fintech space we've been talking about.aypal and square up 160% and 170% respectively over the last year is this froth or do they simply represent the new way? >> paypal's and square's performance extraordinary last year this is what we do for a living early stage to try to make things become those big companies. once they succeed they get bigger than people realize i think it could be reasonable how they're valued. >> so what does it mean for the, the legacy guys? the big banks that we've heard from, jamie diamond this year saying probably needs more regulation >> jamie diamond is terrified by the fact he can't keep his best people the most talented people don't want to be in banks. not allows to the creative and do things. regulators nair life hard. al cool stuff and smartest people are leaving goldman and joining tiger and start-ups. financial capitalism sucked dry and destroyed by this government centralized regulatory system and all the smart people are fleeing and doing creative things jamie dimon, of course, wants to

. >> that industry fintech with 11 on the list.egory robinhood number one on the list it has more than 20 million users. it hasn't officially reported the number since the 13 million it disclosed a year ago. we're expecting its public s-1 filing on the road to ipo soon robinhood is joined by other consumer-facing services chime, new bank in latin america and tala in india and emerging markets and ripple which is about global payments. there's more b2b fintechs on the list stripe the most highly valued on the disruptor list and marqeta issues digital credit cards and brex is a tool to power small businesses expense management this all reflects a surge of vc funding into fintechs, $46 billion has been invested globally just so far this year already that's more than the $33 billion that was invested into fintechs all of 2020 that vc investment is following consumers accelerating their a deposition of fintech solutions as a result of covid lockdown and only 20% of consumers say traditional financial institutions are evolving fast enoug

david: let's talk about fintech.ince you first got into the financial world, the fintech revolution has really changed banking and financial services. how does the fed to regulate some of these new fintech companies that are really not subject, under the traditional rules, to your regulation? are you worried about your inability to control some of these companies that might have an enormous impact on the economy? chair powell: in the financial area, the key thing is that equal activities -- the same activity should be regulated the same way no matter where it is, no matter what kind of business it is in. that is one thing. it needs to be regulated in a way that gives consumers and users of that service the protection that they need. so they have to understand what the risks are in what they are doing and that sort of thing. i think with the growth of the, you know, non-bank financial players, we have some work to do to understand them and deal with those challenges. in the meantime, we have the legal authority we hav

john, fintech is a winning trade whether it is the private or public market.y >> fintech is a great accelerator in the pandemic. we were moving to a cashless society before covid and now advanced further so we think this theme has a long way to run and a way to play it is finx which is the globalx fintech etf owning a basket of stocks to benefit from the trade and also to get exposure to sort of a crypto network infrastructure play a lot of these companies have exposure to that. we think it's an investment trend with a long runway ahead of it. >> bill, two names >> i like ally financial a lot it is cheap. nowhere in some of the valuations of the fintech companies but the stock has melted higher. i think we get to 61 here near term point of sale stuff. ai on loans. marketing very well. another one i like is paypal i own it and square but paypal with great technicals right now. held good support why above 260 it could really start to run and looking at $300. thank you both and a note, nbc universal and comcast venture are investors in acorp. cnbc has a strategic

. >>> when we come back, a rare interview with fintech investor chris flowers.inking about the future, is human nature. at edward jones, our 19,000 financial advisors create personalized investment strategies to help you get back to your future. edward jones. this is hannah - she's a posh virtual receptionist. when you're busy, she answers the phone. thank you for calling the anderson group hannah speaking. when you're in a meeting, ashley can take a message. she's not available, but i'd be happy to take a message. and if you're stuck in court, lisa will let your clients know. thank you, mr. decker will call you back as soon as he's available. when you switch to posh, you could save up to 40% off your current service provider's rates. you can't be in two places at once, let posh answer. posh virtual receptionists. [typing sounds] [music fades in] [voice of female] my husband ben and i opened ben's chili bowl the very same year that we were married. that's 1958. [voice of male] the chili bowl really has never closed in our history. when the pandemic hit, we had t

alibaba took the brunt, as well as its fintech arm, ant, which is being restructured.is, what is going to half to the fintech business of tencent if they are not going after the big tycoons, they are going after risks fintech businesses and unregulated lending and business management services and the like are posing to the larger chinese economy? this is what martin lau, the president, had to say this time around about those regulatory risks. they spent a lot of time on the conference call talking about it. he said basically, when they look at their internal review and things they need to do to stay compliant with the spirit of regulators, he says it is relatively manageable. so stay compliant is relatively manageable. he did not go into the details of what is relatively manageable and how they are going to do that. but right now, they are saying they are moving on and complying. shery: meantime, they are posting better than expected growth in revenue. stephen: 25% gain in revenue, the estimate was 24%, so broadly in line. net income did pop up significantly because th

