FINTECH FRIDAY$ (EP.11-Sep 28): How Amazon Bank is Dominating and Risks of a Digital Bifurcated World with Paul Schulte, Founder of Schulte Research

Share

NCFA Canada | Sep 28, 2018

Ep11-Sep 28:  How Amazon Bank is Dominating and Risks of a Digital Bifurcated World

About this episode:   On this weeks episode our host Manseeb Khan sits down with Paul Schulte Founder & Editor of Schulte Research, whose insights have reshaped the finance world for the past 30 years. They talk about how Amazon is the biggest bank in the world, China being 2 generations ahead compared to the West, and what his next book could be about it. Enjoy!

Host: Manseeb Khan, NCFA, Fintech Fridays show host

Guest: PAUL SCHULTE, Founder and Managing Editor, Schulte Research (LinkedIn)

Bio:  Paul Schulte is founder of Schulte Research, set up in 2012 researching financial institutions and financial technology. He has spent 3 decades in research on financials. He has worked for all 3 branches of US government, including the NSC at the White House. He currently teaches in 3 universities, has written 3 books and authored hundreds of articles. He has worked for the Number 1 investment bank from US, UK, Japan, China & Switzerland starting in 1990.  He has taught on 4 continents. His focus is technological change in banks & insurance. He has been a source for the WSJ, NYT, Bloomberg, Nikkei, FT, Economist, Barron’s and Forbes. His clients include some of the largest sovereign, pension, mutual and hedge funds globally.

 

Subscribe and tune in each Friday to check out the latest movers and shakers in fintech.

Listen to more Fintech Fridays podcasts here

 


Transcription of Interview

Manseeb Khan: Hey everybody how are you today. Manseeb Khan here and you are tuning in to another episode of Fintech Fridays. Today I have an incredible guest. He is a veteran in the industry. He's been in the industry for over 30 years. We have Paul Schulte. Paul thank you so much for making here today. I know I'm catching you in the middle between flights so thank you so much for taking time today to sit down with me and to chat.

Paul Schulte : You're welcome.

Manseeb Khan: So, Paul just for the audience could you just for a minute give us a little bit about who you are and essentially what your research firm does?

Paul Schulte : So, what I do is we look at we've been looking at financials and financial institutions, banks, insurance, broker dealers, investment banks for like 14 years and then about four years ago I wrote a book about that called a revolution in financial technology that's coming, and we decided that this was extremely important. So, I've been really taking a big turn and focusing much more on the ways in which financial institutions are being disintermediated by the explosion and financial technology especially of the Far East.

Manseeb Khan: So, could you talk a little bit more of what your research firm does. Are there any current trends that you guys are currently focusing on?

Paul Schulte : So, we work for. I work for sovereign wealth funds, hedge funds,  mutual funds, insurance funds and we do two things really work the boards of directors in terms of understanding their own needs for technology but also, I look at public equity of private equity activity and you know advise on you know what's hot. what's not. what's good. what stinks and you know what is. You know looks iffy. What is you know very interesting? And so, at the moment we just finished some work on the way in which Ali Baba, Tencent, Amazon and Wal-Mart are heading into India in a very aggressive way looking at you know where the winners and losers in India are. The sort of this big battle royale for the financial activity for payments, ecommerce, lifestyle, lending and so forth in India but also in Southeast Asia.

Manseeb Khan: Oh yes so kind of like how Wal-Mart recently acquired Flipcart to start making moves in the industry right.

Paul Schulte : So, looking at the strategies of Wal-Mart and Amazon and Ali Baba really are the three big players against each other. They're all doing slightly different things but they're going down of course very, very rapidly. And I think once again catching the banks by surprise.

Manseeb Khan: Why do you think that is. Is it because of because you were previously you did work with institutions. You have a very extensive background of being part of that world. Why do you think they're going to beat banks to the punch?

