ability, be willing to clearly communicate experience and explain your career choices.

5. Be Motivated 
Show passion and drive within your role and towards any potential opportunity: According to a survey conducted by The Polling Company the top reason (51 per cent) for passive candidates not being successful in their new roles is due to showing a lack of passion and commitment. 

theonegroup.co.uk

from Business Weekly http://bit.ly/2FE38Ox

Posted in #UK

#UK Cambridge innovation helps Draper Esprit transform mega-VC investments

//

Gamechanging VC firm Draper Esprit believes Cambridge’s Science & Technology innovation brilliance is helping to transform the international investment paradigm.

CEO and co-founder Simon Cook is presiding over a golden age for the London-quoted investor and is escalating Draper Esprit’s ambitions just as Cambridge S & T trailblazers ramp their own fundraising expectations.

Cook, who cut his tech teeth in Cambridge as well as Canada and Silicon Valley, says the cluster’s top innovators are now raising much bigger sums – rounds at last commensurate with the potential of their propositions.

Having just exited from Grapeshot after its spectacular sale to US giant Oracle and led a $31 million round in Cambridge life science company Fluidic Analytics, Draper Esprit is perfectly primed to take the temperature of the  global investment climate.

Cook says he is not surprised that brilliant Cambridge science and technology is finally realising optimum valuations. And he is convinced that major acquisitions creating new millionaires at companies like Arm and Grapeshot will lead to more exciting tech startups – and fresh opportunities to breed internationally influential unicorns.

Cook’s team intends to drive home those points at an exciting Cambridge event on February 6 at the Tamburlaine Hotel in Station Road at the heart of the city’s burgeoning tech quarter.

Cutting edge entrepreneurs will share their success stories and underline the unprecedented opportunities awaiting new generations of Cambridge startups. Among them will be John Snyder, founder and CEO of Grapeshot, Andrew Lynn (CEO of Fluidic Analytics), Sarah Bateup, chief clinical officer of Ieso Digital Health; Tim Brears, CEO of Evonetix; Kerry Baldwin, managing partner of IQ Capital and Dr Vishal Gulati, venture partner with Draper Esprit.

Grapeshot John Snyder
Grapeshot founder John Snyder

Cook told me: “Our heritage is Cambridge although we have not done anything quite like this event before. We were always very active in Cambridge but in a new and vibrant climate we felt it was a good time to reinforce the proposition.

“We back brilliant teams with global ambition. Building a business is tough and going global even harder. If you are a founder join us at the Cambridge event and meet entrepreneurs who are doing just that.”

Cook believes the days of Cambridge companies underselling their propositions are long gone and that CEOs of exciting new tech startups are starting to raise the kind of money their propositions warrant. 

Giving the lead, Draper Esprit is willing to make investments that accelerate growth and make a difference on the world stage – injecting £20m-£30m sums rather than less effective amounts.

He said: “The ability to write bigger cheques and take more risks in order to build a bigger upside has changed quite a lot in Silicon Valley. Now Europe is catching up quite fast.

“We have seen major investments and acquisitions led from the US in the past and now Asia is becoming significant; especially China and Japan. Draper Esprit has been instrumental in starting a flow of Asian investment into the UK and Cambridge. We helped sell Neul to Huawei which is now investing heavily in the cluster. 

“We recognised early on the interest from Asia in Cambridge. While the Neul-Huawei deal price in itself was not massive, the investment Huawei has since injected into Cambridge and the UK and the potential growth for the cluster as a result is proving highly significant.

“Until fairly recent times, Europe had seemed a better route for our companies  looking internationally than Asia but a lot of relationships have developed over the last five years between Asia and Europe. They will not slow down.

“In all our years’ experience in Cambridge, the UK and globally no-one has done investments on the scale that we are witnessing and helping to drive right now. 

“Entrepreneurship is better understood. Cambridge has always had some of the best science in the world but sometimes its entrepreneurs have not been able to explain the story effectively enough to attract the right amount of investment. 

“Entrepreneurship is now embedded in younger businesses; science is a more recognised career path. There have always been one or two massive companies like Arm able to get the required uplift to grow internationally but now, with a lot more entrepreneurs on the scene, capital is really starting to flow in.

“And when you get a significant acquisition such as SoftBank’s of Arm it creates more entrepreneurs who are prepared to stay on the Cambridge scene and invest in startup opportunities.”