and it will scare away state legislators from promoting fintech. if you believe financial innovation and competition are good things for consumers, as i do, then you should oppose this c.r.a. for all these reasons, madam president, i urge my colleagues to join me in voting against s.j. res. 15, and i yield the floor. a senator: madam president. the presiding officer: the senator from indiana. mr. braun: today i'm proud to join my colleague, senator coons, in relaunching the bipartisan senate a.l.s. caucus. currently there are no effective treatments or cures available to stop or slow the disease, and we still do not know what really causes a.l.s. more than 5,000 americans are diagnosed each year, yet there is no a.l.s. survivor community. individuals diagnosed with a.l.s. and their loved ones rely on their elected officials to advocate on their behalf. that is why the mission of the senate a. l.s. caucus is to raise awareness about the difficulties faced by a.l.s. patients and their families and to advance policies that improve their quality of lif

pay or we bank their overall fintech arm is going to face that kind of scrutiny.eard yesterday from executives of their music business saying we are under regulatory scrutiny, but they would not comment further on that. there is scrutiny, but is that going to lead to a crackdown? so far, the company is doing well and that is what we are likely to see in the results that we will get after the markets close today. believe me, a big pop in revenue and operating profit could go a long way in helping assuage some of the fears that investors have. look at these analyst calls. 63 buys. three holds. zero cell. this stock was 766. now it is 607. analysts basically saying if there is no regulatory concern, tencent is very attractive in terms of valuation. it is a defensive play within the tech sector since they don't burn cash for their core businesses like alibaba and others. it is stuck right now under the threat of regulatory action and the reality that tencent is a giant in social media, a dominant leader in music and gaming online. shery: another giant out with results

you see what square has done with square capital, fusing fintech, e-commerce, and social. best we have ever seen. that's why when you ask me where does it stop? for the near future for the immediate future, that pie is getting bigger and bigger. emily: let's talk about that pie. you are looking for a potential ipo. when should we be watching for that to happen? how big is it going to be? hans: you will see the announcement at the end of the year. it seems that the company is growing nicely and there is no immediate plan for an ipo. emily: speaking of tiktok i probably ask you this question before but since the landscape is constantly changing, i wonder what you think about the loyalty to tiktok, given the fact that it is about a quick fix, getting that fixed in the moment. do you see tiktok being a sustaining, long-term platform, or do you see a shiny new platform that potentially comes along and steals that thunder? hans: tiktok has been able to achieve -- it is amazing. i was a frequent traveler before covid. whether it was going to sao paulo or bangalore in the south as

. -- fintechs- — this emerging consumer. -- fintechs. the _ this emerging consumer. —— fintechs.for future expansion.- the us to raise funds for future expansion. they have forecasted _ future expansion. they have forecasted very _ future expansion. they have forecasted very good - future expansion. they have l forecasted very good numbers but i think the devil is in the detail. how are they going to realise it and how will it come to fruition after the merger and once they are listed, i think investors are going to continue to be vigilant and watch this way carefully. grab is not the _ watch this way carefully. grab is not the only _ watch this way carefully. grab is not the only one _ watch this way carefully. grab is not the only one targeting growth in financial services. southeast asia's shopee, graduate and the korean business are also entering the fray, driving away the competition will be key to grab's success. karishma vaswani, bbc news, singapore. stay with us on bbc news. still to come: the new popularity of lavender! mostly associated with the south of france, it's no

fintech was the strongest business arm in q1, growing 47%.eached almost 49 billion. it was the strongest part of tencent for margin expansion. the fintech business in q4, analysts bombarded martin allow on the conference call. he kept saying we are dealing with the regulation. i think they put the fintech regulation behind them by adhering to the new rules. sophie: we are seeing strong results from chinese tech companies. which are some of those companies that could benefit or get hurt by these regulatory issues? brendan: we like to think that in the case of alibaba, by paying the fine, they have put it behind them. that leaves a number of players that have yet to be fined. at the same time, this regulatory overhang has weighed on the sector in the second half of the first quarter through the start of the second quarter. the size of the anti-regulatory segment. you have the archegos unwind. you have a cyclical rally at the expense of work from home growth securities. the fundamentals have never looked stronger for the space, and yet the chart

i worked with a business that i hoped would be a uk fintech| that i hoped would be a uk fintech industryraction with the government _ taxpayer? my interaction with the government is — taxpayer? my interaction with the government is because _ taxpayer? my interaction with the government is because i - taxpayer? my interaction with the | government is because i genuinely believe these were good ideas to help small businesses. of course, this business went into administration, it failed, we need to learn the lessons from that. and i look forward to reading what your committee has to say about it. but what i don't accept is that it was a business that was predetermined to fail. at its heart was a simple and goodidea fail. at its heart was a simple and good idea which was to go to large corporate companies like airbus... you don't believe it was a ponzi scheme because that is what lord minor told us. ii scheme because that is what lord minor told us.— minor told us. if you take the airbus example _ minor told us. if you take the airbus example which - minor told us. if you take the airbus exa