Paul Schulte :  I've worked with you know Credit Suisse and ING and Lehman Brothers, and then you know went Nomura bought Lehman Brothers. I worked with Nomura as well. Fundamentally I think it is an issue of shareholders. the shareholders of banks expect and want and will not tolerate anything other than a dividend you know of somewhere between 3 and 5 percent. And this means that the banks have to pay out 30, 40, 50 percent of their profits get paid out in dividends. and Amazon and Ali Baba pay out zero. And so, you're looking at you know billions of dollars in extra R&D you know investment spending that these guys have relative to the banks. So, if the banks really want to get serious about competing they have to go to their shareholders and say we're just not going to be able to have a payout ratio of 30,40, 50 percent of profits. The second thing is that you know banks fundamentally aren't allowed to collaborate and are not allowed to collaborate because of regulators. So, it's good to be regulated because you're sort of a cartel, you're a protected cartel. But on the other hand, you miss out the capacity to change quickly to collaborate to open up your ecosystem to the outside world where regulators are very you know hypersensitive. So, banks are coming out of a period where they've been in the doghouse because of all this bad behavior 10 years ago. And so, the regulators are putting them on a very short leash. So, these are all the reasons why the banks are having a very difficult time adjusting to these new realities. And then it just tends to be a sense of you know entrenchment and legacy. You know history institutional inertia that also work against you.

Manseeb Khan: So that they're just taking  advantage of it essentially. You recently posted a video on how China is pulling ahead of the U.S. in the battle of AI. Could you explain a little bit more the reasoning behind it and it is because like what people think of AI they don't China's not the first place that really comes to mind. Right. And secondly how do you see Canada's role in this battle being that it's there's been a lot of buzz that Canada does have a booming AI market.

Paul Schulte : Yeah Canada does Canada that was one of the first people to do quantum computing that there was a very active you know great stuff going on in Toronto. I think the smart city initiatives the Toronto house are great. So yeah, I think Toronto's fantastic. But West has you know a lot of things against it. The West has a 50-year-old legacy system of credit cards and  sort of antiquated payments that were there to put all these fancy apps on top of that. So, this is always going to be a problem with us. Regulators Attorney General upstate and the FCC. and we know  Washington D.C., regulatory bodies, and lobbyists you know who don't want this to happen. So, you know I was giving a talk to one of the well with the Minneapolis Fed group and you know what I was talking about China and all the stuff that China is doing. You know the guy stopped me and said hey wait a minute you know we're still trying to get people stop using paper checks. So you need to slow down here in terms of trying to think of what the U.S. can do to catch up to China. China is one the two generations ahead and payments, e-commerce. the integration of payments and e-commerce to civic activity like people paying tickets, fines, entertainment travel, movies ,lifestyle, leisure, venture, travel all of this has been integrated into one stop shopping for the entire system. And this is, and this also includes insurance, peer to peer lending, money market invested in  tax. It's all that everything is online and everything's integrated and everything's in one place and people have the choice of looking at Alibaba or WeChat. But Ali Baba tends to have the one of the best integrated platforms and this is the way in which we're seeing this go into you know Southeast Asia now and  Alibaba so all these problems going into Paytm in India. It's going into Tokopedia, Masada and Indonesia and so Alibaba is really gluing itself into you know another country with a billion people and another country with 350 million people. And so, you're looking at having a pretty good chunk of the world. you know covered in you know you know India Southeast Asia; China the U.S. hasn't done any of this.

Manseeb Khan: Yeah that's kind of what I want to touch on next. How do you see the western world kind of adopting? Right. would be like working with regulators would be working with lobbyists and lawmakers and everything would it be more of like hand-holding situation?

Paul Schulte : No. No, I don't think that's the case. We should have expected that. But I think Amazon's done something that's really unique and brilliant. They just said we're just going to go outside the US. We're going to start and do all this in a country called India and so Amazon has been laying out billions of dollars in very aggressive impressive expansion both in terms of indigenous internal organic R&D implementation of different types of structures for services for MSR customers but also making a lot of acquisitions in the last 18 24 months. So, from a standing start two years ago where Amazon was nowhere and was being highly criticized for being the. you know as I should be the biggest bank in the world two years ago it was nowhere. Two years later in India it has a compared to Amazon offerings to the standard chartered India offerings and quite frankly standard Amazon has everything a standard traveler can offer or basically 18 months and so from a standing start Standard Chartered can't hold a candle to what the offerings of Amazon. I believe Amazon has very aggressive ambitions to export that to many other emerging markets and potentially export that back into the U.S. This is what I am thinking.

