Morning Briefing: Intel appoints new CEO while IBM appears to eye Ripple acquisition

• Intel has appointed a new CEO: Robert Swan, 55, will replace Brian Krzanich, 56, who resigned following a scandal over rebates and executive pay. Swan, who is based in Oregon, spent most of his career in semiconductor and corporate governance positions in Silicon Valley, although he left Intel for time in England. Silicon Valley major investor Marc Andreessen told Business Insider on Tuesday night that Swan had “got a lot of friends in the Valley”.

• IBM has been named as a prospective merger partner for blockchain payments company Ripple. The database technology company open-sourced RippleXchange, a blockchain based on its open source protocol, last month. A source told Bloomberg that the software could be widely deployed by IBM in the next year. RippleXchange uses the ERC20+ standard, which is used to generate cryptocurrency transactions. RippleXchange is currently compatible with only two cryptocurrencies, bitcoin and ether. The option of a blockchain-based cryptocurrency, Ripple, will be available to users of other payment systems when the infrastructure is fully developed. Two alternatives to blockchain used by banks are bitcoin Cash, a blockchain payment system, and Paydiant, a new form of blockchain that aims to allow customers to make payments without so much as a chip or swipe of their card.

• Singapore-based tech firm DoTEM has relaunched a project that lets financial institutions share financial data, launching “digital cross-border accounts” for consumer or corporate customers. The service allows users to store remittances overseas and make payments in an instant. The service could make transferring money between banks easier for consumers, while cutting costs for banks. Bloomberg said that as of September, around 250,000 customers had invested S$9m in the software so far.

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