we will talk more with btig fintech analyst mark palmer.his is bloomberg. ♪ caroline: today, we are focused on skyrocketing names in the market. we tech -- we just touched on cryptocurrency. there are also companies kind of writing this wave. square is among them in terms of accepting the digital currency but also investing in it. joe: earlier, we talked about microstrategy, bitcoin. square is a payment provider service but also, cash app, they have gotten into bitcoin activity. it has been pretty popular, caused people to get excited about the stock. 10% of u.s. population with easy access. a meaningful source of revenue and activity. another company trying to ride this wave. romaine: a lot of these apps and services in the fintech space become easier to use. i say that a somebody who could not figure them out a few years ago and now i use them all the time. joe: let's bring in mark palmer. tell us more about the story. a lot of companies want to say they are involved in bitcoin in some way because the stock market likes it. a meaningfulal

this was a great time for fintech. we are looking to 2021 with a lot of optimism, and various ecosystems. haidi: we had the first licenses granted last week to the first digital bank. -- i'm these entities interested in why giving the license to aunt particularly -- license to ant particularly with the regulatory hurdles they are trying to work through? >> we are looking very closely at them. ant is a good example. they have financing. china did notin have much of a bearing on the business we made on whom to give a license. job inve done a fabulous driving a real end to end business. we look forward to them being successful in singapore. kathleen: financial regulators around the world are going to continue to look closely at fintech company's because they are a slightly different entity. they are not as well tested. you guided this process into singapore? that havehe potholes been tripped on and how have you got through them? concern -- aeen a confusing year. , they are following the regulations that every institution

ibm is biting a canadian fintech firm -- buying a canadia fintech firm to expand its processing technologyes currently use the system. banks digging deep to keep up with innovative payment challenges such as paypal and square. apple seeing demand for iphones sending shares to their highest gains in a month. make 90 planning to billion handsets for the first half of next year, a 30% year on year increase. the 96 million figure is way ahead of street expectations. haslinda: let's do a check on indian markets. asian markets are in the money. the gains we saw in the u.s. pretty much disrupted that four-day decline. look at the indian indexes. indian stocks have their raised -- have erased losses on the year. gangbustersgoing after three straight quarters of underperformance. it is introducing a rapid antigen detection test for covid-19, the stock up about .4% right now. managed to have with our guest, the ,irector of indian sugar mills discussing what is going on with the industry and the protests which will be taking place on the streets of the company with farmers railing against legislation

or is tomorrow the case where ultimately, everybody as fintech?but has to adopt this model? >> absolutely. i think the drive is not to have every platform driven out, there is a data-driven finance. there is a huge surge to come to this model. licensehis digital bank operating in singapore's market competition, much more faster, acceleration to this new model. good news and consumers are going to benefit a lot. ant financial services will become wider, more available in terms of segments, who can access financial services. the inclusion part, the expansion of financial services, the new way of thinking about how to provide finance without being present, this whole new business model could see a lot of growth in this sector. monetary authority of singapore's chief fintech officer mohanty there. get a round up of the stories you need to know to get your day going. bloomberg subscribers can go to terminal, andhe you can customize your settings so you only get news on the industries and assets you care about. listen to daybreak asia on bloomberg radio

there's a big difference between a fintech payment system and a fintech ability to move cash and the systems. remember, the banking systems are big, they are highly regulated, and they are regulated to protect investors. they are regulated to protect depositories. when someone puts money into a bank, they are confident they can get their money out at a moment's notice. an enormous amount of very expensive and very costly regulation goes around that concept that if i put a dollar in or $.50 in or $100 in, whenever i want to withdraw it, it will be there for me. therefore, pay interest on them. when you agree to be in that business, you agree to have enormous amount of regulatory burden. if you are just in the money movement business, you have a lot less regulatory burden on you. but, the question is how does the money get into the money movement system? emily: you worked a long time in banking. you spent some time in the administration. you spent some time exploring since then. would you be open to public service again? gary: i thought my time in the government was literally the most

the aspect that is more controversial is sort of the more fintech, banking, lending aspect. how big of that is that within the financial universe, and how much does that shrink the ambitions of the company and by implication, alibaba, if that part is curtailed? sam: that is where the growth expectations are. so that is the issue for the company and for the investors. alipay is everywhere. it is everywhere in asia. who knows, maybe it will be everywhere in the world one day. there is a certain -- it is a steady business. the wealth management side, the insurance side, the loans business, the connections they have two connecting the retail investor with bank loans and that, that is where all of their growth is coming from. that is where the high valuation comes from. today, our colleagues in asia reported that ant is looking at creating a holding company where all of the very bank like activities would get put. if that did happen, it would mean all those activities in the holding company would have to take financial licenses, they would have to have enormous capital requiremen