Manseeb Khan: You did recently write an article. the article's title fintech is emerging with the internet of things that aim to challenge banks. How entrenched interests can prepare. Banks are not only the western world banks and institutions are not only losing opportunity in the expanding markets like China and Indonesia and India like you've mentioned. how unprepared are they in terms of A.I like we're hearing institutions starting to earmark for crypto and block chain? How prepared are there for this whole AI revolution?

Paul Schulte : Well I think I think it's getting a little bit better. You know I believe HSBC has at least a dozen and could be up to 20 plus blockchain initiatives currently. I think the one bank who gets it you know better than anybody else is Goldman Sachs. I think you know Citibank and JP Morgan  are pretty much rushing ahead. I think the European banks just don't have the capital or the spending power to be able to engage in this right now and so banks like Deutsche Bank are barely standing on two feet. And so, they're being knocked out of the game. And then you have you know some of the other banks that just are where they need to be. You know Barclays and so some of the regional banks are just not in a position to be able to spend. You have to spend a lot of money on this stuff, if you just want to do nickel and diming you're going to get left behind.

Manseeb Khan: Do you think it's more of like a is it because more of like a legacy thing that they're not nickeling and diming it or is it. They don't really believe the hype. What's your take on that.

Paul Schulte : Well you know I was reading this book chapter 7. They called the innovator's dilemma. It's the Christensen book and in chapter 7 it talks all about how the corporates of the 70s 60s and 70s with America were like these mighty engines of innovation and you know technological growth. top line growth. And they just stopped doing that. He was talking about corporates and then I when I read that article I was so struck because this is just absolutely applies to banks and so there's just it's institutional inertia. There are fewer positions are available people today and they just are becoming yes men because there's fewer promotions available. So, they shut their mouths and they don't know, and they don't dare innovate because if they make a mistake they get fired because there's always an excuse to fire people and try to reduce costs. And so, when you go down that rabbit hole of trying to reduce costs as your number one goal rather than improve innovation you're dead. And I think a lot of banks are going down this road. So, this is a problem right where you have a terrible return on capital. You have shareholders demanding a very high dividend and you just don't have a lot of money left over in absolute dollar terms or a dollar stand against Alibaba which has like a billion dollars to spend. Amazon is spending in India alone which is spending 5 billion dollars. And so, you're looking at a tremendous capacity for spends and a lot of different areas. Plus, Amazon is also moving into a farm to market food distribution as well. So, when they start to get all these different businesses you've got a tremendous synergy of business of agricultural, financial, lifestyle and civic activity together which gives you know a real unbeatable combination.

Manseeb Khan: So essentially, it's very much a evolve or Die mentality when it comes to compare to banks and to Amazon and Alibaba and all the other companies like that right.

Paul Schulte : Yes, exactly that system and that's life that we all we all have to do that even as adults in our 30s and 40s we have to keep on learning if we don't keep on learning where we're in real trouble. I think the times of getting a four-year degree or getting an MBA is that those times are over. Right. There's a constant need for learning and it's painful and I say to people I have two jobs. I'd have my old job which is looking up financials but also, I have another job which is learning to understand financial technology which has been exhausting but also very stimulating and exciting and interesting.

Manseeb Khan: I totally agree that it's kind of funny because I just came back from writing my accounting exams was kind of hilarious that we talked schooling. You’re probably a little bit more closer to understanding AI and seeing its evolution other than just in the banking space. Where else do you see it just making a massive impact?

Paul Schulte : In the area of Block Chain  is all about digitizing assets and only a very tiny portion less than 1 percent of the physical asset world in digitized. So, what we have is a world where when you digitize assets you do three things you turn it into a provenance right and then that's the whole foundation of auctions. auctions and auction houses whatever they are Kristie. Sotheby's big banks guarantee that this thing is true and real and is owned by X is being sold to Y. That's what blockchain does for physical assets. Number two it's a sense of collateral. collateral is what you use to create a loan. And number three and most important of all one of the greatest things that we can Digitize and one of the greatest values we have is that our parents spent you know between 500000 and 1 million dollars to get us to become 22-year-old educated people our body. And this is the area of insurance. And so, I think that insurance is probably the most it is going to be disrupted more than anything else. As more and more of the parts of the human, our cells become digitized and become a real value. so, we can be given the identification independent of government. We can be given Providence we can be given a sense of collateral and we can include 1 billion people who currently don't even have an identification or a bank account or you can include millions of that SME's on by three four five people you know all across the world who previously had to go to loan sharks to fund themselves. So, the possibilities are endless and of course lastly and most importantly in terms of our lifespan in terms of current kinds of things that we can learn about our bodies to employ preventative medicine to improve our life expectancy and to get you accurate pricing on insurance for physical movement and for our life.

