Innovationstag Digital Banking Liechtenstein 2016

Internet

of

Things

50 Mrd. Geräte bis

2020

Internet

of

Things

50 Mrd. Geräte bis

2020

Internet

of

Things

Internet

of

Money

50 Mrd. Geräte bis

2020

Internet

of

Things

Internet

of

Money

> 40% des Daten-

verkehrs

50 Mrd. Geräte bis

2020

Internet

of

Things

Internet

of

Money

> 40% des Daten-

verkehrs

KI

>4 Mrd. Internet

User 2020

50 Mrd. Geräte bis

2020

Internet

of

Things

Internet

of

Money

> 40% des Daten-

verkehrs

KI

>4 Mrd. Internet

User 2020

Simula-

tionen

Internet

of

Things

Internet

of

Money

Simula-

tionen

KI

50 Mrd. Geräte bis

2020

> 40% des Daten-

verkehrs

>4 Mrd. Internet

User 2020

Regulatorische Rahmenbedingungen

#IDBLI

The Age of CryptoFinance�How CryptoFinance Will Transform the World

Johann Gevers, Founder and CEO

[email protected]�

Economics always wins.

Two Ways to Interact�

voluntary > moralviolent > immoral

voluntary interactions create valueviolent interactions destroy value

business = voluntary trade > creates value = moral

How do we increase voluntary trade�and thereby create more value in our world?

We need a version 2.0�of the financial system.

— Andrew Lo, Financial Times, 27 August 2012

The financial system is at the epicenter of a fundamental transformation that is

radically changing geopolitics.

TerrorismFinancial crisesCorrupt governmentsNatural disastersClimate change

Problems

1. Trade barriers�

2. Health (contraception, disease,� malnutrition)

3. Education (illiteracy)

— Copenhagen Consensus�

The World’s Biggest Problems

Removing trade barriers is

over 30 times more effective

than any other intervention.

— Copenhagen Consensus

Free trade is

50 times more effective

than democracy at reducing violent conflict.

— Economic Freedom of the World 2005 Report

Wealth creation�is the fundamental driver�

of individual and social well-being.

How do we build wealth?

1.  Greater security of property2.  Lower transaction costs3.  Larger economic networks

⇒  Greater division of labor and specialization⇒  Higher productivity⇒  Rising wealth creation and standard of living

1. Secure Property Rights

Development is very complex. But if you do not have an order that tells you who owns what, none of the rest works.

— Hernando de Soto

Two-thirds of the world’s population — four billion people — are locked out of the capitalist system.

2. Efficient Trade

A mere 0.1% reduction in transaction costsquadruples a country’s wealth— the difference between Argentinaand Switzerland.

Low transaction costs are the fundamental driver of economic growth.

0–25% 26–50% 51–75% 76–100%

Percent of total adult population that do not use formal financial services

Estimates used to calculate regional averages

0–25% 26–50% 51–75% 76–100%



Fully 2.5 billion of the world’s adults don’t use formal banks or semiformal microfinance institutions to save or borrow money, our research finds. Nearly 2.2 billion of these unserved adults live in Africa, Asia, Latin America, and the Middle East. Unserved, however, does not mean unservable.

To read the full report, Half the World is Unbanked, visit sso.mckinsey.com/unbanked.

Counting the world’s unbanked

Alberto Chaia, Tony Goland, and Robert Schiff

Alberto Chaia is a principal in McKinsey’s Mexico City office, Tony Goland is a director in the Washington, DC, office, and Robert Schiff is a consultant in the New York office.

The microfinance movement, for example, has long helped expand credit use among the world’s poor—reaching more than 150 million clients in 2008 alone.1 Similarly, we find that of the approximately 1.2 billion adults in Africa, Asia, and the Middle East who use formal or semiformal credit or

savings products, about 800 million live on less than $5 a day. Large unserved populations represent opportunities for institutions that are able to offer an innovative range of high-quality, affordable financial products and services. Moreover, with the right financial education and support to make good

choices, lower-income consumers will benefit from credit, savings, insurance, and payments products that help them invest in economic opportunities, better manage their money, reduce risks, and plan for the future.

Sub-Saharan Africa 326 million adults

Middle East 136 million adults

Latin America 250 million adults

East Asia, Southeast Asia876 million adults

South Asia 612 million adults

Central Asia & Eastern Europe 193 million adults

High-income OECD countries60 million adults(Members of Organisation for Economic Co-operation and Development)

Percentage of total adult population who do not use formal or semiformal financial services

80%

67%65%

49%59%

58%8%

Total2,455 million adults

53%

0–25% 26–50% 51–75% 76–100%


Estimates used to calculate regional averages0–25% 26–50% 51–75% 76–100%







Sub-Saharan Africa

Middle East

East Asia

South Asia

Adults who use formal or semiformal financial services, millions of adults

332 283

<$5/day >$5/day

396 45

56 25

4526

Yet serving adults who live on less than $5 a day is not only possible at scale—to a large degree, it is already happening.

Source: McKinsey research conducted in partnership with the Financial Access Initiative (a consortium of researchers at New York University, Harvard, Yale, and Innovations for Poverty Action); we relied on financial usage data from Patrick Honohan, “Cross-country variation in household access to financial services,” Journal of Banking & Finance, 2008, Volume 32, Number 11, pp. 2493–500.

The unbanked are not unservable

1 According to the Microcredit Summit Campaign, a leading advocacy group.

0–25% 26–50% 51–75% 76–100%



Adjusted for purchasing-power parity

3. Economic Network Size

Two Problem-Solving Paradigms

1.  People-based systems2.  Technology-based systems

People-based systems�don’t scale beyond Dunbar’s number

Technology-based systems�scale virtually without limit

Finance 2.0��

Replacing expensive, fallible people-based systems�with cheap, reliable technology-based systems

What if we could develop a

technology �

that

§  secures property rights§  reduces trading costs§  integrates people into the global economy?