. >> and fintech, you see square and paypal having interesting years and again they are very high forwardis your take on them especially with the weak dollar? do you see them strengthening in the q1 of 2021 as all of us until the vaccines proliferate will still be stuck at home? >> i don't think the weak dollar will have a whole lot of effect on the paypal/squares of the world. i think this comes down to the secular growth and the dom nansz that they have we own paypal, it has been a great stock for us square we don't own. i think jack dorsey has done a great job with that company. our preferred tilt in fintech is through visa and a company called vicer they have had double digit earnings growth for as long as -- you go back and look, they dominate those particular niches so it is a space that you want to have exposure to, a lot of reasons to think that the digitization of payments will continue to be a dominant story over the next ten years. visa for example not only has a secular growth story as they duopoly with credit and debit cards, but also acyclical stor as well as we get back to

it is hong kong doing enough to foster talent in fintech? it isalling my neighbor as easy as calling somebody in russia. i don't think it is a matter of just growing talent in your own locality, but we need to -- what we need to do is look around and see where that talents are. hong kong has a good supply of local talent. for example, the two founders of bowtie, both hong kong gentlemen, they have been doing ofl, and i am seeing a lot startups in hong kong in the technology space as well. haslinda: i am going to jump in. with workers expected to work from home now, the chase for talent in the hunt for talent becomes more competitive. john: definitely. all looking for talent, but companies need to build in a mechanism where they can train train employees, and that needs to be a continuous function in companies, rather than relying on a university ,ducation, because in many big university education is something that needs to be totally reformed to accommodate the needs of the 21st century. talk to us about growth plans and the potential of the

in the opportunities that will rebound with the vaccine and more good news >> and we saw notes on fintechpanies, seeing paypal and square, that is anarea of tech that we don't talk about as much what is your thought on those as we see people kind of going back potentially to stores where they may be less likely to use fintech, but when you look at the valuations of companies like square and paypal, square alone trading at over 200 times forward earnings >> yeah, they are stretch valuations and what you are seeing is the valuations hopefully will catch up to the possible potential network effect when talking about these fintech payment solutions. so i still like then especially longer term. there is still a lot more growth opportunity especially when you are talking about square and paypal, tieing in crypto currency, cash app and square, they are doing that. so more growth and more adoption availability and so thinking long term, there are opportunities to actually buy opportunities that may be lower now and in the future we'll see where they land down the line >> t >> all right, deplan kn

fintech is based on ai, big data, and digital.he future of money and finance is not decentralized. it is not blockchain. it is centralized. this has been fabulous to see the delicacy of benoit coeure and then dr. roubini with us. thank you for joining us. i know twitter is on fire over this conversation. this is what we love to do. this is very special. allen's that there of morgan zetner of- ellen morgan stanley to join us. futures up 12. this is bloomberg. ♪ is is bloomberg. ♪ tom: "bloomberg surveillance." it is jobs day in america. lots of other news as well. we are watching for any news on the pandemic and hospitalizations across america and the world. on the data front, lift to the market. the 30000 and futures up 119. the vix 21.07. it will be amazing to see a 19 or 18 handle on the vix. .93% on the 10 year yield. dollar weaker, hints of dollar weakness. i will let francine go brexit on you. the nimby strong this morning. strong thisnbi morning. wereine: the british crying foul as brexit negotiations hit a last-minute snag.

financial regulators have some inside companies fintech affiliate.ove escalates scrutiny on the empire. alibaba said it will cooperate with regulators in their investigation. joining us now is lulu chen. get us up to speed. what is the latest on the regulatory crackdown? lulu: today's announcement is annexed collation of scrutiny over the two pillars of the internet empire. as of now, we've been told that the watchdog for monopoly regulations are looking into an investigation on the e-commerce business for jack ma. separately, for his fintech giant and group which halted its ipo in november, the world's largest ipo. it has been under so much scrutiny, given how financial regulators and the company are looking at everything from the wealth management business to his credit lending business. today's news, the court needed effort from the government front seems like an escalation of scrutiny that is being cast on his internet operations. what does this mean for china's internet industry as a whole? lulu: because jack ma has been the largest or most high

but recently, beijing authorities have been changing the landscape of regulation when it comes to fintechhearing china will be probing alibaba group on suspected monopoly. this as we continue to see efforts in the country to rein andech giants like alibaba their fintech branch and group. let's turn to markets, sterling exit -- on a brexit outline deal. investigators are putting the finishing touches on a deal but it was enough to send able higher. the bloomberg rates reporter joining us now. david, sterling has risen on the news of the potential deal but still remains below the december high. what is happening? david: yeah, that is the interesting thing. basically the markets have already priced it in now. bullish,if you are that would be the hottest in 2018. been, i thinkn't one of the reasons is because this has been priced into the markets quite happily. and the new cases in the u.k., combined with the lockdown, is not positive. the market is always forward dealing and is going, the is fantastic but we have another problem that could weigh on the economy into the third quarter. any pos

government is looking at that >> i want to ask you about fintech.ou sued to block visas, acquisition of plaid but at the same time, there's some big powerful finntech names out there remaining like stripe, for example. you know, looks like amex will be allowed to buy abbage how are you making those kinds of decisions about fintech names that are not you fully mature that, could morph into something else we could see plenty of competition from start-ups around what plaid does it is premature, perhaps, to say that visa acquiring that would have an outside impact on the overall market >> so on the last question, is it premature it is not premature. you know, one of great designs of our antitrust regime here is that we don't pick winners and losers we don't determine which technology or company survives wlachlt we what we do is protect the noosh market to determine who is going to be the winner what we don't want and what my job is to make sure that that d competitions occur wlz it is from anti-competitive conduct by a single monopolist or a conglomerat

