IBS Journal November 2015


The Innotribe Challenge gives


ambitious companies the chance to showcase their ideas in front of an audience of industry experts, finan- cial institutions and banking decision makers. Previous winners of the challenge


have gone on to see measures of suc- cess, with 2011 winner Truaxis being acquired by Mastercard and 2014 win- ner Epiphyte chalking up $360,000 in revenue since its appearance at Sibos Boston. The 2015 edition saw the finalists hosting their own exhibition booths for the first time. Founder of Hyperledger, Daniel


O’Prey, described the experience as ‘fantastic from start to finish’. The start-up, following its time in


the New York regional showcases, was acquired by Digital Asset Holdings, a cryptocurrency firm headed by for- mer JPMorgan Chase executive Blythe Masters. Hyperledger’s participation in


Innotribe, adds O’Prey, has given it ‘amazing exposure’ to its target market. ‘Fintech has changed beyond rec-


ognition in the last few years,’ says Fabi- an Vandenreydt, head of markets man- agement, Innotribe. ‘Innotribe was one of the initial facilitators that helped to spread innovation within the financial industry.’


Hyperledger wins the Innotribe Challenge © Sibos


Day 4: Risky business The final day is an ASEAN theme. Sibos wants to look at its ‘economic growing significance’ and has workshops on financial integration, exchanges and securities. While in the ‘corporate’ arena, some panel discussions produce some rea- sonably engaging debate. The trade finance industry uses the event to say banks still aren’t doing enough to improve their digital services. At a talk on ‘Progressing the digi-


tal trade agenda: Are banks on board?’ the moderator and panel of six raise a smattering of new points, albeit by run- ning over a lot of old ground. In a 45-minute session, Clarissa


Dann, editor at Trade and Forfaiting Review, acts as moderator for three representatives of corporations, and three representatives of banks. An early audience vote about


organisations’ strategy on digital trad- ing reveals 44% had started to digitise due to client demand. The discussions centre on what


banks can do for the trade finance industry. Dann says that due to some companies being over-reliant on paper, they find goods arriving before docu- mentation. If they could be digitised faster, this situation could be sorted out. Niki Sakelaropoulos, manager of


process analysis and improvement, at BHP Billiton – an Anglo- Australian


multinational mining, metals and petroleum company – says it had to ‘push’ the banks for digitalisation. It seems some customers want their banks to do a lot more. In another vote on the ‘most impor-


tant recent development to digitise the trading finance process’, 32.9% of the audience went for the electronic bill of lading. If a bank hasn’t done this for its customers, it may be worth investigating.


Don’t bank on it The three bank representatives comprised Gianfranco Bisagni, deputy head of CIB division, Unicredit; Alan Huse, head of transaction banking for Australia, New Zealand and the Pacific, ANZ; and Sriram Muthukrishnan, region- al head of business development, global trade & receivables finance ASP, HSBC. On the other side, Per Norman,


head of treasury and risk management at BillerudKorsnäs, a Swedish pulp and paper manufacturer, says digitalisation is not ‘trickling down’ in the banks. It may well be a directive at the top, but that message isn’t reaching the bottom. In a change from the party line,


Bisagni says there is ‘a lack of under- standing’ and ‘we need to be more cou- rageous’. But Muthukrishnan points out that some custom departments in cer- tain parts of the world still want to see paperwork, so the process of digitalisa- tion can’t even begin in such scenarios.


Sriram Muthukrishnan, HSBC © Sibos


© IBS Intelligence 2015


www.ibsintelligence.com


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sibos 2015


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