When Open Banking launched in the UK, it got a drubbing from the media (I blogged about it). The issue is that the media and banks believe that sharing your financial data will compromise your security. That attitude still persists today, which is why Open Banking hasn’t really taken off. By way of example, five years…
Every day I am finding security on my banking transactions more and more annoying. The reason? I have to confirm via a secondary approval the transaction; I then have to confirm the secondary approval with the vendor with a further secondary approval with the financial provider; I then have to process a further approval through…
There are several regular discussions in finance that come and go on a perennial basis. The idea that everything will become cashless and branchless is one of the main ones, but is that real? It seems to be if you believe what you read but, under the hood, there are some interesting developments. For example,…
I’ve said for years that the mobile network revolution includes everyone. Anyone who can find a friend with a mobile telephone can talk, trade and transact. Many have mocked my message, but the message is consistent: technology has transformed our planet. This is evidenced by that there are almost four billion more mobile connections than people…
It’s interesting times when regulators seem to regularly clamp down on fintech firms that are out of the starting gate. The biggest area they are trying to grapple with is cryptocurrencies, obviously, but they seem to be failing there: The rise and continuing fall of Sam Bankman-Fried: A step-by-step guide to his case so far…
It’s coming. It’s been talked about for years. It’s finally here. Tokens. Physical and digital assets are being tokenized. In fact, maybe your DNA has been tokenized. Soon, everything will be tokenized. We talked about this years ago, but it’s notable that VISA, SWIFT, BNY Mellon and JP Morgan are now tokenizing. In a number…
I’ve known some companies around the fintech space for years, one of which is Backbase who have kindly invited me to speak at a couple of their events in Q4 (Amsterdam, Bangkok). The theme they are promoting is to dream big or, as Backbase’s CEO, Jouk Pleiter, puts it: “the idea is a big endorsement…
I bumped into an interesting online debate the other day, that started with Brian Armstrong, the CEO and founder of Coinbase, who always has something worthwhile to say. His opening line on a recent Coinbase blog is a good example: Coinbase is working to update the financial system that was built over 100 years ago by enabling…
A few years ago, a bank CIO said to me that he was not that bothered about blockchain technologies, as these involved many externalities; he was far more interested in AI, as this could make breakthroughs with internalities. In case his words are lost in translation, what he meant is that blockchain would not deliver return…
