Financial Services

Virtual Skinny FinTech Ed: Trending …

Posted by The Virtual Skinny on in FinTech Edition, Newsletter 0 Comment

5.4.2016

Good to Know:  Dr. Craig Wright was trending on social media earlier this week. The Australian entrepreneur claims that his alias is Satoshi Nakamoto, creator of virtual currency bitcoin. Some people are giving him major side eye, but he allegedly has “extraordinary proof.”  Apparently, he’s got receipts.  

receipts

THE SKINNY

When You’ve Moved Onto Something Else …

Dr. Craig Wright had the Interwebs abuzz. But at this week’s Consensus 2016 conference in New York City, execs said yawn. Newsflash: They don’t care about bitcoin.

When You’re TRENDING…

Bitcoin is out. But, the blockchain (bitcoin’s underlying technology aka a huge public ledger that records all bitcoin transactions) is in.

When You’re Not Sure What To Do …

For now, bitcoin as a virtual currency is the only application that works across the globe via the blockchain.  But, we could see other applications popping up as fintech startups and major tech companies like IBM and Microsoft are working on different apps for the blockchain.  How fast these experiments turn into something real comes down to one question: Small scale projects or moonshots? In other words, do companies want to take on a major project all at once or take their time with small-scale stuff?

When You’re Curious …

What’s the better approach? Working on small, achievable applications or taking the risk and shooting for the stars? Tell us in the comments!

WHAT ELSE IS GOING ON?

Keeping It on the D.L…

While many financial peeps gathered this week in NYC, a select group including NASDAQ, Citigroup Inc., Visa Inc., Fidelity, Fiserv Inc., Pfizer Inc., had a pow-wow on the down low back in April.  Yes, there was talk of the blockchain. But, we heard that digital U.S. dollars as an alternative to virtual coins like bitcoin came up too.  Fiserv Inc. even created a digital dollar for show and tell.

SPOTLIGHT

CBS 60 Minutes Lesley Stahl talked fintech on this past Sunday’s episode.  She sat down with John and Patrick Collison, Irish brothers and co-founders of payments company Stripe. The whole point of the company is to allow small businesses to get their online payments from anywhere in the world hassle-free. Check it out here.

LESLEY

QUICK POLL – RUN THOSE NUMBERS …

Young people are into their Venmo app, and the numbers prove it. It’s grown 154 percent from last year.

venmo-quarterly-payment-volume-processed-01

THE STREETS ARE TALKIN’

Young people may heart Venmo, but the U.S. Federal Trade Commission won’t be saying “Venmo, me.”  The agency, which is responsible for making sure businesses are on the up and up with their practices, is looking into the PayPal-owned, peer-to-peer payment service for “unfair and deceptive” practices.  BTW, Venmo would appreciate if U.S. users stayed clear of using words like “Syria” and “Cuba” on Venmo on account of it’s still illegal to send money to those countries.

San Francisco startup Varo Inc. is building mobile banking app complete with deposit accounts, budgeting tools, and other services.  For now, it’s looking to partner with banks but eventually wants to be a bank of its own.  New U.S. bank these days? Don’t see that every day.

Android Pay is now an official payment options for your Uber rides.

Virtual Skinny FinTech Edition: The Block Is Hot …

Posted by The Virtual Skinny on in FinTech Edition, Newsletter

4.6.2016

Good to Know:  “ We are actively exploring these issues and their implications.” – U.S. Securities and Exchange Chairwoman Mary Jo White putting everyone on notice that she gets that blockchain tech is en fuego and her agency’s got its regulatory eye out. 

watching

THE SKINNY

When You’re Not About Empty Threats …

Payments company PayPal had plans to set up shop (costing US $3.6 million) in North Carolina (NC). But, not anymore. It’s put the kibosh on that.

When You Need To Get Caught Up …

NC is pretty committed to what could be called its new LGBT discrimination law. Back in March, NC passed a law preventing cities from protecting the LGBT community and banning transgender people from using restrooms or locker rooms for the gender not listed on their birth certificates.

When You Don’t Listen …

The company’s CEO Dan Schulman joined a letter with over 80 other tech execs. The letter listed all the reasons why the then-bill was not a good look. The execs even warned that quality professionals would peace out of the state.

When You’re Back On the Market …

NC ignored the letter, passed the bill anyway, and now PayPal (and other projects) are back on the market and are looking for alternative locations.  NC, say goodbye to what would have been 400 new jobs and US $3.6 million, at the very least…

WHAT ELSE IS GOING ON?

