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Tide prepares for Indian launch

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UK business banking platform Tide is embarking on international expansion, beginning with a limited test launch in India in the first quarter of 2021.

Founded in 2015, Tide has nearly 300,000 SME members and almost 340,000 business accounts in the UK, processing £10bn in transactions with revenue growth of 150%.

Tide has a long-term ambition to operate in markets accounting for 25% of global SMEs and India is seen as an ideal testbed, with over 63 million SMEs.

The business will be led by newly appointed CEO, Gurjodhpal Singh, formerly of local payments processor, PayU.

Tide already operates a technology centre in Hyderabad, India, and has a team approaching 100 people, predominantly software developers, working in the country.

Gurjodhpal will work to expand this team to deliver the launch, supported by Tide CEO, Oliver Prill and CTO, Guy Duncan.

Says Prill: says: “India was selected as our first market outside the UK due to its vast SME population With investment and the expertise Tide already has in the country, we can help underserved SMEs thrive.”

The company is shuffling its leadership team to support its expansion plans, appointing chief operating officer and product officer Laurence Krieger as UK CEO.

Source: https://www.finextra.com/newsarticle/37289/tide-prepares-for-indian-launch?utm_medium=rssfinextra&utm_source=finextrafeed

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This Week in Fintech ending 19th February 2021

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This Week in Fintech ending 12 February 2021

This week our experts brought you the following insights based on their experience as investors, entrepreneurs & executives.

To continue receiving This Week in Fintech, you can either become a paying Member for $143 per year (and receive all our content in addition to this weekly summary) by clicking here.  If you just want to receive This Week in Fintech for free, you will need to fill in this form

Your Editor is Bernard Lunn. He is also the CEO of Daily Fintech and author of The Blockchain Economy and occasional opinion columnist.

Monday Ilias Hatzis our Greece-based crypto entrepreneur (Founder & CEO at  Kryptonio a “keyless” non-custodial bitcoin and cryptocurrency wallet, that lets users manage bitcoin and crypto, without private keys or passwords and Weekly Columnist at Daily Fintech) @iliashatzis wrote Tesla buys $1.5 billion in bitcoin. Are you buying?

Today is Valentine’s day and many people around the world are celebrating the day with their loved ones. HODLing bitcoin is like being in a relationship, with its share of ups and downs. But on this day, like on past Valentine’s days, bitcoin once again showed us some love. The price of bitcoin today reached a new record above $49k, rising as high as $49,344 on Coinbase. Bitcoin’s market cap stands at $910 billion, with the entire cryptocurrency market valued at $1.5 trillion. There is a momentum in the cryptocurrency market, that’s been building up for a while now. We’re seeing more apps that let users buy and sell cryptocurrencies using their dollars, fund managers moving more money to cryptocurrencies and big corporates using cash reserves to hedge their risk with bitcoin. An SEC filing by Tesla, which became public knowledge last week, kicked off bitcoin’s new price highs. Bitcoin, which was already climbing, soared after Tesla announced it had purchased $1.5 billion worth of bitcoin, with the company’s funds. The company also said that it plans on accepting bitcoin for payments in the future. Tesla made it clear in its filing, that it sees bitcoin as a chance to diversify its cash and cash-equivalent holdings. Tesla’s move confirmed, once more, what we already know: Bitcoin has finally moved from Silk Road to Main Street.

Editor note: Bitcoin bears need to ask if they are comfortable betting against Elon Musk and many other smart entrepreneurs and investors.

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Tuesday Bernard Lunn, CEO of Daily Fintech and author of The Blockchain Economy wrote:   Part 3: Shorting can be a valuable price discovery mechanism if done right.

Hedge Fund used to have a precise meaning. Limited Partners (LPs) invested in Hedge Funds who were bearish in order to “hedge” the rest of their portfolio which was long ie bullish. Hedge Funds then later came to simply mean a bunch of very smart people getting paid a lot of fees by LPs to make them a lot of money.

Editor note: At the risk of sounding like an apologist for the reviled hedge funds, this post explains how shorting can sometimes be valuable service.