Manseeb Khan: Yes, speaking of Insurance I should remind my dad that I need a life insurance policy. So, thank you for reminding me of living.

Paul Schulte : You are going to live to be 100 don't worry.

Manseeb Khan: Could we. Other than the articles and research papers that you say they produce regularly are we expecting a book anytime soon. If so what would like what are the topics that are frequently passing through your head that you'd probably want to put on paper or digital paper in this case.

Paul Schulte : Well we're yeah to a book with Professor David Lee in Singapore who is one of the leading thinkers in the world. Block Chain and we're doing some work on blocking insurance. We're doing some work on the movement of these Chinese financial technology companies out into the outside world into Southeast Asia and South Asia and we're doing an update a deep dive into what PingAn's doing. PingAn is  I think one of the most innovative companies in the world and we're also going to write a chapter on something that's very important which people need to be paying attention to. Right about now which is quantum computing because the cyber security implications of quantum computing are very important.  And last but not least we are looking at something that's really important. I think it's going to be the most core issue of 2019 and that is the way if the US increasingly goes on its own and sort of alienates Canada and alienates you know Europe and alienates China is it going to go along a road trying to bifurcate, trying to cut the digital world to have a Qualcomm. Qualcomm, Amazon, Google, Apple world, a Huawei. Amazon, Tencent digital world. And I don't think it's possible to do that. But trying to do so could be quite destructive know example I would give you is that Microsoft and Amazon have 31% market share in the cloud business in China. What if says you know you've invited out Huawei and you were basically expelled Ali Baba out of the U.S. Well how come we're letting Amazon and Apple. I'm sorry Amazon and Microsoft have you know a 31 percent market share in the cloud business for AWS and of Azure. and I think questions like this come up and so this is going to become problematic if this thing continues down a road of increasing tension between China and the U.S. So very important topic I think it's the number one topic of 2019.

Manseeb Khan: Right and that's you have mentioned in the past that's why you're seeing companies starting to enter emerging markets just in case something like that happens. They have remote offices they have remote sites, subsidiaries just in case those kinds of things may happen right.

Paul Schulte : Yeah pretty much. I think that's right. And I think that Amazon is truly an international company. Right. So, I don't know what political weight. They pull in Washington D.C. but I'm sure that there are  opposition forces at play in Washington D.C. to counter this desire for the U.S. to isolate itself. I think that's a minority opinion and it's not part of the mainstream and yet it seems to be having an immense cast has immense momentum right now. And so, it's very disturbing to watch this. You know what was played out yesterday at the U.N. and especially when you look at it from the Far East people are aghast at why the U.S. is doesn't have you know America first policy it's basically America alone policy. And I think there's no people who are more like gob smacked by this than the Canadians. And so, we've got to be very careful about where this is all going. If power is some of the powers in Washington want to bifurcate the digital world because I think it's impossible to do that. I think we've gone down we've gone too far down the road on this. And so, I'm just wondering what this all means. I think the physical bifurcated world has already occurred right the manufacturing world is already the supply chain already been broke about past tense but the digital world is a very different world that just doesn't lend itself to being broken into.

Manseeb Khan: Right. Because the whole the world the whole the pull for is the whole globalization rights that everybody is on the same team. We're here to help everybody and if a country is going to try to isolate itself from everybody else then it's going to be kind of hard of work with them. It's kind of like work like everybody playing in the sandbox where we have the one kid that like we're trying to include you doesn't want to come with us. It's kind of hard to like feet won't we'll can ask him so much.

Paul Schulte : Yeah that's right. That's right. That's right. Well thank you so much free time I have to jump on a plane. I'm going to a retreat with actually people from Monash University to discuss this topic in terms of the future of education. OK so this is important. This is an important topic for universities as well as universities risked being sort of cut out. Well if they don't change faster. And so, I personally have a similar problem with the banks.

