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Home » Daily Briefing » Daily briefing - 04 March 2019

Daily briefing - 04 March 2019


China's online trends continues, with mobile wallets gaining ground as the form factor of choice. Four hundred million people used mobile payments to order food, a jump of 25 percent. "A total of 600 million people used online payment in 2018, up 13 percent year on year, said the statistical report from the CNNIC, published earlier this week," says "When people shopped offline, they also preferred to use mobile wallets. About 67.2 percent of China's Internet users used mobile payments offline, up from 65.2 percent in 2017. About 406 million people ordered food online, 18.2 percent up over 2017, 397 million of whom did it on mobiles, up 23.2 percent year on year."

The UK saw a 25 percent jump in whistleblowing in the financial sector during 2018, and the FCA is likely to see more this year. "The increase comes after whistleblowing rules were tightened under both the market-abuse regime and rules designed to hold senior managers to account for failings under their watch, known as the Senior Managers and Certification Regime, or SMCR," the FT reports. "These rules have also broadened the definition of a whistleblower beyond an employee of a particular institution. The regime applies to 8,000 businesses but is meant to be rolled out to the entire financial sector -- another 55,000 companies -- by the end of the year, which could result in a further increase in complaints." The first person fined under the SMRC was Jes Staley, the chief executive of Barclays.

Goldman Sachs is making all the right noises with its new offerings of credit cards and iPhones, but it's still not quite as fresh and new as ten-year old Stripe. "Marcus is Goldman's foray into consumer banking, a significant pivot from its focus on the biggest institutions and corporations for much of its existence," writes Bloomberg Quint. "The unit offers personal loans and savings accounts, with eyes on expansion through other products, including credit cards. Goldman's leaders, including Chief Executive Officer David Solomon, have identified Marcus as a key pillar of their plan to boost revenues." Bloomberg reports that Colin Kennedy, chief revenue officer and chief operating officer of Marcus, is leaving to join Stripe, where he will be in charge of financial partnerships. Fascinating.

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