The Russian subsidiary of the Austrian lender Raiffeisenbank has run the country's first ever mortgage deal on blockchain. It could be a taste of more to come in the nation. In the transaction, a mortgage contract was issued as an xml document containing all relevant information, including data on the mortgage loan issuer, the borrower, date and place of signing the deal, the total amount of the loan, and the repayment period. The use of blockchain for mortgage loan issuance is set to increase the safety of data storage, cut depository costs, and speed up transactions for both borrower and lender, Raiffeisenbank said in announcing the deal. Normally, after sealing a mortgage deal, the borrower has to visit the bank again to deposit the mortgage contract, while the application of blockchain allows the borrower to do it remotely, also cutting the amount of paper documents.
A major corporate gift is aimed at supporting cutting-edge research at the University of Vermont. MassMutual and UVM announced Friday that the Springfield, Massachusetts-based life insurance company will give the university $5-million over five years, starting in 2019. That funding will create the MassMutual Center for Complex Systems and Data Science on UVM's Burlington campus, supporting data analytics work. According to UVM, some of the research conducted at the center will include studies on the link between people's physical and financial health and environmental impacts on human wellness. A Utah boy shredded over $1,000 of his parents money which they were saving to reimburse their parents for Utah Utes Football season tickets.
The skyscrapers rising between the eastern bends of the River Thames are emblazoned with some of the biggest names in banking: Barclays, HSBC, JPMorgan and Citi. But the future of finance hangs out on the 39th floor of the tallest building of them all. That's the home of Level39, a technology incubator where millennial entrepreneurs share open workspaces, a communal kitchen and a daily ritual of snack breaks featuring freshly baked cookies. The start-ups are rethinking every aspect of money, from checking accounts to crowdfunding to the complex networks that power the world's stock exchanges. Top bank executives regularly drop by to scout new ideas, and investors poured 900 million into the fledgling industry last year -- creating a heady fusion of Wall Street and Silicon Valley that was supposed to drive the next generation of London's financial dominance in Europe.
Mitsubishi UFJ Financial Group Inc. has chosen Amsterdam as the base for its investment-banking business in the European Union after the U.K. leaves the bloc, people with knowledge of the matter have said. MUFG, as Japan's largest banking group is known, will also set up a securities branch in Paris, the people said, asking not to be identified before an announcement possibly as soon as Wednesday. Reuters reported earlier that MUFG will move several dozen people from London. MUFG, which already holds a license for commercial banking in the Netherlands, had been considering both Amsterdam and Paris for its post-Brexit securities operations, Bloomberg reported in July. Global banks are preparing to set up or expand offices in the EU before the U.K. formally leaves the union in 2019, to maintain access to the market after that time.