walmart has a new stand alone fintech company.y are joining with ribbit for modern and affordable financial solutions. this is a separate company majority owned by walmart with financial products for employees and customers. walmart's cfo and u.s.ceo will sit on that company's board. walmart will bring on more independent industry experts they may acquire or partner with some other fintechs. no word when that will launch and what it's going to look like whether it's more banking or payments walmart's partner here, ribbit capital is one of the best known vcs. its current portfolio includes robinhood and credit karma back to you. >> thank you very much, kate rooney. >>> dan nathan, we looked at walmart in very different ways since there was that report that it was interested in buying in part ticktock and now look at it it's in fintech. >> yeah. well, fintech makes a lot more sense than ticktock. when you think of the customer base and how they may not be adequately served by existing financial institutions with walmart's reach it g

jamie dimon said a few things about fintech on the last earnings call.em was that jpmorgan has to be prepared to build wit label products for faangs but build whatever service they want you talk a lot about being partners, enablers to banks and others but can you say that you won't be a competitor in the future as well >> we power two of the largest banks in america, goldman sachs and jpmorgan chase we enable disruptors to disrupt and we've seen where large banks like jpmorgan chase markets can do that. >> you mentioned that, jason, but will you be a competitor is my question? can you build product on top of what you are doing to eventually become a competitor? >> we're not we're a core infrastructure. we are the intel inside. our goal is to power whether it's commerce disruptors, large merchants and large issuers. they have seen what we've done with square cash and after pay and door dash so they're coming to marqueta and leveraging our platform to do that. >> give us a sense -- good morning. it's jon fortt give us a sense of the longer term vision of t

guy: one of the things the pandemic has accelerated is fintech. we have to target the potential fintech through 2021. jamie dimon was talking about it. how much do you think there could be as a reaction to this acceleration? walter: talking about this on the call, jamie dimon referring to tougher, faster competitors coming out of fintech. it is an area they will continue to spend -- i thought it was unfairly given a lot of regulatory oversight. i think that is a possibility. the issue is i think you are a couple of years too late. when you look at paypal or some of these other companies, they are quite large. some of these bigger, more established players, i think that is tougher given evaluation. guy: sue at the spending is like in terms of the organic moves they will have to make. stick around. we have much more to talk about. we will get his thoughts on the vaccine story and the vaccine rollout. what impact that will have. we already touched on it a little bit. more on the stimulus, this is bloomberg. ♪ (announcer) do you want to reduce stress?

but the reality is when we look at the market itself it's such an exciting time in fintech.ption shift where consumers are experiencing digital finance for the first time and we look at the market, look at the business, we really couldn't be more excited for the next phase of growth >> and plaid is now a pretty big target for growth. equity investors, of course, spacs sponsors, tweeting at plaid this week. there are a ton of memes on twitter about bill ackman looking at plaid is that something you guys would consider going with a spac and if not, what's the next step from a fund-raising transaction and our focus right now is on the core business and growth and we're heads down working with our customers in the banks, to help solve this shift in consumer demand we're not focused on the longer term path. we haven't spoken to any spacs >> something that actually happened on the jpmorgan conference call kate pointed out to us where jamie dimon mentioned your company by name and not in a particularly good way, saying people who improperly use data that's been given to them, like

how does fintech disruption change the way people bank?you take on the alibaba playbook, at the very core is this idea of taking data advantage. so fact that they can expand quickly across all these sectors is not just because their bankers are smarter than others. but everything is done based on data. they have your purchase behavior, online search behavior, all this to give them a competitive advantage. society in seeing is china and regulators are not happy about that advantage. in the u.s. and western europe, it is about people having adverse reactions. think it is for innovation to take hold going forward. not only that innovation needs to be great, but the organization in western europe. in china, it needs to comply with the regulator in terms of rules of the game. i think executive needs to think broader in terms of the regulatory regime as well as the reputation of their organization. emily: what happens to china-u.s. relations after joe that takes office given the delisting of some of these companies is tied to an executive order

tom: jon, to me, the great january issue of 2021 is the fintech digital banking thing, and how all ofompanies adapt to it. jonathan: i am doing so well, i considered not coming back. that's why have had the last, just in swing -- just enjoying myself and those mega gains in fintech. the conversation going forward, and how much some of these names have to spend. christian: look, the dollars you spend is one thing. how you spend it is another. clearly if it was just about dollars, the biggest and best banks would stream away. so how do you spend it, what do you spend it on? all of these things matter. but make a mistake about it, here's the banks are focused a lot on the tech spending needs to be put in place to complete. lisa: we are getting bank earnings on a changing of the guard kind of day. we will get the last day of president trump present, and we have janet yellen testifying to the senate banking committee to talk about her nomination as treasury secretary. she has expressed some desire to order banks. what do you look to hear from her today in terms of how she will approach it