we talked about new areas, fintech is under regulatory scrutiny, but the fintech/cloud division is up. profit margins combined with regulatory uncertainty have hammered this stock, losing more than $200 billion in market value since january 25 and again, it is down today. martin allow, president of tencent, on the conference call yesterday saying the pressures and compliance on regulatory issues for tencent going forward are relatively manageable. he didn't say how manageable or what it entails, but they are trying to assuage the fears of investors that there is a bigger crackdown coming down like what we saw with alibaba/ant. yvonne: thank you, our chief asian correspondent. if you want to learn more about the china crackdown, watch redlines china on youtube. haslinda: asian market looking flat right now, giving up gains. china down 1%, investors flip-flopping on whether inflation is a concern. i think they are trying to decide if it is risk on or risk off. the thaiex up despite concerns about a full lockdown as they grapple with the virus. we had some suggesting a 10% downside from

why do you think fintech is having a moment? a large industry, payments have been around as long as businesses have around in some ways. we as a company have focused primarily on simplifying the payment experience for billing companies, insurance, consumer finance, health care, and what we are seeing is it is not necessarily just a moment, it is basically the way the businesses will be operating going forward. we believe our platform fits exactly the type of platform that billeting -- that billing companies are looking for. emily: paymentus does work with paypal. i'm curious how that partnership works. >> we have a great partnership. both organizations are focused on customer-centric innovation. we are all about improving customer experience. as part of that, we have chosen paypal as our partner for global processing of payments, and paypal has chosen to partner with us to use our technology to bring payments into paypal's customer experience. emily: you also partner with amazon and walmart, and given all the scrutiny on amazon

defi is what fintech has always wanted to be.intech is digital tech with the same antiquated structure, whereas defi is building a new structure from the ground up. financial services built on networks like ethereum. these applications are an aggregate generating between $10 million and $50 million a day in revenue. there is very significant adoption and traction within defi broadly. joe: i have been trying to get my head around it, and one night -- what i see is extraordinarily -- extraordinary technology super advanced, where miners , extracting value. flash bots arbitrage ring different trades waiting period -- different trades waiting. but what is the point? all i see is a lot of treating of coins and it is more quaint things like balancing and lending coins. where does this bleed into the real economy where it starts to compete with transactions that i get from a banker? spencer: you are right, you rattled off a lot of the most interesting things happening in defi. longer-term, these are always on money for seven services. t

we have to continue to consider the fintech growth opportunities that we find very exciting right nowwhether that is something well-known like a paypal, or something less well-known. there are a lot of changes going on in innovations, cryptocurrency certainly one of them. right now, it is a speculative and volatile asset, not for the faint of heart. shery: what about the giant tech names that have stretched valuations? because it seems that a lot of investors have been dumping them given the inflationary risk. >> we have certainly seen a lot of them pull back over the past month. look at the bank stocks and tesla, they have not done particularly well this month. the higher inflation risks that we are seeing, some people are a little bit worried that the rising commodity prices and other price increases they are hearing reported could suggest higher inflation longer-term. the fed is saying this is transitory. it is something to watch, but it has pulled back with high multiple stocks. in addition, we are also seeing people rebalance. because the global reopening, as uneven as it is acro

you can see whether it is genomics or internet or fintech or space.est of those etf's, they are all down. i don't know if you can necessarily make a link like you did in this case with the unprofitable tech companies and arc innovation, but still, they are down. alix: the space etf has deere in it because they will make stuff to get you to space, so it is a little bit squishy on the edges. dave, thank a lot. bloomberg's dave wilson joining us there. another story we are watching his gary gensler facing the house financial services committee at noon here in new york. we will break that down with ben eifert, ovr cio. this is bloomberg. ♪ ♪ ♪ look, if your wireless carrier was a guy you'd leave him tomorrow. not very flexible. not great at saving. you deserve better... xfinity mobile. now they have unlimited for just $30 a month... $30. and they're number one in customer satisfaction. his number... delete it. i'm deleting it. so, break free from the big three. xfinity internet customers, take the savings challenge at xfinitymobile.com/mysavings. or visit

they have the fintech operations, similar kind of risks that the chinese government wants to reduce iner things. so we don't know yet what kind of fintech crackdown and what will happen to their data, or even on the anti-competitive front. what we do know, as tom was talking about bytedance, we know that bytedance is one of the rivals of tencent, that has accused tencent through wechat, on all-encompassing ecosystem, accusing wechat of locking users into only -- related platforms and services, basically blocking links to other services like doyen, which is the equivalent of tiktok, from bytedance. so there is scrutiny, but it is not affecting results. the results we get after the markets closed should be good. operating profit and revenue both should gain over 20% year-over-year. they have had strong games and cloud performance, and also advertising spending is keeping pace with the recovery in the chinese economy. yvonne: we will see how it goes. stephen engle, our chief asia correspondent. homework context and more analysis when it comes to china's crackdown, make sure to watch the b

