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Google takes on PayTM with launch of mobile payments app

Made for India, Tez works on the vast majority of smartphones with apps for both Android and iOS and support for English, Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil, and Telugu.When using Tez, funds are drawn directly from accounts of the 55 banks in India connected to the country's UPI standard.

Google says its aim is to replace cash by emulating the ubiquity of notes and coins for all forms of transacting, from splitting the bill with friends to paying for purchases at online and high street merchants. 

For P2P cash transfers Tez introduces a feature dubbed 'Cash Mode', which uses the tech giant's proprietary audio QR tech to enable proximity payments without the need to share personal bank details or phone numbers.For businesses, Google is promising to open a customised in-app business channel, though which merchants will be able to engage customers directly by sending smart reminders for recurring payments, sharing tailored offers, loyalty programmes and discounting. 

"But this is just the beginning,", says Google. "In the next few weeks and months we’ll be working with our partners to add even more ways to pay on Tez (e.g. credit cards and wallets) and more places to pay. And select phones from our manufacturer partners Lava, Micromax, Nokia Mobile, and Panasonic will come with Tez, making it even easier to get started." Available from today on Google Play and the App Store, the search giant says Tez " is just one step in a long and important journey towards enabling a cashless India".

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Google has launched Tez, a mobile payments app which utilises India's Unified Payments Interface to enable smartphone users to send money to each other and pay for goods and services both offline and online.
Pandit Says 30% of Bank Jobs May Disappear in Next Five Years

The former Citi CEO says advancements in artificial intelligence and robotics will fundamentally change the back office and reduce banking staff faster than most anticipate. 

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Vikram Pandit, who ran Citigroup Inc. during the financial crisis, said developments in technology could see some 30 percent of banking jobs disappearing in the next five years.

Artificial intelligence and robotics reduce the need for staff in roles such as back-office functions, Pandit, 60, said Wednesday in an interview with Bloomberg Television’s Haslinda Amin in Singapore. He’s now chief executive officer of Orogen Group, an investment firm that he co-founded last year.

“Everything that happens with artificial intelligence, robotics and natural language -- all of that is going to make processes easier,” said Pandit, who was Citigroup’s chief executive officer from 2007 to 2012. “It’s going to change the back office.”
Goldman Nabs Fintech Group in Push to Boost Online Lending

As Goldman moves from Marcus to now its SMB lending product, the investment bank has hired a mix of Bond Street Marketplace engineers, product developers, risk and marketing specialists will join firm’s consumer bank

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Goldman Sachs Group Inc. is poaching about 20 employees from online small-business lender Bond Street Marketplace Inc. as the Wall Street giant embraces loans as a source of growth, according to people familiar with the move.

The group—a mix of engineers, product developers, and risk and marketing specialists—will join Goldman’s growing consumer bank in the wake of Bond Street’s recent decision to stop making new loans, according to...

Goldman Sachs invests £100 million in UK fintech Neyber.

London based lending platform Neyber has received a £100m investment from Goldman Sachs. Neyber, founded in 2014 and launched in 2015, partners with employers to let their staff borrow money at attractive rates

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LONDON — Goldman Sachs has invested £100 million in a fintech startup founded by two of its former bankers that lets people borrow money and repay through their salaries.

Neyber, founded in 2014 and launched in 2015, partners with employers to let their staff borrow money at attractive rates.

Repayments are then deducted from future salaries, lowering the risk for the lender and hopefully helping staff manage money better.

Aventus secures $20m from investors in ICO

London based blockchain ticketing platform Aventus has raised $20m through their Initial Coin Offering. Aventus, which has been dubbed “the Bitcoin of ticketing,” aims to prevent unregulated touting and counterfeit tickets. Co-founder Alan Vey said: “One of the biggest problems plaguing the events industry is touting. Almost everyone has had the experience where they go online to buy tickets for their favourite artist, only to find that they’ve sold out in minutes.”

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Blockchain ticketing solution provider Aventus has raised an estimated $20m in an Initial Coin Offering (ICO), which sold out within seven minutes.

Its AventCoin (AVT) token sale received more than 60,000 Etherum (ETH) from investors, which is the equivalent of around $20m (£15.1m/€16.7m).

Aventus, which has been dubbed “the Bitcoin of ticketing,” aims to prevent unregulated touting and counterfeit tickets.

The London-based firm enables secure transfer and resale of tickets with built-in inflation caps that aims to eliminate fraud and ensure that the final user can be identified. The company said this type of technology is of particular importance in light of global terror concerns as it brings an additional security measure for attendees.

It boldly claims that its technology “effectively ends the ability for ticket touters to continue in business”.

JPMorgan's Dimon says bitcoin is a fraud that will eventually blow up, compares it to tulip trade

While most other Wall Street veterans are embracing the cyptocurrency, the JP Morgan CEO says bitcoin is "worse than tulip bulbs and it won't end well."....FYI:Tulips are still a successful export product in the Netherlands:)

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JPMorgan Chase CEO Jamie Dimon took a shot at bitcoin, saying the cryptocurrency "is a fraud."
"It's worse than tulip bulbs. It won't end well. Someone is going to get killed," Dimon said at a banking industry conference organized by Barclays. "Currencies have legal support. It will blow up."
Dimon also said he'd "fire in a second" any JPMorgan trader who was trading bitcoin, noting two reasons: "It's against our rules and they are stupid."

Bitcoin fell to its session lows after Dimon's comments. As of 3:01 p.m. in New York, bitcoin traded at $4,106.23, down 2 percent.

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