joining us is the welab founder and group ceo, a fintech service with 46 million users.have not got there yet, as we emerge out of covid, how does your business evolve? >> thank you, i think covid has accelerated adoption of online financial services, across different aspects. people are moving are very fast. we launch our virtual bank in hong kong in the middle of the third wave of covid. adoption has been fantastic. we see people moving are very fast. 70% of new sign-on customers are 20-40 years old. almost more than half open a bank account with us where traditional banks are not in operating hours, between 6:00 p.m. to the following morning. in terms of online the new platform in hong kong is doing well, we have a lead over traditional players, 17%, reflecting a lot of people not going to branches to borrow anymore. they have opted to borrow from us online. this is a very good time to roll out additional bank and online financial services. rishaad: absolutely, and the thing is with covid, people do not want to go to a branch of the end of the day. when people are imm

of alternative data, more data elements really enhances the predictability of every decision the fintechsthe digital banks or credit card companies doing business are hungry for alternative data we believe and the industry does, too, is more data results in better decisions. as we bring more data elements in like a count acquisition, pay net acquisition we made in 2019, those enhance that decision and result in a better result for the consumer and for the business that's interacting with that consumer. >> mark, thanks for taking the time to talk to us about the new deal. >> thanks a lot. >> mark begor. >>> up next, barking on the market earlierin the hour we spoke to richmond fed richard barkin. the rest of 2021 when we come back new year's resolutions come and go. so give your business more than resolutions... give it solutions, from comcast business. work more efficiently with fast internet and advanced wifi. make your business safer with powerful cybersecurity solutions. and stay productive with 24/7 support. make this year's resolution better solutions. bounce forward with comcast bus

fintech, things like that. that is the thing that has led.: you have been a wonderful optimist in the market and i hope you are awarded in 2021. we got all sorts of emails, articles, proclaiming gloom and caution. what did they get wrong? patrick: i am probably naturally cautious. we did well on stock selection in 2020. i did not go away from equities even once. even in march, we added risk, started buying credit and sold treasuries. i was cautiously optimistic. it wasn't full optimism that he would've led to the incredible returns. we had a very good year last year. exuberance is something that -- something to be scared of. if you are worried about something, the market is very exuberant. everyone was scared in march, and the pendulum swung. the conversations i am sure you are having on your show, people are looking, where do i get return? the question of risk is not front and center the way it was in march. tom: is that symbolized by the ipo market and the so-called spac stocks? patrick: i think it is symbolic, if anything. you can't use tr

yes, i do think it is something that will inevitably come to fintech.ng disrupted. the big shift from active to pass it has led to lower fees and the third big headwind the industry has is proud -- is public to private. that is a trend that the individual retail investor has so far found difficult to participate in. it has largely been the domain of institutional investors. i do think eventually there will be asset management on the app. i think it will be pointed much more towards passive and etf's as you have suggested. as i say, the generation below me is quite more conscious about -- conscious about fees. anna: talking about opportunities, where do you see u.k. finance finding those opportunities? more broadly across the u.k. -- there is a lot of focus about whether we will get the equivalent status with the eu. should that be a preoccupation or should there be opportunity into virgins -- in divergence? martin: if i look at it as asset management, it will make it. the europeans would prefer the asset managers to be positioned globally in markets suc

>> something like fintech. a little company called encino, ncno.his is great example of a company yet to really capitalize on the valuation and growth it has coming. >> one of the best ipos of 2020. i love the fintech ideas. all right, danielle, your favorite or best idea of 2021? >> you know normally don't look at beaten down areas -- i really like the marijuana stocks. m.j., alternate harvest etf and brwg. high short interest. up near the highs on low-priced stock. with the political environment this will be an area you will see a lot of growth over the next five or 10 years. charles: mary jane going higher, pun intended. thank you all very much. the best way to start off the new year particularly on a down day, danielle, mike, joanne. >>> she is a break out star from the 2020 elections. she arrived in d.c. with a bank. we're talking about congresswoman lauren bobaer well tell me why she is challenging the electoral college vote and georgia state representative vernon jones why he is fighting to save the democratic republic, not the democratic pa

you like a firm, fintech public that went public yesterday.e the fintech space but what is it about this stock you really like? >> again here is this idea of social good. you've got a company that is based on pay for installments. that is clearly something our society needs. it is not social as people think. we will not share inmat details of our lives. it will enable people to do things they want and buy things they like to have. good versus bad, that is a company that interests me. probably going to be rocky. probably going up and down, but longer term we clearly need that in our world. charles: nearer term, closer term a lot of anxiety about the so-called taper tantrum. we're waiting to hear from president-elect biden tonight. have you changed anything with respect to your positions or positioning near term? we had a big runup. a lot of folks wonder what will be the next spark? >> we of course tighten up our risk parameters. what i have done ironically enough sharpen our pencil. what do i want to buy if there is a selloff. i'm comfortable w

fintech startup. details are straight ahead it's tuesday, january 12th, 2021, and "squawk box" begins right now. >>> good morning, everybody. welcome to "squawk box" here on cnbc i'm becky quick along with joe kernen and andrew ross sorkin, and as joe mentioned we're watching the u.s. equity futures this morning yesterday we did see a break in the four-day winning streak we've seen for both the s&p 500 and the dow but it wasn't by as much as we had seen when we were watching the futures earlier in the morning. dow was only down by i think it was a third of a percentage point, maybe a little less than that the s&p was down by about 2/3 of a percentage point nasdaq was hit a little harder, down by 1 1/4% this morning there are green arrows, dow futures up 65 points, s&p futures up by close to 10, the nasdaq up by about 50 the treasury market we have been watching closely recently as you have seen an increase in the yields there this morning the yield on the ten-year note is up once again, 1.16%. it does