guy: is western union fintech? i don't know.iness that has been around for quite some time. alix: is it trying to become something along those lines? guy: exactly, and developing an ecosystem around the huge number of customers they already have, we will talk about what is happening to some of those physical stores. is it becoming a more digital process? certainly, the rollout of technology is going to be a big part of this as more and more people get access to that technology. may be more and more people don't need those physical stores as well. we've got more indications coming through from honest. the listing process is underway. the latest is $21, pricing at $16. this is jessica alba's business coming to market. we will catch up with her later today. alix: not us. guy: well, not us. the collective, bloomberg television. we represent the brand, alix. alix: oh, ok. guy: looking forward to that. this is bloomberg. ♪ ♪ ritika: it is time for the bloomberg business flash, a look at some of the biggest business stories in the news

banks acquire some of these fintech names?: they've already made investments in venture capital. we haven't seen anything related to sizable multibillion-dollar acquisitions. but it is like jane fraser, the ceo of citigroup, former mckenzie. james gorman, former mckenzie. they have to say, what do we need in our bank to really compete? if it is technology, we will go out and acquire. it is going to happen, especially if they don't have hundreds of thousands in software that offers to make this work. jonathan: ken leon, thank you. hsbc could not get the scale, and it's couldn't -- and they just couldn't invest in the quality either. not good. tom: i think you've got a really unique perspective on this. to me, it is across the causeway from our offices. how is the hsbc perception? jonathan: the product in the u.s. is not good enough. in the u.k., it is pretty decent. i know a number of people who have hsbc bank accounts. if you select to fill out the form, it is very cumbersome. just not good. tom: i can't say enough about what

is with visa direct as well as the partnerships that visa has with the disruptive friends in the fintechnd crypto area, partnering with them and use a visa debit card. >> and not get -- yeah >> correct. >> two examples of quality comp companies with pricing power peter, where are you finding growth >> growth is on sale right now i think everybody noticed that some stocks have been dinged tremendously starting in february of this year. i've got three stocks for you that i held through the pandemic and continue to hold through this recovery. trupanion. even if you just double that to 2% pets think of the revenue growth and not a lockdown stock. everybody has thought of it as a lockdown stock but we are not going to euthanize the pets once we reopen. it is trading down sleepily this year i also own cyber ark a favorite of mine and listen dinged because people are not lookinging beyond the top line when they report earnings. there's a quick story to that. they changed how to recognize the revenue and you have to understand that the growth is great. lastly the trading desk which is online adv

you don't have enough problems with fintech united states i say no, train wreck. bill in pennsylvania, bill >> caller: chill man everyone is saying supply chain, supply chain, supply chain with mt aiming to do mining and refining in the u.s. that's a no brainer. >> there is a chinese supply problem. here is the problem with m.p they did sell a lot of stock i hate they mention that hold it long term, there is real value but short term is part of a cohort of stocks nobody can get rid of and it doesn't matter what they make and that's the problem with m.p brent in michigan, brent >> caller: ba, ba, ba boo-yah. >> this guy is bringing it. >> caller: i hope things are going well down on the farm. nokia? >> nokia had a descent quarter it's like an opening pair to be able to place a program with but nokia is good and a river in finland, that's how it got its name how about michael in colorado? >> caller: jimmy chill, thank you for having me on. >> my pleasure, michael, what's up >> caller: thank you mro? >> man, i got two that i like. okay i like conaco and added that on

there is a visa where if you are in certain areas like fintech or itt, you can get pr remotely and comethe country within 30 days. there is some ability to bring skilled talent in. generally, we have a shortage in the skilled areas even pre-covid , computer science and stem had been a train wreck in terms up or dissing high quality graduates. -- in terms of producing high quality graduates. i think generally the covid response, we could have done better, instead of paying people -- to pay them to go back to university or pay them to go into trade schools. particular the with trade schools, we have an opportunity to transform the commodities that we shipped to china. instead, high-margin goods. we need advanced manufacturing, we need engineering, we need software, we need a bunch of things. the fastest way to upscale the economy is to put a lot of people into education. four years later, they come out into high earning jobs and start businesses. at the moment, we ranked 87th in terms of how sophisticated the things we produce our that we sell to the world. we bank behind libya. we are re

