First up on today’s show, Alibaba’s Ant Financial has abandoned a $1.2bn takeover of MoneyGram. So what were the US regulator’s concerns over national security and personal data? MoneyGram’s shares fell 8.5% in after-market trading after the deal was called off. In what could be viewed as a consolation prize, Ant Financial said it paid MoneyGram a $30m termination fee for the deal’s collapse.
Continuing the regulatory theme, we explore open banking and traditional banking. The guys discuss why open banking might threaten the survival of traditional banks. Plus, new research suggests that consumer awareness of open banking is at a major low amid suggestions that in 2018 you’ll pay through Amazon and Facebook.
How much of a problem is it that 92% of customers haven’t heard of open banking, according to a Which? survey? Do customers have to know about it to feel the benefits? Simon and Benedict debate. Andra points out that banks didn’t make the most of the data they had available to them while they had it, so can fintechs and tech companies now make better use of it as a result of open banking?
Next, we ask what is MiFID II and how will it increase transparency and bolster investor protection?
The team discusses why the credit card fees ban has backfired, and why consumers face new “service charges” and higher prices.
Is it right that by “fat-cat Thursday”, top bosses’ pay after just three days overtakes workers’ average annual salary?
P2P payments are back, so is it true that Apple Pay Cash won’t be the death of Venmo? And if not, could Zelle do it?
And in the world of banking and savings apps, the guests explore news that Thomas Cook is planning a banking app, plus the consequences of news that savings app Folio has gone under.
After a very relevant tweet, we return to a story from a previous episode – ‘The future will be tokenised’ – with an update on the Chinese government’s plans to give every citizen a score based on their trustworthiness. So does this sound like a great endorsement of your behaviour or an Orwellian intrusion? Let us know your thoughts @FintechInsiders.
In the last story for this week’s news, why psychedelic stickers are blowing AI minds. We think these might become quite popular in the near future! And finally on today’s show, we offer our predictions for 2018. Tune in to hear the team’s thoughts on open banking, SMEs and anticipatory design, and check out our 2018 predictions blog.
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