more than 250, and two of the top five and two of the top five are fintech companies, and square andhime. so they are off to the races for the start of this year. it also makes that visa plaid called off deal interesting. visa for $5.3 billion look like a steal. so calling that off, you can bet that plaid is going to be looking very appealing to some of the stock people, and the ipo market, and the ipo bankers. >> i am old enough to remember when there were 20 ride share companies, and now it is fintech nowadays. and now, turning to intel, and bob swan is shocking everyone saying that he is stepping down february 15th, and somebody named pat gelsinger is with the shares climbing higher, and the shares are on the best day, dom, from march of 2020 and activist hedge fund and dab lobe coming tout say, good job, and are you shocked at the positive reaction since it is just the ceo stepping down? >> no, i am not shocked, because it is an underperformer so long, and reason that activists and investors have been involved for so long, one of the very few dow components that has not recovered

. >> you can be nice when we're not talking about sports meantime walmart is creating a fintech start retailer is going to partner on the project with ribbet capitol. walmart looking to reach customers who don't already have a relationship with a traditional bank or financial adviser. google is being sued by you tube rival video sharing site rumble which is accusing the tech giant of abusing its power by unfairly rigging its search algorithms to put you tube above rumble in search results >>> and facebook says it will remove content that contains the phrase "stop the steal" from its platforms. the company says it's looking to stop any misinformation or content that could incite violence ahead of the inauguration we may be getting a new administration, it may be a new year, but these tech giants continue to be in people's sights as to how much power they have. >> absolutely. after what we saw last week, i think a lot of people are rethinking what we should and should not have online definitely a very divisive issue there. bertha, thank you very much. >>> let's stay on the topic of poli

walmart, they want to join the club, the retail giant announcing the creation of a fintech startup.y, let me start with you, michael you love them as well. do you like the financials as well. what do you think about this move? walmart has been trying to move into banking for a long time? >> i like the decision walmart made. we talked about walmart last week, charles. this is one of my favorite bullish stocks because they're in the e-commerce space, they are one of the best consumer staple stocks. they're going to be benefiting immensely from all the stimulus when people go to spend their money there now they will just take another piece of that pie. banks are making money right now. you have pay day lenders, i have an area of market i like to look at i call the debt bubble. i think walmart will take another piece of this pie. they will continue to grow and we need to continue to invest in walmart's stock. charles: michael, big banks, little banks, got wall street banks, fintech, new players like square, paypal. where exactly under this umbrella, widening umbrella, by the way, are yo

finance is becoming fintech. so, i want l'oreal to be the champion of the beauty tech. think that beauty will be beauty tech tomorrow, and i want l'oreal to be the pioneer, the champion, the leader of beauty tech. and it's very exciting, too. francine: give me a bit of an idea what this would entail. i know you have a laboratory where you make skin. is it the kind of thing where you go through a computer and it says you have aged prematurely and you have to get this cream? or is it more sophisticated? jean-paul: more sophisticated. more holistic and more sophisticated. it's a very top-performing, digital ecosystem. and transforming your company into an intelligent company where data, artificial intelligence is used in every department and where everything is completely connected. and so, this combination of external relationship through digital and internal transformation i think really is the future. francine: so, how will the relationship with the customer change? will beauty become much more about health care, as well, or health? jean-paul: i don't know if it's going

electric vehicles or fintech stocks also penny stocks.any of it comes to a break point, but right now it is holding things together. >> and energy. traditional energy names are soaring today. the group is up almost 4% year to date now. hasn't been that long, but it is up 15% technology is weaker is that a place that you are telling clients to buy >> that's right, sara. i think it has been a very strong start for energy. not every year would we ever want to make the call to say buy energy i think this year might be an exception as we look to more cyclical asets, as we look to add procyclicality to the portfolio. last year it was logged down complete lockdown in terms of mobility we weren't driving, flying, weren't going places hopefully within a few months we will be venturing out into the world. with that pickup comes a higher demand for oil, the transportation fuel. it is not so much about the anticipated demand, but it is about supply demand in this very moment last year we were building inventories. this year we think we are going to b

to it, but that's life on wall street i don't mean to denigrate it but people don't care, if it's fintechand he says you know, we're taking a hard look at bitcoin, then the stock takes another jump, if he says he will look at all sort of crypto, it will take another one and coin base, it double, that's the world we're in, and everyone likes it why not? makes a lot of money >> skeptical >> no. we're also in this world here. never want to forget about it. tomo bravo, you want to say bravo. >> yes. >> their pricing, there's bitcoin, why not why not take a look at bitcoin wow. off the 41,000 number. >> when i look at bitcoin, i wish we could remember, when you were little and you wanted to look at the solar eclipse and your mommy said, you have to wear these funny glasses, so you didn't burn your pupils. there you go was it my retina my retina hurs looking at that. >> even now? it's backed off. >> i don't know, the polar, you know, the cheap five dollar glass, i can't look at that, you need the raybans >> it is that crazy out there. i wish we would -- do you have any ev >> i haven't taken a l