in qualifying it was the fintech in the lead in trying to deny lewis hamilton the one hundredth pull the britain's world title, but he was struggling in the windy conditions. his first run in the final section would have been quick enough for pole, but he was blown off course and is time deleted for some instead, valtteri bottas was facets of the first run. max verstappen couldn't get close on his only attempt. and hamilton was an agonising seven thousands of a second behind his mercedes team—mate. iflair second behind his mercedes team-mate— second behind his mercedes team-mate. . ., ., ., , team-mate. car in front of the last two quarters. _ team-mate. car in front of the last two quarters. just _ team-mate. car in front of the last two quarters, just distribute, - team-mate. car in front of the last two quarters, just distribute, and l two quarters, just distribute, and especially with the logar purity have any tough wind out here, it basically cost me a lot of... feels like it has — basically cost me a lot of... feels like it has been _ basically cost me a lot of... feels like it

mark: are you worried about competition in the fintech space?changed your perspective on brick and mortar branches for banks? >> really fair question. i would say the fintech's and what i would call traditional banks are completely aligned. when we meet with the bank of england or we send correspondence into the bank of england, they are signatories to that. this regulatory issue will affect all financial market -- organizations including the fintech. it is a real problem. in terms of branches, we are still committed. we think stores have a big part to play as we come out of the pandemic. our stores in west london have been busier over the last month and a half, two months, then they were pre-pandemic. our stores are still the center of activity. we think it is a great way to look after customers. we spend a lot of money on digital. we want customers to be able to use metro bank however they choose. we think stores have a role to play and we might be an outlier, but we are committed to it. anna: i wonder why you think metro bank needs to make th

. >> hey, carl this is starting to be a familiar story in the fintech world, trading apps with widespreades on trading days coinbase, the largest crypto exchange, experiencing an outage right as bitcoin lost about a third of its value earlier this morning. in a statement to cnbc coinbase says, we're seeing some issues on coinbase and coinbase pro, and we're away some features may not be functioning completely normally we are currently investigating these issues and will provide updates as soon as possible. it is not just coinbase this morning. we've got binance gemini, the exchange founded by the winkleloss twins some are saying that they missed the chance to buy the dip. others were likely looking to lock in some of the bitcoin gains this year. coinbase reported earnings just last week and they've really been leaning into the platform being the safest, most compliant place to trade, especially as it sees more competition from traditional fintechs offering crypto trading >>> shares of coinbase have been down as much at 8% this morning, they're down about 5% right now. bitcoin down about 1

we have a plethora of other companies like robin hood and amazing companies in the fintech space.ve all kinds of wonderful trends in the economy. they will be volatility in this market. emily: eric, sing you but i got your point. coming up, in the next half hour, we will talk to some of the biggest names out of the bigger boston area about the region's economic recovery and the explosive pace of biotech innovation. all of that coming up next on a special bloomberg technology. this is bloomberg. ♪ -- emily: now home to the highest concentration of the most powerful biotech and life sciences company in the world, including pfizer and moderna. the two companies saving the world with their covid-19 vaccine. over the next half hour, we will bring you leaders and big thinkers from the boston mayor and marty walsh. we will tell you a story not only about how boston rescued the world from the pandemic but it is also a recovery that will forever be changed. >> the grip of the coronavirus pandemic was crippling in the bay state the start. within months of the states economy being shut down,

amazing companies in the fintech space. sofi we bought last year, and that merger was effective.have wonderful trends in the economy. there is going to be volatility in this market. we've had a great rally, and we've seen some corrections, and i wouldn't be surprised to see the tech correction continue for some time. fundamentally -- [inaudible] emily: we are losing you, so i will let you go, but i got your point. we will have to have you back. eric munson, cofounder and cio of audit adventures. he will talk with some of the biggest names out of the greater boston area about the region's economic recovery. that plus the explosive pace of biotech innovation happening there, coming up next on a special "bloomberg technology." this is bloomberg. ♪ so you're a small business, or a big one. you were thriving, but then... oh. ah. okay. plan, pivot. how do you bounce back? you don't, you bounce forward, with serious and reliable internet. powered by the largest gig speed network in america. but is it secure? sure it's secure. and even if the power goes down, your connection doesn't. so

is one of the fintech in companies that has managed to pull off an ipo this year.early 20% in its debut as those regulatory and geopolitical concerns hold. the co-founder told stephen engle when he plans to put the ipo proceeds to work. >> we are leaving the platform. we are the second largest online distribution platform in china. we are confident in the prospect of the company. we believe the stock price will reflect the potential of the company and we are confident in the future development of the company. >> you are betting on the potential. how far down the road until you reach that potential? right now, there is lots of regulatory uncertainty in china in the space you do business. you have not been profitable yet. >> the recent regulatory remediation is more fintech related and tailored to insurance. we are not -- we operate our activities in compliance with the regulatory framework. >> how are you concerned or how concerned are you the united states under the biden administration is going to continue their scrutiny of u.s. chinese listed companies? i am not

