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The Finanser’s Week: 8th July – 14th July 2019

The main blog headlines are …

Two weeks to pay someone? Luxury!

Being raised on Monty Python, an old sketch popped into my head (The Four Yorkshire Men) and led to a thought. A grandfather and grandson are at the dinner table … Grandfather: Ah, when I was a lad, life was very different. Grandson: In what way, …

A mortgage in an app?

The next day, the grandson came to visit his grandfather again, and immediately returned to the conversation of yesterday. Grandson: Granddad, you know you were talking about how money and banking used to be. Well, I think it’s a lot better today. Granddad: How so, …

The regulator’s view of Facebook’s Libra currency

A lot of discussion at the United Nations, where I’ve been all week (blogging about that next week), has raised the question of Libra, the Facebook digital currency. I’m avoiding calling it a cryptocurrency, as it’s more a stablecoin that is focused upon transactions, which …

The 10-year-old who runs a blockchain company

I often talk about the world changing thanks to young people who can code. My examples include John and Patrick Collison, Stripe, who were 19 and 21 when they started their business; Andrew Kortina and Iqram Magdon-Ismail, who were in their mid-20’s when they created …

Banks and FinTech Partnerships: a Clash of Extremes

A few years ago, I posted a guest article from Philippe Gelis, co-founder and CEO of FX firm Kantox, on Why FinTech Banks will rule the world. It was very popular and made my top ten posts of 2015, and Philippe has been kind enough …

 

And the top news headlines this week are …

Startup bank Aspiration is trying to be the anti-Wells Fargo. It’s working – CNN
An online bank backed by Leonardo DiCaprio is luring hundreds of thousands of Wells Fargo’s customers by promising to be the opposite of the scandal-tarred big bank.

JPMorgan Chase in talks to invest in UK fintech – Financial Times
10x Future Technologies was set up by ex-Barclays boss Antony Jenkins

‘The UK is headed towards a cliff edge’ – two experts on the economic outlook – Guardian
Two former members of Bank of England’s rate-setting committee on Britain’s prospects Rising risk of no-deal Brexit slows UK growth as pound slides Professor of economics at Dartmouth College in the US and member of the Bank of England’s monetary policy committee (MPC) from 2006-09 Continue reading…

Fintechs face Libra challenge – Financial Times

Wine and chauffeurs: ANZ under pressure after NZ boss’s $400,000 in expenses revealed – The Guardian
Questions over how chief executive David Hisco was allowed to run up large expense accounts and over wife’s purchase of a bank property Pressure is mounting on the ANZ bank board after New Zealand’s central bank ordered two independent reviews into the company’s conduct following the departure of its NZ

Monzo valued at £2bn after fresh funding round from US – The Guardian
Digital bank takes £113m from investors led by Y Combinator, jumping rival Revolut in value Digital bank Monzo has doubled its value to £2bn after closing a fresh round of investor funding. The valuation of the London-based bank leaped as it confirmed it had raised £113m from a group of

Barcelona orders first expropriation of ’empty’ flat owned by a bank – The Telegraph

Has Deutsche Bank left it years too late for a turnaround? – Telegraph
Deutsche Bank’s marathon shareholder meeting last month did little to pacify its furious investor base. “We are faced with a pile of s***,” an activist investor said during the nine-hour event, while another shouted: “If even Pope Benedict XVI can resign, why not [Deutsche chairman] Paul Achleitner?”

U.S. regulators ask Deutsche Bank to explain ‘bad bank’ proposal – FT – Reuters
U.S. regulators have sought explanation from Deutsche Bank AG about its “bad bank” proposal and its impact on U.S. operations at the loss-making German lender, the Financial Times reported on Monday.

Facebook’s Libra cryptocurrency ‘poses risks to global banking’ – The Guardian
Move could affect competition and data privacy, warns Bank for International Settlements Facebook ’s plan to operate its own digital currency poses risks to the international banking system that should trigger a speedy response from global policymakers, according to the organisation that represents the world’s central banks. Although the move

 

About Chris M Skinner

Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, TheFinanser.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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