CryptoFinance

Uses cryptographic (encryption) algorithms to:

§  secure property§  reduce trading costs§  enlarge economic network size

and thereby:

⇒  extends division of labor & specialization⇒  raises productivity of labor⇒  dramatically boosts wealth creation and

quality of life.

CryptoFinance

will catalyze

the greatest explosion of wealth creation the world has ever seen.�

Bitcoin emerges: 3 January 2009

The Cryptofinance Ecosystem

CryptoFinance:�The Main Innovation�

�Peer-to-peer transactions�

in a decentralized network�using bearer instruments�

that require no trust�between the parties�nor in any third party�

�— BIS report, November 2015

The Key Innovation in Cryptofinance:�

Digital Bearer Instruments

A bearer instrument is a contract�that entitles the holder to ownership�

of the property described in the contract.

No ownership information is specified�in the instrument itself — whoever holds the instrument�

is the owner of the property.

e.g. physical cash or digital tokens�

The Big Story��

The invention of digital bearer instruments enables the creation of true digital wallets�

— making traditional accounts unnecessary.��

=> Fundamental shift�from centralized, provider-centric, account-based systems�

to decentralized, user-centric, wallet-based systems��

This changes everything.

$20

Wallet-based�systems

$20

Account-based�systems

Users transact directly:=> real-time value transfer=> peer-to-peer exchange of value- without an intermediary- without accounts- without liabilities> no reconciliation> no clearing> no settlement

No settlement required�

Payment = Settlement

The digitization of bearer instruments enables value to flow instantly and at negligible cost via the internet

Payment Message

RecordProcess

ReconcileClearSettle

Value Transfer

Instant Transfer �via Digital Bearer Instruments

TODAY� TOMORROW�

Debts <> Accounts� Asset tokens <> Wallets�

True Digital Wallets��

Financial services providers �offer advanced financial services

based on digital tokens�stored in true digital wallets

controlled by users

The role of central banks

What would happen if we combined�the best attributes of cryptofinance platforms�

with the features of established national currencies�under the sponsorship of a central bank?

— Deloitte, July 2015

Digital Legal Tender��

Central banks issue digital legal tender

10100101011101010101010101010000011101010110101010101100000001010101101010101010101010100111110101010101011111110000010111011010101011100001

The Solution

Central banks issue national currencies on an�open cryptofinance platform — digital legal tender�

> Financial services operators can leverage their niche, while benefiting from a unified global system

Central Bank Digital Currency

Bank of England sees big benefits:•  3% boost to GDP•  New tool for central banks to

manage business cycles •  Greater control of interest rates for

consumers •  Reduction in systemic risk due to

fractional reserve banking

End users are free to use any wallet they desire, whether it be a bank of MNO. Within the wallet, the users can access any function they the MNO or bank offers, while being able to transact with any business or user, regardless of which institution their relationship is with or which mobile network they use. Users can complete transactions for less a Cedi, even across boarders. This allows for the lowest cost remittance possible.

McKinsey estimates:•  $3.7 trillion GDP boost to emerging economies in decade •  $110 billion per year reduced leakage in public spending and tax collection•  $400 billion per year cost savings for financial services providers

The CryptoFinance Ecosystemin greater detail

Society — Structure and Process

1.  Rules of the Game�(framework of freedom)�> politics / law�w social consensus�

2.  The Game�(production of prosperity)�> economics, entrepreneurship�w individual contracts

The CryptoFinance Ecosystem

§  probabilistic consensus systems (e.g. Bitcoin)ü  community standards and infrastructurex  slow, expensive, limited scalability, public>  secure voting systems, property registries,�

uncensorable data, inflation-proof currencies, etc.

§  deterministic contract systems (e.g. Monetas)ü  trading partiesü  fast, cheap, unlimited scalability, private>  secure, efficient retail transactions, micropayments,�

resource allocation, internet of things, etc.

Contract systems�(Monetas)�

contract <> consensus�

Consensus systems�(Bitcoin)�

Speed� milliseconds 1 000 xfaster 10 min to 18 hrs

Cost� 1/10 000th cent/tr 1 000 000 x cheaper USD 5/tr

Scalability� millions tr/sec 1 000 000 x more scalable 7 tr/sec

Contract Systems vs Consensus Systems�— suitability as transaction platform

Consensus technologies andContract technologies

are complementary

and synergistic

Best of both worlds

Store assets securely in consensus systems�> asset layer

Trade assets efficiently in contract systems�> transaction layer

<$1$1-5

>$5

The Transaction Business

Where is the volume?

In Kenya, 80% of all transactions are less than $5In Switzerland, the average transaction size is $27

In the internet of things, transactions will be fractions of a cent

Current cashless systems are�too expensive for daily transactions

Still surprised that people prefer cash and resist cashless systems?

The Hidden Cost of Physical Cash

Developed countries: 1–2% of GDP�Developing countries: 5–7% of GDP�

Billions of people are un(der)banked — no access to formal financial services (savings products, insurance, etc.)

The unbanked lose 15–25% of their savings every year=> Why save if the savings will be lost anyway?

=> The unbanked stay poor

Monetas is the first transaction platform that can compete with cash:

ü  Requires no bank accountü  Instant settlementü  Cheaper than cash

And it offers features cash cannot match:ü  Security

ü  Smart contractsü  Global payments and trade

What is a transaction?

A transaction is a legal agreement> a contract

Transaction systems arecontracting systems.

Monetas has built a universal contracting platform.

A universal platform for global commerce.

Standardized Financial Contracts

Major breakthrough

§  5 fundamental building blocks§  32 standard contracts cover 99.99% of all use cases

Dramatic simplification, standardization, risk reduction, and efficiency gains across the financial system

ü Being built into the Monetas platform

Bank in a Box

SoftwareHardware

Smartcontracts

Digitalwallets

Issuer�

The Monetas�Ecosystem

MonetasA universal platform for global commerce

Open, standards-based:§  All financial instruments, all national and digital currencies§  Interoperable across instruments, platforms, and borders

Globally scalable, high performance:§  Processes entire world’s transactions (1 million per second) in

real time on low-cost distributed server infrastructure

The world’s global distribution platform:The mobile phone

Cryptographically secure, decentralized�communication and trading systems

— delivered globally via the mobile phone —become the enabler of�

individual freedom and prosperity.

