a lot of fintechs are going out and acquiring bank charters.have seen that with lending club, sofi. at the same time, we are seeing banks really getting into the api, technology space, so they can connect better with fintech's. they often require the charter to lend freely across different states, hold deposits, so you are seeing a mean reversion, where banks are becoming more like fintech, fintech is becoming more like banks, and there is an emergent taking place helping all customers. matt: are we going to be seeing some molecular tory hiccups -- regulatory hiccups? we are seeing crypto go through that, but it looks like it is coming through fairly well. is it going through this hand-in-hand with fintech as well? luvleen: absolutely. the regulatory framework has been historically a little slow to catch up with innovation, which in some ways creates loopholes for companies that we see and then later they get in trouble for what they have done because they have created a strong user base or brand in the meantime. i think there will be strong re

the rule allows bank/fintech relationships to flourish. for over four daek aids federal law has alawed nationally chartered and state chartered banks export from their home state. the true lender rule allows fintechs to partner with banks which already operate with these efficiencies. absent the true lender rule uncertainty about who the true lender really is, creates uncertainty whether the bank bank can export its interest rate. if the bank guesses wrong the loan could be unenforceable. that disrupts the secondary market for credit. why does the secondary market matter? because when a bank sells a loan it frees up capital to make another loan. this is very well understood in the mortgage space. when a bank sells a mortgage to the gses it frees up the capital to lend to an initial home buyer. the same principle applies to the secondary market here. fewer loans means less access to credit, less access means higher costs and less willingness to provide the limited supply of credit to higher risk borrowers. the result? the most marginalized

as chairwoman waters pointed out , i chair the task force on fintech. while there was very little connections between most of the fintech firms in the sda, once we gave them about $330 billion in the second phase of the ppp program, fintech engaged. they were able to put out 50% of the funding through fintech lenders to people who needed it. unfortunately about 75% of the fraud we detected was from that 15% that went out through fintech lenders. these were even some of our best. cabbage, which had previously never handled an sba loan, they were one of the companies that had difficulties. i'm wondering if there any lessons learned about that rule. i know we were rushed and pushing to get the first phase, the banks took care of their favorite customers, i understand that. those were known entities. then we have congress encouraged a further reach out for the sba for people who were not addressed in the initial phase. are there any -- we had the rushed aspect of it. i am not sure with the api interface is between the sba and the fintech lenders. did we lea

sonali has been talking about fintech and crypto.ali: really, this is about payments, and every bank and every big payments company is speaking at the same thing, as are many tech giants. the founder and ceo joins us. before -- the founder and ceo of dauntless -- the founder and ceo of gauntlet joins us now. do you think there is a bigger opportunity in finance outside of traditional finance? quick take, for sure. i think a lot of the reasons i moved over were -- >> hey, for sure. i think a lot of the reasons i moved over were people told me what algorithm creating looked like in the 1990's and early 2000's. another thing that is interesting is it is sort of a blend of tech type of tools and skills with training expertise and finer -- finance expertise. in a lot of ways, it has a lot more new opportunities but also has means to be accepted broadly. romaine: there are a lot of opportunities for investors, but with regard to the public, i'm curious as to which you think the structure -- there has been a lot of talk about el salvador, b

in fairness, many financial services providers both traditional and fintechs have requested regulatory guidance and greater clarity in this area. while some current laws governing financial data, dodd frank, the fair credit reporting act, and equal federal opportunity act are instructive. but there are serious gaps that leave much uncertainty given the transformational technology and advancements as well as changing relationships and customer preferences we face today. i look forward to our discussion. and the chair now recognizes our ranking member, the gentleman from ohio, mr. davidson, for five minutes. er, for an opening statement. mr. david:son: i appreciate are you conducting this hearing today on an born issue. financial technology teams sob developing at light speed in recent years so it's encouraging to see this task force and committee keep up with the industry or attempt to. like i said two years ago when the task force held a similar hearing on personal financial data, it's great there is common ground across the aisle on this topic. i think we all agree on the importance o

fintech, able to outweigh the leverage involved here, and potential economic shock, and -- you know, consumer always got to be careful here, and investors so far have been winning out >> yeah. definitely true. then julia, at least on the m & a so far, directionally, these appear to be paying off. interesting to me. i'm sure just anecdotally on this particular program the frequency with which we are talking about buy now, pay later, definitely growing. just in the last couple months. >> i think, carl, we've also seen usage of buy now, pay later also growing the thing to watch here is massive consolidation ins space. we are going to see these mega fintech companies and the fact this is a japanese company points to the fact that these are global opportunities these are going to be global companies and there are so many other countries like japan where so much of the, the transactions have not been converted yet to digital transactions a huge international opportunity for square and paypal to pursue. >> yeah. joining us to talk about the ripples in crypto markets, general partner, former