Wednesday Alan Scott Managing Director EMEA at 24 Exchange @Alan_SmartMoney wrote Stablecoin News for the week ending Wednesday 17 February 2021.

This weekly snapshot is the news that matters in the Stablecoin market.

Bernard Lunn, CEO of Daily Fintech and author of The Blockchain Economy wrote: Bitcoin hoarding aka HODL is logical but prevents it becoming a medium of exchange.

Tesla Model 3 price was shown above Bitcoin on CoinMarketCap for many days. A few months ago, you needed two Bitcoin to buy one Tesla Model 3. As I look at CoinMarketCap today I can see selling one Bitcoin , buying one Tesla Model 3 for $37,990 and having lots of spare change. Or should I HODL Bitcoin and delay gratification on Tesla?Bitcoin bulls such as myself think you will be able to buy two Tesla Model 3 cars with a single Bitcoin in the near future.

So we hoard rather than spend.

Editor note: Some entrepreneur somewhere is figuring out how to fix this. This post outlines one technically and commercially feasible solution. 

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Thursday

Rintu Patnaik, an Insurtech expert based in India, wrote: The Internet Of (Insured) Things Part 2: Connected Homes

Savvy consumers are cozying up to “Internet of Things”, welcoming smart doorbells, access controls and monitors that report incidents. These devices autonomously control parameters, bolster security and delight through optimizing home entertainment. Insurance carriers’ prognosis is that such gadgets can unlock pent-up policyholder satisfaction while simultaneously lowering risk. Market research characterizes the global smart home market as a $78.3 billion market that will grow at 11.6% over next 5 years.

Editor note: Read this Part 2 to understand the future of home insurance.

Christian Dreyer @x3er, the Swiss based CFA who focusses on how XBRL changes our world wrote: XBRL News about trade reporting, legal identifies and risk management

Editor note: This weekly snapshot is the news that matters in the XBRL market.

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Friday Howard Tolman, a well-known banker, technologist and entrepreneur in London, wrote: Alt Lending for week ended 19 February 2021.

Editor note: This weekly snapshot is the news that matters in the Alt Lending market.

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Source: https://dailyfintech.com/2021/02/19/this-week-in-fintech-ending-19th-february-2021/

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Alt Lending Week Ending 19th February 2021

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What Starling, Allica Bank and Modularbank think about neobanking business models in 2021

What the UK leaders of digital banking think. Luminaries from three of the Uk’s digital banks discuss what’s on their minds for this year. The gist seems to be that the big banks are shedding customers in their boatloads thanks primarily to physical bank closure programs and the digital boys and girls are picking up the slack. Fair enough I suppose but with the FCA worrying about how the bricks and mortar based traditional bank disappearance program is leaving some customers cold and disadvantaged perhaps means that some innovative thinking might be worthwhile. As I look at the property portfolio the majors have here in the Uk and elsewhere I do think it makes them look at bit more solid than their digital counterparts. As far as business acquisition ideas are concerned it seems that small business is on their minds.  The problem here and in every other type of banking is how do you make any money at it. I know I bang on about this week in and week out but with interest rates at more or less zero there just isn’t an easy answer. ROE is a key ratio in any business but particularly banking but it is difficult to see with the current ROA and restricted leverage how the P word can be achieved and that is pretty basic to being in business.

The impact of UK Chancellor Sunak’s Stamp duty dispensation is still making the headlines?

As I have mentioned before this tax on moving has at least united everyone to agree that it should be removed but it is far from certain that it is going to be. This was a principal factor in the mini boom in residential property prices over the past year which pushed prices up as people rushed to complete before the dispensation ended. The longer term impact however is unknown. What is clear however is that the market looks stressed, Some 450 thousand residential renters are now in arrears and thousands of High Street sites remain empty. The impact on security coverage cannot be ignored forever.  Most of the big lenders have toughened up their criteria making moving even more difficult and the commercial lenders don’t seem to be saying very much. I think there are a lot of very worried people out there in the real world.  Property prices are not irrelevant and a liquid but stable market is essential to a well functioning economy. This year we have seen property price rises when they really shouldn’t have. Is this an economic optical illusion? Watch this space.

