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English Premier League champions Manchester City are to scrap physical season tickets in favour of mobile passes ahead of the new season.

From Man City to scrap physical season tickets – TheTicketingBusiness News:

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The Bank Policy Institute (BPI), as you might expect, disagree.

BPI President and CEO Greg Baer released the following statement today on the White House’s executive order on competition:
“By any analysis, banking is among the most competitive, least concentrated industries in America

From BPI Statement on Competition Executive Order – Bank Policy Institute:

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Ultimately, the goal should be faster, safer and cheaper payment systems, available to all. It is crucial that the natural monopoly of money and the public good of a payment system does not morph into private monopolies of digital giants.

From The time to embrace central bank digital currencies is now | Financial Times:

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Here, a big issue arises: should CBDCs be used solely in wholesale transactions or also by retail customers? The answer has to be the latter. It has always been problematic that the benefit of holding safe government money goes to private banks, not the public (other than via cash). Now, this can and should change, to the public’s benefit.

From The time to embrace central bank digital currencies is now | Financial Times:

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Diogo Mónica, co-founder and president of Anchorage.

“I think you’re gonna see the rise of the Fiat less bank in 2021, if not 2022,” Mónica said.

These companies will provide banking services, fundraise and pay salaries via stable coins. They provide apps on phones containing yield bearing stable coins as
checking accounts
. Individuals would then be able to leverage Visa cards to swipe and spend stable coins from the app wallet as well as the bank being able to natively settle via Visa.

“At no point does this institution ever, ever touch fiat,” Mónica said. “This is incredibly exciting.”

From Institutions’ Multicoin Crypto Investing Strategy, Anchorage Co-Founder:

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Diogo Mónica, co-founder and president of Anchorage.

6) Robo advisors 
He also expects robot advisors to make it easier to play in DeFi markets, which are known for not being user friendly.

From Institutions’ Multicoin Crypto Investing Strategy, Anchorage Co-Founder:

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Tokenised commercial bank money, which will be made available by commercial and savings banks, is to complement the two forms of digital central bank money, in particular to meet corporate demand arising from Industry 4.0 and the Internet of Things. Tokenised commercial bank money could facilitate transactions based on “smart” – i.e. automated – contracts and thus increase process efficiency.

From Press Contact for the Deutsche Kreditwirtschaft:

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Let’s start with this: 25% of U.S. households are either unbanked or underbanked. Half of the nation’s unbanked households say they don’t have enough money to meet the minimum balance requirements. 34% say bank fees are too high.

From Fintechs Are Zeroing in on Everything Big Banks Aren’t | by Scott Galloway | Jul, 2021 | Marker:

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Square is well-positioned to become a significant lending business with its Industrial Loan Charter (ILC).  Its lending product is quite unique in that it takes a percentage of daily card transactions (meaning you pay more when you have more sales). Sort of like how revenue-based financing works. It’s this sort of user-centric feature that a bank would never dream of rolling out. They’re slowly backing into banking from being a Fintech company (e.g. they still use Sutton for debit cards), but over time, they can gradually reduce their reliance on partner banks.

From Fintech 🧠 Food – 25th July 2021 – Visa buys Currencycloud, Square launches a bank & can a bank ever be a growth stock? – by Simon Taylor – Fintech Brain Food 🧠.

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