, want to keep up with the latest fintech of course we all do. subscribe and follow our podcast wherever you download podcasts. "techcheck" is bk aomt.acin men the internet wasn't built to be a place of walls. but then the walls went up and choice became limited. until now. now we're in a new digital landscape of emerging channels, data-driven campaigns and measurable outcomes. welcome to now - the new open web. powered by people-based software from viant - a new standard in media. the upgrade marketers deserve. viant. built for now. ♪♪ >>> the s.e.c. launching a wide scale investigation into video game publishing giant activism blizzard how they handled employee allegations of sexual misconduct and workplace discrimination, according to a report out yesterday in "the wall street journal. s.e.c. subpoenaed act vision known for game franchises like call of duty and warcraft. the agency's requesting documents regarding board meeting minutes, personnel files and separation agreements the company reached with staffers this year. in addition to commun

help us find them at copdsos.org. >>> fintech news this morning.he first all digital national bank closed a funding round led by new investor lone pine capital joined by dozens of other new investors. varo is the latest to attract millions of new customers dissatisfied with traditional institutions we'll get a firm earnings today after the bell notable in the fintech space with us now, varo's ceo, colin walsh. colin, good to have you. i want to get into the funding and your growth, but first i'm curious on your take on this controversy with coinbase and the sec and the idea of a 4% yield on an account, not a savings account. is this the future of fintech, being able to use technology to provide yields like that, or something else >> hi, jon, thrilled to be on your show. thanks so much it's an exciting moment for varro, for investors your question on coinbase, i do feel a number of fintechs are bringing innovation to financial services it's not my role to necessarily opine on the position of some of the other players in the space but i do think that

the fintech war heating. robinhood, sofi, square, all encroaching in each other's turf, the warriors fintech style. we'll talk more about it come up remind are, watch or listen live on the go on the cnbc app. download it today. download it today. come out and we are the people of abm. for more than 100 years, we've been a leader in making spaces cleaner, from the things you touch to the air you breathe. we're back right after this.nt, healthier and safer. abm. making spaces healthier for you. that building you're trying to buy, you should ten-x it. ten-x is,n's largest online commercial real estate exchange. and it's fast. if i could, i'd ten-x everything. like our lunch. (laughs) amazing! see it. want it. ten-x it. in business, it's never just another day. it's the big sale, or the big presentation. the day where everything goes right. or the one where nothing does. with comcast business you get the network that can deliver gig speeds to the most businesses and advanced cybersecurity to protect every device

could be going public and soon a check-in on the fintech space as names like affirm continue to ridenext. zero-commission trades for online u.s. stocks and etfs. and a commitment to get you the best price on every trade, which saved investors over $1.5 billion last year. that's decision tech. only from fidelity. in business, it's never just another day. it's the big sale, or the big presentation. the day where everything goes right. or the one where nothing does. with comcast business you get the network that can deliver gig speeds to the most businesses and advanced cybersecurity to protect every device on it— all backed by a dedicated team, 24/7. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. >>> as we take another break here, word from capitol hill this morning the democrats, in this case, chairman neil of ways and means are planning meaningful change to the caps on local and state tax deductions so-called s.a.l.t. relief is not currently in the tax plan but could become a part of future bills. they are currently

we are talking valuations, fintech. joining us from the asia bank.scuss the outlook for the second -- that is all coming up. this is bloomberg. ♪ david: welcome back. let's talk about china financials. fidelity investments cutting the valuation for assets the second time this year. the move highlighting this worsening of the fintech in china as chinese regulators crackdown on the industry. rishaad: let's look at the outlook for the banking industry. we're joined by jeffrey's research analyst shuijin chen. let's start looking at ant here. we're talking about a valuation of over $200 billion. two thirds of that off now. we can remove two thirds of that. the rest is history. >> we see that fintech industry they still have quite a lot of regulatory headwinds going ahead. it's quite reasonable for investors to cut their valuations expectations for the company. david: ok. i wnat to -- want to pivot because there is a lot of talk about the banks. there is also the cooling of the housing markets. the first and it came to mind when you think about banks is ex

