Rojin Nair, Advisor
June 1st, 2021
At Incyub8 Inc, Rojin is focusing on nurturing and guiding various national and international start-[...]
Tech’s raid on the banks
The Economist | May 2, 2019
OVER THE past two decades people across the world have seen digital services transform the economy and their lives. Taxis, films, novels, noodles, doctors and dog-walkers can all be summoned with a tap of a screen. Giant firms in retailing, carmaking and the media have been humbled by new competitors. Yet one industry has withstood the tumult: banking. In rich countries it is perfectly normal to queue in branches, correspond with your bank by post and deposit cheques stamped with the logo of firms founded in the 19th century.
See: Why Open Banking Represents a Seismic Shift for Fintech
Yet, as our special report this week explains, technology is at last shaking up banking. In Asia payment apps are a way of life for over 1bn users. In the West mobile banking is reaching critical mass—49% of Americans bank on their phones—and tech giants are muscling in. Apple unveiled a credit card with Goldman Sachs on March 25th. Facebook is proposing a payments service to let users buy tickets and settle bills (see article).
The implications are profound because banks are not ordinary firms. It is one thing for Blockbuster Video to be wiped out by a technological shift, but quite another if the victim is Bank of America. It is not just that banks have over $100trn of assets globally. Using the difficult trick of “maturity transformation” (turning deposits that you can demand back at any time into long-term loans) they enable savers to defer consumption and investment and borrowers to bring them forward. Banks are so vital that the economy reels when they stumble, as the crisis of 2008-09 showed.
Bankers and politicians may thus be tempted to resist technological change. But that would be wrong because its benefits—a leaner, more user-friendly and more open financial system—easily outweigh the risks.
Banking is late to the smartphone age because entrepreneurs have been put off by regulations. And, since the financial crisis, Western banks have been preoccupied with repairing their balance-sheets and old-fashioned cost-cutting. Late is better than never, however. Several new business models are emerging. In Asia payment apps are bundled with e-commerce, chat and ride-hailing services offered by firms such as Alibaba and Tencent in China and Grab in South-East Asia. These networks link to banks but are vying to control the customer relationship. In America and Europe big banks are still more or less in control and are rushing to offer digital products—JPMorgan Chase can open a deposit account in five minutes. But threats loom. Mobile-only “neobanks” that do not bear the cost of branches are nibbling at customer bases. Payments firms like PayPal work with Western banks but are expected to capture a greater share of profits. Lucrative niches like foreign exchange and asset management are being harried by new entrants.
See: Open banking data tapped to speed up laundering checks
The pace of change will accelerate. Younger people no longer stay with the same bank as their parents—15% of British 18- to 23-year-olds use a neobank. Tech firms that people trust, such as Apple and Amazon, are natural candidates to grow big financial arms. The biggest four American banks are spending a total of over $25bn a year on perfecting better customer applications and learning to mine data more cleverly. Venture-capital firms invested $37bn in upstart financial firms last year.
The benefits of technological change are likely to be vast. Costs should tumble as branches are shut, creaking mainframe systems retired and bureaucracy culled. If the world’s listed banks chopped expenses by a third, the saving would be worth $80 a year for every person on Earth. In 2000 the Netherlands had more bank branches per head than America; it now has just a third as many. Rotten service will improve—it is easier to get money to a friend using a chat app than it is to ask your bank to transfer cash. The system will get better at its vital job of allocating capital. Richer data will allow banks to take risks that currently baffle underwriters. Fraud should be easier to spot. Lower costs and the democratising effect of social media will give more people better access to finance. And more firms with good ideas should be able to get loans faster, boosting growth.
Yet change also poses risks. Because the financial system is embedded in the economy, innovation tends to create turbulence. The credit card’s arrival in 1950 revolutionised shopping but also sparked America’s consumer-debt culture. Securitisation lubricated capital markets in the 1980s but fuelled the subprime crisis. In addition, it is unclear who will win today’s battle. One dystopian scenario is that power becomes more concentrated, as a few big banks learn to exploit data as ruthlessly as social-media firms do. Imagine a crossbreed of Facebook and Wells Fargo that predicts and manipulates how customers behave and is able to use proprietary economic data to squeeze rivals.