. >> we have had a number of guests on air who have basically said this is the year for fintech. fintech unicorns start to go public, deals made i know you have been covering this closely for a while now in terms of that tech adoption and what it means for the big banks, i am just wondering how some of the different ceos and executives on earnings calls have been categorizing that or talking about it. >> jamie dimon said friday the big banks should be scared bleepless by the threat from fintech. he said this is an area we are investing it, we are on top of, we expect to win so help me god, i think was his full quote check it on cnbc.com for that. brian moynihan i think echoed as he has done eight quarters in a row a similar sentiment with a little more reserved language, which is to point at the enormous growth they have on their apps as well the question, of course, is whether they can be disenter meetiated by paypal and square or whether they threaten smaller banks. they are not going to get the multiple that a square and paypal have, but they are getting cost reductions becaus

a lot goes on in fintech. spacs, ways to evade the traditional ipo market.ompanies to invest in spacs. there is lot of potential abuse. do they actually buy companies? is there exposure? cryptocurrency market as well. we believe he have will be much more even-handed regulator not so much of elizabeth warren carrying on crusades. if you're into spac business, cryptocurrency business, fintech business, early read, gary gensler is coming for you. neil, back to you. neil: charlie, thank you very much, charlie gasparino. we're keeping on top of this story on, abc news story, i notice the ap is running with it as well they have gone ahead and vetted out two national guards men with ties to donald trump or organizations supporting donald trump like maga, what have you. they have been weeded out of the 25,000 plus that are going to be there. this is an ongoing process. we'll keep you posted. hi, this is margaret your dell technologies advisor to listen, is to hear more than what's being said... and offer the answers that make someone feel truly heard. i understand,

beyond that, we see that in fintech, in many of the e-commerce players.ith financial services. companies like a firm -- like affirm have come out. we continue to see more companies fund raise along with the transformation as well. rishaad: we have seen what has happened with alibaba. it perhaps speak to a -- speaks to a wider narrative of antitrust issues in china. this could benefit smaller companies. they are not going to be snapped up arguably by the big boys. have you seen these pieces falling together? >> i think it is going to be more regulatory hurdles in china in particular. this is a challenge not just happening in china and financial , but in other parts of the world where the likes of facebook comes under tremendous regulatory burden as well. by and large, the innovation to facilitate the payment infrastructure to make the service on everything the front more efficient, less friction, those things are still happening as we speak. that continues to be leverage on the strength of the technology, the data we capture on every front with the consume

as the industry adapts and changes in the years ahead, things such as fintech, ai, data, become morethe u.k. and eu will take different approaches. having mechanisms to ensure ongoing dialogue, ongoing exchanges between regulators, hopefully we can manage that process as we go forward. the other key thing is both sides continue to be committed as far as we can tell to high standards. is a commonality we can build on. anna: miles, you think that is a commonality to build on, but how do you make sure that memorandum on financial services leads to something rather than just kind words? important a really point. avoiding anf the eu acrimonious exit. ofre is always the risk political acrimony that would have a knock on effect in financial services, in terms of the ability to trade between blocs. even if there is not a huge amount on the financial services , the deal gives a supply from to build on. gives us a platform to build on. this is going to take time. it is going to take ongoing discussions and interaction between governments, between industry. our counterparts in industry in the e

seems like we've heard this before of it's affirm, a fintech company, raising up $12 million that hasfrom less than two years ago affirm offers loans to consumers with as low as zero percent apr to buy items in installment for technology to fuel that the uptick in e-commerce has been a boon to the model, so has the greater purchasing power of the millennial consumer that has taken to this. affirm with merchants that they partner with, half of the volume conducted through their platform is conducted with zero percent apr. but it's actually interest-bearing adding to the company's top line and that top line nearly doubled since june and 28% of that revenue stems from one customer, peloton customer concentration is a key risk that they highlight in the prospectus i'm sure that will be a question among many others in a first-time cnbc interview with founder matt l evchin heil i'll be tuning in later >> i have the illini a couple times this year. big ten, michigan undefeated >> yep, yep. >> i mean that huge blowout of a pretty good team lose money -- i don't know -- anyway, we digress what

. >> how is the fintech industry and your investments as you think about this one and others impactedy which was the mutual termination of the plaid visa deal this was big, more than $5 billion deal the doj obviously challenged it and sued for antitrust concerns. now it's over. what kind of impact does that make >> i think it's incredibly -- regulators have a really important role in ensuring fair competition. but i think the more important factor is that fintech just as a general category is showing tremendous innovation and lots of benefits for consumers and for businesses and here at lightspeed we've been massively invested in the category we've had over a hundred million dollars invested in affirm but around a billion dollars invested across 35 different fintech companies. you know, ranging from companies like blue vine, carter, affirm obviously and then others. and i think we'll just continue to see that innovation and, you know, as affirm has showed, it is entirely possible that companies can grow and be independent stand alone successful companies without having to rely on m &