now headed to an ipo now fintech is the most companies on the list.ar that are unicorns and 10 of the 50 are worth $10 million. nearly half of the companies are first timers including three fintech. cloud and brex and flutterwave and, andrew, we have discord and clubhouse on the list for the first time >> both talked a lot about this year with all of the new companies, what are the trends we're seeing on this year's list as opposed to previous lists >> reporter: look, you know, fintech. that is a big trend. in discord and clubhouse, this is a new trend the trend of social audio. it has been years since we had a new social communication media trend take hold on the list. if you think about it. clubhouse just launched in the last year. discord was focused on the gaming community and now it is something bigger and broader you know, something that people use to talk to their neighbors and talk about tv shows they like i think we're going to hear more in that space. no pun intended. we had a lot in telemedicine space. technology taken hold in the past year

the vehicle that will take fintech public will also as well as other spacs are down 30% or more overonth. i would to call your attention to something flashing on our screens here the nasdaq, believer it or not, is in positive territory right now. it just happened in the last couple of seconds. it was down almost 2.25% at the lows that we hit within moinutes we were down massively let's talk a bit about what's happening with the social media spac type companies. this is a sentiment gauge. bob, we'll start with you on this these were the hottest things since slice bread just six months ago >> these are speculative tech stocks a lot of clean energy. it trades on vague hopes and the future someday, somebody will make a bunch of money on this. they are all down about 30%. all of the stuff is the baseline that's what's happening today trying to figure out a bottom. that's why we're starting to rally. some people are saying 50% down. that's enough. the problem happened in february when rates went up, concerns about inflation went up and these stocks become much less attractive when rates go

we had a lot of fintechs coming in, not charging those fees, and different pricing structures. policy analyst does not expect new policies to come out of the process. >> alison williams there. let's get a check of the business flash headlines. a tiny investment firm won two seats on the exxon board. exxon mobil vocally opposed the nominees in the lead up to the vote. it sends a signal institutional investors are ready to force corporate america to tackle climate change. royal dutch shell has been ordered to slash emissions harder and faster than planned. it could have an impact across the fuel industry. they want them to reduce emissions by 20% in a decade -- the court said more than double that amount. ♪ ♪ ♪ look, if your wireless carrier was a guy you'd leave him tomorrow. not very flexible. not great at saving. you deserve better... xfinity mobile. now they have unlimited for just $30 a month... $30. and they're number one in customer satisfaction. his number... delete it. i'm deleting it. so, break free from the big three. xfinity internet customers, switch to xfinity mobil

leader, and i thought— we were a fintech leader, and i thought it _ we were a fintech leader, and iely the conversation she had after you left office? just it entirely the conversation she had after you left office?— after you left office? just to be absolutely _ after you left office? just to be absolutely clear. _ after you left office? just to be absolutely clear. there - after you left office? just to be absolutely clear. there was i after you left office? just to be absolutely clear. there was no | absolutely clear. there was no conversation while i was in office with mr— conversation while i was in office with mr greensill about potentially working _ with mr greensill about potentially working for him. as i said, i met him— working for him. as i said, i met him twice — working for him. as i said, i met him twice and that was never raise. when _ him twice and that was never raise. when he _ him twice and that was never raise. when he did — him twice and that was never raise. when he did come to see me after i left office. — when he did come to see me after i left office, he tal

it is an issue for all of fintech.sed on physical perimeter does not work in a digital world. so it is old world matching up against new world. that's my view. amanda: great to have you with us, meltem demirors from coinshares. the chief strategy officer. we continue to watch the crypto space. we will have more after this. ♪ amanda: this is bloomberg markets. i am amanda lang with matt miller. we are watching the crypto space today. lots of moving parts and questions. one company with a lot on it is hut 8. we are joined by jaime leverton. as someone running a company closely associated with the fortune and fate of crypto, what is your take? jaime: this volatility is something you have to expect in a market that still very, very early on, and on the leading edge of innovation. i think people in the industry have come to make their peace with the volatility, albeit we certainly had quite a ride over the last 24 hours. matt: i wonder about the concern -- we always talk to you about this, jaime, over the carbon footprint o

