Virtual Skinny FinTech: Stick the Landing

Posted by The Virtual Skinny on August 14, 2016 in FinTech Edition, Newsletter 0 Comment

8.14.2016

THE SKINNY

When You Stick to the Plan …

Even though Britain said yes to Brexit, it’s still got lofty goals to be the center of all things fintech. (BTW, Brexit means that time Britain voted to leave the European Union then immediately regretted it).

When You Keep On Keeping on…

Two years. That’s how long it’ll take for Britain to exit stage left (if it actually happens). It’s also the deadline that Britain’s Competition Market Authority (CMA) is giving British banks to stop being stingy with their customers’ data.

When You Know What’s Up…

CMA is very aware that bank fees can be…excessive. Customers are paying up but aren’t getting what they deserve. Enter fintech companies. CMA is drinking the ‘fintech koolaid’ and wants banks to share customer data with fintech startups and third party apps. Bank customers must approve first of course.

When ‘Many People Are Saying It…’

CMA thinks by 2018, fintech will not only help save British bank customers money and get them better services but also earn the economy the top spot in “fintech” around the world.

When You Need to Watch Your Back…

About that Brexit thing. No one knows exactly how Britain saying ‘bye’ to the EU will play out. But, Germany’s taking full advantage. It’s on a full on recruitment mode to get fintech companies based in London to hop on over to Deutschland. Do you blame them?

WHAT ELSE IS GOING ON?

Lies, Fairytales, and Fallacies…

Chip and pin cards (we’ve covered this; those cards you dip instead of swipe) were supposed to protect us from thieves. But, it’s not as safe as you think. Payment technology company NCR just unveiled a way for fraudsters to still get at your money. Apparently, they’ve used their genius for evil to figure out how to make chip cards seem cardless. Then, it’s off to the races. Retailers are thinking, ‘more reason not to buy those EMV card reader machines.’ But, it’s not all a lost cause, even with this security flaw, chip and pin cards are still slightly safer than regular ole swipe cards.

THE STREETS ARE TALKIN’

Thanks to Square Capital aka Square’s lending business, the company’s stock is wayyy up. It should feel blessed. Square Capital doles out loans to the company’s existing merchants in exchange for a piece of merchants’ sales. It’s all love all around (for now). Merchants love that they can get loans fast (within a few days) and low default rates. Investors love it too. But, to keep growing, Square Capital will have to do something else (e.g., handing over $$$ to non-Square merchants).

The war on cash in Boston is on its way. Boston area eateries like Sweet Green, Amsterdam Falafelshop, and Clover Food trucks want to go cash-less. They’ve picked up on the trend that young people are choosing plastic over paper when it comes to payment. But, a little known law in Massachusetts makes it illegal to turn down cash. The law and how it’s enforced is all very wishy-washy. But, seems like shops are willing to take the risk.

Been Around the World, Uh Huh

India’s mobile phone game is strong (smartphones are up 220 million making it the second largest market in the world). Should be good news for financial inclusion but not so much. Not many rural and underbanked folks are using their phones for banking or payment. And, taxes for use aren’t helping. But, the Indian government won’t be giving up on this.

The Nigerian Central Bank likes to walk the road less traveled when it comes to remittances (transferring money across borders from one country to another). The rest of the world wants to cut down costs on remittances. But, no. Not Nigeria. It’s going the opposite way. No secret that Nigeria’s economy is struggling. So to ‘maintain the exchange rate’ it’s up-ing the price on remittances.

In other news dealing with the continent, the Brookings Institute (U.S. think tank) says more regulations protecting consumers will help grow financial inclusion and innovation in countries like Kenya, South Africa, Uganda, Rwanda and Nigeria. Interesting since, a lack of banking regulations is a major reason money transfer service M-PESA is a success in Kenya …

Australia’s postal service is looking to the future. It’s looking into applying blockchain technology to the mail – mainly for identity reasons.

