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The Finanser’s Week: 13th July – 19th July 2015

This week's main stories are …

Is Fintech really so special? Maybe … or maybe not

So everyone’s excited about Fintech, but Fintech is nothing new.  Fintech is actually pretty old.  I could claim that if Fintech is about providing technology platforms to exchange finance, then that’s been around since banks first implemented technology platforms in the 1960s.  In fact, I do claim that banks are Fintech companies.  They are the Fintech incumbents.

I'd rather join a monastery than work for a bank like this

As I make my travels around the world, some markets are open to new financial players but most are pretty closed.  Regulators lock out new innovative models, and enable incumbents to be protected or allowed the luxury of time to respond.  Peer-to-peer lending is a good example for whilst there are hundreds of crowdfunding and P2P firms out there, some markets have shut down such operations. 

How one country gets through six Mount Everests of cash a year!

I’m such a sad banking geek that in my two hours off here in Seoul I ran around to the Bank of Korea’s Money Museum. It turns out it’s a great Museum. 

The onward march of P2P in banking

I’ve been stunned by the rise of P2P lending and crowdfunding, with Goldman Sachs predicting that it’s going to eat 7% of bank profits from the credit markets over the next five years and 14% over the next ten. 

The Finanser Interviews: Niklas Adalberth, Co-Founder, Deputy CEO and Board Member, Klarna

Following our regular weekly interview, the Finanser talks this week with one of Europe’s fastest growing unicorns, Klarna, in conversation with co-founder and Deputy CEO Niklas Adalberth.

 

The major general news stories of the past week include …   

Where in the world are you most likely to find a female billionaire? – The Telegraph
…It's not in Asia or Europe

Just like Brutus, Sir Mike Rake appears to have fallen on his sword – The Independent
When I likened the assassination of Barclays boss Antony Jenkins to the events portrayed in Shakespeare’s Julius Caesar I had no idea the man I’d tagged as Brutus – Sir Mike Rake – would justify the analogy by falling on his sword quite as soon as it appears that he

Pound jumps as Bank of England signals rate rise is 'closer' – The Independent
Hawkish comments from the Bank of England’s Governor sent sterling up sharply as traders adjusted their bets on the moment when the British interest rate cycle turns.

Britons are happier with their banks than they have been for years – The Telegraph
Online bank First Direct has the best customer service in the UK, customers say, ousting John Lewis from the top spot

Russian news agency furious as Barclays closes its account – The Independent
Barclays has become embroiled in a row between Russia and the UK over bank accounts linked to the country’s state-run Rossiya Segodnya news agency.

Apple Pay about to launch in the UK – The Independent
Apple Pay is about to go live in the UK , with shops’ signs being updated for the launch and HSBC’s official account apparently confirming the date.

'Near-suicidal' Libor trader Hayes says anger drove plea change – Reuters
LONDON (Reuters) – Tom Hayes, the ex-trader charged with manipulating Libor, told a London court on Monday he had been near-suicidal when he initially agreed to cooperate with investigators and plead guilty, but anger over his fate led him to change his mind.

Barclays eyes acquisition to get licence – Financial Times
Plan underlines how bank faces bigger challenge than rivals to comply with ‘ringfencing’ law

Greece debt crisis live: The list of reforms that Greece must meet if it wants another bailout from Europe – The Independent
A list of major suggested reforms that Greece must accept and pass into law by Wednesday has been released by a journalist, during today's meetings by Eurozone officials.

Deutsche Bank 'Horribly Undercapitalized': Regulator – Here is the City
A top U.S. banking regulator called Deutsche Bank's capital levels "horrible" and said it is the worst on a list of global banks based on one measurement of leverage ratios.

 

If you like the Finanser,  check out our latest book: Digital Bank

 

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About Chris M Skinner

Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, the Finanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal’s Financial News. To learn more click here...

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