how much will fintech firms become rivals as the occ gives charters?t know if it is realistic. they are all trying to figure out how to adapt to new reality. tom: fourth-grader in walmart trying to get into the banking business. [laughter] lisa: they are still trying. you remember that from fourth grade? tom: i was in charge of the family finances. [laughter] lisa: i am sure you are. all-cash. [laughter] tom: i don't have a job. [laughter] matt o'connor, radio and tv, this is bloomberg. ♪ ♪ >> the course of the virus, the pandemic, and the vaccines will determine the course of the future economy. >> the economy has shown fairly good resilience to this third covid wave. >> the street has woken up to the idea of cyclicality being dominant. >> you are likely to see some turn and maybe a pullback. >> volatility kills people's confidence and when you can make a buck. >> if we have recovery in 2021, that's a failure. we need to have a boom. >> this is

fintech has been in the doldrums for some time. stockway do you see that jumping?'m seeing evidence reported on the bloomberg that the buying in that space is picking up. faangs: the and a group of stocks has benefited from the crisis last year, and they obviously have significantly outperformed. our base case assuming that the vaccine is successful, that trend will continue. we don't expect them to crash. this is not like a 2008 situation. these are very healthy, they are doing very well. it is a question of a change in leadership. expect the more beaten-down sectors to start taking leadership from these guys. guy: it has been great to catch up. happy new year. thank you for your time, maneesh deshpande of barclays. this is bloomberg. ♪ wanna lose weight and be healthier? it's time for aerotrainer. a more effective total body fitness solution. (announcer) aerotrainer's ergodynamic design and four patented air chambers create maximum muscle activation for better results in less time. it allows for over 20 exercises. do the aerotrainer super crunch, push ups, aero s

hard to know for sure, but when you look at the ipo's we have had in fintech, the appetite, the demands there. i want to pivot something quickly, what's going on in the ev space. gm shares closed at a record high yesterday. a lot of enthusiasm in this space. they are working on a commercial delivery vehicle for for and it makes -- vehicle for fedex. if you want a piece of that, you look at the eco-. it has nothing to do with the economy. the clean energy index is basically a proxy for what has been going on, not only in the ev space but for solar power as well. on a six-month basis, you are talking about a 180% price return. you compare that to the s&p or even big tech, you are getting about a 30% return. tom: appreciate that. lisa: talking about tech ipo's, the affirm ipo that was so successful, razzie's -- successful, raises an issue. someone said the ipo flurry is out of control. mark howard, not howard marks, joins us now, senior multiaxis specialist. let's start with those tech ipo's. is this a sign of a frost that is a sign of caution to you? mark: good morning, lisa and tom. it

and walking away from the takeover of fintech company played. deal was aimed at expanding the network services. the government said lisa was buying -- two avoid an emerging threat to his online debit business. that is the bloomberg business flash. francine? francine: thank you so much. this is what the markets are looking at. they are looking at treasuries, at spreads between the u.s. ten-year stocks climbing. and that it will keep an easing monetary stance for as long as needed. the other thing i am looking at is a bit of support in equities because of m&a news, rallying 10% after an offer from a canadian supermarket. and oil prices rising for a seventh day. tom: to washington uncertainty -- and a nod to the pandemic with more than 4000 people dying yesterday. a frightening reality of early may for that in the united states. but the awareness of massive stimulus has given the market stability here, given all the uncertainty. one measurement of that stability in the yield space, point to spread, one figure yesterday, one percentage point differe

the private markets, and you've got another guest coming on later, i think in the private markets, fintechtinues to be underappreciated and perhaps surprisingly so given how well it's doing in the public market. you've got companies like square that are as public companies up almost 100 fold from their ipos a year ago, and there are a number of companies in the private market that we are super excited about and continue to be underappreciated in the private markets. emily: you mentioned an alternative payment solution. where are you placing your bets, and how do you see the future of work of all vain given nobody -- evolving given nobody knows where we are going to be working , whether or not we are ever going to go back to the office. dick: it got dark for a second. i think we are going to go back to the office. collaboration tools and the ability to automate anything that was previously a manual process is going to be vital and critical because some percentage of work will be remote going forward. whether that is 10% or 95% remains to be seen, but it's not going to be close to 0% anymore

roessner currently ceo of left terrace acquisition corps which is look to go acquire a company in the fintechhappy friday it's good to see you >> good morning, carl. thank you. it's nice to be here >> i want to talk a bit about sort of robinhood reputational risk and all of that it sounds like the most important thing you're trying to get across is the urgency of the s.e.c. to start to draw some guidelines, otherwise we're going to continue to see interest and money continue to flow in and heat up the space. >> so, i think, that's right, carl i think it goes back to the first steps in trading and investing is extremely important. it started a movement a long time ago when etrade dropped the first trade over the internet. but you flash forward to today and with the accelerated adoption of it technology as a result of the pandemic as well as the willingness and necessity really for folks to interact with their finances remotely and you begin to see more and more the leveling of the playing field that's being pulled forward for retail investors so you couple it with the execution speeds, their w

