BAFT: the Bitcoin and Blockchain Initiative

BAFT, the Global Financial Services Association, announced a new technological push on September 16. The group of Bankers, importers, exporters, brokers, providers and suppliers, and other investors have created the “Financial Technology and Innovation Initiative.” The initiative is the organization’s pursuit to educate investors and traders about various emerging technologies such as Bitcoin and distributed ledgers.

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“Emerging technologies such as blockchain technology, distributed ledgers and virtual currencies are redefining how supply chains operate and payments are executed. Our members understand the critical impact this will have on our industry and have made it a top priority.”

By creating the newly formed group, the organization will work with innovators to become members of a council. The association’s effort will help businesses and investors address blockchain methodology and regulations within government agencies and the banking industry. Many FinTech services and treasury firms are asked to help BAFT create a council which will act as a guide in this growing industry. The plans are to offer a 7-part webinar on distributed ledger technology and other tutorials throughout. Additionally, BAFT will host a future session on emerging technologies at its Global Councils Forum on October 11, in Singapore.

The association has created innovative finance workshops for quite some time. They offer this approach to those wishing to discuss trade operations and other current industry issues. BAFT has also created a new career for someone who can fill the role of understanding financial technologies and its emerging markets. They are looking to hire a senior vice president of payments and innovation who will be responsible for understanding the basics of the industry.

BAFT is a leading global association for international banking that looks to help bridge financial institutions with solutions and education. The BAFT community hopes to address emerging technology like blockchains and Bitcoin, as well as promote its financial practices. Additionally, the organization — led by trade-operations experts — advocates a variety of sound practices that affect banking methods including trade finance, payments, and regulation. The study of Bitcoin and its underlying blockchain technology has BAFT creating this council now to help understand these innovations for the future of finance. With this said, this is just one more organization that wants to capitalize on the education financial disruptors rather than being disrupted. If you can’t beat em’, Join them.

What do you think about innovation organizations? Let us know in the comments below!

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