Radical Transformation of

Financial systemsCommunications systems

Production systemsGovernments and Legal systems

Explosion of Wealth creation�

Implications and OpportunitiesFor Finance, Business, and Society�

The Big Trend

From Fragmented Local Systemsto Integrated Global Systems�

> The Rise of Global Platforms�

What is killing financial services today?

Compliance – the production of trust – is unreasonably costly because of:

1.  Dated technology2.  Unwise regulation

Dated Technology

§  Legacy infrastructure•  slow, expensive, manual•  insecure•  limited functionality

§  Fragmented ecosystem•  non-standard instruments•  closed, incompatible systems•  complicated, unsensible rules

CryptoFinance

§  Modern infrastructure•  fast, cheap, automated•  highly secure•  advanced functionality

§  Unified ecosystem•  standardized instruments•  open, interoperable systems•  simple, sensible rules

Reduce the cost of physical cash

Maintain clear oversight

Efficiently manage monetary policy

Expand financial inclusion

Eliminate counterfeiting risk

Create a fully interoperable

economy

The Opportunity for Central Banks

Benefits for commercial banks

§  Offer true digital wallets with advanced functionality§  Expand market coverage without costly branch networks§  Run new and legacy platforms in parallel > interoperable §  Develop unique products and services on open platform§  Improve security and privacy§  Improve efficiency, automation, and scalability§  Reduce compliance costs and liability§  Reduce financial, operational, and regulatory risks

The fragmented digital finance ecosystem and the threat from Global Tech Giants

Apple Pay, Google Wallet, PayPal, etc.:

1.  are merely wrappers for legacy systems2.  take over the customer relationship3.  leave banks with the cost of legacy systems

=> not the solution�

The Opportunity for the Financial Industry

Cryptofinance technologies solve critical problems�and enable financial institutions to refocus on their�

core strengths:

§  Trusted financial partner§  Integrated financial services

Leapfrog expensive brick-and-mortar infrastructure�and reach billions of new customers.

The Internet of Things (IoT)

§  In 2008, there were already more "things" connected to the internet than people.

§  By 2020, there will be 50 billion things connected,�with USD 19 trillion in profits and cost savings over the next decade.

§  The convergence of machines, data, and analytics will become a�USD 200 billion industry over the next three years.�— General Electric (GE)

The Internet of Things is still missing a critical enabling technology

desert before rain desert after rain

The Internet of Things needs:

An extremely fast, extremely efficient,�globally scalable financial transaction platformto enable resource allocation for peer-to-peer technologies

=>�

Crypto Valley

Digital Finance Compliance Association (DFCA)�

A consortium of cryptofinance companies�working to create a friendly regulatory environment

for cryptofinance,�thereby enabling Switzerland to reinvent itself as�

the financial center of the future

Regulating CryptoFinance�

for Security, Innovation, and Economic Growth

The Purpose of Regulation

1.  To prevent harm to persons and their property

2.  To foster prosperity.

The Limits of Regulation

Good people don’t need laws.Bad people find a way around laws.– Plato

When regulations are unreasonable,�we drive people into the black market– with highly destructive consequences for�the economy, the rule of law, and social integrity.

The Costs of Regulation

FATCA is estimated to raise less than USD 10 billion over the next ten years,�but the compliance costs and the loss of foreign capital investment resulting from the law will likely cost several orders of magnitude more than the expected revenue.

This is economic madness.

Reasonable Regulation

§  Risk-based§  Benefits exceed costs§  Principles-based, not rules-based

Proposed Regulatory Framework�for CryptoFinance

Digital technologies enable more effective and more efficient regulation:

§  Transparency > all digital transactions leave a digital trail�§  Accountability > identify transaction parties via behavioral identity�§  Privacy > enabled by default (presumption of innocence)�

> lifted for bad actors (targeted investigation)§  Innovation > regulate criminal actions (harms to persons or property)�

— not persons, entities, structures, processes, or technologies§  Efficiency > digital compliance measures can be efficiently automated.

The Age of CryptoFinanceA new era in human social evolution�

The Technology of Trust

The transformation�of our world

A new generation of visionary entrepreneurs is building�

�Society 3.0�

�Join Us.

The world’s most advanced transaction platform

Johann Gevers, Founder and [email protected]�

#IDBLI

Intelligent Softwareand the Implications for Banking

Sascha CortiTechnical Evangelist, Microsoft [email protected] | techpreacher.corti.com | @techpreacher

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“Software is eating

the World”

Marc Lowell AndreessenPublished in the Wall Street Journal, 2011

“The Cloud is

eating Software”

Joseph SiroshThe Future of Analytics Conference, 2015

The CloudAdvantage

“Data is the

New Electricity”

Satya NadellaData Driven Event, 2016

New York City

https://www.microsoft.com/en-us/cloud-platform/data-driven

Machine Learning

Cloud

Big Data

ActionDecision

Value

Cortana Intelligence

DataSources

Apps

Sensors & devices

People

Apps

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Data Intelligence Action

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People

Automated Systems

Apps

Web

Mobile

Bots

Data

Sources

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Sensors

and

devices

Data

Intelligence

Dashboards &

Visualizations

Information

Management

Big Data

Stores

Machine

Learning and

Analytics

Cortana

Event Hubs

HDInsight

(Hadoop

and Spark)

Stream

Analytics

Bot

FrameworkSQL Data

Warehouse

Data

Catalog

Data Lake

Analytics

Data Factory Machine

Learning

Data Lake

Store

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Services

Power BI

Data Creation Data Ingestion Storage Analytics Presentation & Action

Event Hub SQL DatabaseMachine

LearningApp Service

IoT HubTable/Blob

Storage

Stream

AnalyticsPower BI

Service Bus DocumentDB HDInsightNotification

Hubs

External Data

Sources3rd party

DatabasesData Factory Mobile Services

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{ }

Intelligent Systems

General A.I. Specialized A.I.

