In this weeks issue:
- Securities status of SAFTs
- Era of open banking in Oz begins
- BIS open for DLT biz
- Crossing the lending chasm
- Innovation policy problem
- The power law for banks
- Q2 fintech insights & best practices
Securities status of SAFTs: Telegram sold about $1.7 billion in a SAFT (simple agreement for future tokens); they filed a Form D and apparently only sold to accredited investors in the US. But the SEC expected the Gram tokens would be available to the public akin to an IPO. Once the Grams hit various crypto exchanges anyone would be able to purchase them – not just the accredited investors, triggering 'emergency enforcement action' by the SEC.
Open banking era in Australia begins: Robin Scarborough of Deloitte in Oz has simple, easy to understand explanation about open banking what it is and what it’s designed to do. Expected to debut in Feb 2020, Sky news video interview.
BIS open for DLT biz: Not to be outdone by the ASX Downunder, the Swiss are working with the Bank of International Settlements on a digital exchange with DLT and custodial clearing. The BIS has ambitions to add two more places to build it out including Hong Kong and the number one most competitive country on the planet for 2019. Yes, according to WEF global ranking that’s Singapore.
Innovation policy problem: With our highly contentious federal election ahead, 110 tech CEOs are calling on whomever prevails to start doing something about innovation in Canada - Ottawa are you listening?. Here’s a thought: why don’t we start by not punishing our most innovative industries and support the Intangibles economy: A New North Star.
Crossing the lending chasm: Lending Club could have owned it, except they didn’t. New fintechs seem to understand basic lending models get you a foothold but then what? You have to drive continuous engagement and the successful fintechs do that by broadening their offering and increasing focus on retention rates and regular engagement.
The power law for banks: Consider this excellent report from McKinsey your must read of the day. McKinsey points out that just 20 global banking firms take 95% of the economic profit. Everybody else fights for crumbs in an increasingly breakeven business. It also covers in part the roll of big tech in banking, an observation presented by NCFA advisor, Paul Schulte at last years VanFUNDING event. Here are the 7 issues that dominate retail banking's future. The entire 15 page report is right here.
Q2 Fintech insights, financings and M&A activity via FT partners along with a laundry list of 10 key issues that fintechs must face to launch and scale - but don't worry the window is still ajar and you're not too late to the party.
Featured industry partner of the week: