Snippings

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The bank rolled out savings accounts, personal loans and credit cards. Its 2019 credit-card partnership with Apple Inc. signaled its ambitions to be a big player in the business.

Goldman invested billions of dollars in Marcus. But it struggled to bulk up the credit-card business following an early win with the Apple Card. A long-awaited checking account never materialized.

From Goldman Sachs Lost $3 Billion on Consumer Lending Push – WSJ:

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The main attraction of the new model is money. As rising competition and, in the rich world, low and falling interest rates reduce lending margins, banks need to diversify. Tech-based challengers, for their part, want to increase the stickiness of their apps so they can sell more of their core products, or take a cut of the financial wares they distribute for others. As physical branches become irrelevant, finance is exposed to the same network economics that have upended other sectors. Huw van Steenis of ubs, a bank, thinks the pandemic is accelerating a “winner-takes-most” dynamic, where popular platforms attract exponentially more traffic.

Much of the gains could come from the ability to merge and exploit data long siloed within different financial services.

From How the digital surge will reshape finance | The Economist.

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The UK has historically been a major exporter of financial services.The trade surplus generated by the financial services industry was £45 billion in 2021, with related professional services doubling it to some £90 billion. To put this in perspective, the financial services trade surplus is equal to the combined surpluses of the next two leading economies – the United States and Singapore – and greater than the trade surplus of all other UK industries that produce one (TheCityUK, 2022).

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Expanding Financial Inclusion
or Deepening the Divide? 

From :

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The global P2P payment market is expected to grow from $ 2.24 billion in 2021 to $ 2.64 billion in 2022 at a compound annual growth rate (CAGR) of 17.8%. The P2P payment market is expected to reach $ 4.93 billion in 2026 at a CAGR of 16.9%.

From P2P Payment Global Market Report 2022: Sector to Reach $4.93 Billion by 2026 at a CAGR of 16.9%:

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I have always regarded the price, completely bogus “market cap” and the trading volume (most of which has been revealed to be utterly imaginary) of cryptocurrencies and completely agree with Christian Catalini and Jane Wu that these metrics have “distorted the incentives” and made it easier for the bad actors to blend in, attract capital and execute their scams.

Government 

Office for Science

Research and analysis

Wireless 2030

Polarising views on data sovereignty

From Wireless 2030 – GOV.UK.

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J.P. Morgan built a real-time payments infrastructure into ByteDance’s platform that can be connected to local clearing systems. This allows users, content producers, and influencers to be paid instantaneously and directly into their bank accounts at any day or time. This functionality can replace payments routed through e-wallets, which require users to manually move the payments into their respective bank accounts. ByteDance has enabled this capability in the U.S. and Europe, meaning it covers approximately one-fifth of TikTok’s 1 billion active users worldwide.

From ByteDance Payment Solutions | J.P. Morgan:

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.P. Morgan has been quietly working with TikTok parent ByteDance on payments technology that is helping the Chinese giant expand into more than two dozen markets and reach millions more users. The partnership is just one piece of ByteDance’s broader push into the fintech space.

TikTok is a sprawling marketplace: An enormous amount of money moves across the platform each day as people buy coins to send virtual gifts (like diamonds and roses) to their favorite creators and others they meet through the app, who can then convert those items into cash. Users around the world spent $3.4 billion on TikTok in 2022, up from $2 billion the previous year, and spending in the U.S. alone more than tripled—to $670 million—from the year before, according to data analytics firm Sensor Tower.

From TikTok’s Parent ByteDance Pushes Into Payments With Help From J.P. Morgan:

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Unlike the EU’s proposed eID wallet which is being designed to create interoperability between digital ID systems among member states, the U.K.’s approach is to focus on allowing digital identification service providers to create their own solutions within a specific trust framework.

From UK ID Legislation Promises Improved Data Sharing | PYMNTS.com:

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