Cook says the situation is even more encouraging because it is no longer just the bosses who have entrepreneurial ambitions of their own; he has seen the spirit of entrepreneurship driven down to the most junior members of staff who are inspired by senior role models.

The Draper Esprit team
The Draper Esprit team

Cook believes that Cambridge entrepreneurs are also more prepared to build a global business in their own right rather than selling out short-term at the first sign of success – creating a pool of serial entrepreneurs helping to cross-pollinate new enterprises.

Draper Esprit’s strategy is to ramp up the size of its investments in truly exciting plays. Cook says: “We raised £160 million in June 2017 but you can never have too much money so our future fundraising plans remain flexible.

“Our plan is to get to a position where we are lending bigger and bigger amounts but are self financing. We invest in risk businesses so have to be prepared to lose money. 

“VCs were once prepared to lose, say, £2-3m but are now willing to lose lots more. I am really excited that we can write £20-30m cheques and absorb it.”

Cook believes that good science & technology has a habit of finding its time and opportunity to shine. He says John Snyder and Grapeshot have always had excellent technology but the explosion of fake news and web trust issues had heightened its appeal to Oracle.

Similarly CSR’s Bluetooth technology was rubbished at the outset – particularly in the US where rival technologies were being promoted – but the unrelenting push for safe, hands-free communication in cars accelerated the Cambridge proposition into overdrive based on market forces. The end result was CSR’s acquisition by US chip maker Qualcomm for $2.4 billion in 2015.
 
Cook says opportunities to invest in ahead of the curve technologies have always been around – but he adds: “What has changed is the cheque sizes. “While $10 million Series As have been normal for a while, what haven’t are the $50 million Series Bs. 

“The ability to write bigger cheques and take more risks in order to build a bigger upside has changed quite a lot in the Valley. And now, Europe is catching up quite fast.

“The funds that can break out from $150m to $500m are going to become market leaders for a long time.”

• For more details of the Cambridge event see the advertisement on Page 4 or go direct to www.draperespritevents.com/cambridge/bw

from Business Weekly http://bit.ly/2FwVaaS

Posted in #UK

#Blockchain Indian Supreme Court Pushes Crypto Case Against RBI to End of February

Indian Supreme Court Pushes Crypto Case Against RBI to End of February

The case against the crypto banking ban by the Reserve Bank of India (RBI) was unexpectedly heard at the country’s supreme court on Thursday. However, senior advocates for the parties were reportedly absent, so a new date has been set and the crypto case will be “top of the list” on that date.

Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations

Caught by Surprise

The Indian supreme court was scheduled to hear the petitions against the crypto banking ban imposed by the country’s central bank, the RBI, on Tuesday after repeatedly postponing it last year.

The case was finally heard on Thursday. However, according to Twitter account Crypto Kanoon, an Indian platform for blockchain regulatory news and analysis, the “crypto vs. RBI matter reached in the supreme court. As the matter was unexpected to reach, sr. advocates appearing for parties were not present.” The user continued to detail:

Now it will come for hearing on 26th Feb on ‘top of the list’ i.e., it will be at serial no. 1 on the Cause List.

Indian Supreme Court Pushes Crypto Case Against RBI to End of February

After many postponements throughout the second half of last year, few expected the case to be heard this week. Quartz India talked to a lawyer representing some of the crypto exchanges who said on Monday that “The case … is unlikely to come up for hearing this entire week.” In November’s hearing, lawyers representing crypto exchanges asked the court for a full-day hearing “so that the case could be expedited,” the news outlet noted, adding that “Despite this, delays are expected.”

RBI Ban and Crypto Regulation

The RBI issued a circular on April 6 last year banning regulated financial institutions from providing services to customers and businesses dealing with cryptocurrencies. The ban took effect in July and crypto exchanges’ bank accounts were closed. A number of petitions have been filed with the court to lift the ban.

Indian Supreme Court Pushes Crypto Case Against RBI to End of February

Most crypto exchanges in India responded to the banking restriction by launching exchange-escrowed peer-to-peer (P2P) services which have reportedly gained popularity. One of the country’s largest exchanges, Zebpay, shut down its exchange operations in India due to the banking problem. Another major exchange, Unocoin, tried to launch fiat kiosks but ran into trouble with the law when officers mistook its first machine for an ATM that violates the RBI ban.

