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Monday Ilias Hatzis @iliashatzis our Greece-based crypto entrepreneur, wrote The Bank of Google. Does every big tech giant want to be a bank? Maybe… Probably!
Ilias Louis Hatzis is the Founder & CEO at Mercato Blockchain Corporation AG and Weekly Columnist at Daily Fintech.
In 1994, Bill Gates said: “We need banking, but we don’t need banks anymore.” What Bill Gates was saying is that once technology companies can provide the core services of banks, we really won’t need banks anymore. So why hasn’t Bill Gates opened a bank? Well, maybe because technology giants don’t really want to be banks. Banking has all of the audit and compliance overhead, that tech giants don’t want. Big tech companies, Microsoft and GAFAs (Google, Apple, Facebook, Amazon), want data and want to figure out how to turn it into insights to sell products. Some call it “Surveillance Capitalism.” Yet, banks are sitting on a data gem that big tech wants and that is exactly what Google’s recent announcement was all about.
Editor note: Banks will learn what Publishers & Telecoms learned about partnering with Google or any other Big Tech – if you do not own the customer relationship you become the financial equivalent of a Dumb Pipe which is Dumb Capital. You can see Dumb Capital when you track ROE (Return On Equity) which is in major decline at Banks.
Tuesday Efi Pylarinou @efipm our Swiss-based Fintech Adviser wrote Gamification via a Fintech ecosystem wins a UN Global Climate Action Award
A 3yr old Corporate Social Responsibility – CSR – initiative that took a life of its own, has resulted in a 2019 UN Global Climate Action Award for Alipay AntForest App.
A great example of gamification and network effects on an ecosystem like Alibaba. At launch, it was one of the many charity projects that were planning to collaborate with Chinese NGOs to plant trees and contribute towards creating the Great Green Wall to block the advancement of the Gobi desert.
China has been facing a huge problem from the northeast, as the desert has been growing and as China has very little land that is arable (only 12%). Sandstorms in Beijing have become more frequent.
Editor note: Fascinating peek into how a Chinese company is innovating in the philanthropy space in a way that may have a positive impact on the climate crisis.
Wednesday Jessica Ellerm @jessicaellerm, our Australia-based Fintech entrepreneur, wrote Funding Xchange lands major round, sets sights on white label
Jessica Ellerm is a thought leader specializing in Small Business and the Gig Economy and is the CEO and Co-Founder of Zuper, a new superannuation startup in Australia.
Do one thing and do it well. It’s a mantra that has quite possible served UK fintech Funding Xchange well. This week the SME lending marketplace announced it had secured a fresh round of funding, banking €9.3 million in a round led by Downing Ventures and Gresham House Ventures.
The company, led by co-founder and CEO Katrin Herrling, has built a platform that allows businesses to receive personalized funding quotes in minutes from its panel of over 45 lenders. It’s a lesson in power of APIs, and how they continue to transform financial services for businesses and consumers alike.
Editor note: A networked ecosystem is always more agile and fast than a traditional BigCo hierarchy and the connections between participants in a networked ecosystem is an API. This story about Funding Xchange illustrates that very well.
Patrick Kelahan is a CX, engineering & insurance professional, working with Insurers, Attorneys & Owners. He also serves the insurance and Fintech world as the ‘Insurance Elephant’.
Have we seen the future of insurance? No, unless you have conquered the whole space-time continuum thing, or yours is a parallax view of the insurance industry to come. Is there good discussion and collaboration addressing what that future might be? Yes, if this week’s buffet of InsurTech news pieces is any indication, and if the efforts of energetic insurance development activities are a view of a potential insurance future. Carrier introspection, participants’ discussion, change examples, new tools, and supportive groups suggest with a little effort the future can be what the customers hope for.
Editor note: This is a very good overview of where the puck is headed to in Insurance. It is good to see coverage from the Rest of the World, via Bolivia as well as from US & UK.
This is my third year at DailyFintech. Looking back, this year has been the most eventful year of the three, with several significant Fintech trends emerging across the world.
Typically, I am not a big fan of the “Top” titled posts. But, I have had to use it, thanks to the events of 2019. A few key themes stand out for me.
Starting from Asia- be it China slowdown, India Payments or South East Asia for Financial Inclusion – there were some big headlines this year.
Facebook’s Libra, China’s Digital Currency and the FCA regulations for crypto businesses kept the crypto hodlers interested.
Softbank Fund 1 saw a massive hit due to a bad year at the IPOs, and there were several learnings from there. Fund 2 is now up in the air, although they are revisiting their strategy to be more profitability and less growth.
Google Bank, Apple Card, Facebook pay are perhaps giving wall street a few sleepless nights.
Editor note: If you want to see where the puck is headed in Fintech read this post. 2019 was certainly a year of big change, but 2020 maybe even bigger change as technology, macroeconomics and politics all collide.
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