Virtual Skinny: Monday Motivation

Posted by The Virtual Skinny on March 28, 2016 in Internet & Tech, Newsletter

3.28.2016

Good to Know: “You’re not normal. You’re you. You’re awesome.” – @thekidpresident #mondaymotivation

THE SKINNY

When You’re Still Working Out the Kinks …

Over the weekend, a deadly bombing happened at a children’s park in Lahore, Pakistan,
taking the lives of 69 people and leaving about 300 injured. So, Facebook launched its “Safety Check” to let people “check in” as safe. But, it didn’t work as expected.

When Something Is A Major Fail …

The “Safety Check” is intended to be avail for people close to the event, but that wasn’t the case on Sunday, March 27. Instead, FB asked people all over the world (South Africa, Nepal, Canada, and U.S.): “Are you okay?”

When You Need to Apologize for Your Behavior …

Before it was too late, Facebook said “sorry.” The company copped to its mistake and blamed it on a bug that is “counter to the product’s intent.” Safety Check’s been giving FB some issues since its debut, but those issues have been more along the lines of FB alleging playing faves on when and where to launch the features.

WHAT ELSE IS GOING ON?

What’s your motivation?

By now, you’ve probably heard a lil’ something, something about Apple’s rumble with the U.S. government over encryption. Now, the issue is going global. With the recent terrorist attacks in Europe, France wants to act quickly. French lawmakers are seeking to make it easier for intelligence bodies to have more power in getting people’s personal data. A similar proposal allowing governments to “snoop” has cropped up in Britain. But, German and Dutch officials aren’t here for any of it and oppose “back doors” in encryption services. In the meantime, all eyes are on Britain since it’s a big market for American tech companies.

THE STREETS ARE TALKIN’

Ride-hailing app Uber is using its “Code on the Road” game to recruit engineering talent. Fun Fact: Some people who have played already work in engineering. Uber says it’s not playing the “targeting” game when it comes to who can play. Rather, the company says it’s launching the game in cities where there are tons of tech jobs. Hmmm … We’ll go along with that … for now. BTW, $10K is on the line for people who play and find bugs, which could threaten privacy and security.

Yahoo is putting its core Internet business (think search, email, etc.) up for sale. And, the latest word on the street is that Microsoft is chatting with Yahoo’s investors about a private equity deal.

You’re a lucky man, Ross Martin! He’s the first customer to receive the first Oculus Rift virtual reality headset.

Virtual Skinny: Space(d) Out …

Posted by The Virtual Skinny on March 3, 2016 in Internet & Tech, Newsletter, Uncategorized

3.3.2016

Good to Know: American astronaut Scott Kelly came back down to Earth after spending 340 days in space. And in other space news, NASA continues to work on bringing the Internet (high speed networks) to galaxies far, far away.

THE SKINNY

When You Need To make space…

Google, Inc. wants to come in between us and the Zika virus. It is throwing resources – as in volunteer engineers and about US $1 million in grant money – to the United Nations Children’s Emergency Fund (UNICEF).

When You Need A Reminder …

Zika, which is transmitted by mosquitoes and has been linked to causing microcephaly in newborns, has been wreaking havoc across the Americas for a minute now. So much so, that the World Health Organization gave it the official “public health emergency” stamp. Note: Microcephaly tends to cause newborns to have unusually small heads, which leads to other defects.

When You’re Coming Up with Solutions, Not Problems …

Google wants to create an open source platform intended to map out the virus’ spread and i.d. potential outbreaks by looking at things like travel and weather patterns and other data points. Why stop there? Well, it’s not. The Internet industry vet also wants people to learn more about the virus via a new web-based campaign among other things (i.e., develop a vaccine since one doesn’t currently exist).

WHAT ELSE IS GOING ON?

When You Just Need to Get Used To It …

We’ll probably be talking Apple v. FBI for a while. This week, both sides took their arguments to U.S. Capitol Hill. And now, FBI Director James Comey is saying “our b.” During a hearing, Comey admitted that the FBI made the wrong decision by changing the Apple ID password linked to one of the San Bernardino shooters’ phones – a “180” from the agency’s previous statement.