Project Malmo

T-800

Google AlphaGo

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Engine built

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Gestures

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Speech

Translation

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Launches

Machine Learning PurposesHistorical Data Predict Future Trends Behavior

Predicting future performance from historical data

Class Outlook Temp Wind

Play Sunny Low Yes

No Play Sunny High Yes

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Play Overcast Low Yes

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Play Overcast Low No

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True False True False

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Classic and New

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Data Science / Analytics Business

The Gallery contains many examples specific to the banking industry that can serve

as models for the machine learning solutions you’re developing. These examples

include predicting credit risk, monitoring for online fraud, and anticipating

economic factors that can affect your customers and your business.

DemocratizingArtificial Intelligence

Specialized Artificial Intelligence

Machine Learning

Features Algorithms

Training

Data

Human

In The

Loop

Interfacing with the User

Event Hubs

Stream Analytics

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Storage

SQL databaseHDInsight

Power BI

• Analytics for everyone, even non-data experts

• Your whole business on one dashboard

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Here are some of the things I

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Cortana in Windows 10

Public reference data answers

“How far is it from Los Angeles to San Francisco?”

Event predictions

“Who do you think is going to win the Germany Italy game?”

Flight status, traffic conditions, changes in weather, …

Setting reminders, scheduling meetings, getting directions, …

Cortana for Consumers

Here are some of the things I

can help you with…

With the Cortana Analytics Suite

Answers from organizational data in Power BI

“What were our biggest deals that closed last month?”

Integration with prediction solutions

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Best of Microsoft

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Developer

JSON: [{

"faceRectangle": {"left": 175,"top": 187,"width": 215,"height": 215

},

"scores": {"anger": 0.000008473417,"contempt": 0.0000987896055,"disgust": 0.00003328445,"fear": 0.0005069857,"happiness": 0.132762313,"neutral": 0.0136927208,"sadness": 0.0000227907713,"surprise": 0.852874637

}}

]

“Enable your Apps to See, Hear, Interpret, and Interact in more Human Ways.”

Emotion

API

Cognitive

Services

Give your solutions

a human side

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Analyzes unstructured text.

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Understand what Users are

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• Determines Intent

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Use pre-built, World Class

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Intent: TextToSpeechContent: NewsHeadlines

Read the headlines

Play yesterday’sDaily Show

Intent: PauseDeviceDateTime.duration: 5 Min

Pause for5 minutes

Intent: PlayEpisodeContent: Daily ShowDateTime.date: T-1 Day

Language

Understanding

Intelligent Service

At Peak

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Over 2000 Images per Second uploaded

75

38

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82 Million Unique Users

565 Million Images uploaded

1 Developer, 0 Downtime

… to reach 50 Mio users:

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Conversation as a Platform

Bots:

•Purpose built Services

• Transactional in Nature

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Context for specific Task

Completion only

Agents:

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your behalf

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Interests Calendar, etc.

•Can get help from relevant Bots

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Cloud Computing, Machine Learning and Big Data are moving Business Decisions from Reactive to Predictive.

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Consumer’s use of Technology is Shifting.

Digital Assistants and Bots are the Next Generation UX.

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#IDBLI

DAOs - the better companies?

Challenges and Potential of Decentralized Autonomous Organizations

in the Financial Sector

Dr. Mathias Bucher – Diamond Coin

Vaduz, Liechtenstein – October 27, 2016

Slide

Blockchain – World Computer???

Latency

• 14 sec for 1 block,

• 3 min for de-facto finality

Scalability

• 15 transaction / sec with

current PoW consensus

algorithm

Privacy

• Low at protocol level

Storage

• Expensive

• Limited size compared to

modern storage drives

2, 31/10/2016 © Mathias Bucher, www.Blockchain-Innovation.com

Slide

Analogy: Blockchain V1.0 (Bitcoin)


Slide

Analogy: Blockchain V2.0 (Ethereum)


Slide

Ethereum Blockchain: Secure, resilient state transition machine

- Decentralized architecture

Resilience – no data loss in case of server outage

DoS attacks unlikely to succeed

- Immutable data + smart contracts = single source of truth

Enable “trustless” cooperation between parties

Allow for decentralized autonomous governance schemes

- Cryptographically signed transactions and messages

No phishing

No viruses

Tx 1…

Tx n

Tx 1…

Tx n

Tx 1…

Tx n


Slide

Evolution of the Ethereum Eco-system

Building the

Blockchain

Refining the

Blockchain

Scaling the

Blockchain

2015 2016 2017

Creating Toolsets/

Tech Stack

Refining the Tech

Stack

Building

Real-World

Applications


Slide

Smart Contracts: Neither “Smart” nor “Legal Contracts”


Slide

Smart Contracts: Enablers of efficient, trustless cooperation

Formally: Code

• Stored on Blockchain

• Verified by Blockchain

• Executed on Blockchain

• Can hold balance of crypto-currency or –asset

• Can control other smart contracts

Conceptually: Interaction Protocol

• Between two or many parties

• Who do not need to know or trust each other

• But can rely on the exact execution according

to the agreed terms

• No cheating or unilateral modification possible


Slide

DAO: Decentralized Autonomous Organization

A smart contract implemented on the Blockchain. Created to ensure:


Governance

- Voting system based on digital tokens

- Rules are transparent and enforceable

Participation

- Distribution of revenue or inflows/royalties according to pre-agreed terms

Compliance

- System needs to respect legal framework and regulations of jurisdictions

where it is used

Slide

Blockchain: Enabling the Age of Decentralization

- DAOs won’t replace companies

- DAOs can help making companies more efficient, and more credible

- Big disruption is a different one: The nature of companies will change

Shift away from centralized companies to decentralized production

Removal of “Man in the middle” /Disintermediation

Organizational Economies of Scale of companies will disappear


Slide

Impact of the Blockchain on Financial Industry?


