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Daily Briefing

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Friday 24th May @ 10:00am

On Fridays, Lafferty News often takes a look at the world of digital assets, where there's a new coin arriving weekly. It will come as zero surprise to Lafferty News followers that Facebook is launching its own cryptocurrency. The original cryptocurrency bitcoin is at heart a messaging protocol which delivers value along with the message, secured by cryptography. Mark Zuckerberg — named by a Lafferty News associate as the world's greatest hustler and salesman — has built up the...MORE

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Thursday 23rd May @ 9:56am

Ever get the feeling that Deutsche Bank went looking for its strategy document and discovered it didn't have one? Weeks after abandoning plans to merge with Commerzbank, Deutsche Bank is embarking on yet another restructuring programme. Chief executive Christian Sewing said the bank will "accelerate transformation by rigorously focusing our bank on profitable and growing businesses which are particularly relevant for our clients". One might think that this would...MORE

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Wednesday 22nd May @ 11:24am

Panic is gripping Britain at the prospect of more talking about Brexit. Theresa May has re-emerged from hiding with a new proposal to deliver Brexit by means of a second referendum, and now everyone is completely confused. "Dominic Raab, former Brexit secretary and a leadership contender, said: 'I cannot support legislation that would be the vehicle for a second referendum or customs union. Either option would...MORE

Tuesday 21st May @ 10:32am

Takeaway delivery services, the type of business once run by underemployed taxi drivers, is now the hottest lossmaking disruptor since the last hottest thing. But visitors to Milan or other great foodie cities will be impressed to see that even Italians famous for their home cooking skills are happy to get food Deliverooed. Now that the Uber IPO is out of the way, investors are throwing buckets of cash into the companies they believe will win the quest to deliver stuff the last mile to...MORE

Monday 20th May @ 10:08am

Launching a new currency in the US generally attracts the attention of the security services, which is why the US Senate's Banking Committee wrote to Mark Zuckerberg after the Facebook founder announced the tech company's move into payments earlier this month. Now the new operation is pitching up in Switzerland, but rather than Crypto Valley aka Zug, Facebook is opening its new front in Geneva, where the UN has been exploring blockchains and digital identity as part of...MORE

Friday 17th May @ 8:07am

The EU's competition authority has fined five banks a total of more than one billion dollars for colluding to rig the vast foreign exchange market in the years following the northern financial crisis. "Citigroup was hit with the biggest fine of €311m, followed by RBS with €249m, JPMorgan at €229m, Barclays at €210m and MUFG with €70m," writes the FT. "UBS also participated but

Image: 1280px-Satya_smiling-print
Tuesday 14th May @ 9:10am

There's been a parting of ways happening in the tech sector between those who support open source software and projects, and the traditional build-it-ourselves approach that's more common in banking. Microsoft this month joins Twitter in supporting the bitcoin blockchain, while Facebook is going with its own cryptocoin. Apple, we suspect, will follow Microsoft. Amazon: who knows? But not for the first time, Lafferty News wonders if bitcoin's pseudonymous founder...MORE

HK Small
Monday 13th May @ 2:07pm

Hong Kong issued a second batch of digital banking licences last Friday and this time the challengers are taking centre stage. "The latest four companies to receive a license are Ant SME Services (Hong Kong) Limited, Infinium Limited, Insight Fintech HK Limited and Ping An OneConnect Company Limited," Bloomberg reports...MORE

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Friday 10th May @ 9:01am

Excited about neobanks? Think N26 is cool but feel conflicted about the profits going into Peter Theil's pocket so he can build another nuclear-proof bunker somewhere in the New Zealand? Worried that banking startups do agile by skipping things like compliance? Tomorrow is one of the non-banks proliferating in Germany with the help of solarisBank, which allows fintechs to operate on its platform and bank. "Germany's latest banking upstart has a message for the...MORE

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Thursday 9th May @ 9:50am

The headline reads : 'Visa acquires control of Earthport', and sounds very Star Wars and exciting, and features a planet. Earthport turns out be a UK firm that specialises in cross-border payments. One of the ironies about the "global financial system" is that it doesn't really exist in the way most people imagine. It's a whole lot of different systems stuck together with tape and wire. People still talk about

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Wednesday 8th May @ 9:45am

The great battle of payment apps comes to London. Facebook paid $19 billion in 2014 to acquire WhatsApp, but the messaging service doesn't produce pots of revenue. At least it's not a big team: 400 people run WhatsApp for 1.5 billion users. Banking separates the value and the message. Bitcoin's killer concept is that the value travels with the message. Now Mark Zuckerberg is determined to make WhatsApp pay, as he told developers last week that he wanted to make...MORE

Singapore by night
Tuesday 7th May @ 10:33am

Despite the general gloom around Brexit, the UK's fintech scene has been receiving admiring looks from other global financial centres including Singapore and Hong Kong. We reported recently that Hong Kong's regulators have begun issuing new licences to digital only banks, and now Singaporean authorities are studying whether to make similar moves. "Technology and other non-bank firms have been making large digital strides, and they have brought substantive value to...MORE

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