year than the annual transaction volume of venmo, paypal so more usage than some of the most popular fintech products. so there are people using this and it has been kind of a misconception of bitcoin that there are no use cases what we're actually seeing is not only are the retail users using this for payments of goods and services, but now we're even seeing corporations, square and micro strategy, putting it on their balance sheets and you are starting to see the narrative pretty quickly and it is transitioning from what used to be a contrarian trade to a consensus trade and i think that this is where you are getting the repricing of the asset as more and more folks on wall street come into the asset and want exposure. >> can a product that is so volatile be a decent medium of exchange looking at the 30 day annualized vol, it is something like 100% how can that lead to widespread adoption if the underlying product is so volatile it will scare investors afrom using it >> volatility is not a bad thing if it goes in your favor if your asset continues to appreciate and increase in purchasing p

highly critical and openly critical of chinese regulators when it came to the, not only to ant also to fintechly. since then he has gone very low profile, but as to whether -- there's speculation he might have gone missing, but here in china people have talked more about how he's being pretty quiet and people close to some executives say he's been traveling back and forth to beijing for the past couple of months, that he is still in town one other -- one other expectation here is that, that he -- that the government wouldn't necessarily want to go after jack ma himself, and that maybe they would try to rein in the company, ant first, then alibaba instead. the reason for that authorities here are in a situation where they want to make sure that they encourage or at least are seen as encouraging entrepreneurship at the same time keeping them under wraps. >> uh-huh. yeah let's hope jack ma resurfaces soon there very interesting story growing on ma. thank you very much, live from beijing. >>> all right. coming up, president trump urging, prodding, pleading with georgia's top official to overturn p

still on deck for the show, tiktok's owner, speaking of china, making the jump from social media to fintech ecommerce. details on the new payment plan from that company coming up after this break >>> today's big number, 90%. that's how much overseas air travel was down in 2020 compared with the prior year according to the international air transport association. international air was among the hardest hit travel segments ri t pdec. sofi made it so easy to pay off my student loan debt. they were able to give me a personal loan so i could pay off all of my credit cards. i got my mortgage through sofi and the whole process was so easy. ♪ express yourself ♪ ♪ ♪ express yourself ♪ ♪ does your vitamin c last twenty-four hours? only nature's bounty does. new immune twenty-four hour plus has longer lasting vitamin c. plus, herbal and other immune superstars. only from nature's bounty. >>> welcome back to "worldwide exchange," let's check on this morning's other top headlines, nbc's frances rivera is in new york with the latest good inauguration morning. >> good morning to you a very busy day ahead.

. >> when you say tech are you talking about the megatech stocks or things like fintech or some o.ike a zoom that we have seen explode during the pandemic. >> the bulk of our positioning in the tech sector is the semis and the software side. we have exposure to microsoft, googles, the facebooks of the woorld, but we're seeing a lot -- of the world, but we're seeing value on the smaller derivatives, the leading provider of microphones that go into consumer electronics, this is a play on the apple phone cycle which was very very strong yesterday. these guys are selling into the smartphones, the wireless headphones, the pcs, the tablets, they have mics in all of the hottest products in the consumer market, and technically it's trailed the russell 2000, as well as the tech sector that's a relative value trade we're seeing that is probably fair value in the mid 20s. it's below 20 bucks right now. >> we had an earlier guest describe faang plus microsoft as a defensive play do you agree with that or are you rolling into cyclical plays, like industrials and materials. >> industrials has be

>> caller: jimmy chill my stock is ncno, a fintech company that offers banking operating systems. their clients are b of a, barclay's, suntrust bank, and others you had the ceo on back september 10th when the stock was $80. you recommended it the stock just hit a low yesterday of $65.32. are you still recommending the stock? >> no, no, no. i am rerecommending it strongly. i frankly don't understand why this is a $6 billion stock i think that some big organization brokerage house gets behind this thing and you see a major move these guys are for real. don't be confused by the stock action the stock action is wrong. let's go to david my home state of new jersey. david? >> caller: how are you >> i'm good. how are you? >> caller: good. thanks for taking my call. i appreciate all of your thoughts on cnbc, early in the morning. me and my wife. >> you're very kind. i am happy to be able to try to help you let's go to work >> i know it's been downgraded yesterday and i've been holding that for a while and just wanted to know what it looks like for the 2021, for this year. >> yeah, here's

. >> paypal, i love fintech. you know that.w 30. had to get it. macy's got out of and bought some exxon because it was on a dip and bank of america, brian moynihan is leading from the top on a number of things and that stock will be rewarded. >> quickly did you sell macy's because it was sort of caught up in this, too, and had big surge. you sold it on the big pop >> it did. i had a price target and i said i got to get out it popped to almost 20, 21 bucks and i got out around 17. no knock against macy's. it was a trade at the time they can turn the corner but will take a while. >> josh, final trade, quick? >> uber. >> rob you got less than ten seconds. >> wd rotate into value, scott >> thanks everybody. "the exchange" starts now. >> lilly lilly, scott >>> hello. welcome to "the exchange" everyone i am brian sullivan, shaking off limits robin hood and others cutting off trading for red hot stock. shares are collapsing and also halted and some are beginning to cry foul as those shares fall the overall market goes straight up as i

