Banks will be hit with ‘massive disruption’ from fintech in the next five years, Klarna CEO says

Klarna CEO: See ‘massive disruption’ to retail banking in next five years 6:46 AM ET Tue, 4 Dec 2018 | 02:44Banks will be faced with “massive disruption” in the next five years amid competition from financial technology challengers, the chief executive of Swedish bank Klarna told CNBC on Tuesday. Sebastian Siemiatkowski, Klarna’s boss, said that this new regulatory framework and the rise of tech-driven banking players are a recipe for significant competitive pressure on traditional lenders. “I’m


Klarna CEO: See ‘massive disruption’ to retail banking in next five years 6:46 AM ET Tue, 4 Dec 2018 | 02:44Banks will be faced with “massive disruption” in the next five years amid competition from financial technology challengers, the chief executive of Swedish bank Klarna told CNBC on Tuesday. Sebastian Siemiatkowski, Klarna’s boss, said that this new regulatory framework and the rise of tech-driven banking players are a recipe for significant competitive pressure on traditional lenders. “I’m
Banks will be hit with ‘massive disruption’ from fintech in the next five years, Klarna CEO says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-04  Authors: ryan browne, chris ratcliffe, bloomberg, getty images
Keywords: news, cnbc, companies, fintech, massive, disruption, switch, banking, klarna, going, ceo, hit, siemiatkowski, banks, retail, psd2, told


Banks will be hit with 'massive disruption' from fintech in the next five years, Klarna CEO says

Klarna CEO: See ‘massive disruption’ to retail banking in next five years 6:46 AM ET Tue, 4 Dec 2018 | 02:44

Banks will be faced with “massive disruption” in the next five years amid competition from financial technology challengers, the chief executive of Swedish bank Klarna told CNBC on Tuesday.

New European legislation that was introduced at the start of the year, called PSD2, requires banks to share their customer data with third-party providers to enable them to create new financial products.

Sebastian Siemiatkowski, Klarna’s boss, said that this new regulatory framework and the rise of tech-driven banking players are a recipe for significant competitive pressure on traditional lenders.

“I’m one of those people who always say disruption is going to take 10 years or 15 years,” Siemiatkowski told CNBC’s Elizabeth Schulze at the Slush tech conference in Helsinki, Finland.

“I actually now really think that, with PSD2, there is going to be massive disruption to the retail banking space in the next five years. I just see all the prerequisites are there: the customers are willing now to switch, it’s easy to switch, the services are better, with the new people coming into the stage.”


Company: cnbc, Activity: cnbc, Date: 2018-12-04  Authors: ryan browne, chris ratcliffe, bloomberg, getty images
Keywords: news, cnbc, companies, fintech, massive, disruption, switch, banking, klarna, going, ceo, hit, siemiatkowski, banks, retail, psd2, told


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China’s fintech revolution is potentially ‘a very big risk,’ says finance president

The sheer number of fintech companies setting up in China has the potential to become “a very big risk,” according to the president of Chinese financial investment platform, Phoenix Finance. Speaking at CNBC’s East Tech West conference in the Nansha district of Guangzhou, China, Vince Zhang said many of the country’s estimated tens of thousands of financial technology firms lack the controls to make them sound instruments, either for consumers or the wider economy.


The sheer number of fintech companies setting up in China has the potential to become “a very big risk,” according to the president of Chinese financial investment platform, Phoenix Finance. Speaking at CNBC’s East Tech West conference in the Nansha district of Guangzhou, China, Vince Zhang said many of the country’s estimated tens of thousands of financial technology firms lack the controls to make them sound instruments, either for consumers or the wider economy.
China’s fintech revolution is potentially ‘a very big risk,’ says finance president Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-29  Authors: karen gilchrist, dave zhong, getty images entertainment, getty images
Keywords: news, cnbc, companies, chinas, financial, big, wider, president, technology, potentially, china, tens, zhang, tech, thousands, fintech, finance, revolution, risk, west, vince


China's fintech revolution is potentially 'a very big risk,' says finance president

The sheer number of fintech companies setting up in China has the potential to become “a very big risk,” according to the president of Chinese financial investment platform, Phoenix Finance.