Still DEL(ly) From The Block …

The U.S. state of Delaware is a fan of the blockchain.  State governor Jack Markell just let the cat out the bag on what the state is calling “the Delaware Blockchain Initiative.”  It’s the state’s way of saying to businesses incorporated there that they need to get up-close and personal with distributed ledgers and smart contract technologies. Kind of a big deal. BTW, if you want to hear more details on this from Markell, catch him giving the keynote at this year’s Consensus 2016 conference, which will be held from May 2- May 4, 2016 in the concrete jungle where dreams are made of…

QUICK POLL – RUN THOSE NUMBERS …

Check out all the fintech startups for all your banking needs …

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THE STREETS ARE TALKIN’

When money goes social … PayPal-owned Venmo is now a thing with young people.  And, it’s not all about the money. They just want to know what their friends are getting into on the app.

Owe your co-workers some coins? With the help of startup Current, workplace messaging app Slack will soon offer money transfer services to help you settle your office debt.

The British government just gave the go ahead to Boston-based startup Circle. In other words, for the first time, the government has given an electronic money license to a virtual currency company.  London … Building its Innovation Hub one fintech startup at a time.

Speaking of building empires … Amazon is looking to make some fintech-related purchases.

The Virtual Skinny FinTech Ed.: Get Those Paypers…

Posted by The Virtual Skinny on in FinTech Edition, Newsletter

12.21.2015

Good to Know: 2015 is on its way out … ICYMI, here’s what FinTech can look forward to in 2016. 

THE SKINNY

Thinking In the Alternative… 

Tech companies and banks are banding together to build their own version of the blockchain, the underlying technology behind virtual currency bitcoin. The project is called the Open Ledger Project.  Think alternatives to the blockchain like the Ripple network.

Tell Us More…

Nonprofit Linux Foundation is overseeing this alternative-blockchain movement. And, IBM, Intel, Cisco, the London Stock Exchange Group, JP Morgan, Wells Fargo, and State Street are in.  The goal is to build something similar to the blockchain that will help increase transparency and automation across the business world. Think stock exchanges and financial markets, specifically.

If You Build It, They Will Come … 

Yes, improving services in the business world is good and all. But, this move seems to be a lot about control. Currently, the current bitcoin network is decentralized just like the Internet.  In other words, no one person or entity can claim the bitcoin network.  With the Open Ledger Project, the participating companies can have a say in how the technology is built and operated. Word on the street is companies involved in the project want to ultimately keep this new blockchain-type technology open and non-proprietary.

WHAT ELSE IS GOING ON? 

Starting Things Off Right … 

In what will be a relatively light week on Wall Street on account of the holidays, things are looking up for tech and the financial sector.  Not so much for energy stocks, which are trailing behind.

If It’s Broke, Fix it … 

Global nonprofit organization Kiva is re-working its playbook for the U.S. market.  The organization’s lending platform, kiva.com, has been a hit in when it comes to helping finance small biz in emerging markets, but it’s not so popular in the U.S. One reason? It’s just easier and cheaper to access capital. So, what’s the new angle? Kiva’s offering what it calls the Kiva Zip platform so small biz owners can bank on their friends and family to help fund their operation. We’re talking –  raising $10k with 0% interest and zero fees and terms for three years. Not bad …

By Any Means Necessary … 

We all heard about the massive data breach at JP Morgan earlier this year leaving 76 million homes vulnerable.  Now, banks are shaking in their boots and are spending racks on racks on racks of cash to secure their systems. They’re also sending fake “phishing” aka “spear phishing” emails internally to see how employees react.  Turns out employees are falling for it.  In addition to training employees on what to do if they receive “phishing” emails, banks are also doing things like banning employees from using their work email address for play, using “out of office” emails or voicemail message, and from using portable devices like USBs.  Anything for security. Speaking of … this year, entities dropped $75.4 million in the cybersecurity market.

THE STREETS ARE TALKIN’ 

UK mobile wallet app Yoyo has gone stealth mode in the U.S. The mobile wallet is quietly entering the market via a few chosen partners. It hopes to make things official during Q1 2016.

Investors are looking to Israel’s fintech market, which is hot, Hot, HOT! Turns out the country’s progression in cybersecurity makes it ripe for a fintech boom.

First Walmart, now Target.  The retailer is getting into the mobile payments biz. Things are all very early stages, and the company says that it’s keeping its options open.

Breaking into the Chinese market.  That’s top of the list on Apple and Samsung’s list of New Year resolutions.  Both companies are looking to check that off their list with Apple Pay and Samsung Pay by collaborating with UnionPay.  Chinese Internet company Alibaba’s already got a strong hold on the market with AliPay so we’ll see how this goes.

The U.S. Securities & Exchange Commission gave the A-OK to Overstock on its plans to use the blockchain to dole out stock.

ICYMI: 5 FinTech Trends to Watch in 2016

Posted by The Virtual Skinny on in Culture, Money 0 Comment

Originally published on Tech.Co. 