>> well, certainly there's a bunch much finteches who are becoming banks or applying for bank chartersy be a great path for them. i think it will be great for the economy overall if there's new bank formation, which there hasn't been in a very long time. that's a good trajectory for us, we're kind of a team a lot of us came out of google we see us first and foremost as a technology company aiming to help banks that's really the path we have chosen we didn't apply for charter. we don't want to be a bank we see ai lending as one of the biggest transformations the industry will see in decades and we really want to be the partner to banks through that transition >> as you lean on artificial intelligence, how do you avoid market bias or discrimination? we've seen ai has trouble detecting diversity. lending has had its issues as well what are you doing to confront that >> there's good reasons to be worried about ai and bias and unfairness and, you know, our short answer is, you rigorously test for it our system has been designed, you know, since the early days and in working with regulators

other fintech names you mentioned, affirm, i think co coinbase could be on the list.ule stripe out for next year, though. >> i wonder about instacart because that's a huge, i imagine, pandemic beneficiary, and if they're thinking maybe we get out there while the story's still strong for us as opposesed to one everybody is talking about reopening. >> absolutely. instacart is pretty long in its process, we hear, in getting out huge pandemic tailwinds. how sustainable that is, we'll see. i think that's a big question hanging over the public markets right now in tech. look at jordach, you've seen the tailwinds but how sustainable are they instacart is one to watch. huge boost and very solid model overall so i think they could have some solid performance. >> and what about, perhaps, the most controversial one on the list, i've saved for last, robin hood every day now -- today was t the -- yesterday it was regulators and massachusetts going after them >> i think those are the questions, but then you look at the prospective of, you know, whether these companies go or not, it

we have lots of investments in some fintech partner with. it might be overseas but we are open minded we have got brilliant ideas. give me a call if you are a competitor investment bank and you bring the idea you get the fig. >> i love the angle there. i was trying to think of ideas myself i love the fees he is offering there. were you surprised more broadly that jamie dimon and jp morgan are talking so openly about m&a. >> they can't buy a bank i mean so if you are above 10% of deposits in the united states which they are, buying a bank isn't an option. but i do think that they have been looking at buying, you know, either an asset management in fintech, in software, for a period of time i mean, this is clearly the most explicit that they are being about it but it is very, very clear that as the organic growth outlook gets hotter -- low interest rates are clearly a head wind. trading activity next year is probably hot going to be as robust as it was this year these banks are looking at acquisitions as a way of augmenting the organic growth

and britain would want some sort of access to india's legal profession and fintech and the like.ll be limited and strategic but talking about immigration, you make a good point. the brexiteers really wanted sovereignty and a stop to immigration, particularly i guess from europe. that being the case, barring the hardliners who didn't care about the consequences, the brexiteers, mostly, wanted britain to remain part of the european common market. unfortunately, that looks rather remote at the moment. although i dare say, as marc mentioned earlier, talks could resume in the new year. and i think both sides will try very, very hard to reach a free trade agreement because that would be in the interests of both sides. in the interest of boris johnson's both words, it is a failure of statecraft. that is a long shot. i was talking to a former cabinet minister last night it was on the remain side and he thought this was very, very unlikely. as for extending it beyond the ist ofjanuary, again, he thought that was unlikely. i think marc was right, this issue of sovereignty. it wasn't front

in general, i think that fintech is very important.here are a lot of companies that have been successfully listed. i think a lot of fintech companies will try their best to go public as soon as possible. the authority will also make it more risky. [indiscernible] bytedance, i.t., all expected to go to market next year as well. how much appetite do you see? how big can they be? >> both of them are also clients. for that, i would say entertainment, distance will be very attractive in particular for the new economy. the content and the traffic so important. sectors to have dual listing. you look at those dual listing companies, you can include a lot of them are qualified for the secondary listing. that is why i think next year, secondary listing is still very hot. i love the company may try to have the secondary listing in hong kong in case the foreign investment holding accountable come into place and with these affecting their listing or trading in u.s. willis a trend we expect continue. rishaad: what about primary listing? the markets