Speaking at CNBC’s East Tech West conference in the Nansha district of Guangzhou, China, Vince Zhang said many of the country’s estimated tens of thousands of financial technology firms lack the controls to make them sound instruments, either for consumers or the wider economy.


Company: cnbc, Activity: cnbc, Date: 2018-11-29  Authors: karen gilchrist, dave zhong, getty images entertainment, getty images
Keywords: news, cnbc, companies, chinas, financial, big, wider, president, technology, potentially, china, tens, zhang, tech, thousands, fintech, finance, revolution, risk, west, vince


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Deal or no deal: British fintech firms just want to move on from Brexit uncertainty

Consultancy KPMG found $16 billion was invested in the United Kingdom’s fintech market in the first six months of the year, outpacing China and the United States. London alone is home to 80 percent of the country’s estimated 1,600 fintech companies, according to audit firm EY. But like many industries across the U.K., the British fintech sector is facing questions about what business will look like after March 29, 2019, the day the country is set to leave the European Union. At the LendIt confer


Consultancy KPMG found $16 billion was invested in the United Kingdom’s fintech market in the first six months of the year, outpacing China and the United States. London alone is home to 80 percent of the country’s estimated 1,600 fintech companies, according to audit firm EY. But like many industries across the U.K., the British fintech sector is facing questions about what business will look like after March 29, 2019, the day the country is set to leave the European Union. At the LendIt confer
Deal or no deal: British fintech firms just want to move on from Brexit uncertainty Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-20  Authors: elizabeth schulze, justin tallis, afp, getty images
Keywords: news, cnbc, companies, week, fintech, firms, british, uncertainty, brexit, united, zopa, uk, business, conference, deal, firm, london


Deal or no deal: British fintech firms just want to move on from Brexit uncertainty

London has been called the financial technology (fintech) capital of the world.

Consultancy KPMG found $16 billion was invested in the United Kingdom’s fintech market in the first six months of the year, outpacing China and the United States. London alone is home to 80 percent of the country’s estimated 1,600 fintech companies, according to audit firm EY.

But like many industries across the U.K., the British fintech sector is facing questions about what business will look like after March 29, 2019, the day the country is set to leave the European Union. A draft divorce deal released by the U.K. government last week was met with criticism and an outbreak of resignations, putting the agreement’s future in peril.

At the LendIt conference in London this week, fintech firms from start-ups to incumbents had one clear message for British Prime Minister Theresa May: let’s move on with Brexit so we can get back to doing our jobs.

“Anything that impacts U.K. people who we serve will impact us,” Jaidev Janardana, CEO of peer-to-peer lending firm Zopa, told CNBC from the conference on Monday. “As a business, we think it’s in our interest to have certainty, to avoid huge dislocations or shocks.”


Company: cnbc, Activity: cnbc, Date: 2018-11-20  Authors: elizabeth schulze, justin tallis, afp, getty images
Keywords: news, cnbc, companies, week, fintech, firms, british, uncertainty, brexit, united, zopa, uk, business, conference, deal, firm, london


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Indian Prime Minister Narendra Modi sees Facebook as an inspiration for his vision

India’s prime minister has shown that inspiration can come from all directions: Narendra Modi says he looks to the likes of Facebook and Twitter as an inspiration for his own goals. Modi said the success of such platforms have set the bar for the speed and extent to which technology can change people’s lives. “We have to believe that development and empowerment can spread with this same speed at which Facebook, Twitter or mobile phones have spread across the world,” Modi said at the Singapore Fi


India’s prime minister has shown that inspiration can come from all directions: Narendra Modi says he looks to the likes of Facebook and Twitter as an inspiration for his own goals. Modi said the success of such platforms have set the bar for the speed and extent to which technology can change people’s lives. “We have to believe that development and empowerment can spread with this same speed at which Facebook, Twitter or mobile phones have spread across the world,” Modi said at the Singapore Fi
Indian Prime Minister Narendra Modi sees Facebook as an inspiration for his vision Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-15  Authors: karen gilchrist, bloomberg, getty images
Keywords: news, cnbc, companies, fintech, minister, speed, financial, world, narendra, sees, country, indian, accounts, india, technology, facebook, prime, modi, bank, inspiration, vision


Indian Prime Minister Narendra Modi sees Facebook as an inspiration for his vision

India’s prime minister has shown that inspiration can come from all directions: Narendra Modi says he looks to the likes of Facebook and Twitter as an inspiration for his own goals.

Modi said the success of such platforms have set the bar for the speed and extent to which technology can change people’s lives. He now wants to replicate that success in his plans for India.

“We have to believe that development and empowerment can spread with this same speed at which Facebook, Twitter or mobile phones have spread across the world,” Modi said at the Singapore FinTech Festival Wednesday.

The Indian leader has long been a vocal advocate of technology, employing it in unique and innovative ways at various stages of his political career. During campaigning, he used holograms to galvanize support across the vast country, and he’s frequently pushed for greater technological connectivity for Indian cities.

But it was only when Modi came to power in 2014 that he was able to start rolling out his primary vision for India: Using financial technology — or fintech — to give citizens greater access to bank accounts, credit and other financial freedoms.

“That vision is rapidly changing into a reality,” said the 68-year-old.

Just four years ago, less than 15 percent of India’s 1.35 billion citizens had bank accounts. Today, the country has more than 1 billion bank accounts. That’s due in part to the near-universal roll out of a digital biometric identification scheme in India.

“With the power of fintech, and the reach of digital connectivity, we have started a revolution of historic speed and scale,” said Modi.

Modi said that revolution was largely thanks to the millions of young entrepreneurs in his country whose work to increase financial inclusion had, he said, created an “explosion” of innovation and turned India into a “leading start-up nation.”

But he also urged more to get involved and find new ways to use financial technology to change the fortunes of billions of people’s lives, both in India and beyond.

“What we dream for India is what we also wish for the world,” said Modi. “This is a common journey for all.”

“Each era is defined by its opportunities and challenges, each generation has the responsibility to shape the future,” he continued. “At no time in history were we faced with so many possibilities to make opportunity and prosperity a reality in the lifetime of billions.”

Don’t miss: Jack Ma was inspired to create Alibaba by Malaysia’s Prime Minister Mahathir Mohamad

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Company: cnbc, Activity: cnbc, Date: 2018-11-15  Authors: karen gilchrist, bloomberg, getty images
Keywords: news, cnbc, companies, fintech, minister, speed, financial, world, narendra, sees, country, indian, accounts, india, technology, facebook, prime, modi, bank, inspiration, vision


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India prime minister says financial tech needs to be a ‘movement’ — not a ‘mechanism’

Indian Prime Minister Narendra Modi said on Wednesday that the development of financial technology, or fintech, should be a movement that can improve the lives of the world’s most marginalized people. The Indian prime minister, along with Singapore Deputy Prime Minister Tharman Shanmugaratnam, formally launched on online marketplace that will connect technology start-ups and financial institutions in Asia and beyond. The platform — known as APIX, or API Exchange — was first announced in Septembe


Indian Prime Minister Narendra Modi said on Wednesday that the development of financial technology, or fintech, should be a movement that can improve the lives of the world’s most marginalized people. The Indian prime minister, along with Singapore Deputy Prime Minister Tharman Shanmugaratnam, formally launched on online marketplace that will connect technology start-ups and financial institutions in Asia and beyond. The platform — known as APIX, or API Exchange — was first announced in Septembe
India prime minister says financial tech needs to be a ‘movement’ — not a ‘mechanism’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-14  Authors: saheli roy choudhury, suhaimi abdullah, getty images
Keywords: news, cnbc, companies, mechanism, prime, lives, needs, financial, fintech, technologies, singapore, modi, minister, india, internet, technology, movement, tech


India prime minister says financial tech needs to be a 'movement' — not a 'mechanism'

Indian Prime Minister Narendra Modi said on Wednesday that the development of financial technology, or fintech, should be a movement that can improve the lives of the world’s most marginalized people.

“We are in an age of a historic transition brought about by technology: From desktop to cloud, from internet to social media, from IT services to internet of things, we have come a long way in a short time,” Modi said at the Singapore FinTech Festival on Wednesday morning.

Modi, who is in Singapore for the East Asian Summit and to meet leaders of the Association of Southeast Asian Nations, said history has shown that the financial industry is often the first to embrace new technologies and connectivity.

“There is daily disruption in businesses, the character of the global economy is changing — Technology is defining competitiveness and power in the world and it is creating boundless opportunities to transform lives,” he said.

The Indian prime minister, along with Singapore Deputy Prime Minister Tharman Shanmugaratnam, formally launched on online marketplace that will connect technology start-ups and financial institutions in Asia and beyond. The platform — known as APIX, or API Exchange — was first announced in September.

One of its aims will be to drive financial inclusion across Asia Pacific, and to create a regulated space for financial institutions and fintech firms to collaborate and experiment on new technologies. It will be developed and operated by a global consortium led by technology company Virtusa.


Company: cnbc, Activity: cnbc, Date: 2018-11-14  Authors: saheli roy choudhury, suhaimi abdullah, getty images
Keywords: news, cnbc, companies, mechanism, prime, lives, needs, financial, fintech, technologies, singapore, modi, minister, india, internet, technology, movement, tech


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Ping An Technology CEO expects ‘exponential’ growth in fintech

Financial technology has reached a tipping point for China’s Ping An Technology and future growth in that area is set to be exponential, according to CEO Ericson Chan. Ping An Technology is a wholly owned subsidiary of Ping An Group, a major finance conglomerate in China that does business in insurance, banking, investment and technology. Ping An Technology’s focus is on applying various technologies in areas such as finance, health care and smart cities. Ping An does not break down the numbers


Financial technology has reached a tipping point for China’s Ping An Technology and future growth in that area is set to be exponential, according to CEO Ericson Chan. Ping An Technology is a wholly owned subsidiary of Ping An Group, a major finance conglomerate in China that does business in insurance, banking, investment and technology. Ping An Technology’s focus is on applying various technologies in areas such as finance, health care and smart cities. Ping An does not break down the numbers
Ping An Technology CEO expects ‘exponential’ growth in fintech Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-08  Authors: saheli roy choudhury, getty images
Keywords: news, cnbc, companies, exponential, financial, cloud, fintech, ceo, growth, ping, technology, invest, finance, expects, health, chan, tech


Ping An Technology CEO expects 'exponential' growth in fintech

Financial technology has reached a tipping point for China’s Ping An Technology and future growth in that area is set to be exponential, according to CEO Ericson Chan.

Years of investment and research into fintech is paying off, Chan told CNBC’s “Squawk Box” on Thursday.

“I think we are just hitting a tipping point because of all the investments … and the pie is getting bigger also — the growth is not linear, it’s going to be exponential,” he said. “A lot of the capability that we’ve built over the years is exciting right now.”

Ping An Technology is a wholly owned subsidiary of Ping An Group, a major finance conglomerate in China that does business in insurance, banking, investment and technology. Ping An Technology’s focus is on applying various technologies in areas such as finance, health care and smart cities.

In the first nine months of 2018, the fintech and health tech businesses contributed to about 6.3 percent of Ping An Group’s operating profit, up from only 0.9 percent a year ago. Ping An does not break down the numbers individually for financial tech and health tech but it comprises results from subsidiaries including Lufax Holding, Ping An Good Doctor, OneConnect, Ping An Healthcare Technology and Autohome.

Both fintech and health care are equally important to Ping An, according to Chan.

On Wednesday, Ping An Group said it expects to invest about $15 billion in technology research and development over the next decade to try and consolidate its leadership in the financial services industry.

“We focus on five different ecosystems, but when we invest, we first invest in the core technology,” Chan said. Those core technologies include artificial intelligence, blockchain and cloud, which he said will “cut across horizontally on all sectors.”

The five so-called ecosystems where Ping An will invest are finance, health care, automobile, smart city initiatives and housing.

When asked how Ping An plans to tackle competition in the cloud sector from the likes of Alibaba, Chan said his company’s approach to that technology “will be quite different.”

“We develop our own cloud technology out of a necessity,” he said. “Because we have so much technology built, we need to have a strong foundation ourselves. So this is why we build ourselves. When it is good enough for ourselves, we start to share with others.”


Company: cnbc, Activity: cnbc, Date: 2018-11-08  Authors: saheli roy choudhury, getty images
Keywords: news, cnbc, companies, exponential, financial, cloud, fintech, ceo, growth, ping, technology, invest, finance, expects, health, chan, tech


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Asia ‘woke up’ and Israeli tech companies see opportunities

As Asia increasingly looks to implement financial technology, Israeli companies in the sector are enjoying growing demand in the region. Hong Kong, a major global banking hub, is among the cities strengthening defenses against money-laundering and terrorist financing, which is bringing opportunities for technology companies. Israel, meanwhile, has developed a dynamic financial technology (fintech) sector, boasting more than 500 such companies, according to a government brochure available at its


As Asia increasingly looks to implement financial technology, Israeli companies in the sector are enjoying growing demand in the region. Hong Kong, a major global banking hub, is among the cities strengthening defenses against money-laundering and terrorist financing, which is bringing opportunities for technology companies. Israel, meanwhile, has developed a dynamic financial technology (fintech) sector, boasting more than 500 such companies, according to a government brochure available at its
Asia ‘woke up’ and Israeli tech companies see opportunities Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-06  Authors: kelly olsen, kordcom, age fotostock, getty images
Keywords: news, cnbc, companies, hong, companies, tech, woke, fintech, sector, opportunities, financial, israeli, kong, technology, asia


Asia 'woke up' and Israeli tech companies see opportunities

As Asia increasingly looks to implement financial technology, Israeli companies in the sector are enjoying growing demand in the region.

Hong Kong, a major global banking hub, is among the cities strengthening defenses against money-laundering and terrorist financing, which is bringing opportunities for technology companies. Israel, meanwhile, has developed a dynamic financial technology (fintech) sector, boasting more than 500 such companies, according to a government brochure available at its stand at last week’s Hong Kong FinTech Week conference.

AU10TIX is one such Israeli company, specializing in high-speed forensic authentication, which can be used, for instance, when a customer opens a financial account and submits identification documents online.

“Asia woke up something like a year and a half ago,” Ofer Friedman, AU10TIX vice president for marketing, said of increasing openness to such technology in markets like Japan, Singapore and Hong Kong. “Obviously, the opportunities are where governments let fintech flourish.”


Company: cnbc, Activity: cnbc, Date: 2018-11-06  Authors: kelly olsen, kordcom, age fotostock, getty images
Keywords: news, cnbc, companies, hong, companies, tech, woke, fintech, sector, opportunities, financial, israeli, kong, technology, asia


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Buffett’s Berkshire Hathaway breaks from tradition with two fintech investments

Warren Buffett’s Berkshire Hathaway is doing something outside of its closely followed playbook. The conglomerate, which typically takes stakes in blue chip American companies, has invested roughly $600 million in two fintech companies focused on emerging markets — Paytm and StoneCo, The Wall Street Journal reported Monday. Both investments were led by one of Berkshire’s two top money managers, Todd Combs. The newspaper said Berkshire took a $300 million stake in August in Paytm, India’s largest


Warren Buffett’s Berkshire Hathaway is doing something outside of its closely followed playbook. The conglomerate, which typically takes stakes in blue chip American companies, has invested roughly $600 million in two fintech companies focused on emerging markets — Paytm and StoneCo, The Wall Street Journal reported Monday. Both investments were led by one of Berkshire’s two top money managers, Todd Combs. The newspaper said Berkshire took a $300 million stake in August in Paytm, India’s largest
Buffett’s Berkshire Hathaway breaks from tradition with two fintech investments Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-29  Authors: kate rooney, david a grogan
Keywords: news, cnbc, companies, investments, week, stoneco, paytm, breaks, buffetts, fintech, million, tradition, berkshire, warren, companies, went, hathaway, users, wall


Buffett's Berkshire Hathaway breaks from tradition with two fintech investments

Warren Buffett’s Berkshire Hathaway is doing something outside of its closely followed playbook.

The conglomerate, which typically takes stakes in blue chip American companies, has invested roughly $600 million in two fintech companies focused on emerging markets — Paytm and StoneCo, The Wall Street Journal reported Monday. Both investments were led by one of Berkshire’s two top money managers, Todd Combs.

The newspaper said Berkshire took a $300 million stake in August in Paytm, India’s largest mobile-payments service that claims to have more users than PayPal. Berkshire bought shares in Brazilian payment processor StoneCo when it went public last week.


Company: cnbc, Activity: cnbc, Date: 2018-10-29  Authors: kate rooney, david a grogan
Keywords: news, cnbc, companies, investments, week, stoneco, paytm, breaks, buffetts, fintech, million, tradition, berkshire, warren, companies, went, hathaway, users, wall


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Berkshire’s new fintech investments fit into a classic Buffett strategy — bet on an entire industry

At first blush, Berkshire Hathaway’s recent early-stage fintech investments may seem out of place. But they do fit with Warren Buffett’s longtime strategy of making multiple bets across an entire industry. While it’s rare for Berkshire to invest in tech start-ups, it’s not so rare for the holding company to make seemingly competing investments in one industry. In addition to the start-ups revealed this week, Berkshire Hathaway has a significant stake in the three largest U.S. incumbents — Visa,


At first blush, Berkshire Hathaway’s recent early-stage fintech investments may seem out of place. But they do fit with Warren Buffett’s longtime strategy of making multiple bets across an entire industry. While it’s rare for Berkshire to invest in tech start-ups, it’s not so rare for the holding company to make seemingly competing investments in one industry. In addition to the start-ups revealed this week, Berkshire Hathaway has a significant stake in the three largest U.S. incumbents — Visa,
Berkshire’s new fintech investments fit into a classic Buffett strategy — bet on an entire industry Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-29  Authors: kate rooney, david a grogan
Keywords: news, cnbc, companies, investments, buffett, classic, entire, fit, paytm, stakes, bet, strategy, berkshire, week, wall, berkshires, largest, startups, stoneco, fintech, street, industry


Berkshire's new fintech investments fit into a classic Buffett strategy — bet on an entire industry

At first blush, Berkshire Hathaway’s recent early-stage fintech investments may seem out of place. But they do fit with Warren Buffett’s longtime strategy of making multiple bets across an entire industry.

Buffett’s conglomerate, which typically takes stakes in blue chip American companies, recently invested about $600 million in two fintech companies focused on emerging markets — Paytm and StoneCo, The Wall Street Journal reported Monday. Both investments were led by one of Berkshire’s two top money managers, Todd Combs.

While it’s rare for Berkshire to invest in tech start-ups, it’s not so rare for the holding company to make seemingly competing investments in one industry. Berkshire owns banks Wells Fargo, Bank of America (its largest overall holding) and Goldman Sachs, as well as major stakes in four domestic airlines.

Berkshire’s newest industry bet appears to be on payments. In addition to the start-ups revealed this week, Berkshire Hathaway has a significant stake in the three largest U.S. incumbents — Visa, Mastercard and American Express.

Like the U.S. payment giants, Paytm and StoneCo dominate their respective marketplaces. Berkshire took a $300 million stake in August in Paytm, India’s largest mobile-payments service that claims to have more users than PayPal, according to the Wall Street Journal. Berkshire bought shares in Brazilian payment processor StoneCo when it went public last week.


Company: cnbc, Activity: cnbc, Date: 2018-10-29  Authors: kate rooney, david a grogan
Keywords: news, cnbc, companies, investments, buffett, classic, entire, fit, paytm, stakes, bet, strategy, berkshire, week, wall, berkshires, largest, startups, stoneco, fintech, street, industry


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