i believe in the company and i believe in fintech.things to distrust and very traditional financial and banking sectors. tom: i have to ask you about bit -- mobility. do you still hold that investment in that company, given the travails around dd and its investment in the u.s.? konstantin: it is my personal investment. what else should the investors do? tom: you are a brave man. doesn't make you rethink investments in china? konstantin: i was quite careful before. it's very small parts of my stock. still, i'm quite optimistic in terms of technology sector, especially technology sector in china. my opinion is that it's underestimated. tom: what are you looking at? are you attracted to what that means in the crypto space? where within that ecosystem would you be looking? konstantin: i'm a big fan of arbitrage strategy. i did not invest into any particular cryptocurrency. arbitrage is where we have a lot of possibilities. a lot of volatility in the markets. that's why i like arbitrage. tom: you invested with high network individuals. wha

huge and growing market, carl. >>> meanwhile, fintech's bluesky going green.st player jumping into a buy now pay later acquisition. nor analysis is coming, ahead. stay with us. [swords clashing] - had enough? - no... arthritis. here. new aspercreme arthritis. full prescription-strength? reduces inflammation? thank the gods. don't thank them too soon. kick pain in the aspercreme. six new ipos start trading today, bringing the year's total to 288 according to renaissance, 11 companies red scheduled to raise more than $3 billion this week and since the start of the year a few companies like medical communications platform doximity and online payment companies are up big 16 of the ipos for this year doubled in price it's not all green pastures or prices roughly half of 2021's ipo oscar health, poshmark, didi, trading below the ipo price. eche."overage ahead on "thcck stay with us need to get your prescriptions refilled? capsule pharmacy can hand deliver your medications - today - for free. go to capsule.com. we handle your insurance. all you have to do is schedule

lending club the best performer in the nasdaq fintech intact -- fintech index.has done well and they did a deal a few weeks ago with amazon.com to provide installment financing to its customers, so this is an area where we have seen interest. >> dave, thank you very much indeed. bloomberg's dave wilson. next, we talk about what's happening in the energy sector, jeanine wai joining us next. ♪ it's moving day. and while her friends are doing the heavy lifting, jess is busy moving her xfinity internet and tv services. it only takes about a minute. wait, a minute? but what have you been doing for the last two hours? ...delegating? oh, good one. move your xfinity services without breaking a sweat. xfinity makes moving easy. go online to transfer your services in about a minute. get started today. guy: guy johnson in london, alix steel in new york. this is bloomberg markets, what you are watching. we are going to see the inventory data dropping on a squeeze when it comes to the oil story out of the u.s. ida, we could see an effect there. another thing -- is delta caus

and spending more time in fintech and crypto.he potential problems --maybe they change over time or compete with another one of your core portfolio companies. how do you manage that? sarah: is a good question but something that don't only happen at the seed. greylock has been an investor in several companies that were great but pivot. first semester in discord and after, they decided what they are today. i would start with the premise of our philosophy is the company to do what is best for the company and --our philosophy is to be behind companies and not invest in competitors because we like the sector but if that happened, we would divide the interest within the firm and make sure there is no information and address it in a simple way. emily: i talked with many of your partners over the years about investing in more women and i'm curious how you look at seed as an opportunity to potentially spread the wealth a little bit across more women entrepreneurs, people of color, people who historically have not gotten a chance in silico

fdx has 200 members across the financial sector including fintech, banks, data aggregators, consumer groups, financial industry groups and other stakeholders and i'm pleased to be joined at the witness table by gigi wu and steve smith who both represent member organizations and in case you thought it was just an interesting concept i'm pleased to tell you 22 million consumer accounts have been transitioned during screen scraping to the bar. that's 22 million consumer accounts. as this task force is aware fintech innovations are online consumers to use their own financial data to lower costs to get better rates and better fees, expanding credit access or no final borrowers in a traditional credit score limited or incomplete. and to empower better decision-making to gather consumers own data just like large companies have done for years so they can see all the accounts in one place. with this in mind here are a few key points i would like to make the task force aware of today. first is critical for the task force and regulators to draw a distinction between the user permission financia

the top picks in e-commerce and how to trade fintech and an executive shuffle at google. >>> what to make of apple's california streamin' event carl >> jon, interesting market day big moves for tech stocks this morning, google, microsoft, alphabet all down about a percent today on what is turning in to be an increasingly tough tape the names you need to add to your portfolio today maybe in just a moment but dow is down 234. we're going to start this morning with the ftc and the agency's continued pressure on big tech it is alleged hundreds of deals by the largest tech players have gone unchecked, apple, amazon, google, facebook and microsoft have made 819 unreported acquisitions, accused of using loopholes to duck merger reviews and anti trust scrutiny. facebook buying giphy, which lowered the value of its assets to the deal didn't need to be reviewed khan is calling for tougher enforcement of acquisitions which we figured, jon, she would bring. >> i think with this acquisition talk, there's not enough focus but we've mentioned it here on "tech check" on it seems if you keep big guys