See: Fintech firms want to shake up banking, and that worries the Fed
Another dystopia involves fragmentation and destabilisation. Banks could lose depositors to untested neobanks, creating a mismatch between their assets and liabilities that could lead to a credit crunch. If bank customers transact via tech or payment platforms, banks could end up with huge balance-sheets but without a direct connection to their clients. If they thus became unprofitable, they could be broken up, with the job of financing mortgages and absorbing short-term savings left entirely to capital markets, which are volatile.
Continue to the full article --> here
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Borderless Ventures | Ethan Pierse | Oct 27, 2021 You might not yet have heard of social tokens or creator coins, but it's very possible that you heard the news of Lionel Messi changing football clubs from Barcelona to Paris Saint-Germain. Well, millions of dollars of his $40M signing bonus were paid in $PSG tokens issued by social token platform Socios. Those tokens allow fans to interact with the team by earning rewards, participating in select club decisions, and accessing unique merchandise and experiences. But what are social tokens ? Social tokens allow brands, whether individuals or organizations, to include their fans and community in a dedicated tokenized economy that facilitates: - Direct monetization - Community engagement and loyalty - Governance See: 67 per cent of young Brits want a socialist economic system, finds new poll Social media platforms can take 5-30% of content creators' tips and payment tools like Venmo charge 3% commission. However, creator coin platforms like Rally are able to charge 0% for direct digital payments to creators. Amazing platforms like Patreon, Substack, YouTube, Instagram, and Twitch have enabled creators to build business models on top of their communities and content, but in addition to expensive commissions, ...
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CNBC | Hugh Son | Oct 26, 2021 The crypto economy is about to expand. Mastercard is preparing to announce that any of the thousands of banks and millions of merchants on its payments network can soon integrate crypto into their products, CNBC has learned. That includes bitcoin wallets, credit and debit cards that earn rewards in crypto and enable digital assets to be spent, and loyalty programs where airline or hotel points can be converted into bitcoin. To do so, the payments network is partnering with Bakkt, the crypto firm recently spun off by Intercontinental Exchange, which will be the behind-the-scenes provider of custodial services for those who sign up, executives at the two firms told CNBC. “We want to offer all of our partners the ability to more easily add crypto services to whatever it is they’re doing,” Sherri Haymond, Mastercard’s executive vice president of digital partnerships, said in an interview. “Our partners, be they banks, fintechs or merchants, can offer their customers the ability to buy, sell and hold cryptocurrency through an integration with the Baktt platform.” See: ‘Last year we saw about a 300% increase in transactions just using cryptocurrency’: Coinpayments CEO The announcement could lead ...
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Read More
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Read More
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Crowdfund Insider | JD Alois | Oct 26, 2021 Regulation Crowdfunding (Reg CF) has topped $1 billion – five years after the securities exemption became actionable for issuers in need of growth capital. According to Crowdfund Capital Advisors (CCA), 1.2+ million investors have backed over 4500 companies to achieve this milestone. The third quarter of 2021 was said to be the best quarter ever with approximately $148 million committed to issuers raising capital on funding portals or regulated broker dealers. See: Reg CF Update: Interview with Sherwood Neiss on Investment Crowdfunding This amount was 93% greater than the same quarter last year and 12.5% over Q2. The third quarter broke the record of number of offerings pegged at around 400 securities sales. Year to date as of Q3, approximately $409 million has been raised with 1,177 individual offerings. Software was the most popular industry to raise money using the exemption. The top five platforms during Q3 dominated the sector of online capital formation accounting for around 88% of investment activity. CCA noted that Reg CF activity helped to create more than 17,000 jobs during the quarter. See: Doug Ellenoff on US Reg CF Increasing Issuer Caps to $5 million: Investment ...
Read More
Read More
Global News | Ian Bickis | Oct 24, 2021 If you haven’t shopped for a credit card in a while, you may see some unfamiliar names in the offerings. Companies like Brim Financial, Float Inc., Caary Capital Ltd., Jeeves Inc., and Neo Financial are part of a growing crop of tech-enabled lenders that are looking to snag a share of the lucrative credit card market from the big banks. The startups have to be creative with rewards programs because they lack the scale to offer the big sign-up bonuses of the big banks, said Castaldo. See: Any bank, merchant or Fintech on Mastercard’s vast network can soon offer crypto services On corporate cards, companies like Jeeves, Float and Caary are aiming mostly at startups and small to medium businesses, offering fast sign-up, numerous digital cards, higher credit limits and no personal guarantee, as well as easier integration into some accounting and spend management software. Jeeves directly monitors a client’s bank account and uses machine learning to assess risk, which Thazhmon said allows them to offer the higher credit limit and no personal guarantee. The new competition for the big banks comes as the market is already feeling pressure. Credit card ...