Payday lenders under fire for silence on compensation

Back to the end of the lending market that nobody likes. The high risk, high interest rate sector of the personal lending market has seen a number of casualties and it looks like it might see a few more. There is a really terrible dilemma here. The clients of these companies are the people that nobody else wants and come under fire from all sides, clients, auditors, regulators you name it. Part of the problem seems to be deluge of claims for compensation for being sold unaffordable credit. It appears that some of these companies have not disclosed potential liabilities despite sign off from their auditors. One thing about this article caught my eye it appears that there are a lot of key workers who are their clients and a lot are low paid NHS workers. It is easy to see how this could turn into a very emotive issue indeed. Yet this sector does provide a regulated service to a small but socially important groups of already fairly deprived people. If these guys won’t lend to you then the only person who will might be less than worried about regulation. It’s a big problem for regulators  all parties should put some more intellectual thinking into how to do it properly but humanely  and still keep it operating.

Howard Tolman is a well-known banker, technologist and entrepreneur in London,

We have a self imposed constraint of 3 news stories per week because we serve busy senior Fintech leaders who just want succinct and important information.

For context on Alt Lending please read the Interview with Howard Tolman about the future of Alt Lending and read articles tagged Alt Lending in our archives.

Daily Fintech’s original insight is made available to you for US$143 a year (which equates to $2.75 per week). $2.75 buys you a coffee (maybe), or the cost of a week’s subscription to the global Fintech blog – caffeine for the mind that could be worth $ millions.

Source: https://dailyfintech.com/2021/02/19/alt-lending-week-ending-19th-february-2021/

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XBRL News about trade reporting, legal identifies and risk management

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Here is our pick of the 3 most important XBRL news stories from the last week. 

1 Time to digitize trade reporting

In September 2009, it took just nine words – OTC derivative contracts should be reported to trade repositories – for the Group of 20 (G-20) to unleash one of the most ambitious and complex initiatives in the history of derivatives markets. Despite the obvious rationale for improving transparency to give regulators better insight into market activity and emerging risks, trade reporting has proven exceptionally challenging.

I like the “technology first” approach taken in this ISDA blog post. It constitutes a refreshing change from the otherwise wide spread (ok, who am I kidding – the Swiss) regulatory cop out attitude of “technology neutrality”. It’s just trying to avoid answering hard questions. In doing so, detail pandemonium swiftly ensues …

2 GLEIF unveils issuance and infrastructure models for verifiable LEI system

On 11 February 2021, the Global Legal Entity Identifier Foundation (GLEIF) published issuance and technical infrastructure models for its recently announced verifiable LEI (vLEI) system. A vLEI is a secure digital attestation of a conventional LEI. When fully developed, the vLEI will enable instant and automated identity verification between counterparties operating across all industry sectors, globally.

Again, this piece is answering another hard question, as mentioned above – and in doing so generates real day to day value in use. On a meta-level, it seems to do for LEI what the proposed Swiss eID avoids doing by delegating to private issuers, with an overly complicated governance framework to compensate …

3 Mohini Singh on standards to manage investment risk

Head over to the Taggings section of our website for a guest post from Mohini Singh, ACA, Director of Financial Reporting Policy at CFA Institute and Treasurer of the XBRL International Board of Directors. She reflects on a panel discussion on ‘Standards to Manage Investment Risk,’ where she joined Mike Willis of the US Securities and Exchange Commission (SEC) and the Council of Institutional Investors’ Jeff Mahoney in a conversation moderated by Jeff Naumann of Deloitte – a special treat for anyone who missed the XBRL US Investor Forum 2020.

If anything, the pandemic has demonstrated the usefulness (and indispensability, frankly) of timely, granular information, without which we are navigating in the dark. Which is still where we are in many places, twelve months later. Here’s to hope that this demonstration will fall on fertile ground when it comes to updating reporting frameworks all over the place!