tell us where you are on the fintech front. investing intarted a big way the last couple of years.e done from home now. we are that well-prepared now. starting to think about asking them to come to the office a couple days a week. from that perspective we are well-prepared. i think it applies to india at large. it has taught us new ways of working. -- we have aased number of projects in-flight. are ensuring we can take our technology infrastructure to serve our customers at a different level than we did in the past. if we look at the flipside, the rate at which people are embracing technology. people are embracing technology. comeu can do that, you can ahead as it an institution once the crisis is over. , thank: amitabh chaudhry you for joining us. exclusive interview with the axis bank ceo and managing director. warner bros. shocked the industry with their hbo max serving -- streaming service. this is bloomberg. ♪ ♪ juliette: in the most dramatic shift by a hollywood studio since the pandemic began, warner bros. announced all of its 2021 films will stream on hbo max at the same ti

seeing fintech's separately from applying for digital bank license. forward to high probability of open banking regulations. competition ir think is going to stimulate the growth of the market even at the same time that it creates tension between the different participants, simply because we have a huge population and as gdp growth comes forward in the future, we feel that this will be a great opportunity space. i think the other big change is the kind of capabilities that we in the bank need. there's a lot of capabilities we need to build on. we need to be better at -- haidi: we appreciate your time. we have to leave it there. this is bloomberg. ♪ >> this is daybreak: asia. i'm karina mitchell. steven mnuchin has presented a new $916 billion covid relief proposal to house speaker nancy pelosi. it is the first postelection move by the trump administration to break a months long standoff. he tweeted that he has the backing of republican congressional leaders and president trump. the proposal includes money for state and local governments. the plan is s

sg for t >> for the most part, fintech is kind of the place to be.ends being exacerbated by the pandemic are benefitting fintech, cash to car, instore to retail, work from home, general acceptance of technology, so there's lots and lots and lots of companies out there. there's definitely more spacs casing those opportunities than when, you know, when i raised my first spac back in 2018. but we're seeing a differentiation from the sellers, you know, the big private equity firms, the vcs where they are looking to partner with spacs that have kind of proven operators, people that can be helpful after the ink drives on the sale that's our pitch and the sense is 24 hours in that that pitch is residenonating and we're hop we can find a good deal pretty quickly, you know, as quick as we can, and still get a good deal for our investors, making money, taking another company public on the new york stock exchange, and have some fun with it. >> the point, dan loby, is there any bad feelings with anyone with the first spac? he's still around, right and having a -

the officer will be joining us with the vice president later about the role of fintech and what they amid the pandemic recovery. bloomberg. ♪ it's moving day. and while her friends are doing the heavy lifting, jess is busy moving her xfinity internet and tv services. it only takes about a minute. wait, a minute? but what have you been doing for the last two hours? delegating? oh, good one. move your xfinity services without breaking a sweat. now that's simple, easy, awesome. xfinity makes moving easy. go online to transfer your services in about a minute. get started today. in a on the most reliable, pnetwork with xfinity mobile. they can choose from the latest phones or bring their own. and because they get nationwide 5g at no extra cost, they live happily ever after. again, again. your wireless. your rules. your way to stay closer together this holiday season. switch and save up to $400 a year on your wireless bill. and get $300 off when you buy the samsung galaxy note20 ultra 5g. learn more at xfinitymobile.com. haidi:

finally come our fintech divisions, really going investors.or two more countries so we have a fantastic ecosystem. e-commerce, logistics, and ecosystem ishat really going to be helping and we have fantastic data from our airlines and of course the physical aspect of moving goods around. it is a fantastic synergy we've put together. airasia digital and the airline. rishaad: i suppose year food delivery will be called and now, everyone can eat. joking aside, going back to your india answer, i have the feeling you are on the verge of exiting india, aren't you? tony: we will wait and see. i'm not going to announce on bloomberg, but we've great got alsoerships and we are expanding our relationship on the digital front. we are evaluating. at the right time, we'll make the announcement, but definitely our strength is southeast asia and that's where most of our expansion is going to be over the next two or three years. talk about the digital banking license. wone heard ant and grab licenses. where is airasia group on this front? tony: we didn't apply

we have also really increased our focus on impact, and if we revisit a fintech investment opportunity that benefits the longtail, the under banked, so those are the major changes that have happened not just in our calculus but across the industry. what sort of distortions or clarity do you get from the pandemic and the way it has affected consumer trends, the way the lockdown has impacted companies from web md to uber, and how does that affect the way you try to predict what the future is going to look like and what resilient investments are going to look like? technologych of the world is completely fungible. it is one of the beauties of it. we talk about ridesharing company's taking a hit as people stopped going to work earlier this year. now they are behind unprecedented growth. to fit is clearly the game here. there are some behaviors that have just gone bonkers. inyou think about indonesia the fintech space, the country as a whole has had a relatively low personal investment rate. the overall investment rate might be 30%. china is at 45%. that has been growing in a personal fashi

capital restrictions and also banks and fintech companies.s some kind of impact on the investors in valuations. quick response on investor reaction? >> it is interesting that we saw softbank shares rise after the news went out. i think many were fearing even worse, which is that they would have had to stop all businesses. that provides some investor relief. manus: great scoop. and chen tracking ant alibaba. open" is up next with matt miller. this is bloomberg. ♪ ♪ >> good morning and welcome to "bloomberg markets." i am matt miller. rally flies further, global stocks had to another record after the u.s. house of representatives backed stimulus checks. here are your top headlines from the bloomberg terminal. payouts for the people, th

opportunities in cyber, things crypto folks know about, the fusing of crypto and fintech.rry about a lack inflation protection given where bond yields are. i think that is the think is going to surprise people in 2021. you are going to get an inflation scare. bonds are going higher. so real yields go lower, and i think there will be an opportunity in gold and precious metals as well as cryptocurrencies. withusing cryptocurrencies things like fintech and paypal, taking crypto as a payment mechanism. the speed with things, it is like we used to be driving at 55 miles per hour, now we are at 65 miles per hour and we are not going back. the market has seen the model of abundant financing, government focused, intellectual property, and getting a vaccine. that is shifting in the climate space and other spaces and that is going to be the surprise of the next several years, supported by central banks, allowing inflation to go higher, and not epping on the brakes until 2023 or 2024 -- not stepping on the brakes until 2023 or 2024. we have a couple of years, i believe, and abundant

swan one fintech company with a unique view into the startup landscape is brex, which offers corporaterds to small companies that have difficulty getting traditional financing from banks. brex's henrique dubugras joins us to tell us whether what he sees is as bleak at what sequoia predicted. henrique: honestly, we started thought it might be in march and april when the memo came out. no one knew what was going to happen in the world. the recovery turned out to be faster than most of us imagined. startup spending that we see on our platform is at an all-time high, 5% higher than before the pandemic. the biggest difference being, it is not as if startups are spending on the same thing. we had restaurants and now we are seeing increasing spending in software and advertising servers, more things you would expect as more companies go remote. emily: now, your company went fully remote as i understand it earlier in the pandemic, you moved to l.a., headquarters still in san francisco. how is that going? henrique: it is going really well. honestly, it got much better after we announced we were

matt: even the financial services, the fintech companies in asia are doing well.e will talk about that throughout the program. a look at what is going on in terms of the financial markets more broadly right now. first off, s&p futures are up again. after another new record, looks like the rally is set to continue. we can see the dollar weaker, but overall the dollar is trading a lot weaker today. evenar yields are rising, though the arrow is read there. that means investors feel safe enough to let go of the perceived safety of government debt. crude rising as well, up more a bet on the.23 on economy. gains,sing again, big more than 2%. the pound is up as well, although that is not difficult on a day when the dollar is down . is dollar 35% -- $1.3505 where the pound is today. still a strong interest in bitcoin at $26,932. carol: i don't know if you saw this story that caught my attention. bearish dollar bets near decade high as we get ready to wrap up 2020. you mentioned the dollar under some pressure today. we continue to see a lot of speculative traders really be

i have pay pal we mentioned pay pal that one is a met faphor for fintech.e owned it since the ipo will and continue to own it my third pick there is capital one, which is basically a midcap bank that needs to benefit from consolidation. and i think, again, you're going to see a tremendous amount of that in the next three to five year years. you just can't compete there's no way you have any rational reason to exist you need to be 30, 40, 50, $100 billion to rationally survive in this parkt of narrow spreads, the fed controlling the pricing of all your assets, regulatory structure. you need to get bigger i think that's an opportunity for people who invest in financial services. >> you think biden administration is going to be friendly toward bank mergers and the fed is going to allow it >> well, i think the fed will allow any merger that, you know, is not crazy meaning two banks getting together they're going to allow that. that's what you need you need to have bigger banks. i don't think the biden administration is going to hurt us if anything, if they beco

he says it might be software, fintech, it might be overseas.dding if a competitor investment bank brings the idea, it would get the fee. global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. annmarie: thank you. coming up, the brexit showdown. boris johnson heads to brussels with ursula vanda line. this is bloomberg. ♪ annmarie: good morning. m annmarie hordern. boris johnson will hold crisis talks is evening in an effort to save brexit trade negotiations. joining us is maria tadeo. up early again, going to bed very late this evening. can they get a deal done? what is on the menu? maria: what's on the menu, we still don't know. we know it will be a three course meal and it is a dinner that really matters that will be held here between the prime minister and the head of the european commission at the building that serves as a personal office in brussels. ultimately, this will come down to can the iron out some of the differences that have been very well documented over the p

