The fast moving space of fintech has spurred banking and financial institutions to open their doors and explore the potentials of the latest innovations available from global startups. Increasing pressure on institutions to innovate and move with demand has initiated dialogue between the monolithic and the nimble, i.e. big industry and startups where competitions such as SWIFT Innotribe become a platform for dialogue, inspiration and networking between the worldwide financial community. Bitspark was a semi-finalist of Innotribe, chosen out of 370 global contestants and vetted by over 500 judges from various accomplished fields ranging from tech, finance and investment. We are happy to announce that along with two early stage start ups, Jewel Paymentech and Trusting Social, we will go on to represent Asia as finalist at the Sibos 2015, the world’s premier financial services event to be held in Singapore in October.
Late 2014 and 2015 so far has shown that Blockchain technology is the tech to watch in the financial space and especially in payments. In just the Asia leg alone of the 2015 Innotribe Challenge, 4/10 were Blockchain and/or Bitcoin focused and in 2014 the overall winner of Sibos was Epiphyte, a crypto solution for the banks. With increasing acceptance and value placed on cryptographically proven public ledgers and the use of frictionless electronic tokens by the financial arena there maybe further integration into the mainstream financial ecosystem expected for the future.
For the first time, Bitspark demoed their newest product - a platform specifically made for the backend of remittance businesses with zero Blockchain/Bitcoin knowledge necessary. At both the Next Bank and Innotribe showcases, the platform received great reception with particular excitement over the ease of use, technology integration and its potential in emerging markets that are fast becoming the biggest in and out flow remittance corridors of the world but still experience high cost money transfers.
The aim is to provide the means for money transfer operators who operate remittance houses and are otherwise using outdated backend software (provided by the likes of Western Union, Moneygram, UAE Exchange ect) to join a decentralised and competitive market space while leveraging blockchain technology without barrier to entry and earning 100% of their profits. For the user, the platform will mimic the functionality of their existing infrastructure but Bitspark handles all the tech making it easier for wide adoption while simultaneously making cheaper, faster and borderless money transfers easily accessible to developed and emerging markets.
Bitspark held a Twitter competition during SWIFT Innotribe to encourage those who were unable to attend this event to have their say on why Blockchain remittances can best change finance for the better and we had some great contributions! We want to thank everyone who followed and participated in the competition. We did so well the PR coordinator even congratulated us on being the most social media active startup at the event.
The Winning Tweet!
#VoteBitspark @Innotribe because #blockchainremittances mean my money can travel and work around the world as freely as I do. @BitsparkBTC— Grace Copplestone (@CopplestoneG) May 26, 2015
The Bitspark team wants to thank everyone who helped and voted for us at Innotribe. We received great advice from startup and businesses veterans alike who were kind enough to aid us in our pitch and we were also lucky enough to have a great receiving audience that believed enough in Bitspark to vote us to the next round. To vote for Bitspark is to vote for true change and to solve real upcoming problems we face as a global community. Bitspark is delighted to be a game changer in this space and we hope you follow us in our journey!
Bitspark is a bankless money transfer ecosystem that enables businesses and people to cash in and cash out cryptocurrencies across Asia and Africa.