. >>> coming up, this fintech stock is up 75% over the last year the name and what's driving the gainsll join us live. don't forget you can watch us live using the cnbc app. the exchange will be right back. >>> welcome back cloud software is real small and medium size businesses up nearly 75% in the past year joining us now is founder and ceo bill.com good to see you. i'm particularly interested in getting insight from you following this latest cdc news so many small businesses have been under such distress over the past year. >> every month is small business month. this may is the snb month. i grew up around snbs, every day you live and breathe it. you work hard to make a difference in the world and you work hard to bring your service and products to customers. what we have seen is they are getting back to work some example s year over year growth in our transaction volume three quarters ago it was 10%. then it was 16% and 19% this past quarter businesses are doing more transactions total dollars moving on the platform was up over 44% year over year. this deals with data we have used

there are plenty of neo-banks and fintech banks that will be successful, but i think the fight is going on just getting the technology in place, particularly for the larger banks. so i guess what i am telling you is the basic banking sector will live another day. jonathan: robert albertson, the piper sandler chief financial strategist. from new york city, good morning. alongside tom keene and lisa abramowicz, i'm jonathan ferro. counting you down to the opening bell one hour and 12 minutes away. on the s&p, positive 16 points. we advance about 0.4%. a lift here and a move in the euro. euro-dollar negative just a little more so in the last hour, down by 0.3%. tom: did lagarde do that? jonathan: i don't know. in the bond market, 1.62 50%. yields unchanged. crude positive by about 1.9%. we had about $1.20 to wti, $63.11. tom: to get you recalibrated on global wall street and particularly american wall street, after saying 200,000 jobs will be jettisoned on wall street, mike mayo joins us from wells fargo ahead -- from wells fargo as head of u.s. large-cap bank research. this is all anybody

here institutions and banks and fintech's, i credit you for putting that in during the financial crisis. the question i have for the whole panel is the outlook on jobs going forward. we had 8 million unfilled jobs last month. 8 million unfilled jobs. 266,000 net increase in employment, but 8 million jobs unfilled. there is a lot of debate in washington about why that is happening. i would like to hear from you, as experts on the economy, about the nature of that. if we can begin with you, mr. sharp, and then you, mr. moyni han. >> i'm not sure i have a great answer as to why that is the case. from what we see with ourselves and our clients, their confidence is building. they feel very, very good about prospects for the second half of the year. debt levels are down -- >> but how do you have economic growth if you can't get people to go back to work? that's my question. i will move on to you, mr. moynihan. >> the issue raised has come up to the highest level. there was a pandemic, six months ago, and now it has turned to getting workers for the jobs. i think it is a serious concern, and s

for example shared economy, e-commerce, logistics, following the tighter regulatory scrutiny on fintechy coming to the market may include cloud village. but one key risk is that the chinese securities regulator, earlier this month it was reported they could tighten rules for these companies from overseas. they denied this news, but i think it is a risk going forward read in the near term, we may see a lot of these companies expedite listing plans in case of these rules change later. haslinda: sharnie, what about chinese companies listing in the u.s. on the back of the u.s. clamping down on chinese tech. sharnie: it is continuing, but like the sentiment, it has cooled versus earlier this year. the u.s. is a huge, active, liquid market with a broad investor base. one company filed a confidential application to list in new york and also they are considering a secondary listing in hong kong. despite the fact there is risk of delisting, chinese and u.s. reg leaders have a lot of time to work on joint rules -- regulators have a lot of time to work on joint rules, so right now, it is not a hug

>> so i'll give you a fintech pair trade since crypto beaten up you have good opportunities there i wouldilvergate capital and i would sell coinbase. here's why remember years ago when there were stockbrokers. paid a commission every time they sold a stock? basically extinct today because they were replaced with invest advisers paid a recruiting aset under management fee coinbase is the stockbroker of cryptos. they're paid by the transmission and will be commodityized. silvergate makes money off the money on depositive it both companies grow at 40% next year that's what i would do. >> both stocks down 6% today ari, you are looking at semiconductor space? >> yes for our long short hedge fund clients we red to buy against a short agency in z ylinx. both corrected into the support at the march low where the similarities agenda the differences are that broadcom above the 200-day moving arch and the largest breakout and see that as relative strength. ivago with the breakout in march and since consolidated given that relative strength we expect it to reclaim the leadership position. >> betting

there's a need for consolidation pre-covid to compete with the growing fintech.st time in over a decade banks have plenty of capital and the share price appreciation make buybacks less 'tractive than they have been and increase the incentive to do something strategic. a few other factors to watch out for, the size. the biggest eight banks are out of the running for making acquisition. mergers of equals worth watching out for. like that formed trust and historically the most successful long term without the need to pay premium for an already elevated bank share prices but delivers and analysts favor those deals the most and then the rationale, scale applies but to increase geographic exposure or deepening existing exposure in a set region like m &t and people's deal here's kbw's biggest name os ten potential sell list. wintrust, bank united, associated cadence and eagle ranked by asset size not market cap but ones to keep an eye out on. >> it's a fascinating trade to watch play out and we oftentimes associate closely with the community banks and fun to see how the

