Bitcoin? and cryptocurrency markets have fallen sharply after the controversial algorithmic stablecoin TerraUSD (UST) dropped further from its dollar peg...
Citi thinks startups are missing out on a big opportunity and is inviting startups to disrupt institutional banking; Citi has taken a close look at thousands of fintech startups so far and has taken a position in about 30 so far; “Contrary to the common belief, I think there is more opportunity for collaboration with fintech than disruption,” Naveed Sultan, global head of treasury and trade solutions for Citi said during a fireside chat reported by TechCrunch. “Particularly on the institutional side.” Source.
Google, Amazon, Facebook and Apple (GAFA) have significant market share and a massive influence; given the needs and demands of consumers it seems likely their services will more broadly integrate fintech offerings in the near future; all four companies have taken some steps to offer financial services and industry analysts are watching them closely for new announcements. Source
Donna Parisi is head of finance and fintech at Shearman & Sterling; Michelle Tran is founder of NYC FinTech Women;...
The largest mortgage lender in the U.S. has confidentially filed for an IPO according to CNBC; the report indicates the...
Mastercard has launched their in house content studio to help broaden the institution’s brand; the idea is to make themselves look as if they are a tech company; they have hired a content team and have already started making Storylabs in series; the move is part of a wider trend in financial services as companies like JPMorgan Chase, WealthSImple and Acorns have all been producing content; they also recently started a podcast named “Fortune Favors the Bold” by journalist Ashley Ford. Source.
When the world went into lockdown the digital banks were one of the beneficiaries of everyone staying at home; Current...
Since the financial crises banks, for the most part, have focused their time and effort on complying with new regulations and building up capital ratios in case another crisis hits; while they were doing this another industry, fintech, emerged and has eaten into some of the core profit making businesses of the banks; banks have started to catch up with technology and as countries like the US look to pare back some crisis era rules the banks see the next few years as the perfect opportunity to invest wisely in technology; the one thing the banks might not be able to handle is if Amazon, Facebook or Google begin to encroach further into fintech, potentially bring in competition who can immediately match up in size and strength. Source.
Digital customer service tech as a service firm Glia raised a $45m Series D, landing unicorn status of $1 billion in total valuation.
China International Capital Corporation (CICC), China’s HK-listed tier 1 investment bank, announced on Wednesday that it will introduce Tencent as a strategic shareholder (4.95%); CICC says the company will be able to provide more customized wealth management products and services through its cooperation with Tencent in terms of targeted marketing and big data analysis; the two parties will establish a “strategic cooperation committee” that composed of executives from both companies to facilitate the cooperation; the deal is pending regulatory approval. Source (Chinese)