. >> hey, good morning to you again, frank visa dropping its planned $5.3 billion takeover of fintechtware start up plaid. the decision comes a couple of months after the justice department filed an anti-trust lawsuit saying the tie up would limit competition in the payments industry. >>> president-elect biden is expected to name gary gensler as his pick for s.e.c. chairman he has experience as a regulator, ran the trading commission during the obama administration, and served in president clinton's treasury department. >>> and you tube is suspending president trump's account saying he uploaded content that violated its policies. the white house was also issued a warning for violation, and told that it could face the same suspension the president's account has nearly 2.8 million subscribers and normally posts several videos a day truly unprecedented, frank back over to you. >> you know, we're definitely in historic territory right now thank you very much for those headlines. we appreciate it as always. >>> a new survey shows that the state of the nation is the top concern for investor

the fintech company making that move saying the president violated its policies against encouraging violence that's not the first time. the company has disabled accounts in the past in the wake of violent acts. a lot of consequences when it comes to fund-raising, frank. >> absolutely. stripe joining a number of other companies taking a stande speak nancy pelosi says, lawmakers plan to move forward with impeachment efforts if other attempts to remove the president fail tracie potts joins us from washington good morning >> reporter: good morning. with just nine days to go in his presidency, hundreds of lawmakers say they want the president out of office early. how to do that the 25th amendment argument seems unlikely to happen democrats are pushing for impeachment but it's not clear if there's enough time the house of representatives plans to introduce articles of impeachment this week. house speaker nancy pelosi last night on "60 minutes". >> this president is guilty of inciting insurrection. he has to pay a price for that. >> reporter: multiple sources tell nbc that vice president pence is u

to follow up on that i spoke with a fintech expert. >> i think this is going to be a good test of regulationss to and what is not allowed and what is considered to be manipulating the market. is reddit manipulating the market? not really. it is a combination of open source discussions around stocks and around investing and the market itself. >> now, that is reddit users and short sellers we're talking about. they weren't breaking any rules. but robin hood the stock trading app, even u.s. senators are accusing robin hood of breaking the rules. we'll probably see that ceo again answering questions in front of the u.s. congress. bitcoin another trendy investment wall street tends to keep a wary eye at wondering if bitcoin supporters have rational reasons for bidding the price up. it is up 14% today in value after elon musk put the word bitcoin in his twitter bio #bitcoin. that's it. one of the world's biggest supporters is tim draper, he has a school for entrepreneurs in san mateo. he calls it draper university. he is threatening to move that school to texas or maybe redwood city after the san m

next crisis, and then really turn our eye to the areas of places like unregulated entities, perhaps fintechs and the like. that is where the next area of focus should be in terms of those regulations for the next future problem. francine: do you agree with that? are there parts of the market that need structural reform? >> yeah, and i would concur that i think our banking system is very healthy right now, and the central bankers by and large have done a terrific job with a crisis that none of us could foresee, and still we are working through it. but if you take a step back, the bigger issue i think is how do we get the economy going again, and how do we start growing? where do we find the ability to invest the dollars into the company's that need capital? that is where i think you see private capital come into the equation to make loans to more companies that can't get access to capital right now, or to grow , to help partner and grow companies that are trying to create new business models, new systems to deliver products and services that people want and businesses want. to me, it is less

to follow up for that for you, i've spoken with a fintech expert. >> you know, is reddit manipulating the market? not really. it is a combination of open source discussions around stocks and around investing. and the market itself. >> reporter: those are the reddit users he is talking about. the short sellers we said they weren't breaking any rules, no obvious rules anyway but robin hood the stock tracking and trading app even u.s. senators are accusing robin hood of breaking the rules. we'll probably be seeing that ceo from robin hood in front of congress at some point. >>> bitcoin is another trendy investment that wall street tends to cast a wary eye at wondering if bitcoin supporters have rational reasons for bidding bitcoin up. it is up 14% in value today after elon musk put the word bitcoin on his twitter bio. he typed #bitcoin. one of the world's greatest and biggers supporters of bitcoin is tim draper. he has a school for entrepreneurs in san mateo he calls draper university. he is threatening to move that school to texas or maybe redwood city after the san mateo planning commi

70 billion dollars in 2020 next guess at hel men and women of acquisition a spak that focuses on fintech ceo of goldman sachs, acquisition corp macklin azhar great to see you. thanks very much for being here we are getting a lot of bank earnings out this morning, bank of america, goldman sachs, and, of course, focused on those capital markets, one of the things that really drove capital markets was spaks ipos tell me capital markets action what you have seen in that regard. >> good morning, maria. thanks for having me on your show good to see you yes capital markets have been really, really strong as back end last year continue so far this year, particularly in stocks that as you probably notified, 53 spaks raised first couple weeks of january, over 20% of all stocks raised last year a record in itself 84 billion actually raised last year in spaks, already 15 billion raised so far in january, so, tremendous you know, demand continues to go into the spak, space, and that is really driving the market on spak side -- not only focused on but huge beneficiary of that you probably saw last yea