Manseeb Khan: That's interesting. Well  Paul thank you so much again for your time. Enjoy your flight enjoy your treat. I'm very excited to see what you've learned, and I can't wait to have you on the show again.

Paul Schulte : OK. Thank you so much.

 

End of Podcast

 

Subscribe and Listen to more Fintech Fridays podcasts here

Join NCFA's weekly Podcast series 'FINTECH FRIDAY$' where we sit down with the incredible people in the Fintech community and talk about leading fintech products innovations developments and challenges!

Interested in getting involved as a partner or participant? info@ncfacanada.org

 


The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

Forbes | Gerald Fenech | Dec 12, 2018 The crypto space, though promising in a myriad of different ways still has many obstacles to overcome. Bad actors are slowly being weeded out but at an excruciating pace. Ideally, the crypto space would have so much competition, innovation and use cases that the best ideas and best innovators would naturally stand tall. Though 2018 has been a trying year for everyone in the space, 2019 is looking positive as many promising projects are rearing to go. These neophytes, though not experienced are seeking to close the gaps within the crypto space that have lingered since the beginning, namely; security, accountability and transparency and above all, practical implications for the technology. Countries like Gibraltar, Malta, and Switzerland seeking to build legislative frameworks for these new businesses to operate and thrive in, and give them a home. However, it is a difficult balance; on the one hand to regulate, securitize and make everything compliant, whilst also not stifling budding, inherent innovation. Although everyone recognizes that DLT has huge potential, the time has now come for the space to mature, become regulated and for things be done right. Now is the time to forget the ...
Read More
The Security Token Field - The Next Step After the ICO Annihilation?
Bloomberg | Julie Verhage and Jennifer Surane | Dec 10, 2018 In 2018, a number of financial technology startups came into their own. Free trading platform Robinhood Markets Inc., for example, added new services and billions to its valuation. And Stripe Inc. was valued by investors at a price higher than the market caps of 249 of the companies on the S&P 500 Index. But the industry is also maturing and consolidating, and larger industry players, hoping not to be left behind by the new era of digital finance, are stepping up their hunt for acquisitions. What should we be on the lookout for in 2019? According to the fintech pros surveyed by Bloomberg—more deals, swirling IPO rumors and a continued steady stream of checks from venture capitalists. Here’s a wrap from industry experts. (Quotes have been lightly edited for clarity and length.) See:  OSC Seeks Applications for Fintech Advisory Committee IPOs looming Up to this point, financial technology startups have been hesitant to enter the public markets. And who can blame them? Most fintech companies that have gone public in recent years have seen their share prices tumble, and ample venture capital funding has buffered balance sheets. Still, a major IPO ...
Read More
Experts predict the five big fintech trends of 2019
Coinsquare release | Dec 6, 2018 The acquisition was closed for $12 million CAD and brings the leading cryptocurrency wallet on the Stellar platform into the Coinsquare ecosystem TORONTO, Dec. 6, 2018 /CNW/ - Today Coinsquare, Canada's premier cryptocurrency trading platform for trading Bitcoin, Ethereum, and other cryptocurrencies, announced it has acquired BlockEQ, the leading cryptocurrency wallet on the Stellar network. Coinsquare purchased BlockEQ for $12 million CAD and will leverage BlockEQ's technology to help Coinsquare and its users connect further with the world of cryptocurrencies. See:  House Finance Committee Urges Canadian Government to Regulate Cryptocurrencies "We have enormous respect for what the BlockEQ team brings to Coinsquare," said Cole Diamond, CEO of Coinsquare. "They are one of Canada's best tech teams, and the product they've built is immensely valuable. That combination in partnership with Coinsquare's technology and team means that we have the opportunity to build amazing things for the cryptocurrency community in Canada and far beyond." BlockEQ, which was co-founded by Jonathan Lister, Megha Bambra and Satraj Bambra, is a cryptocurrency wallet that empowers users to buy, trade, and hold cryptocurrencies in a secure manner. It allows for the tokenization of crypto assets in order to allow them ...
Read More
Coinsquare acquires BlockEQ to expand its cryptocurrency offerings