Slide

Roles of a Bank


Payments

Credit

Custody

Investment management

Blockchain Disruption over time

Complexity of coordination

Slide

Payments

- Inside the banking system

SWIFT under massive attack of Ripple

Early Ripple adopters:

Barclays, CIBC, Intesa Sanpaolo, Royal Bank of Canada, Banco de Santander

- Disruptors

Bitcoin as pioneer

ZeroCash: Full privacy on the Blockchain

Micro-payment channels (e.g., Ethereum Raiden, Bitcoin Ligthning)

Payments are already happening on the Blockchain


Slide

Future of Credit

- Presumption:

all parties have a unique ID on the Blockchain (which means clear identification of all

parties)

Access to the Blockchain is easy and user-friendly

- Example of decentralized Blockchain credit market

SME company seeks credit for new project, and submits project to Blockchain for

review

Specialized credit analyst (company) rates project. It’s reputation tokens define both

weight of opinion, and compensation

Decentralized market mechanism defines interest rate

Smart contract enforces payment of interest tranches

Credit mechanism without Banks


Slide

Future of Custody

- Presumptions:

all parties have a unique ID on the Blockchain

Assets are represented digitally on the Blockchain

- Example of decentralized custodian solution

KYC provider (company) creates customer file

Links KYC file to unique ID of customer on Blockchain

Every asset transaction includes encrypted Blockchain ID of customer

Customer uses the service of Portfolio aggregation and –analysis provider for reporting

and recommendations

Custody of customer assets on the Blockchain, not at custodian bank


Slide

Future of Investment Management

- Presumption

All parties have a unique ID on the Blockchain

Access to the Blockchain is easy and user-friendly

Assets are represented digitally on the Blockchain

- Example of decentralized Blockchain credit market

High-net-worth client would like to delegate investment decision to professional provider

Investment manager (company), rated transparently by reputation tokens, competes for mandate

with other investment managers

Mandate details are specified in smart contract between client and investment manager

Smart contract supervises the mandate execution of investment manager. Compensation of

manager paid automatically via smart contract.

Investment Management without Banks


Slide

Blockchain will disrupt Banking until 2030


Intuitive User Interface

Blockchain SYSTEM INFRASTRUCTURE

Unique digital ID on the Blockchain Reputation system Assets digitalized via

smart contracts

Base technology

Key components

Multiplier for technology adoption

Payments

Credit

Custody

Investment management

Decentralized banking services

Slide

Real-life DAO: Diamond Coin


Secure collateral

(Diamonds)

Digital currency

(Coins)+ =

Diamond Coin

Slide

Rationale for Diamond Coin

More profit for producers

Cheaper prices for Diamond buyers


Disintermediation

of Diamond Value Chain

Liquidity

for Diamond Owners

Diversification

of currency portfolio

Less reliance on dealer network

Reduced bid-ask spreads, smaller “cost” of liquidity

Faster and cheaper transactions

Lower dependency on Central Bank currencies

Slide

In the US, the monetary base has increased over 400% since 2008


https://fred.stlouisfed.org/graph/?g=7PfY

Slide

In CH, the monetary base has multiplied more than 10-fold


https://fred.stlouisfed.org/graph/?g=7PyL

Slide

Commodity prices have crashed since the start of QE


Slide

Relative to financial assets, they are at an ALL-TIME low


Slide

The Economic Activity starts to look shaky…


Slide

Diamond Coin Value Chain

System design/setup

• Compliance with legal/ regulation

• System governance

• Asset model

Provenance & certification

Transport

Storage

Tracking

Insurance

Digital/financial value chain

Coin issuance

Collateral margin management

User experience

Physical value chain


Slide

Role of Diamond Coin DAO

System design/setup

• Compliance with legal/ regulation

• System governance

• Asset model

Provenance & certification

Transport

Storage

Tracking

Insurance

Digital/financial value chain

Coin issuance

Collateral margin management

User experience

Physical value chain


IN RED: DAO functions

Slide

Reflections about System Governance

27, 31/10/2016

Align long-term incentivesof Stakeholders and Shareholders

Protect system fromexternal pressure

No unilateral changes by

system admin must be

allowed

Both token holders and

administrator need to be part of

decision process, and economic

upside

Protect system frominternal collusion

Checks and balances in DAO

required

Slide

Conclusions

- DAOs won’t replace companies

- DAOs can help making companies more efficient, and more credible

- Big disruption is a different one: The nature of companies will change

Shift away from centralized companies to decentralized production

Removal of “Man in the middle” /Disintermediation

Organizational Economies of Scale of companies will disappear

- For the financial industry, this implies tectonical shifts in how it is organized

- The lower the organizational complexity required to provide a service, the bigger the

disruptive potential of the Blockchain

- Decision makers need to develop visions how to embrace the Blockchain Technology


Questions? Interested in additional information?

Contact us: www.dmcoin.net

[email protected]

Dr. Mathias Bucher – Diamond Coin

Geneva - September 30, 2016

http://www.dmcoin.net/

Slide

Appendix


Slide

Management of the Physical Chain

32, 31/10/2016

Provenance Certification Transport Storage

Tracking

Insurance

Slide

Legal / regulatory pitfalls

33, 31/10/2016

Disclaimer: the below is no legal advice, consult your lawyer ;-)

Digital currencies/ Dapp tokens are less likely to be treated as securities if:

Token is purchased for use-valuerather than profit expectation

Token is purchased afterapplication/ system is already up-and-running

Token value is dependent on the purchaser’s own effort and/or the efforts of a large number of unaffiliated others

Avoid “Initial Coin Offering”

Avoid “Profit Sharing”

Avoid becoming a

“Centralized Authority”

, 31/10/2016

#IDBLI

REGIERUNG

FÜRSTENTUM LIECHTENSTEIN

Innovationstag Digital Banking 2016

Innovations-Clubs, LVC und Regulierungslabor in der Praxis

Übersicht

• Impuls Liechtenstein / Rollen im Innovationsprozess

• Innovations-Clubs

• Liechtenstein Venture Cooperative LVC

• Regulierungslabor

• SEED X Liechtenstein

2

Impuls Liechtenstein

3

Innovation – Erfolgsfaktoren

4

Inn

ova

tio

n Kenntnis von (Kunden-)Bedürfnissen

Kreativität

Know-how

Unternehmergeist

Finanzierung

Innovations-Clubs

• Verbesserung der Rahmenbedingungen, damit neue Wertschöpfung entsteht?