fintech resolute has asked for a full banking for overdraft loans and positive accounts.ce with its app with no overseas fees. at $5.5 billion in a private fund-raising round last year. we are joined by the founder and ceo of resolut. good to speak with you. interesting to see you apply for this banking license. -- do you find the u.k. by banking market so attractive given how much competition there is from both the incumbent high street buyers and plenty of startups. nick: the u.k. is our number one country. we've done a survey and asked customers what would make them put even more money through resolut. it was banking and deposit insurance. that was why we decided on the u.k. matt: what are your expansion plans? how will this help you rise to another level? -- live in realizing , theuntries, the u.k. u.s., japan, australia, singapore. we are setting up in several southern -- other countries, asia, india, brazil, mexico, korea and a few other small markets. to expandare looking in a number of locations. in terms of the u.k. story, is this the first time you've asked for

the move is aimed at protecting its most lucrative business as the mainland fintech scenario changes.ays domestic and international pressure on alibaba means the stock is increasingly attractive and investors should consider buying in. shares fell again amid continued scrutiny from china. alibaba is under investigation in beijing for alleged novelistic practices and faces a potential ban on investment from the u.s. engine baidu is planning a second listing in hong kong that could raise more than $3 billion. it says it aims to sell shares in asia in the coming months, offloading 9% of its share capital. the numbers are based on baidu's valuation. capital andapanese surrounding prefecture are under a month-long state of emergency as the prime minister tries to stem record infections in tokyo. our policy editor joins us now. the prime minister pledging last night to improve this situation in a month. how likely is that looking? hard to say, obviously, yet, but one thing to note is -- itt works pretty well worked pretty well at controlling the infection, albeit at the cost of triggering t

still ahead from hong kong, we will examine the fintech environment in the city.rtual banking services. the cofounder and ceo joins us exclusively. plus, we speak exclusively to the chief operating officer of tcs joins us next. this is bloomberg. ♪ ♪ anchor: this is daybreak: asia. i'm karina mitchell. china has decided to section some u.s. officials over washington's reversal of decades of policy over taiwan. measures will be imposed in response. health secretary alex azar visited in august, provoking an angry reaction from beijing. china is accusing washington of lies and conspiracy theories after the trump administration claims it has new information suggesting the coronavirus may have come from a chinese lab. officials say a state department notice on the virus last week is full of fallacy. in their words, it is the last madness of secretary of state mike pompeo. meanwhile, the u.s. is sending b-52 bombers into the middle east. tensions with iran continue to rise. tehran is stepping up military exercises ahead of the biden inauguration. response will begin tue

state owned banks to being pawnshops, and saying regulators were not keeping up with the times in fintechwas a much more humble, even though it was only about a minute, and he didn't talk about the client down, -- clamp down, it did provide a boost to alibaba shares nunnally in new york but here in hong kong. the stock rose as much as 11% after coming out of the lunchtime break, creating 63 billion dollars in market value in the u.s. and in hong kong. it pulled back a little bit, $58 billion only. a boost to the stock yesterday. we will get another reaction today, as investors get another chance to react later today in 45 minutes when 9988 hk reopened for trade. shery: as you said in the beginning, jack ma is not in the clear as of yet. what do we know when it comes to beijing's climbdown and the new rules they have to abide by? stephen: i think this is going to be a long process. china is in the middle of revamping their anti-monopoly laws which they finalized back in 2008. lots has changed in the chinese economy, with the emergence of these huge tech titans like alibaba, like tencent, a

talk about twitter's actions and actions from other social media companies, we are hearing that a fintechompany that handles payments for online businesses has stopped processing payments for trump's campaign website, fy cut ties with his e-commerce and merchandise sales. what are the expectations? we are hearing democratic leadership is intending to drop new articles of impeachment. ros: exactly. we believe the articles will be presented on the house floor on monday, and a few hours after that, nancy pelosi and her top lieutenants are supposed to be talking to the democratic caucus about the road ahead. we expect to see a lot of action this week. one thing democrats are concerned about is going through with impeachment and basically the running of president-elect joe biden's first days and weeks in office with an ugly impeachment trial. so they have tactics to avoid that, they could impeach and not send articles to the senate, that's one thing they could do. there are definitely some republicans who want to see president trump gone before the end of his term, as you said. pennsylvania's

tas of fintech company's sofi's move to go public when we return ne in the s&p 500,es even if their sharesost more. at $5 a slice, you could own ten companies for $50 instead of paying thousands. all commission free online. schwab stock slices: an easy way to start investing or to give the gift of stock ownership. schwab. own your tomorrow. >>> take a look at these shares social capital it's up 58% on the news that this will indeed acquire sofi. it includes the more than $2 billion in cash proceeds infused from both the merger and the corresponding buy. they ask members to borrow and save their money it is put at nearly nine times value. this is the fifth iteration. his previous acquisitions include -- >> leslie, we will watch it. thank you. >>> straight ahead, why nelson peltz is apologizing for voting for trump in november. next we're excited to do business with you but before we sign i gotta ask... sure, anything. we searched you online and maybe you can explain this? i can't believe that garbage is still coming in. that is so false! frustrated with your online search results? call repu