OSC Release | Dec 6, 2018 TORONTO – The Ontario Securities Commission (OSC) is seeking applications for membership on its Fintech Advisory Committee (FAC). The FAC advises OSC LaunchPad staff on developments in the fintech space and the challenges faced by start-ups in the securities industry.  OSC LaunchPad is a dedicated team that engages with fintech businesses, provides guidance and flexibility in navigating securities regulatory requirements, and works to keep regulation in step with digital innovation. The FAC will meet quarterly, with additional meetings as required. The FAC is chaired by Pat Chaukos, Deputy Director, OSC LaunchPad, and will consist of up to 15 members. Membership terms will be for one year.  Members will be selected based on whether they have direct experience in one or more of the following: Digital platforms (e.g., crowdfunding portals, crypto-asset trading platforms, online advisers); Crypto-assets or distributed ledger technologies (e.g., blockchain); Data science or artificial intelligence (AI); Venture capital, financial services, securities, legal or accounting experience with a focus on the fintech or technology sector; Fintech or technology entrepreneurship; Compliance or regulatory technology (RegTech) solutions; or Cryptography or cybersecurity. See:  OSC outlines key areas of focus for 2018-2019 Interested parties should submit a résumé indicating their ...
Read More
OSC Seeks Applications for Fintech Advisory Committee
Coindesk | Nikhilesh De | Nov 30, 2018 Members of VanEck, SolidX and the Cboe BZX Exchange met with U.S. Securities and Exchange Commission (SEC) staff earlier this week to present a new argument on why the bitcoin market is ready for an exchange-traded fund (ETF). In the latest push to convince the regulator to approve a rule change which would open the door for the country’s first bitcoin ETF, the three firms met with the SEC’s Division of Corporation Finance, Division of Trading and Markets, Division of Economic and Risk Analysis and Office of General Counsel. Notably, Monday’s effort differed from previous presentations, which took more of a regulatory focus. See:  OSC approves Canada’s first blockchain ETF Instead, the proponents’ argument centered around the idea that the bitcoin market is mature enough to support an ETF, and at present looks similar to markets for other assets which already have such products. The presentation gave several examples of assets that already have ETFs, including crude oil, silver and gold. The presentation specifically tied the idea of futures markets with spot markets, noting that for money substitutes such as gold and silver, this connection between the two can be proven with empirical ...
Read More
Bitcoin ETF Seekers Met With SEC Monday In Latest Pitch for Approval
Investment Executive | By James Langton | Nov 23, 2018 Many hurdles remain for the CMRA before it becomes a reality Canada’s regulatory landscape faces a transformation as politics, shifting priorities and new legal realities push the investment industry’s overseers in new directions. Most obviously, the prospect of a fundamental reshaping of the regulatory framework in Canada now is, at least, a possibility – given the Supreme Court of Canada’s (SCC) long-awaited decision on Nov. 9, which reversed a lower court’s ruling in Quebec, that declared that a proposed federal/provincial model for a co-operative capital markets regulator is constitutional. But while this decision knocks down a basic legal obstacle for the new model for overseeing the securities industry, that doesn’t mean that the adoption of a co-operative regulator is imminent – or even inevitable. Indeed, the SCC’s decision hints at the significance of the hurdles that still must be cleared before the proposed Capital Markets Regulatory Authority (CMRA) can become a reality in Canada. Although the SCC has found that the proposed CMRA model is constitutional, that doesn’t necessarily mean it is a good idea. “It’s up to the provinces to determine whether participation is in their best interests,” the ...
Read More
Not yet a done deal
Forbes | Lawrence Wintermeyer | Dec 2, 2018 If your professional interests take you to the crossroads of financial services, regulation, compliance, and digital - especially data analytics and machine learning - which altogether is known as regtech, you are in the right place. You are part of statistically small and very geek-oriented professional community, but you know this, and though you might choose not to admit this to strangers at this year's festive parties for fear of causing great pain by boredom, you are in good company with this Contributor and my interviewee. I first met Jo Ann Barefoot when I was chairing the U.K. Financial Conduct Authority (FCA) Industry Sandbox Consultation, where she provided excellent guidance and insights. Jo Ann is one of the most dedicated and busiest advocates of the regtech space on the planet and is truly outstanding in both her knowledge and passion in this area. She dedicates her time to a number of global bodies and initiatives related to regtech: she is a Senior Fellow Emerita at the Harvard Kennedy School Center for Business & Government, a Senior Advisor to the Omidyar network, sits on the fintech advisory committee for FINRA, is an Executive Board Member of the International RegTech ...