• Wie erhalten wir wirklich neue Ideen?

5

Innovationsprozess am Finanzplatz

Innovations-Clubs - Funktionsweise

6

Innovations-Clubs - Beispiele

• Digital Onboarding

• Englisch-Übersetzung der wichtigen Gesetze

• Abbau von Hindernissen im Marktzugang

• Doppelbesteuerungsabkommen

7

Innovations-Clubs - Status

• Rund 30 Innovations-Clubs sind registriert

• Sehr unterschiedliche Themenbereiche

• Projektstatus

• 17% erfolgreich abgeschlossen

• 4% nicht weitergeführt

• 74% in Arbeit

8

Innovations-Clubs - Fazit

Erkenntnisse:

• Bottom-up Ansatz bewährt sich: Viele neue Ideen

• Ressourcensituation Innovations-Clubs

• Ressourcenaufwand seitens Regierung / Verwaltung

Fazit:

• IC sind Bestandteil des Innovationsprozesses am Finanzplatz

• Faktor für Standortattraktivität

9

Liechtenstein Venture Cooperative LVC

10

LVC(Fairer und rechtssicherer

Umgang mit Ideen, Arbeitsleistung

und Finanzierung)

Investoren

Finanzierung

Kommerzielle Unternehmung

(AG, GmbH, etc.)

Erfolgreiche InnovationMarkteintritt

LVC: Komponenten

11

Liechtenstein Venture Cooperative LVC

Rechtsform:Kleine

Genossenschaft

Kostenlose Vorlagen

für Gründungs-dokumente

LVC-Code of Conduct

Referenz für faire Beteiligung

LVC Code of ConductModell für faire Beteiligungen

12

Schutz des «Innovators»

Berücksichtigung der Risiken

der frühen Phasen

Schutz der Investitionen

der späteren Phasen

50% + 100 MGPBasisanteil

Risiko-multiplikatoren

pro Phase

«participatingliquidationpreference»

Referenzmodell / freiwilligVorlage Gründungsdokumente

LVC Beitragsrechner

Auszahlungsprofil

13

Verkaufserlös

Erfolgsabhängige Anteile am Unternehmen

14

Use case 1: Bankangestellter

15

LVC

Use case 1: Vorteile LVC

• Höhere Rechtssicherheit für alle Beteiligten

• Höhere Umsetzungschancen durch Kooperation

• Viele kleine Leistungen ergeben auch Fortschritte

• Geringer Gründungsaufwand

• Skalierbarkeit

• Flexibilität16

Use case 2: Joint Innovation

17

LVC

Use case 2: Vorteile der LVC

• Geringe Kosten für Strukturierung der Zusammenarbeit

• Flexible Gestaltungsmöglichkeiten (Anteile, Nutzungsrechte)

• Kapselung des geistigen Eigentums

• Skalierbarkeit

• Flexibilität

18

Use case 3: Kanal für radikale Innovation

19

LVC

Use case 3: Vorteile der LVC

• Offener Kanal für «disruptive» Ideen

• Motivation der Mitarbeiter (inkl. Partizipation)

• Flexible Gestaltungsmöglichkeiten (Nutzung Know-how,

Infrastruktur als Investment)

• Flexibilität in der Verwertung

20

LVC: Erfahrungen

Erfahrungen:

• Gründungsdokumente über 150 mal verteilt oder geladen

• Resonanz sehr positiv, grosse Erleichterung für Gründer

• Unbekanntes Vehikel für Investoren

• Code of Conduct wird meistens verwendet und ermutigt Erfinder, ihre Idee zu teilen

21

LVC: Fazit

Fazit:

• Erleichtert die Entwicklung einer Idee

• Motiviert Personen mit Ideen, diese zu teilen und zu entwickeln

Zukunft:

• Erweiterung des Anwendungsfelds der LVC für die Markteintrittsphase

• Verstärkte Information von internationalen Investoren

22

Regulierungslabor

• Expertengruppe in der FMA für innovative Geschäftsmodelle und Fin-Tech

• Aktive Begleitung im Bewilligungsverfahren

• Fachliche Diskussion über Regulierungstrends

• Impulse für Verbesserung der Rahmenbedingungen

23

Regulierungslabor: Möglichkeiten

24

Bewilligungspflichtig?

PassenderRegulierungsrahmen?

JA

Berührt Grundinteressen?

NEIN

Ordentliche Bewilligung

JA

Innovations-Club

Impuls für Anpassung der Rahmenbedingungen

NEIN

Monitoring

JA

Kein Monitoring

NEIN

Regulierungslabor: Erfahrungen

• Sehr positive Resonanz

• Prozess bewährt sich

• Gute Plattform zur Grundlagendiskussion

• Wird in der Fin-Tech Szene wahrgenommen

• Faktor der Standortattraktivität für Fin-Tech

25

SEED X Liechtenstein

• Seed Accelerator

• Finanzierung und Coaching in der Seed-Phase

• Investment Management durch VC - Experten

26

Nutzungsmöglichkeiten SEED X

• Aufbau eines neuen Geschäftsmodells durch Mitarbeiter

• Innovationskanal für Banken (professionelles Coaching, Co-Finanzierung)

27

Einladung

Nutzen Sie die Möglichkeiten,

• zur Unterstützung Ihres Innovationsprozesses

• zur Verbesserung der Rahmenbedingungen

• zur Steigerung der wirtschaftlichen Stärke und Attraktivität

unseres Finanzplatzes

28

#IDBLI

FYP (Forecast Your Pension) Prognose und Planung der eigenen Pension

Universität LiechtensteinInnovationstag Digital Banking Liechtenstein

2016

Prof. Dr. Michael HankeAss. Prof. Dr. Martin Angerer

27.10.2016

Agenda

• Motivation

• Was macht Vorsorge so komplex?