Read More
Read More
CNBC | Hugh Son | Oct 26, 2021 The crypto economy is about to expand. Mastercard is preparing to announce that any of the thousands of banks and millions of merchants on its payments network can soon integrate crypto into their products, CNBC has learned. That includes bitcoin wallets, credit and debit cards that earn rewards in crypto and enable digital assets to be spent, and loyalty programs where airline or hotel points can be converted into bitcoin. To do so, the payments network is partnering with Bakkt, the crypto firm recently spun off by Intercontinental Exchange, which will be the behind-the-scenes provider of custodial services for those who sign up, executives at the two firms told CNBC. “We want to offer all of our partners the ability to more easily add crypto services to whatever it is they’re doing,” Sherri Haymond, Mastercard’s executive vice president of digital partnerships, said in an interview. “Our partners, be they banks, fintechs or merchants, can offer their customers the ability to buy, sell and hold cryptocurrency through an integration with the Baktt platform.” See: ‘Last year we saw about a 300% increase in transactions just using cryptocurrency’: Coinpayments CEO The announcement could lead ...
Read More
Read More
ComplianceX | Jack Kelly | Oct 26, 2021 The Securities and Exchange Commission has won a debate among US agencies to propose legislation and oversee the $131 billion stablecoin market, Bloomberg reported on Monday. The Wall Street watchdog’s “significant authority” over tokens like tether will be spelt out in a report expected to be published this week, Bloomberg said, citing sources familiar with the matter. Agencies including the Treasury will ask Congress to pass legislation stating coins should be regulated like bank deposits, one source said. See: A Regulated Stablecoin Means Having a Regulator On the Brink Podcast: George Selgin of the Cato Institute on Stablecoins, Bitcoin and Free Banking FCA Chair Charles Randall Discusses Crypto, Stablecoins and Digital Asset Regulation More regulation coming: SEC Chairman signals stablecoins and other tokens could fall under its rules on security-based swaps The report is expected to highlight the SEC’s powers, as Chairman Gary Gensler has been pushing for oversight and the ability to pursue enforcement action. It will clarify how the Biden administration will regulate the sector, with several agencies including the Commodity and Futures Trading Commission likely to have a role. These developments suggest the government will have clear and active authority over the stablecoin ...
Read More
Read More
TheStreet | Rob Lenihan | Oct 25, 2021 Cryptocurrency prices were climbing Monday with the parody cryptocurrency Shiba Inu coin soaring to a record over the weekend before losing ground. Shiba Inu's recent surge appears related to unconfirmed rumors that the coin would soon be listed on the popular stock trading app Robinhood, according to Fortune. Shiba Inu coins traded at a record $0.0000455 at 7:20am U.S. Eastern. That topped the previous record $0.0000388 from May 10, Coindesk reported, citing Messari data. It's currently trading at $0.000039. See: SEC says GameStop’s wild stock surge was not short covering Some market observers said that the currency started falling after Tesla CEO Elon Musk, famed for rattling crypto markets worldwide, tweeted on Sunday that he does not own the cryptocurrency. "Don't bet the farm on crypto," Musk tweeted. "True value is building products & providing services to your fellow human beings, not money in any form." Regulation remains a factor in the cryptocurrency world. -- "[The] U.S. Congress predictably looking at imposing standard financial industry 'Know your Client' and Internal Revenue Service reporting requirements -- "[The] UK warning about investor protection -- [The] EU cracking down on money laundering," and, -- "China clearing the field for ...