Recently, there have also been reports of banks, such as Kotak Mahindra Bank and Digibank, closing the accounts of customers they found making crypto-related transactions. However, Indian crypto traders and users have reportedly found a way to bypass banks closing their accounts.

Meanwhile, the regulatory framework for cryptocurrencies is being drafted by a panel headed by the country’s Secretary of the Department of Economic Affairs, Subhash Chandra Garg. Furthermore, the finance ministry recently updated Parliament on its crypto regulatory progress but said that there is no specific timeline for clear recommendations.

What do you think of the Indian supreme court postponing the crypto case hearing? Let us know in the comments section below.


Images courtesy of Shutterstock and the RBI.


Need to calculate your bitcoin holdings? Check our tools section.

The post Indian Supreme Court Pushes Crypto Case Against RBI to End of February appeared first on Bitcoin News.

from Bitcoin News http://bit.ly/2SZqp1k Indian Supreme Court Pushes Crypto Case Against RBI to End of February

#Africa Ethiopian startup behind ZayRide taxi app secures seed funding

//

Ethiopian startup Zaytech IT Solutions, the developer of taxi-hailing product ZayRide, has secured a seed funding round from local and international investors in order to roll out new products and enter new markets.

Founded in 2016, Zaytech provides technology and transportation solutions under its brand name ZayRide, which has an expansive network of vetted, safe and trained taxi drivers across Addis Ababa for both corporate and individual customers.

It recently added delivery services to its platform and will be adding ambulance services in 2019. It also plans to launch new products and expanding its tech outsourcing team following the investment.

The company said the funding would provide it with the necessary financing to get started with its ambitious growth plans, enabling it to launch additional complementary products in Ethiopia, expand market penetration and increase its talent pool significantly as it plans to roll out further products and enter new markets in the coming months.

“I am very pleased to welcome our new investors who have a wealth of experience in launching and scaling up tech companies globally and know the Ethiopian market very well as they guide us in our growth strategy,” said Habtamu Tadesse, founder and chief executive officer (CEO) of Zaytech.

The post Ethiopian startup behind ZayRide taxi app secures seed funding appeared first on Disrupt Africa.

from Disrupt Africa http://bit.ly/2TXveZc

#Blockchain Bitpay Reports Processing Over $1 Billion Transactions in 2018

Bitpay Reports Processing Over $1 Billion Transactions in 2018

Popular cryptocurrency payment processor Bitpay has released figures showing that the company maintained strong performance during 2018, despite the downturn in the market. For example, while other ventures had to downsize recently, Bitpay’s staff increased by 78 percent from the previous year.

Also Read: Binance Launches Euro and Pound Fiat-to-Crypto Platform in Jersey

B2B Business Grew Almost 255% YoY

Bitpay Reports Processing Over $1 Billion Transactions in 2018

Bitpay has announced strong performance for the payment processing platform in 2018, after more than seven years in operation. During the year, the service reportedly processed over a $1 billion in payments for a second year and set a new record for transaction fee revenue by adding new customers. The company’s B2B operation also reportedly had a record year as it grew almost 255 percent from the previous year.

“Bitpay’s B2B business continues to grow rapidly as our solution is cheaper and quicker than a bank wire from most regions of the world,” said Stephen Pair, co-founder and CEO. “To process over $1 billion for a second year in a row despite Bitcoin’s large price drop shows that Bitcoin is being used to solve real pain points around the world.”

The company reports that its headcount has grown by 78 percent in 2018, with new hires in the fields of engineering, support, and compliance, bringing the total close to 80 employees. Bitpay also raised $40 million in Series B funding bringing its total raised capital to over $70 million.

Over 1.5 Million BCH and BTC Wallets

Bitpay Reports Processing Over $1 Billion Transactions in 2018

The Copay wallet, Bitpay wallet, and other wallets using the company’s Bitcore Wallet Service (BWS) have reportedly sent billions of dollars in value in BCH and BTC in 2018. In total, users have created over 1.5 million wallets to date using Bitpay and Copay.

The company also reports it set a record for reducing payment error rates, with the dollar volume lost falling from over 8 percent (in December 2017) to well under 1 percent of its total dollar volume processed.

“The adoption of support for Payment Protocol wallets has made a big difference for our merchants. Merchants are now able to easily accept Bitcoin payments in a simple easy way without any support issues. This was our biggest request by our enterprise merchants”, said Sean Rolland, Head of Product of Bitay. “Bitcoin has the network effect around the world and we are still extremely bullish on Bitcoin and the Bitcoin ecosystem,” he added.