fintech i am not looking at it as a competition but as an ability to partner and how do we create thepartner of choice with fintechs. >> what would you say that the technology that bank that you are act wi sigszing with >> the initial attraction is that they have relationships with a lot of the individual companies that we think are going to have absolute growth potential that would be significant to us. it's an area from an economic perspective that we think is going to continue to grow. for our shareholders, for our employ yes, sir, for our communities, for our customers, it is important for to us make sure we have an unbelievable footstep into that business. and we think with this bank we will provide that entree. >> it has been fascinating to watch boiling spring d even valley, the reference to the valley what does that mean? maybe it works for silicon valley for you as well ira, congrats, and thank you for joining us. >> thank you. >> up next, during the massive run-up in gamestop robinson execs reassured the public its platform could handle the volume but a trail of emails revea

with amazon do you see more opportunity in the fintech space now and how transformative do you think these big deals like the partnership between affirm and amazon will be for this buy now, pay later space? >> i think it is going to be huge because amazon is the biggest player in e-commerce and this will expose a lot more transaction volumes to these -- the buy now, pay later space i was a seed investor in affirm, full disclosure. i supported max back when this was his idea of a seed company and it has been amazing to see what he's done with it we also sold him a company last year called returnly, which advances credit against returns, which is similar to the way affirm advances credit against purchases. this whole idea of extending credit at the point of sale, which is what max came up with, is a brilliant idea. a lot of people aren't ready to make the -- pay the full purchase price of the time of sale and they need help sort of spacing out the payments but don't want to pay credit card fees with all the surprise penalties. and so, you know, what max has done at affirm is create a n

obviously fintech has been in the targets of regulators for some time, since late last year.bly with the showing of the aunt ipo. we also at a deputy securities regular saying they would try to enhance, improve the system for overseas ipos by chinese companies. also he said they would try to hundred -- to expand the number of channels for foreign investors to invest here in china. haidi: the clock is ticking for china evergrande group to raise cash and pay back billions of dollars of bonds share. they cluster record lows after the warning of them defaulting on their debt. our china credit editor joins us now. how worrying is the drop in august sales eco we know they cannot sell enough to stay afloat at the moment. reporter: absolutely. a 26% drop in august sales. i think it really underlies this fear that emerged that evergr ande's key property unit is struggling to produce profit. it will kind of heighten concern that they will struggle to raise cash. and of course raise cash fast enough to allay some of these very severe investor concerns weighing on the shares. shery: what

it is one of the well-funded fintech's muscling into areas once reserved for banks and brokerages.ars continuing to stay hot and not just on your screens. hbo max launched a new scripted podcast featuring several prominent actors playing characters from gotham city. joining us now is the bloomberg entertainment and media reporter. >> this is all part of a plan we are seeing across different streaming services right now. developing companion podcast shows that go with ongoing tv shows that are related to properties you have so you can keep those customers engaged. we are in this moment where there are 70 different tv shows and so many different podcasts. anything you can do to create this multimodal universe of content seems appealing to them. we have seen it with this batman show. with hbo max. apple had one. netflix is developing original podcasts. it is happening all over hollywood. emily: you have a huge scoop out about netflix nearing a deal to buy the roll doll catalog. we are talking about classics like charlie and the chocolate factory, james and the giant peach and an acqui

bruce: we have a great network of fintech partners.ypically, we've been able to work nicely with them, incorporate some of their offerings to deliver to our customers. from time to time, we will also look if it makes sense to buy something. there's a lot happening, for example, in the payments space, which we are monitoring closely. for the most part, those tend to be partnerships. matt: you are not the only one on office -- offense. u.s. bancorp closing at a billion-dollar deal. what do you think of that play, what do you think of the environment? bruce: i think it makes a lot of sense for u.s. bank, and it's been rumored that they wanted to deepen their west coast presence. what we have seen is foreign-owned consumer banks have had a trouble making a go of it in the u.s. bbva pulled out earlier in the year. it is not surprising. i think the bigger u.s. banks have broader product sets, invested in technology and the customer experience, so they can leverage the bigger customer base to do more photos customers and deepen relationships,