fintech is digital tech with the same antiquated structure, whereas defi is building a new structurem the ground up. financial services built on networks like ethereum. they are an aggregate generating between $10 million and $50 million a day in revenue. there is very significant adoption and traction within defi broadly. joe: i have been trying to get my head around it, and one night -- what i see is extraordinarily technology, super advanced, where miners extracting value. but what is the point? all i see is a lot of treating of coins and it is more quaint things like balancing and lending coins. where does this bleed into the economy where it starts to compete with transactions that i get from a banker? spencer: you are right, you rattled of a few of the things being created for defi. these networks don't close at 5:00 p.m. or on weekends or the holidays. these are services where you can always access your capital. you can always get the financial services you need. in contrast to our financial system, they are not capable of discriminating based on race, gender or religion. this

aims to attract $150 million in capital and will focus on late stage japanese startups and health, fintechbility. they also include etf life and a trust group. the world's biggest new supplier jds says some operations across north america and australia have been halted after a cybersecurity attack. jds said it did not believe employee data had been compromised but it warned of a delay to some transaction saying that it will take time to resolve. >> naomi osaka has withdrawn from the french open after a disagreement about participating in management press conversation. the world's number two player released a social media posting she suffers from depression and social anxiety disorder and media engagements maker condition worse. it's a really interesting question which throws up a debate over what exactly are these athletes obligations? she can play a spectacular game in tennis, or can talk about any other kind of athlete. is she obligated then to also put on a show after the game and to speak to the press given that she has been clear about how effexor adversely? -- effects her adversely?

conference, gensler said they should be ready to bring cases involving issues with crypto, cyber and fintech. his aim is to ensure bad actors are not playing with working families' savings and rules are enforced aggressively and consi consistently wants to let people know the sheriff is in dtown particularly notifying the reddit crowd >> $59,500 to $30,000 in eight trading days for bitcoin that, bertha, is volatility. bertha coombs, thank you see you in a few minutes. >>> let's get more on the markets and your money and your first get today says don't confuse the recent ups and downs, volatility, with the big change in where things may be headed long term and the real driver joining us now is michael bucella. a crypto and block chain investment firm. michael, welcome a good friend of the show, penned an op-ed where he said despite the volatility in crypto, we should take positives away from the big moves because the exchanges and defi actually acted like they should have. they ultimately held up. would you agree with that perspective? >> yeah, i would say this is probably one of the most bul

and thinkers in boston, exploiting the state of biotech and -- exploring the state of biotech and fintech. emily chang will host at that tomorrow at 5:30 p.m. in your. -- in new york. this is bloomberg. ♪ matt: this is "bloomberg markets." i'm matt miller. the number of new covid cases last week hit an eight month low as more americans are vaccinated. in the ok, the prime minister announced more restrictions will be relaxed next week. we have with us the executive director of the international vaccine access center at the johns hopkins bloomberg school of public health. the easy work has been done in the u.s. and the remaining parts will be vaccinating those who are hesitant, but should the u.s. focus on getting the vaccine out to countries like india, to africa and south america in order to stop concerns about mutants spreading? >> yes, that is exactly right. thank you for having me. our work is not done here in the united states. we still need to do better in increasing our vaccine coverage. if we look at the total u.s. population, it is only just over a third that have been fully vacci

those long-term tech names that you want to stick around look for the small, maybe health tech or fintechrtainly we don't think inflation is going to run away we do think growth will have its day again. but the valuations are stretched on the mega cap tech, the regulatory environment is not the most positive as it's been, that's why we're looking at other sectors. now, on crypt together, everything we do is on a portfolio asset allocation context, because we believe asset allocation is the most driver for clients what we're finding is it's actually not that great of a portfolio diversifier. both the tech and the crypto are a little more linked in the way they trade and then secondly, you know if you have an app that sells off -- if the stock market sold off 50% in a week because somebody tweeted, every policymaker in washington would be working to help the stock market get back on its feet. when that happens with crypto assets, washington and china are looking at do we need more regulation do we need to take further steps? and that's not a long-term positive for the asset which means you

so far the first fintech to roll this out a future on their app now.. key thidifference there robinhood plans its own ipo expected early summer. no comment from robinhood on if its future will be available for the ipo. timing, got to think that would make sense for them to offer this for their own listing back to you. >> yeah. kate, thank you for bringing that to us we spoke to anthony, a similar move in allocation and long-term invent iives key here. speaking of robinhood, guys, a reality check on its ipo, kate mentioned, anticipated with coinbase and squarecase, sinking. and what about a feeliing en entering the public under these conditions seen return of momentum or high growth a preki moment, though talking also about the volatility in public markets will that spill over into private markets? robinhood could be more indication like square was in the past, maybe yesterday. >> the two names mentioned, and crunch time outages, coin bbase took spotlight away from robinhood. maybe others forgot you that they are went down thinking about coinbase going