technology, banks have done a good job with this this year but this has beenjf a huge, huge ye for fintech and where i want to be for the >> look the zell.çó year over year payments for zell are up 80% so some of the best players on the planet, like jpmorgan and bank of america. i think it'se embeddede1 inside bank and not being recognized like others. first you have to get the piece dividend for thee banks banksok earnings will benefit fm overo $100Ñibalancillion stage one is the cyclicaljfok recovery from covid and stage two is the technology transformation, which had a detour this year pu but we think gets back on track post-covid. >> i want toe switch gears and get your thoughts on these headlines that goldmane might move asset management operations to florida is that to get ao better deal manhattan? >> the success in the banking industry and for goldman sachs should give more confidence that they cano work effectively with the workforce throughout the country and throughout thele world. remember, goldman sachs at its peak had 90% oft(employees working from home. they already

but buy serve just continues to be the plumbing of software and fintech plumbing for most of the largestredit unions and regional banks in the country. i think that they have about 15,000 different customers and just continue to grow quietly. their earnings per share double digits for 31 straight years that includes the 200089 a8 and9 crisis and the pandemic this year the return is through the roof and they just continue to operate in an industry where no one really is trying to come in and impede on their economic mode and they really have a wide mode because they are the main core banking software for most of the credit unions and then they cross sell all these other different services that are higher margins so it is a nice growth company at a reasonable price. >> there is nothing boring about making money and that chart at least the last couple months looks very nice. jason ware, always a pleasure to have you on. thank you very much. best to you and your >> and on deck, it is your morning rbi. and this one is going to tell you why 2021 may be the year of the traffic jam. but first, i

it might be for an -- it might be fintech. it might be something overseas. we are open-minded. 1-800-di that steve online major at hsbc on line two. quite a remarkable statement from the leader of jp morgan saying, i'm ready to go. tom: the constraints are there. too big to fail and all that. but i must admit, i really noticed that was quite a comment from him, but it really speaks to what you see within this competitive landscape of one great roll up, and whether you will see one big combination as we move forward. catherine manette citigroup has really lead on this thinking. onathan: i want to touch the market for we get to our next guest. we are up three on the s&p 500. another record high, and we add just a little wood of weight to it. through 3700. yields coming up a couple of basis points. no drama here, back to about 94 basis points on the u.s. ten-year. the main scheduled event now on the horizon in the diary is the ecb meeting about 24 hours away. tom: that is the economics of the moment, and that is what we do best here. we are thrilled you are with us on radio and te

and you have fintech platforms integrating with it. vonnie: and central banks talking about it.hank you for joining us, zac prince, blockfi ceo. coming up, softbank joins the spac craze. details next. this is bloomberg. ♪ every year, we set out to do one thing: help the world believe in holiday magic. and this year was harder than ever. and yet, somehow, you all found a way to pull it off. it's not about the toys or the ornaments but about coming together. santa, santa, you're on mute! just wanted to say thanks. thanks for believing. you may already know that goodrx can help you save up to 80% on your prescriptions. unfortunately, many americans can't get to a doctor right now. the good news is that for many health issues you can see a doctor online. it's easy. just go to goodrx.com and with a few clicks you'll be treated by a licensed medical professional all from the comfort of your own home. visits are confidential and affordable. need a prescription? your doctor can send it to your pharmacy or have it mailed to you. get the healthcare you deserve at goodrx.com. vonnie: softb

for the chinese fintech players and large chinese e-commerce platforms, i think you need to incorporate risk. if there is a sense you are moving too far too fast or too powerful, i think beijing is clearly going to cut them down to size. carol: we are going to leave it there. much.l, thank you so michael hurston is director of china over at the eurasia group, joining us on this tuesday. a few headlines crossing the bloomberg. this is coming from president-elect joe biden. he is expected to say later on, make some remarks, from wilmington delaware to say that the trump administration lagging.on pace is he is also expected to say that covid rates are still increasing. what is interesting is that for a long time, certainly after the -electon, president biden was careful in terms of commenting on the vaccine progress, on the virus. but he is definitely coming out at this point, because as we get closer to him taking over, he is concerned about the transition especially as we see these numbers growing. matt: yes, he will want to hit the ground running certainly. are seeingething you now from

rent acenter also higher after acquiring a lease-to-own fintech company as it works to grow its virtualnce shares of rent acenter are currently up almost 10% at 38 and change let's go to sue herera for a news update. hey, sue. >> hello, ty good to see you. as americans continue to work from home and avoid travel in october they drove less. u.s. drivers logged 259 billion miles in october that's according to the u.s. transportation department, but that is down 25 billion miles over the same month last year. >>> as covid tensions spread due to the recently discovered variant, serbia is one few european countries to open its ski resorts. authorities are putting in place restrictions including allowing its visitors to only use restaurants and cafes that are on the resort. >>> and in california, governor gavin newsom is karen teenage again after coming in contact with an aide who has tested positive this as much of his state remains under a stay-at-home order. it's second time in a month that newsom has had to quarantine after a potential exposure to covid-19 you are up to date that's the ne