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Christian Dreyer CFA is well known in Swiss Fintech circles as an expert in XBRL and financial reporting for investors.

 We have a self-imposed constraint of 3 news stories each week because we serve busy senior leaders in Fintech who need just enough information to get on with their job.

 For context on XBRL please read this introduction to our XBRL Week in 2016 and read articles tagged XBRL in our archives. 

 New readers can read 3 free articles.  To  become a member with full access to all that Daily Fintech offers,  the cost is just USD 143 a year (= USD 0.39 per day or USD 2.75 per week). For less than one cup of coffee you get a week full of caffeine for the mind.

Source: https://dailyfintech.com/2021/02/18/xbrl-news-11/

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The Internet Of (Insured) Things Part 2: Connected Homes

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Savvy consumers are cozying up to “Internet of Things”, welcoming smart doorbells, access controls and monitors that report incidents. These devices autonomously control parameters, bolster security and delight through optimizing home entertainment. Insurance carriers’ prognosis is that such gadgets can unlock pent-up policyholder satisfaction while simultaneously lowering risk. Market research characterizes the global smart home market as a $78.3 billion market that will grow at 11.6% over next 5 years.

Top consumer motivators for owning smart home devices include increased safety/security (47%), convenience of managing remotely (31%) and reducing energy bills(25%). Top barriers include perceived device cost (58%), lack of perceived need (42%) and privacy concerns (26%). While consumers continue to adopt IoT devices briskly, awareness of smart home insurance programs has been limited.

Insurance was slow to smart housing – partly from the potential new market being seen as narrow and uncertainty in meeting technical standards. Of late, the mass market has been opening up, facilitating simple connections with multiple devices. More insurers have embarked on cooperation approaches, selling integrated products via Google Nest for instance. They offer premium discounts to those who fortify their homes with smart-home devices. Similar to the use of telematics by auto insurers to offer discounts to safe drivers, smart home devices allow home insurers to reduce premiums.

Insurance is not a primary driver of connected home technology adoption. Insurers hence need to partner with distribution channels and device companies. As a binding service in the customer journey, they can prevent accidents and risks, assist in times of repair needs and pay claims proactively before clients are aware of something wrong.

To insurers, three categories have appealed most. The first is water leak detection. The second is smoke detection and fire suppression, and the third is intrusion. Non-weather-related water damage claims from plumbing or appliance issues accounts for ~20 percent of common home claims, making water leak detection a priority.  Per American Insurance Association, water leaks in homes resulted in several billion dollars of property loss. Anything insurance carriers can use to mitigate risks for those damages is clearly impactful.

Smart Home technology seems to have exceptional promise, but success hinges on an IoT ecosystem with many stakeholders – technology companies, appliance / sensor manufacturers, security companies and insurance carriers. The common way for carriers to partner is to white label a solution from a device vendor, offering a discount for activating a device in a specified amount of time. In a second approach, carriers provide policyholders a device vendor list to procure from and be eligible for premium discounts. Another prevalent approach is when the insurer, instead of direct premium reduction, gives a percentage reduction off a new water monitoring and control system expecting they can recoup costs over time.

Canary Care, a UK start-up, places sensors in houses that monitor movement, temperature and light to push to a dashboard display. Based on the patterns of behavior detected by sensors, the platform sends notifications to caregivers, modifying the value proposition from reactive to pre-emptive and reducing premiums.

Homies is a peer-to-peer alarm platform from Achmea that allows neighbors to help each other out in case of fire or a burglary. Achmea is attempting to expand its field of interaction to risk prevention, enabling people in neighborhoods during emergencies, increasing quality of life and bringing down damages.

Insurers are not alone in seeking a leading role in smart home ecosystems. To get there, people have to be convinced to let insurers use their data and gain credibility. The starting point is transparency. Consumers need to know why and how their data is used. The interest of the insured and insurer must align. Key recommendations are to resolve data issues, focus on value-added-services and partner with potential disruptors.

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Source: https://dailyfintech.com/2021/02/18/the-internet-of-insured-things-part-2-connected-homes/

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