What do these figures show about the wider ecosystem in 2018? Share your thoughts in the comments section below.


Images courtesy of Shutterstock.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.

The post Bitpay Reports Processing Over $1 Billion Transactions in 2018 appeared first on Bitcoin News.

from Bitcoin News http://bit.ly/2ASAeaf Bitpay Reports Processing Over $1 Billion Transactions in 2018

#USA German HR and recruiting platform Personio raises $40M Series B led by Index

//

Personio, the German HR and recruiting platform, has raised $40 million in a Series B funding. Leading the round is London-based Index Ventures, with participation from existing investors Northzone and Rocket Internet’s Global Founders.

Founded in 2015, Munich-based Personio has set out to build a “HR operating system” for small and medium-sized companies (SMEs) ranging from 10 and 2,000 employees. The cloud-based software is designed to power all of a company’s HR and recruiting processes, either via the product’s own core functionality or through its ability to integrate with third-party software.

“We believe in the benefit of a holistic HR solution that covers the entire employee life-cycle, while its functionalities need to adapt to individual customer requirements and processes,” Personio co-founder and CEO Hanno Renner tells me.

“That being said, we distinguish between the bread-and-butter HR activities which every company needs to do (e.g. recruiting, on boarding, time off management, payroll etc.) and those that are either industry-specific or rather nice-to-haves”.

Examples of the latter include hardware-based time tracking, and employee engagement, respectively. “We focus our efforts on providing a best-in-class experience for what we consider bread-and-butter HR,” adds Renner. “For more specific requirements, we let our customers choose from a growing number of integrated vertical solutions based on their needs. Data will be synced so Personio acts as the system of record for all HR information and information only needs to be entered once”.

In addition to “out of the box” third-party software integrations, Personio’s claim to offer a HR operating system is backed up by the company’s open API, which is designed to cover various use cases where accessing data that is stored in Personio can add further value to customers. This includes building something as simple as a Slack bot using Personio data, to connecting Personio to a company’s data-warehouse or deeper integrations with internal systems.

More broadly, Renner says this holistic approach, coupled with Personio’s workflow automation that aims to cut down on time wasted on repetitive tasks, is not only resonating with HR managers and recruiters who typically use the product for several hours per day, but is also finding use with managers, executives and other employees. The end result is that HR and recruitment processes can become much more distributed across a company.

To that end, Personio says its Series B funding will be used to help the company attempt to become Europe’s leading provider of human resources software for SMEs. It boasts more than 1,000 clients in 35 countries, seeing over 150,000 employees and several hundred thousand applicants currently being managed within Personio.

“We believe that now is the right timing to actively expand into further regions and the funding as well as Index expertise will certainly help making that move successful,” adds the Personio CEO. “Apart from that, we consider ourselves a product-driven company and hence want to continue to strongly invest into building the best product for our customers which will mean significantly growing our product & engineering team and potentially even opening a new office to facilitate hiring”.

from Startups – TechCrunch https://tcrn.ch/2RzJWIO

#Africa Ashoka opens applications for 11-month health accelerator

//

Social entrepreneurship network Ashoka and pharmaceutical company Boehringer Ingelheim have launched 11-month accelerator programme Making More Health (MMH).

The structured accelerator will bring together the best experience in social innovation and global healthcare to improve healthcare access for people, animals and their communities around the world.

Participants will be provided with tailored access to expertise and capacity building to unlock their next phase of growth. A unique feature of the programme is its co-creation approach, which involves entrepreneurs working with Boehringer Ingelheim employees to collaboratively design and implement relevant interventions.

At the end of the accelerator, social entrepreneurs with successful interventions will have the opportunity to present their solutions to Boehringer Ingelheim’s leadership team as well as social investors to attract further investment.   
The programme is looking for well-established, post-revenue startups operating in Kenya, Ghana or Nigeria. Applications are open here until February 15, with the programme beginning in April.

The post Ashoka opens applications for 11-month health accelerator appeared first on Disrupt Africa.

from Disrupt Africa http://bit.ly/2supoml

#Africa African startups tapping the huge potential of insurtech models

//

The “African insurance market” is barely worthy of the name, such are the low levels of penetration of all types of insurance across the continent. Yet insurtech startups innovating in areas such as the distribution and management of insurance are creating a win-win scenario for everyone involved.

