Aussie blockchain provider Othera has won pilot programmes with EY and ABN AMRO
Finding Aussie banks closed-minded on blockchain, Othera has bagged wins overseas.
Australian blockchain start-up Othera has been awarded two international business pilots, one with consultancy giant EY, another with Dutch banking major ABN AMRO.
This grants Othera the opportunity to take part in 100-day scope of works programme with both companies, and then two pilot programmes in early 2018.
“We were thrilled to have been granted two of the 25 pilots that were on offer… These pilots provide us with an incredible opportunity to expand Othera into the European market.”
The programmes will give Othera the chance to work with both companies for 100 days in the lead up to the commencement of a pilot.
Othera anticipates that the ABN AMRO pilot will help them to identify stakeholders and establish partnerships with people in the bank, who can assist with delivering and testing their blockchain solution.
Similarly, the EY pilot will provide Othera with access to key EY team members who will help with strategic integration of the technology into EY’s current systems.
Asked by AltFi why no Australian banking partner was forthcoming, Mr Pellew said that Australian banks were not as open to blockchain as banks overseas.
“We’d love to work with the Australian banks but there has been no opportunity and we’ve had to start looking offshore,” he said.
“Australian banks have been reluctant to invest and work with fintechs. It does suggest to us that Australian banks aren’t ready to lead innovation in this market, like those in Europe and the U.K.”
The next step for Othera is to collaborate with ABN AMRO and EY to validate the propositions and plan the partnership form. Then the pilots will commence in 2018.
Now in its sixth year, the AltFi London Summit returns on 18th March 2019 to 155 Bishopsgate. Last year proved to be a crucial turning point for the key players building the future of finance. Leading platforms launched oversubscribed IPOs, digital banks proliferated and mainstream financial institutions started their own disruptive propositions. With 2019 certain to be another landmark year, more questions will be asked by regulators with investor interest in disruption also poised for more rapid growth.