. >> so we really like the fintech space.e've been major buyers of paypal just creating that platform for folks transacting in the bitcoin space i think has been huge. so i do think there is opportunity there and there is continued run and it will continue to grow the next several years. >> jason stipe, a pleasure to have you back on enjoy this beautiful winter weather and mayor write christmas to you and your. >> thank you very much >>> before we go to "squawk box," i want to have a final comment. and a thank you. of course we've been out there on the road following the vaccineses last few days and something hit me, and maybe it will hit you too. and we've given huge and well deserved could you did hkudos al the top scientists who busted their you know what to get these having a even vaccines out but we also want to thank the people getting them to you and one of them is ray of morris and dixon. we followed ray down to lake charles. the back of his van filled can coolers filled with the vaccines think about this, after the m

unfortunately, we are, we have no choice >> he also said he would like to buy asset management businesses and fintechnies say our line is open >>> shares down about 9.2%, and the company said it had been hack likely by a state sponsored agent. fire eye says there are tools it uses to test the cyber defenses of its clients had also been stolen not exactly clear when the hack took place, but reuters is reporting that the company resetting user passwords >>> and robinhood has reportedly picked goldman sachs to lead preparations for an ipo which could come as soon as next year. and the ipo could value the company at more than $20 billion. retail trading app was last valued at $11.7 billion during a private fund raising round in september. that is certainly one that we have talked a lot about. >> absolutely. a red hot market for sure. thank you very much. >>> and the ipo market has been very hot this year with more than $70 billion raised, that by the way is the most since 2014 two giant offerings are making their debut this week. first out of the gate, doordash, that food delivery service pricing its sha

the deal with fintech acquisition core values it at under $1 billion.lling investment opportunity in the covid era." tozon has agreed to buy -- expand and audio presence. . bloomberg first reported in september that it was exploring a sale. the wall street journal said amazon was in the lead at evaluation of $300 million. also held talks about buying it. let's get back to mark. technology highlight of 2021. was it a highlight in the markets for you? >> at least the phone line is working better this time. look, 2020 has been an incredible year. the key theme, over the year we remember the pandemic. theory books will call it year of the pandemic but from the financial market has not been about pandemic at all. it has been about extraordinary monetary policy. when i look at the forecast we made 12 months ago, the team, they are not as -- partially because the pandemic did not have a big impact. central bankers restored markets from what was happening in the real world in an extremely. rishaad: dollar weakness another theme in the markets this year. many ov

for that if you want to borrow money against your account of the right now this will be marked as a fintechas a comp to interactive brokers which by the way is a $23 billion valuation and has $100 billion this client assets not necessarily about that as we have the intense engagement of a cohort investors of young consumers who the rest of the industry can't really reach very easily and, yes, we've gameified the whole system as jason ha pointed out and it makes you kind of want to win your next trade, and it gives you all these collapse on your smartphone when you do so, and, you know, i guess this is the market we're in. i think take that as a good thing for risk appetite and a warning sign for just kind of how, you know, credulous we are right now. >> and i'm sure there's going to be a whole bit of stories whether the ipo of robinhood itself marks some kind of market peak if we don't see it at that point. let's talk about doordash. the first of two blockbuster ipos this week, and the trading today has just been nothing short of astonishing so its ticker dash, opened just about an hour ago

memory with and fintech. korea also has good cyclical exposure to areas like autos.an, we appreciate your time as always. have a great weekend. man, cohead of equity strategy. as regulatorsback move to cut out while way -- cut huawei 5gway infrastructure. details coming up. this is bloomberg. ♪ the usual gifts are just not going to cut it. we have to find something else. good luck! what does that mean? we are doomed. [laughter] that's it. i figured it out! we're going to give togetherness. that sounds dumb. we're going to take all those family moments and package them. hmm. [laughing] that works. david: as promised, we are talking huawei. the fcc is adding more restrictions on chinese telecom companies and ordering wireless carriers to remove huawei equipment. let's bring in our chief north asia correspondent. he has been tracking the story for us. what do we know? >> we know there are five commissioners on the fcc. two of them are democrats. theseoted 5-0 to make tougher actions against the likes of huawei. they are going to ask and demand the uniteders across state

regulators are considering asking ant to divest some of its stakes, mainly in tech and fintech startupss possible because a possible unfair market competition. no official word yet on the -- from the app group itself. bitcoin hit another record this morning, topping $29,000 and its advance shows no signs of slowing down. it has now rally more than 50% in the month of december our loan, putting it on track for its biggest monthly gain in 18 months. bitcoins value has now quadrupled this year. it is only its 10th year of existence really. -- has overtaken mukesh and bonnie as asia's richest man. is little known outside of china, but has had a career spanning journalism, mushroom farming, and health care. he is best known as founder of -- bottled water maker spring. a second u.s. case of the highly covid-19ioble variant has been detected in california a day after colorado ported the nation's first known infection. it does not look like that is a problem for u.s. equity investments. cio, isgins, coutts still with us. the u.s. has been hit just as hard, if not harder than the u.k. in terms o