• Das „FYP“-Tool

• Ausblick

1

Die Bevölkerung wird älter

2

Motivation

• Altersarmut wird eine der grössten Herausforderungen in den kommenden Jahrzehnten

– Nach eurostat sind 11,4% der Männer und 15,6% der Frauen in der EU altersarmutgefährdet

• Die „Financial Literacy“ im Bereich Pensionsvorsorge ist gering

– Dies gilt für die Bevölkerung aber auch für Berater!

• Es besteht eine Vermeidungshaltung dem Thema gegenüber

– Mit Hilfe eines Tools überbrückt man Berührungsängste

– Tabuthemen wie Ehegattentod können selbständig analysiert werden

3

Agenda

• Motivation



• Ausblick

4

Was macht Vorsorge so komplex?

• Entwicklungen der Wirtschaft und des eigenen Vorsorgeinvestments

– Inflation, Rendite, Zahlungsausfälle

• Persönliche wirtschaftliche Risiken

– Teilweiser oder kompletter Arbeitsplatzverlust, unvorhergesehene Sonderbelastungen

• Langlebigkeitsrisiko

• Persönliche gesundheitliche Risiken

– Krankheit, Erwerbsunfähigkeit

• Steuerliche Risiken

– Veränderungen im Steuersystem

• Institutionelle Risiken

– Veränderungen in (nicht-)staatlichen Vorsorgesystemen

5

Wichtige Grundlagen

• Der Zinseszinseffekt

– Inflation

– Der Einfluss von Anlagezeiträumen

• Risikobehafteter Anlageerfolg

• Diversifikation

• Langlebigkeit

6

Zinseszinseffekt

7

Darstellung aus Vorlesungsskriptum von J. Kalser

Risiko: Unterschätzen der Inflation

8

Fr.-

Fr.100'000.00

Fr.200'000.00

Fr.300'000.00

Fr.400'000.00

Fr.500'000.00

Fr.600'000.00

Fr.700'000.00

Fr.800'000.00

30 25 20 15 10 5 0

Preisentwicklungen für verschiedene Inflationsniveaus 30 Jahre vor Pensionsantritt

7%

5%

3%

1%

Jahre bis Pensions-

antritt

Anfangskosten:CHF 100.000

Der Zinseszinseffekt wirkt umso stärker,je höher die Inflationsraten und je länger der Zeitraum.

Freiwillige Vorsorge passiert oft zu spät

9

Fr.10'000.00

Fr.15'000.00

Fr.20'000.00

Fr.25'000.00

Fr.30'000.00

Fr.35'000.00

Fr.40'000.00

Fr.45'000.00

50 45 40 35 30 25 20 15 10 5 0

Anlage von CHF 10.000 bis zum Pensionsantritt

Anlage für 50 Jahre





Jahre vor Pensionsantritt

Zinssatz 3%

Der Anlageerfolg ist risikobehaftet

10

Erwartete Rendite 1%, Risiko 0,03 Erwartete Rendite 2%, Risiko 0,08

Diversifikation in der Vorsorge

• Aufteilen von laufenden und einmaligen Sparbeiträgen auf unterschiedliche Anlageformen!– z.B. Ansparen in der 2. Säule oder Investieren und

Versichern in der 3. Säule (bspw. mit Versicherungen, Aktien, Anleihen, Fonds, Immobilien).

• Nutzen von Handlungsfreiräumen in der zweiten und dritten Säule, um die Vorsorge an die individuelle Situation anzupassen.

• Diversifikation sollte sich dabei nicht auf Produkte beschränken, sondern verschiedene Institutionen oder Finanzdienstleister einschliessen.

11

Langlebigkeitsrisiko

12

Ist das finanzielle Risiko aufgrund einer langen Lebenszeit

• Kritisch in den Vorsorgebereichen die nicht (oder nur teilweise) inflationsangepasst sind und/oder eine endliche Laufzeit haben

• Ausgaben können im Alter teilweise weit schneller wachsen als die Inflation

• Erhöhter finanzieller Aufwand aufgrund medizinischer Bedürfnisse

• Höhere Kosten im Wohnbereich (Adaptierung von Wohnraum, Heimkosten, etc.)

• Kann über zusätzliche (Versicherungs-)Produkte abgedeckt werden.

Andere Risiken

• Persönliche wirtschaftliche Risiken– Teilweiser oder kompletter Arbeitsplatzverlust,

unvorhergesehene Sonderbelastungen

– Absicherbar über Arbeitslosenversicherung u.ä.

• Persönliche gesundheitliche Risiken– Krankheit, Berufs- und Erwerbsunfähigkeit

– Über Versicherungen absicherbar, bspw. Berufsunfähigkeitsversicherung, ist aber kostenintensiv

• Steuerliche Risiken– Veränderungen im Steuersystem

– Kaum absicherbares Risiko

• Institutionelle Risiken– Veränderungen in staatlichen Vorsorgesystemen

– Kaum absicherbares Risiko, bedingt über Diversifikation reduzierbar

13

Agenda

• Motivation



• Ausblick

14

Was können gute bestehende Pensionsrechner?

• Berechnen der Pension aus staatlichen Systemen

• Berechnen einfacher Vorsorgeprodukte

• Darstellung nominaler und realer Werte

• Adjustierung von vorzeitiger oder späterer Pensionierung

• Miteinbezug von Gehaltssteigerungen

• Errechnen einer Pensionslücke

Für Liechtenstein ist nicht einmal ein „guter“ Rechner vorhanden!