The insurtech market in Africa is a new one. When Disrupt Africa released its Finnovating for Africa report on the continent’s fintech space in 2017, it tracked only 18 insurtech startups, accounting for just six per cent of Africa’s fintech startups.

That figure now stands at over 50. Back then, investment in insurtech startups was also low, with such businesses raising only 8.8 per cent of total funds raised in the fintech space. Impressive rounds for the likes of Click2Sure, Naked, Simply and Bismart last year mean this level is now far higher.

The appeal is that these startups are innovating in a market that has remained largely undisrupted, if indeed there is anything to disrupt at all. Continental insurance leader South Africa has an insurance penetration rate of only 13 percent, while elsewhere the figures are much lower. In Kenya it is three per cent, in Nigeria 0.3.

Nick Evans is chief executive officer (CEO) of South African insurtech startup wiCover, which builds highly configurable distribution platforms for insurance companies. He said the sector suffers from lack of access, lack of education, and lack of innovation, all things startups are trying to provide.

“Insurance products that protect income, lives, families, businesses or assets requires an increase in education and an increase in access to banking services. Low cost or micro-insurance products require innovation on the types of products that are available, how they are consumed and how they accessed,” Evans said.

Distribution, he said, is a key issue that needs to be solved for companies to be able to sell micro-insurance products at scale.

“The current distribution models increase the cost of accessing markets and drives the cost of product. Accurate data is also a hindrance to progress. There is also a trust issue at the insurance moment of truth. Claims are not paid always quickly, fairly or correctly. It’s a huge pain point that can also lead to an increase in fraud,” said Evans.  

“Payment and collections is another key issue that needs be addressed for customers, with low levels of financial services requiring a new look at how premium is paid, how often it is paid and how claims are paid.”

Many problems that need tackling, then, but as ever, the way insurance businesses operate means, like most corporates, they struggle to innovate. Adelaide Odhiambo, CEO of Kenyan insurance product distribution platform Blue Wave, believes insurance companies require an “extensive change management exercise” as corporate culture and infrastructure does not support innovation.

“As for the customers, the products available do not necessarily address their immediate needs, as most insurance products available are off the shelf and not easily customisable. We are working to resolve this,” she said.

As are many startups, and with good reason. The huge lack of access is a huge opportunity, as is the entry of millennials with different expectations into the market. At last, insurance companies are ready to listen. A PwC report in 2017 found more than 50 per cent of insurers are putting disruption at the centre of their strategies, and seeking partnerships with insurtech startups.

This makes sense for everyone involved. Startups can access a potential customer base of the size they could never have dreamed of, insurance firms access innovative new ways of distribution, and customers can more easily access better products.

“Startups with no legacy systems have the opportunity to design and deliver a truly digital customer experience, resulting in convenient – and quick – customer engagements, while lowering costs significantly through automation,” said Ernest North, co-founder at South African artificial intelligence (AI)-driven car insurance provider Naked Insurance.

Sam Wanekeya is CEO of Kenya’s Kakbima, an online Software-as-a-service (SaaS) insurance manager. He said African insurtech startups are better placed than larger, often international firms to deliver insurance products geared towards the need of the customer.

“The African insurance market it very different from the Americas or the European market. You cannot pick a product in Europe and bring it to a country like Kenya and expect it to work,” he said.

“Traditional insurance companies need to really change. A continent having the highest population of young people selling insurance the old fashioned way will not last for long. The customer is changing very fast, and if they don’t change then they’ll end up losing.”

The signs are that they are changing, however, and that is good news for everyone. Anthony Miller co-founded South African startup Simply, which designs and sells simple life insurance products. He believes insurtech will leapfrog traditional insurance in same the way mobile has leapfrogged fixed-line and mobile payments have leapfrogged traditional banking.

“Done well, insurance is a valuable enabler of effective societies. Africa is a huge continent with a fast growing population and strong economic growth. There’s no question insurance is a big part of its future and technology is what will get it there,” he said.

“These opportunities have the potential to be very lucrative for insurtech companies, traditional insurance companies, and investors alike. In 20 years’ time, insurance in Africa will be worth hundreds of billions of dollars.”