Read More
A Regulation Revolution In Financial Services
NCFA Canada | Nov 23, 2018 JOIN US ON A STORYTELLING JOURNEY EVERY FRIDAY. Ep19-Nov 23:  Future of Business Tokenization - How Blockchain Challenges Concept of Money About this episode:   On this episode, NCFA Fintech Friday's host Manseeb Khan sits down with Alan Wunsche the CEO of TokenFunder. They chat about ICO's funding startups, tokenization of businesses and buying real estate through tokens. Enjoy! The future of business tokenization How tokenization is going to disrupt real estate and auto industry How blockchain challenges the concept of money Host: Manseeb Khan, NCFA, Fintech Fridays show host Guest:  ALAN WUNSCHE, Founder and CEO, TokenFunder (view Linkedin) Bio:  Alan Wunsche is CEO & Chief Token Officer of TokenFunder, a regulatory-compliant blockchain venture funding platform with Ontario's first regulated Initial Token Offering. He is also Chair & Co-Founder of Blockchain Canada, a Canadian federal not-for-profit corporation with a mission to connect Canadian Blockchain Innovators and to help Canada be a leader in blockchain technology. Alan is a finance technologist focused on new blockchain business models and the disruptive impacts of blockchain on global wealth distribution. He brings hands-on technology experience as a finance and risk transformation executive at a global bank (Scotiabank), management consulting (Deloitte, PwC), and ...
Read More
FINTECH FRIDAY$ (EP.19-Nov 23):  Future of Business Tokenization - How Blockchain Challenges Concept of Money with Alan Wunsche, Founder and CEO, Token Funder
CBC News | Nov 23, 2018 More than 3,000 people contributed to campaign to buy new installation from renowned Japanese artist LET'S SURVIVE FOREVER. That's the name of the infinity mirrored room the Art Gallery of Ontario plans to purchase from world-renowned artist Yayoi Kusama — that is, if its crowdfunding campaign is successful. And yes, it's always spelled in all-caps, the Art Gallery of Ontario (AGO) said. Over 3,000 people have already chipped in a contribution to permanently acquire the brand new Kusama installation, even though they hadn't seen it until now. The AGO said its campaign has brought in around half of the $1.3 million it needs to buy the work, but it's hoping more people donate on next week's "Giving Tuesday," a day devoted to donations following "Black Friday" shopping. Here's a look inside the room: The major installation, which will be given a special place at the downtown Toronto gallery, features mirrored orbs on the ground and suspended from the ceiling — similar to the work Narcissus Garden, which dominated a large room in the AGO during last year's ultra-popular Kusama exhibit. There's also a mirrored rectangular column inside the LED-lit room, which creates what's said to feel like an infinity room inside an infinity room ...
Read More
Art Gallery of Ontario shows off the Yayoi Kusama infinity room it's crowdfunding to buy
CNBC | Eric C. Jansen, president and chief investment officer of Finivi | Oct 31, 2018 The many big companies disrupted by blockchain have now made it a priority to harness this technology. Large firms such as Accenture, Facebook, Google, IBM and Microsoft are developing patented products and services based on blockchain's digital-ledger open-source technology that can be accessed and adapted by anyone. Ironically, the whole raison d'etre of blockchain is to circumvent the very type of centralized authority these traditional tech companies represent. Development efforts in both private and public blockchain are seeking to forge new business models. As is typically the case when faced with disruption, large companies are seeking to defend their territory by adopting the very tool that threatens them. With blockchain there's a lot at stake. The global market for blockchain-related products and services is about $700 million and is projected to exceed $60 billion annually in 2024, according to Wintergreen Research. Among the big corporate blockchain players are Accenture, Facebook, Google, IBM and Microsoft. These firms are developing products and services based on blockchain's digital-ledger open-source technology that can be accessed and adapted by anyone. Blockchain enables global transactions between parties without going through ...
Read More
Blockchain's potential will continue to spur public and private investment

 

Share