“Financial tech (FinTech) and the payments landscape is changing – and fast. For years, reputable entities such as McKinsey & Co. have documented the industry’s evolution. Recently, in its monthly global payments report, McKinsey determined that the industry will continue its growth after “an extraordinary year in 2014.” If 2014 was an “extraordinary year” for payments, then 2016 will be monumental. There is no better indicator of this than this year’s Money 20/20, an annual financial services conference, held in Las Vegas, NV last week…”

Check out the full article here.

The Virtual Skinny: Ohh, Watch Me

Posted by The Virtual Skinny on in Internet & Tech, Newsletter, Uncategorized

11.5.2015

Good to Know:  Who says you can’t become more cultured via the Internet? 

THE SKINNY

When It’s Time to Rally …

For the first time in a long while, the price of virtual currency bitcoin is on the up and up. Wednesday morning the value of a single bitcoin skyrocketed above $500 on some bitcoin exchanges but ended the day at $400. Still not bad …

When People Start to Question You … 

Bitcoin has only been around for about 6 years so naturally people were skeptical. First, we heard that it was popular among criminals. And to top that off,  Mt. Gox, Bitcoin’s largest exchange, managed to lose hundreds of millions of dollars before going bankrupt. People kept their distance and what was once a hot ticket got downgraded to a basic fad.

When You’re On An Upswing …

Over the past few weeks, things are looking up for bitcoin thanks to growing interest from China and Wall Street. Banks and financial service companies are especially interested in the blockchain, the technology behind the virtual currency.

When You’re Getting Ahead of Yourself … 

In the past, bitcoin has fallen just as fast as it’s risen. Though people are geeked up about bitcoin’s future, there are still some issues (e.g., majority of people aren’t using bitcoin in their day-to-day, and there’s still its link to activities that aren’t legit).  But, the glass should always be half full, right?

WHAT ELSE IS GOING ON?

If It Ain’t Broke … 

Coming off its successful defeat of San Francisco’s (SF) Proposition F (a proposal that would’ve restricted short-term rentals in the city), homesharing service AirBnB is taking its show on the road.  In SF, the company kicked off its Anti-F campaign and relied on thousands of volunteers to defeat the proposition.  Things worked out so now the company thinks it can use the same playbook in cities around the world where it faces similar regulatory issues.

Reaching Milestones … 

Facebook is kicking butt and taking names. Its third quarter earnings were better than expected. The social network pulled in $4.5 billion in revenue during that time. What did we learn? Its users are up to 1.55 billion, and most of them are using FB via their phones (mobile advertising accounted for $3.4 billion of the $4.5 billion).   FB’s spending more than previous quarters as it looks into virtual reality and ways to bring Internet access to everyone in the world. But don’t worry, it’s still focused on the main business. Things with FB are good and all, but people want to see how Instagram is doing. FB’s making ’em wait for those numbers.

Eye Spy…

For once how the government is looking at what you do online isn’t about the U.S. Yesterday, the United Kingdom (UK) revealed new plans for government to keep its people safe.  Business groups, Internet, and tech companies are worried about undermining people’s privacy and their trust in companies’ products. Under this UK proposal, things like allowing government to see which websites people are checking out would be A-OK. Also, the UK could force communication service companies to hoard their customers’ web browsing information for one year.  The U.S. is giving the UK major side-eye because this proposal wouldn’t fly State side.  Other major issues: The UK could require that companies stop encrypting devices and that they hack into suspects’ devices for info.  It’s a lot to digest, and that’s just the watered-down version of the bill.

THE STREETS ARE TALKIN’

Yesterday, ex Twitter engineering manager Leslie Miley posted a no holds barred explanation of why he left the company. In a nutshell, the company wasn’t doing much in the diversity department.  Now, Rev. Jesse Jackson wants Twitter to release numbers on just how many people who fall into the underrepresented category have been laid off. 

Uber surge pricing can be the worst. Gett, a London-based startup, “gets” how you feel so it’s refunding Uber riders’ their surge fees. It’s not exactly what you think. To compete with Uber, Gett is running a promo in New York City.  New Yorkers would need to sign up on SurgeSucks.com and send their Uber surge receipts into Gett.  In return, the company sends potential customers company credit in that amount for free rides.

Sports fantasy site FanDuel has run into some legal issues recently, and it isn’t making as much money off of its contests anymore. Overexposure may be to blame so FanDuel is reigning in its advertising spending.  It has no plans to go public anytime soon and definitely won’t be merging with competitor DraftKings.

Travel site Expedia is stepping its game up and purchased AirBnB competitor, HomeAway, for $3.9 billion.

Google’s putting out its low-cost smartphone, Android One, in the Indian market.  Android One is a lesser version of Google’s mobile operating system Android.

Dating app Tinder’s CEO Sean Rad says contrary to popular belief, most of its users (80% to be exact) are looking for something serious.