The post African startups tapping the huge potential of insurtech models appeared first on Disrupt Africa.

from Disrupt Africa http://bit.ly/2svxZoL

#Blockchain Thai Cryptocurrency Exchange Determined to Stay Open After SEC Orders Shutdown

Thai Cryptocurrency Exchange Determined to Stay Open After SEC Orders Shutdown

The Thai Ministry of Finance has rejected the last cryptocurrency exchange application it had been reviewing. The exchange, which has been ordered to close down business and return customer funds, is determined to stay operational. “Shutting down is not an option for us,” its chief strategy officer reportedly said.

Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations

Coin Asset Exchange Rejected

Thai Cryptocurrency Exchange Determined to Stay Open After SEC Orders ShutdownThe Thai Securities and Exchange Commission (SEC) announced on Monday the outcome of the latest cryptocurrency exchange application it had been reviewing. The country’s Ministry of Finance, under the recommendation of the SEC board, decided to reject the application of Coin Asset Co. Ltd. to operate a crypto exchange.

The company has been allowed to operate in Thailand while its application was being reviewed. However, the SEC has notified the company of its rejection and ordered it to cease operations by Jan. 21.

The regulator told the exchange’s CEO, Sivanus Yamdee, that the minimum processing time is four months should the exchange reapply for a license, the Bangkok Post reported on Wednesday. Yamdee said his company will meet with the SEC on Friday to discuss continuing crypto operations. The news outlet further quoted him as saying:

We are seeking a way to keep our digital asset exchange operating as the business cycle is moving towards a peak … We are unable to endure such as long processing time. The business cycle is on the rise and there are costs for conducting daily business. It is not easy to maintain customer loyalty.

With about 10,000 customers, the exchange’s 24-hour trading volume is approximately 91 million baht (~$2.87 million) at the time of this writing. In August last year, the exchange unveiled its own line of cryptocurrency automated teller machines (ATMs). It also lists Jfin coin, the country’s first initial coin offering launched by a subsidiary of a company listed on the Stock Exchange of Thailand, Jay Mart Plc.

Thai Cryptocurrency Exchange Determined to Stay Open After SEC Orders Shutdown

Coin Asset’s new chief strategy officer, Arnon Saksri, was quoted by the Bangkok Post as saying:

Ultimately, we want to be regulated … It will improve investor confidence and the legitimacy of our cryptocurrency businesses, but the SEC has to find the right way to do it … Shutting down is not an option for us.

The Thai Ministry of Finance issued licenses to four cryptocurrency businesses on Jan. 8, three of which are exchanges and one is a broker-dealer.

Reason for Denial

According to the statement by the Thai SEC, the finance ministry cited “a major change to the company’s management … [which] affected the readiness of the company’s important work systems” as the reason for rejecting Coin Asset’s application. The commission detailed that “three out of four directors responsible for the [exchange’s] important work systems resigned.” The ministry elaborated:

The company failed to meet the standards on work systems. For example, the systems for custody of client assets and know your customer (KYC) were inconsistent with the standards accepted by the [Thai] Anti-Money Laundering Office.

The exchange maintains that its security system is safe, noting that it complies with ISO/IEC 27001:2013 international standard, Prachachat Turakij publication reported on Tuesday. Coin Asset added that its KYC process is linked to Thai banks, with comprehensive anti-money laundering measures.

Thai Cryptocurrency Exchange Determined to Stay Open After SEC Orders Shutdown

The finance ministry has allowed the company to keep operating until Jan. 21 “to ensure proper proceeding of related matters including notification to the clients regarding asset refunds or asset transfers to other digital asset operators according to the clients’ order,” the SEC emphasized. “Regarding clients’ assets under custody, the company is requested to transfer or return the assets according to the clients’ order and report the results of the matter to the SEC.”

Following the commission’s announcement, Coin Asset informed its customers that they can continue to trade until Jan. 21 and have until Feb. 14 to withdraw funds.

Do you think the Thai SEC will let Coin Asset remain open? Let us know in the comments section below.


Images courtesy of Shutterstock and the Thai SEC.


Need to calculate your bitcoin holdings? Check our tools section.

The post Thai Cryptocurrency Exchange Determined to Stay Open After SEC Orders Shutdown appeared first on Bitcoin News.

from Bitcoin News http://bit.ly/2VXpjF7 Thai Cryptocurrency Exchange Determined to Stay Open After SEC Orders Shutdown