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The Finanser’s Week: 26th October 2020 – 1st November 2020

The main blog discussions this week include …

The difference between cloud-based and cloud-native

I am having a debate on a regular basis about being cloud-native and digital at the core versus cloud-based and adding digital. The two are very different. Most big banks are moving to be cloud-based and adding digital, but that is not digital at the …

Europe’s flagship payments system died for 11 hours

Over a decade ago, I curated a book about Europe’s Singe Euro Payments Area (SEPA). I was quite boring ten years ago, before FinTech made me cool. However, I still watch SEPA, the PSD regs, MiFID and more. I’m still a bit boring underneath it …

The lakes, ponds, streams and brooks of finance

Jack Ma had a rant about the financial system ahead of Ant Group’s IPO. As reported in The Financial Times, he thinks the Bank for International Settlements (BIS) who issue the Basel Accords is like “an old people’s club” … “The Basel Accords are like an …

Friction-free commerce: what are you doing    

During this health crisis, everything has changed a lot. We are at home, home schooling, home learning, home entertaining, home working and more. Great. That’s all good. Yes and no. Mental health has become a big issue and is something everyone is talking about more …

Are banks funding our extinction?

Readers of my blog may have realised that, over recent years, I’ve become a little bit passionate about saving the world. It’s our world. It’s the only one we’ve got. I’m quite keen to keep it here for that reason. Whilst coronavirus, disease and pandemics …

As Treasury moves into cryptocurrencies, what’s your view?

It’s been interesting to see two major firms – admittedly FinTech firms – commit to crypto in the past month: PayPal and Square. The fact that such big processors are committing is a sign of the times and a move towards many organisations embracing the …


And the main news headlines are ….

Visa and Mastercard earnings highlight consumer spending woe – Financial Times
US consumer spending is stuck in low-growth mode, results from Mastercard and Visa showed on Wednesday, casting doubt on the ability of the usually irrepressible American shopper to pull the world economy out of the Covid-19 recession.

Deutsche Bank speeds up office closures to cut costs – The Telegraph

An Americano, my barber and Wirecard – Financial Times
Three lessons about finance from the scandal at the payments company

Banks lent £1.9tn linked to ecosystem and wildlife destruction in 2019 – report – The Guardian
Lack of policies regulating impact on natural world means finance industry effectively bankrolling biodiversity loss, analysis finds The world’s largest investment banks provided more than $2.6tn (£1.9tn) of financing linked to the destruction of ecosystems and wildlife last year, according to a new report. Led by Wall Street giants Bank

Working from home is proving to be a revolution in our way of life | Larry Elliott – Guardian
The repercussions are everywhere, from reduced retail footfall to losses at train companies It took time, but the Industrial Revolution profoundly changed the way people worked. Out went cottage industries and in came giant factories. People migrated from rural areas to the cities. Gradually, as economies became more service-sector driven,

Sunak under pressure to reveal whereabouts of his own investments – Guardian
Opposition MPs say chancellor should reveal if any of his ‘blind trust’ wealth is held offshore The chancellor is under pressure to reveal where his multimillion-pound personal fortune is invested after suggestions that some of his wealth, which is managed by a so-called blind trust , could be held in

HSBC to accelerate restructure plan to slash costs – BBC
The bank is yet to say if it will shed more jobs beyond the 35,000 it flagged earlier this year.

Working from home ‘damaging Britain’s creative potential and economic wellbeing’ – Guardian
Bank of England’s chief economist says lockdown arrangements benefited some, but not all workers Coronavirus – latest updates See all our coronavirus coverage Working from home is damaging Britain’s creative potential and could harm personal wellbeing and the economy if it is maintained long after the coronavirus pandemic has receded,

Covid-19: Lloyds staff to work from home until spring – BBC
Staff currently working from home because of the pandemic will be asked to do so until spring 2021.

Banks transfer balances by cheque … to banks that don’t accept them – The Guardian
As EU residents face their UK accounts being closed, they may struggle to get funds as cheques are binned Thank you for your article about UK residents in the EU facing the closure of their UK bank accounts because of Brexit. I’m one of those affected. What I think is


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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