When You’ve Watched One Too Many Episodes of ‘Lock Up…’

Earlier this week, Brazilian law enforcement picked up Diego Dzodan, Vice President of Facebook Latin American, in Sao Paulo. By now, it’s pretty much the same story, different script: Criminal activity (drug trafficking in this case) + law enforcement wanting information + WhatsApp denying law enforcement’s request = Judge Ordering WhatsApp to fork over the info. Well, the company stood its ground and said it doesn’t have access to what the police wants, which led to Dzodan’s arrest. FB isn’t pleased, particularly since WhatsApp operates as a separate entity. Meanwhile, over in Germany, FB is under fire for being too big and abusing its power with regards to user data.

THE STREETS ARE TALKIN’

uberMoto, Uber’s motorbike hailing service, is now a thing in Bangalore, India. The company responsible for putting ride-hailing apps on the map is stepping its international expansion game all the way up. It’s shelling out US $250 million to get into areas like the Middle East and Africa. As of today, Uber’s now live in Pakistan.

Kenyan smartphone app, The Portable Eye Examination Kit (Peek), is making eye screening easy for schools located in rural areas of the country.

Tired of seeing pics of your friends’ kids every two seconds on FB? France may be the place for you. The government’s telling parents in the country to stop posting pics of their kids on FB in the name of protecting their privacy and security. Seems like it could be a win-win for everyone involved.

Watch out, Skype and Google Hangouts … New chat app Slack is coming for you with its soon to be launched video and voice feature. Side note: Slack is killing the fundraising game! The startup has raised over a billion dollars in just a year. #Impressive

Not so great news for SurveyMonkey employees … The cloud-based polling service is working to better its business offerings and will drop about 100 employees along the way.

BTW, new app No More Voicemail wants people to talk less and text more #YesPlease

Virtual Skinny: Netflix and …

Posted by The Virtual Skinny on January 22, 2016 in Internet & Tech, Newsletter

1.22.2016

Good to Know: If you’re in the Northeast U.S. (NE), here’s what you need to binge watch on Netflix while taking cover from #WinterStormJonas. And if you’re not in the NE, then lucky you!

THE SKINNY

When You’re Not Captain Planet …

Turns out that sending that one line e-mail is bad for the environment – right up there with printing multiple pages … Single-sided.

What Now?

Social media researcher Danah Boyd is making the case at this year’s World Economic Forum meeting in Davos, Switzerland. Boyd says it’s easier for people to associate cutting down trees for paper and delivery trucks’ exhaust emissions with things that are probably destroying the environment. But, it’s hard for people to wrap their heads around their online activities’ environmental impact.

It’s Not Much Ado About Nothing …

People’s online information is stored in the “cloud” aka a network of Internet servers located around the world, and these servers eat up a ton of electricity.

What Are We Going To Do About This?

Already, tech companies like Apple, Google, and Facebook are letting us know what their doing to remain environmentally friendly. To go one step further, Boyd suggests “branding apps and tech services with the same sort of certification that the U.S. Green Building Council provides to eco-friendly structures.”

WHAT ELSE IS GOING ON?

When Hate Doesn’t Drive Out Hate …

Facebook is encouraging its users to fight hate speech with positivity. The company’s Chief Operating Officer Sheryl Sandberg told an audience at Davos that countering negative comments with positive messages is the way to go. It’s what she calls “the Like Attack.” The platform’s got some other things up its sleeve to combat extremists and terrorism (e.g., partnering with the U.S. government to urge college students to kick off anti-terrorism campaigns, teaming up with the German government on id-ing and taking down hate speech, and playing Switzerland with its News Feed algorithm when it comes to hate speech v. positive speech).

