Snippings

Data exchange is desirable because among other things to do with productivity and efficiency, in the finance sector it is vital as (as McKinsey note) “a critical enabler of financial inclusion”. Open financial data can create economic value by benefiting financial institutions, individuals and businesses in many ways. For example, open data sharing can enable customers (or, more likely, customers’ agents’) to buy and use financial services they might not be able to otherwise access.

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Prime Trust

September 7 2022:

“Prime Trust is trailblazing the future of finance with the vision to build a bridge between traditional and decentralized finance,’‘ said Lizzie Bildner, CMO, Prime Trust.

August 14, 2023:

Prime Trust, LLC and certain of its affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware.

From: The Crypt, updated | Financial Times.

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The police searched the criminal’s family home after receiving an intelligence tip-off. They found a black book with twelve “recovery seeds” inside.

From: UK Prosecutors Use Recovery Order to Obtain £750k in Crypto.

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Our investigations have found that scams on Facebook, WhatsApp or Instagram — all platforms owned by the social media behemoth Meta — account for an astonishing 16 per cent of all the crimes recorded in the UK.

From: How social media scams claim more victims than robbery, burglary, homicide and knife crime combined | This is Money.

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Their solution to the peso’s credibility problem has been simply to make it harder to buy dollars.
There are now as many as a dozen different exchange rates, depending on who wants to access the US currency and why.

From: How Argentina learned to love the US dollar – BBC News.

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AI is more likely to help Big Tech companies cement their dominance. They are the ones with the resources to develop and maintain the most powerful AI models, and they are already moving quickly to bundle LLMs with their existing services. These developments come at a time when antitrust authorities around the world are already growing increasingly concerned about tech companies’ market power.

From: Unlocking AI’s Potential for Everyone by Diane Coyle – Project Syndicate.

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In a recent survey on “Financial Services Expectations vs Reality”, FIS found that around half of all consumers want a single platform to manage all fo their financial services from all of their providers. Buit who would provide this single platform? Apple using open finance to access all of the consumer’s accounts? The consumer’s primary bank app? A brand (Nike savings account anyone?) or maybe new specialist financial health providers. Or Meta? Twitter?

 

I have to say that I agree with Tarun Bhatnagar, President, Platform and Enterprise Products at FIS, who said that as embedded finance propositions mature, there is a significant market opportunity for financial services companies to deliver a unique all-in-one platform experience for their customers.

Think about the dynamics. The distribution side of banking has a much better return-on-equity (RoE) than the manufacturing side of banking, for the obvious reason.

So it’s attractive to for banks to try and compete on the distribution side. But on the distribution side, they are not competeing with other banks but with Google and Instagram and Tik Tok.

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The bank blocked a number of transactions, it spoke to James on the phone to warn him and even called him into a branch to speak to him face-to-face.

However, the scammer’s hold over James was so strong after being indoctrinated to this supposed plight, he insisted the payments went through.

From: Fraud victim gets surprise £153,000 refund despite rules – BBC News.

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Financial inclusion is when everyone can access financial services that can help them build wealth, including savings, credit, loans, equity, and insurance.

From: What is financial inclusion? | McKinsey.

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