Read More
Read More
Institute for New Economic Thinking | Lynn Parramore | Oct 14, 2021 Famed short-seller is even more concerned with political fallout from Evergrande than economic/financial woes. LP: Let’s talk about Evergrande, the Shenzhen developer whose crisis has got everybody worried. How did things get so bad? JC: Last year, as the tech crackdown was gaining momentum, Xi’s administration put down a set of rules called the “three red lines.” They were sort of balance sheet financial tests. It was an attempt to deleverage the real estate developers. LP: So with Evergrande, everyone came to expect a bailout? JC: I think we’re at that crossroads. The problem is that these companies are so much bigger than they were in 2015 or 2011. Can you bail everybody out? In the case of the developers, you have an additional problem. The biggest amount of liabilities is not necessarily to banks and bondholders. It’s to apartment buyers. Here’s why: the Chinese real estate finance system is exactly the opposite of ours. In our system, when there’s a new development, you’re typically required to put 10% down to sign a contract, with the balance due on closing. See: Opinion: Evergrande and Crypto Where is Bitcoin ...
Read More
Read More
Linklaters | Oct 22, 2021 OFAC recommendations for virtual currency industry participants A U.S. regulator has again reminded the virtual currency industry that it is subject to the same compliance obligations as more traditional industries. Last week, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued specific guidance regarding the application of U.S. sanctions requirements to the virtual currency industry. OFAC views participants in the virtual currency industry as playing “an increasingly critical role in preventing sanctioned persons from exploiting virtual currencies to evade sanctions and undermine U.S. foreign policy and national security interests.” See: CSA and IIROC Publish Guidance and Regulatory Framework for Crypto Asset Trading Platform Compliance As with any sector of the economy, virtual currency industry participants are expected to evaluate a variety of factors in assessing their unique sanctions risks and formulating a risk-based compliance strategy. In the guidance, OFAC identifies the following key measures that virtual currency industry participants should carefully consider in implementing their risk-based compliance programs: Geolocation Tools – these tools allow companies to determine the locations of IP addresses, in particular to identify any that are in comprehensively sanctioned jurisdictions; OFAC makes clear that a failure to use ...
Read More
Read More
CIX | Oct 25, 2021 1) Presentations by the 30 award winning companies, as selected out of 492 CEOs & Founders of CIX Top 20 Early and CIX Top 10 Growth 2021 Inductees: 2) AND your chance to meet the presenting companies face to face after their presentation in the 6 ‘Meet the Presenting Companies’ sessions. 3) More presentations from founders and CEO of these promising startups a) Atlantic Canada Tech Showcase b) DMZ Women Founders Showcase c) Intuit Prosperity Accelerator.AI Showcase 4) Reverse Investors’ Pitches - Top VCs explain why you should choose them! 5) Canada Success Story Spotlights: fireside chats with founders and CEOs sharing their journey and insights. 6) CIX 2021 Innovator of the Year -Trulioo’s CEO in a fireside chat with investor TCV. 7) Ask an Expert - Your opportunity to pick the brains of serial entrepreneurs, top investors in face to face conversations. 8) The Current M&A Landscape - Hear how the pandemic is impacting current deals and how you can benefit. 9) Digital Identity and Credentials - Vaccine Passports, DeFi, age verification and passwords. How they work and the opportunities to use them to build your business. 10) Recruiting Talent in the Current Climate- hear from experts discuss the struggles ...
Read More
Read More
BNN Bloomberg | Kevin Orland | Oct 21, 2021 Power Corp. of Canada’s online financial-services company Wealthsimple is adding retirement portfolios that include Bitcoin and Ethereum for its group-retirement clients, another sign of the possible mainstreaming of cryptocurrencies. Employees of companies with retirement plans run by Wealthsimple Work will be able to allocate 1 per cent to 3 per cent of their holdings into exchange-traded funds made up of Bitcoin and Ethereum, Wealthsimple said Thursday. The plans will automatically rebalance to keep the crypto, stock and bond portions of their portfolios at their targeted levels. For Wealthsimple, adding cryptocurrencies to retirement plans is a way to differentiate its offerings from those of other financial-services providers and lure more companies to sign up with Wealthsimple Work. The move also is meant to encourage younger employees -- who may be enthusiastic about crypto, but less interested in saving for retirement -- to start contributing to Wealthsimple Work plans. “When you’re young, that’s the best time to start saving for retirement,” Tim Kalimov, head of Wealthsimple Work, said in an interview. “So getting those folks invested is really critical.” See: Wealthsimple CEO Michael Katchen on his not-so-simple mission: to help people — especially ...
Read More
Read More
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