That’s Different…

Home-sharing service AirBnB is getting serious about its intentions with cities all across America. The company’s so serious that it’s asking the U.S. Conference of Mayors, a group of political heavy-hitters, to impose taxes on its service. No joke … the company says it’s already paying about $42 million in taxes to 16 cities and is prepared to do the same with 50 of America’s biggest cities. AirBnB legit wants show cities that it’s committed to making things right and paying their fair share. Hotels and home-sharing platform AirBnB have been at odds since day one. Unsurprisingly, hotels aren’t buying it.

When You Have A Rough Week …

Twitter and Square’s stock took a dive this week along with the rest of the stock markets. Each company’s poor performance bumped their CEO Jack Dorsey down a notch from billionaire to millionaire status. If that’s not bad enough, now rumors are cropping up again that the micro-blogging site may be up for sale. Oy!

THE STREETS ARE TALKIN’

The Facebook Sports Stadium is a thing now for all you social media-loving, sports fans. The feature will let you keep up on posts and comments from your friends, celebs, and journalists on the latest sporting events. Just in time for NFL playoffs and March Madness.

Happy Birthday, WeChat! The Chinese mobile messaging app turns five. It’s been through a lot in that time. We’re talking an upgrade from just simply chatting with friends to being able to buy stuff, watch videos, and make voice/video calls, etc.

Lots of Twitter rumors. Reports are saying the platform is thinking about expanding its 140-character limit to 10k characters. In the meantime Weibo, China’s answer to Twitter, has already confirmed its plans. The Chinese site is expanding its character limit to 2k.

Switzerland could be the new hot spot for early-stage startups.

Indian e-commerce company Snapdeal could be going public in its home country.

The Virtual Skinny: Back On Track, Yet?

Posted by The Virtual Skinny on January 5, 2016 in Internet & Tech, Newsletter

1.5.2016

Good to Know: This year, expect a lot of chat about driverless cars, virtual reality, artificial intelligence, etc in the world of tech. But, increasing opportunities to buy Girl Scout cookies online is definitely something we are looking forward to in 2016.

THE SKINNY

The Future Is Here …

General Motors (GM) is getting serious about the future of transportation. The company’s pumped US $500 millie into ride-hailing service Lyft.

It’s Not All About the Benjamins …

GM isn’t just ponying up a ton of cash to help out Lyft. It’s also teaming up with the company on developing an “on-demand network of self-driving cars.” GM is betting on driverless cars as other companies like Google, Tesla, and Uber are looking into possibilities.

It Doesn’t End There …

No word yet on when to expect a functional autonomous car rental. But, GM-Lyft short-term car rentals for potential Lyft drivers could be happening in the near future. The way people navigate urban cities are a-changing.

WHAT ELSE IS GOING ON?

The Champ is Here …

Or, not! Lyft’s rival Uber has been killing it in the U.S. market. But, that’s not the case in other countries like Germany. Uber has run into some major roadblocks due to Germany’s tough transport rules. And btw, local German taxi lobbies aren’t making things better.

Better Now Than Later…

Yahoo’s stakeholders are worried about their pockets. They are increasingly warming up to the idea of Yahoo selling its core Web business (think Yahoo Mail and other services) to the highest bidder. Why the rush? They’re worried that if they wait to do it later, Yahoo’s stock value may fall below what they’d like to see. They’re even willing to pay almost a billion dollars in taxes for the sale to happen. Oh, we should also mention that word on the street is that U.S. telecom Verizon may be interested if Yahoo’s Internet biz is in fact up for sale.

New Year, New Me…

Netflix wants to bank some serious dolla dolla bills this year. The company and its investors have been ok with small profits as the company’s been working on its original content and expanding its global operations. Speaking of content, programs like the Making of a Murderer have been a hit, and the company’s getting ready to go Bollywood.

THE STREETS ARE TALKIN’

Twitter wants a piece of Muzik, a “connected headphone” company. Starting in May, Muzik will be selling its wireless headsets for $299.

Running about a mile a day and researching artificial intelligence to build a robot to help around the house. That’s on Facebook CEO Mark Zuckerberg’s agenda for 2016. What are your New Year resolutions?

New York City is turning its pay phones into wireless hotspots. And, that’s what we call making something old, new again!