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National Bank of Cambodia inks DLT development deal

Created by Soramitsu, Hyperledger Iroha is a software framework administered as part of the Linux Foundation's Hyperledger Project that specialises in creating highly responsive mobile and web applications.

Japan's Soramitsu says that Iroha is able to securely and quickly process data, making it ideal for digital payments, contract administration, identity management and supply chain management. 

Details of the new deal are scarce but Cambodia's central bank will "study the implications of distributed ledger technology, while contributing to the open source development of Hyperledger Iroha and developing new payment infrastructures," says a statement.

Kazumasa Miyazawa, COO, Soramitsu, adds: "Through our work with the National Bank of Cambodia, we will be able to take the first step toward creating a more efficient payment infrastructure, which we hope to expand globally in the future

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The National Bank of Cambodia is teaming up with distributed ledger technology specialist Soramitsu to develop the use of the Hyperledger Iroha software framework for a possible new payment infrastructure
Paytm in talks to raise over $1 bn funding from SoftBank

New Delhi, Apr 19 () Fintech company Paytm is believed to be in discussions with Japanese conglomerate SoftBank to raise over USD 1 billion.The deal, if successful, will value the Alibaba-backed Paytm at over USD 7 billion from the current USD 5 billion, multiple sources said.When contacted, Paytm and SoftBank declined to comment. Interestingly, SoftBank was an early investor in Alibaba.

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The talks come at a time when SoftBank is working on a sale plan of e-commerce firm Snapdeal and is likely to make an announcement in the next few weeks.
SoftBank is the largest shareholder in Snapdeal, which is locked in an intense battle with Amazon India and Flipkart.
One of the sources said Paytm may buy Snapdeal-owned payments firm Freecharge as part of the transaction with SoftBank.
The funding will also help Paytm accelerate expansion ahead of the launch of its payments bank service. The Alibaba-backed company already runs mobile wallet and e- commerce services.
Paytm has seen manifold growth in transactions on its platform after the government scrapped high denomination notes in November last year.
MortgageHippo secures $2.25M to bring more mortgages online

Illinois based lending platform MortgageHippo has raised $2.25 in Series Seed funding led by CMFG Ventures. MortgageHippo’s flagship product, Swift, is a white-label solution for lenders looking to offer mortgages online. Founded as a consumer-facing business in 2013, the company shifted its focus to white-label software in early 2016.

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MortgageHippo, a Chicago-based digital mortgage startup, announced it has closed a $2.25 million seed round.

The company will use the funding to expand its salesforce and software development team.

MortgageHippo’s flagship product, Swift, is a white-label solution for lenders looking to offer mortgages online. Founded as a consumer-facing business in 2013, the company shifted its focus to white-label software in early 2016.

Co-founder and CEO Valentin Saportas said the company pivoted after seeing a “perfect storm” of market developments driving traditional mortgage providers to take a closer look at new technological solutions.
Irish fintech start-up Rubicoin raises a further €1.4m

Irish investment app platform Rubicoin has raised a further €1.4m in new funding bringing the company's funding total to over €5m. Growing momentum in Ireland FinTech! Rubicoin's app Invest, which has been ranked as the number one investment app in Apple’s US AppStore for the past year, is an app for IoS and Android that makes it easy for people to start investing from their smartphones by giving straightforward instructions on how to buy shares and clear choices on what shares to buy.

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CEO Emmet Savage with COO John Tyrrell and staff at Rubicoin’s office on Merrion Row. Irish fintech start-up Rubicoin has successfully secured a further €1.4 million in a new funding round to take its total amount raised to date to more than €5 million.
The company, whose backers include Enterprise Ireland and American investment advice group the Motley Fool, was co-founded by Emmet Savage and John Tyrrell in 2013. The Dublin-based firm, which raised $2.2 million (€2.05 million) when it launched its flagship Invest app in the US in late 2015, secured an additional €1.2 million last year. It also operates in Canada and is to launch shortly in Australia.
Insurance Customers Need to Get Used to Talking to Machines

Insurance companies will spend on average $90 million on artificial-intelligence technologies by 2020. That would place insurers in 4th place behind telecos ($131 million), high tech ($119 million), and banking ($99 million) in AI spending by the end of the decade.

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Most insurers already use ‘virtual assistants,’ survey shows
Carriers will invest significantly in AI in next three years
Frustrated with automated answering machines before you finally get to speak with a customer service representative? When it comes to insurance, you’ll just as likely end up dealing with a robot as a human within three years, according to a survey by Accenture Plc.

About two-thirds of insurers already use artificial intelligence-based “virtual assistants,” the consulting firm said in the report, which was published on Wednesday. Of the executives who took part in the survey, 85 percent said they plan to invest “significantly” in AI in the next three years.
Deutsche Bank Deploys Artificial Intelligence to Help Meet Demands of Regulatory Compliance

The project comes out of Deutsche Bank’s innovation group and uses machine learning to reduce costs and improve accuracy as it parses voice and video recordings of bankers at work.

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The bank is using AI to reduce costs and improve accuracy as it parses voice and video recordings of bankers at work
By KIM S. NASH
Apr 18, 2017 5:09 pm ET
Deutsche Bank AG, facing a vast body of financial regulations, is turning to artificial intelligence as it sorts through volumes of voice and video recordings to make sure that the bank’s professionals are complying with the rules. The move is designed in part to help reduce costs related to regulatory compliance as well as to […]

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