to answer that we are joined by cofounder of afintech -- fintech cyber firm., is a different this time? >> it is different than 2017, definitely the economics is different than what we had their , and the drivers seem to be different. among retail investors. rishaad: adoption is key here, of crypto generally and digital wallets in the future perhaps. tell me what you do, in terms of linking up these virtual currencies into the financial network of the world or the financial framework? some of thered adoption of cryptocurrencies and blockchain based assets including bitcoin. we work with financial institutions and help them with three main objectives. the first one is to set up a secure custody of those assets. basically being able to store them securely for themselves or on behalf of clients. the second aspect is around the settlement and movement of those assets for payments and for weer type of activities facilitate a secure link or secure network between the institutions. the third thing, we help them to use those technologies to issue what we call tokenize

at the moment, we know that there is certainly uncertainty in areas like fintech, like interest-rateps. what will the equivalent agreement be? that is something important to watch in the coming months and will be impacted by whether we get a trade deal or not. if we get the trade deal as we expect, we would expect more rapid progress on the equivalents. matt: we will keep you with us for more. jeffrey sachs runs a mia investment strategy at city private wealth. as countries across europe continue to improve fresh virus restrictions, what is the outlook for the region's corporate sector? this is bloomberg. ♪ ♪ matt: welcome back. this is the european open. we are just about 40 minutes, 39 to go until the start of cash trading across the continent of europe. on the island nation of the united kingdom, island nations, several european leaders have afternto self-isolation coming into contact with president michael micron is france. national virus restrictions continue to tighten across the continent. fresh measures today take effect in the czech republic as well as portugal which announc

fintech acquisition corp. values the pair at just under a billion dollars.la analysts say a goal of delivering happy million tasks is complete. tesla will ship -- that is enough to have the target. remained strong in china and is picking up in europe and the u.s. as well. exxon mobil is struggling to raise the $15 billion dividend program. it is indicating it has incurred a fourth straight quarterly loss. something first disclosed back in october. smaller non-cash payments. the company is to release full quarterly results on february the second. coming up on daybreak asia, we will preview china pmi data that is due later on. ing will be joining us to take a look at that. we will hear from the china e.u. chamber of commerce president after brussels and beijing announced their hard-fought investment deal. those conversations coming up. this is bloomberg. ♪ shery: welcome to "daybreak: asia." i am shery ahn. allen.nd i am paul our top stories this hour, the eu china investment deal is finally improved and ends tense negotiations dating back to 2013 and is seen

this week authorities cracked down on their fintech companies to remove bank deposit features on alls. paul, would you be a buyer of baba on the weakness >> you know, it's a great business but there's too much uncertainty as far as what's going to be the play out in china. i think the broader takeaway from this, though, think about it you have regulators from the two largest economies in the world going after some of their most successful companies whether it's justified or not, we can debate. but the fact is that when these successful companies are under investigation or under, you know, lawsuits, it diverts resources from other sectors and causes distractions. microsoft ended up not being broken up by its anti-trust suit but it wasn't a great time for the company's stock as it was under investigation and as that whole process played out >> yeah. i mean, stephanie, first off, comment quickly on alibaba at its own story. secondly, you have to be a little nervous about what xi jinping and the chinese government are starting to do with their ncapitalism in china. >> the stock was down

i like their fintech play, their disruptive automobile play let's go with that one, with the arc investment, your thoughts on chewy? >> yeah, you know, sometimes i sound like a value player. sometimes a growth player. you know, this one the valuation is a little bit hard for me to get my arms around mostly because i'm just trying to figure out how big the moat is is this not a business other competitors could get into and are well positioned and then will they be able to establish the kind of margin that would justify the $38 billion valuation the company currently carries? it is not that i don't think the company is going to grow i believe it will. not that i don't think they provide a good service i believe they do. it's just they have to do something pretty remarkable to continue to grow the share price which is i think what the viewer was asking you can hold on to the shares you hold but i wouldn't be adding to my position. >> the comps in 2021 are going to get real hard our next question hits the bulls eye. >> i'm david martin from michigan my question is about target tgt. recently it'

tracking 20% higher than a year ago and he noted that jpmorgan is interested in asset management and fintechres popping on a report that the company is looking at a new strategy to go private. sources tell bloomberg it could be accomplished by share buy backs by the company specifically softbank could purchase shares until he can force them to sell that's something allowed in japan. >>> we're expecting doordash to trade publicly today they priced the ipo at $102 a share. that was above the revised range of 90 to $95 a share the ipo gives doordash a value of $38 billion we'll be talking much more about the offering a little bit later this hour. andrew >> thanks, becky. >>> as we approach the end of the year the s&p 500 sitting on more than a 14% gain for 2020 still being outrun by very similar indexes. cnbc's market commentator mike santoli joins us >> it's not so much about winners and losers, different degrees on winning the s&p 500 itself, it slowed down a little bit. there's been a couple of failed minor pull back attempts haven't come to anything if you take it from september 2nd, 3.5% a