15

Was bestehende Rechner nicht können…

… und das FYP Tool schon kann

• Blickwinkel „Vorsorgeeinheit Familie“ einnehmen

• Kombination der drei Vorsorgesäulen (staatlich, betrieblich, privat)

• Integration der privaten Säule

• User-basierte Änderungen an den Annahmen (bspw. Gehaltssteigerung)

• Einbezug von Steuern

• Einbezug von (teilweisem) Kapitalbezug

• Prognose von Werten x Jahre nach dem Pensionsantritt

16

Was bestehende Rechner nicht können…

… und das FYP Tool schon bald kann

• Einbezug geplanter Erwerbsunterbrüche

• Prognose von Werten x Jahre nach dem Pensionsantritt

• Einbezug von Ehegattentod

• Einbezug von zu erhaltendem Erbvermögen

• Individualisierter Lebensstil (Konsumausgaben)

• Integration ökonomischer Modelle zur Schätzung makroökonomischer Variablen (bspw. Inflation)

17

Einflussfaktoren

18

• Inflation

• Steuern

• Alter

• Geschlecht

• Einkommen

• Konsum

• Ehe

• Schwangerschaft

• Ersparnisse

• Arbeitgeber

• Familie

• Pensionsantritt

• Inflationsanpassung

• Alter

• Risikoneigung

• Wohnort

• Dienstgeber

• Beschäftigungsgrad

• Zinsen

• AHV

• Versicherung

• Vorsorgeplan

• Immobilien

• Einmaleinlagen

• Lebenserwartung

• Einkaufsbetrag

• Beitragsjahre

• Arbeitslosigkeit

• Jahreseinkommen

• Weihnachtsgeld

• uvm.

Benötigte Daten

Individuelle Daten müssen selbst ausgefüllt werden

• Allgemeine Daten

• Informationen über den aktuellen Versicherungsstand bei– AHV

– Betriebliche Vorsorge

– Diese Daten können über eine Anfrage leicht erhoben werden

• Private Vorsorge

• Einkommensverhältnisse

• Vermögensverhältnisse

19

Profimodus

Verändern der Berechnungsannahmen

• Inflation

• Inflationsanpassungen

• Gehaltswachstum

• Anlageerfolg der zweiten Säule

• Rendite der dritten Säule

• Umwandlungsfaktoren

• Erwerbsunterbrüche

20

Ausgangssituation: 33 Jahre alt, 15% Vorsorge, 25 Jahre 3. Säule

21

0.00

20000.00

40000.00

60000.00

80000.00

100000.00

120000.00

140000.00

HeutigeAusgaben

AusgabenPensionsantritt

Vorsorge Ausgaben 15Jahre nach PA

Vorsorge

Übersicht Ausgaben und Vorsorge

Verfügbares Eigenkapital

Säule 3

Säule 2

ALV - NBU - KK

Säule 1

Sonstiges

Unterhaltung

Kommunikation

Transport

Gesundheit

Hausrat

Wohnen/Energie

Bekleidung/Schuhe

Restaurant/Hotel

Alkohol/Tabak

Essen/Trinken

Steuer

100% Vorsorge, 25 Jahre 3. Säule

22

0.00

20000.00

40000.00

60000.00

80000.00

100000.00

120000.00

140000.00

HeutigeAusgaben



Vorsorge



Säule 3

Säule 2

ALV - NBU - KK

Säule 1

Sonstiges

Unterhaltung

Kommunikation

Transport

Gesundheit

Hausrat

Wohnen/Energie

Bekleidung/Schuhe

Restaurant/Hotel

Alkohol/Tabak

Essen/Trinken

Steuer

Ausgangssituation

23

0.00

20000.00

40000.00

60000.00

80000.00

100000.00

120000.00

140000.00

HeutigeAusgaben



Vorsorge



Säule 3

Säule 2

ALV - NBU - KK

Säule 1

Sonstiges

Unterhaltung

Kommunikation

Transport

Gesundheit

Hausrat

Wohnen/Energie

Bekleidung/Schuhe

Restaurant/Hotel

Alkohol/Tabak

Essen/Trinken

Steuer

Arbeiten bis 66 (statt 64)

24

0.00

20000.00

40000.00

60000.00

80000.00

100000.00

120000.00

140000.00

HeutigeAusgaben



Vorsorge



Säule 3

Säule 2

ALV - NBU - KK

Säule 1

Sonstiges

Unterhaltung

Kommunikation

Transport

Gesundheit

Hausrat

Wohnen/Energie

Bekleidung/Schuhe

Restaurant/Hotel

Alkohol/Tabak

Essen/Trinken

Steuer

15% Vorsorge, 14 Jahre 3. Säule

25

0.00

20000.00

40000.00

60000.00

80000.00

100000.00

120000.00

140000.00

HeutigeAusgaben



Vorsorge



Säule 3

Säule 2

ALV - NBU - KK

Säule 1

Sonstiges

Unterhaltung

Kommunikation

Transport

Gesundheit

Hausrat

Wohnen/Energie

Bekleidung/Schuhe

Restaurant/Hotel

Alkohol/Tabak

Essen/Trinken

Steuer

Agenda

• Motivation



• Ausblick

26

Ausblick

27

Implementierung Ergänzende Leistungen

(Hinterlassenen –und Invaliditäts-

leistungen)

Warnroutinen für ungedeckte

Risiken

Integration von Vorsorge-produkten

Manuelle Planungs-

möglichkeiten

Automatisierte Beratung

Vielen Dank für Ihre Aufmerksamkeit!

28

Prof. Dr. Michael Hanke Ass. Prof. Dr. Martin Angerer

Projekt „Altersvorsorge in Liechtenstein“ EU-Projekt „Pensions in Europe“

#IDBLI

Innovationstag Digital Banking Liechtenstein 2016

Technology

Transcript of Innovationstag Digital Banking Liechtenstein 2016