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The Finanser’s Week: 4th November – 10th November 2019

The main blog headlines are …

Seven Fin and Tech truisms we wish were myths (with thanks to Anne Boden)

I attended the New Statesman’s FinTech Summit yesterday. I gave the opening speech and was followed by the indomitable Anne Boden, CEO and Founder of Starling Bank, who talked about the path to profitability. She asserts the bank will deliver profitability next year, but her …

Criminals in the financial system

We hear a lot about how crypto and bitcoin encourages illegal activity, drugs, money laundering and such like. The reality is that such activity today is tiny when compared with the amount of illegal activity, drugs and money laundering going through the banking system. As …

Big Banks versus Big Tech … it’s all about the money

I’ve blogged for a while now about the different approaches to Big Tech in China and America. In China, Big Tech is pretty much working hand-in-hand with government to solve society’s issues and police them. People in the West may not like it or understand …

What do banks think about decentralised finance

I got a tweet the other day pointing me to a report from the Financial Stability Board about the use of decentralised technologies for financial services. Excellent report from the Financial Stability Board @fsb about the impact of decentralized #fintech#finserv #DeFi #DLT #payments #lending

FX transfers that are wise

I got an email the other day from TransferWise, a service I use frequently. Why do I use it? Because I moved to Poland. Poland’s currency is the Zloty and paying everything on my card in British Pounds with conversion rates seemed stupid. It really …

 

And the top news headlines this week are …

Citi, Deutsche get go-ahead to probe regulator witnesses in landmark cartel case – Reuters
Citigroup Inc and Deutsche Bank AG may cross-examine four antitrust investigators involved in a criminal cartel prosecution against them, an Australian court ruled on Friday, a win for the defence in a closely watched legal battle.

Wall Street investors slam Warren’s policies – Reuters
Some Wall Street investors and Democratic donors sharply criticized progressive firebrand Elizabeth Warren’s policies on issues from taxation to affordable healthcare because they are impractical.

How big tech is dragging us towards the next financial crash – Guardian
Like the big banks, big tech uses its lobbying muscle to avoid regulation, and thinks it should play by different rules. And like the banks, it could be about to wreak financial havoc on us all. By Rana Foroohar ‘In every major economic downturn in US history, the ‘villains’ have

Financial crime through video games is on the rise – Economist
The creators of Counter-Strike says criminals have used it

Have billionaires accumulated their wealth illegitimately? – Economist
The economics of billionaires

Bill Gates criticises Elizabeth Warren’s plan for tax on super-rich – BBC
Elizabeth Warren has offered to meet the Microsoft co-founder to explain plans she mooted last week.

Deutsche Bank collapse rebuttal sets off Twitter storm – Finextra
The Deutsche Bank social media team has caused a Twitter storm after moving to deny a story published by conspiracy blog Zero Hedge that it was on the verge of collapse.

Factbox: How the SEC is making life easier for corporate America – Reuters
Under the Trump administration, the Securities and Exchange Commission (SEC) has taken more than two dozen measures – including trimming rules – that make life easier for corporate America, according to a Reuters analysis of SEC announcements and interviews with more than a dozen lawyers, academics and advocacy groups.

Factbox: SoftBank’s ever-growing mountain of debt – Reuters
SoftBank Group Corp has built a global conglomerate of telecoms and tech companies on an ever-growing mountain of debt that major rating agencies categorize as junk.

KPMG widens review of Wirecard accounting – Financial Times
Special audit will now look at accusations concerning type of lending made to merchants

 

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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