the pboc says the central bank will close regulations in the fintech regulation. he also told the forum in beijing authorities will boost foreign-exchange market supervision. new polls suggest former japanese foreign minister leads the race to succeed the outgoing premier. the current head of the vaccine rollout. 32% ahead of the former defense minister. another foreign minister is third. he told us china is a key concern. >> the times have changed. china has also changed. china is now a big presence in international society and i have various concerns about its authoritarian attitude. vonnie: aluminum hit a 10 year high after a unit of guinea's military seized power in suspended the constitution. the head of the special forces announced the takeover on state television and urged the armed forces to back him to the colonel accused the president of financial mismanagement and corruption. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i'm vonnie quinn. this is bloomberg. ri

the fundraising is one of the biggest among fintech companies, and cover genius's ceo, angus mcdonaldhat are you going to do with the extra capital? angus: thank you for having me here. insurance. we work with some of the world's largest digital companies to help them with better insurance inside their shopping cart and registration forms. what we are doing with the money is we have been growing rapidly. especially over the last six months. we have signed 20 new partners, and our gross premium has tripled, so what we plan on using the money for is to expand globally and to grow our teams so we can really turbocharge our growth over the next couple of years. anchor: how important is it to get the backing from the likes of some in japan? angus: it has been really important. we made the decision of partnering, as well as getting an investor who can support us. one of the largest insurance companies in the world, sompo, what they are really strong at is developing markets. the value propositions, working with us, that we can work with them in a lot of developing markets that are growing r

in fintech in the united states, there are significant tailwinds.were in the early innings of digital transformation. more important for us is the confidence in the plane we put into the market. it has been a long process to get through the process but we are in a great position to transform our business model and change the way a virtual bank, a physical bank makes money in the next two to five years changing consumer demand and changing consumer needs. haidi: there have been a few hiccups this week. market volatility. we saw shares falling after they voluntary a added the disclosures. you confident the dust has settled enough to not meaningfully impact the way forward to this listing? dee: as you know, the way a spac usually works is it is three transactions. it is a merger. it is a private placement. we are confident and we are enthused by the investors in our pike. we have had conversations with all of them. they are all taking a long-term view on where the consumer demand will be in a one year, in two years or three years. the vehicle allows in

why would we take a hard pass on fintech? charles: what would happen if d.c.too many roadblocks and discouraged more entrepreneurial or innovative aspects if it happens somewhere else what would america lose? >> we would lose a ton. you're talking about look the center of the payments universe is right now the united states of america. in a way that is what they're trying to hold on to, is the flow of payments through the u.s. banking system and, look, they just don't understand, blockchain is actually on chain activity. you can follow all the moves. that is how the colonial pipeline ransomware attack was solved quickly. you could follow the moves on a blockchain. there are some false narratives out there. and i used to think it was only because people didn't really understand the space but i've been alarmed by gary gensler at the sec who clearly does understand the space but seems to go along with the dominant narratives from the administration. charles: it is hard to watch one of his mit lectures and look at the person we're hearing from today. you recently

if you are high tech, fintech player, the disruption is still behind you for a certain time to come. >> i wonder, this is jon, by the way, good morning. >> good morning. >> is the strategic ground really going to end up being employers, corporations? because if i'm having a good experience with my 401(k) plaid form, which i got to use, why wouldn't i also have stocks or etfs there and those folks who might have stable amounts of retirement income and regular income to boot, aren't they the sorts of customers you want to expand into, even if they're older than the retail trader base new to the platforms over the last couple of years >> absolutely. i actually think this is an and story and not an either/or i think the 401(k) providers will get much better at providing different kinds of things remember, they're also limited by some of the regulatory sort of hemming that happens within the 401(k) business, right because it is, of course, subject to erisa versus when i want to as an individual have the kind of capability of a direct retail shop to offer. i think it is an and story one be

etoro was supposed to edge m in the third quarter with fintech acquisition corp. fox business exclusive the ceo of etoro the trading platform, y oni, thank you, but right off the bat, what specifically, if you can explain to our viewers, was the holdup that traders, you guys having to push it to fourth quarter? >> well we're at the end ofq 3. we filed our prospectus and we keep all of the information updated on investors.etoro.com and we're very excited about the transition from a private company to a public company, through the spac merger and obviously, as q 3 ends, we wanted to update shareholders and investors that we expect closing withinq 4. all in all, again very excited about transitioning to a public company, as a company that's in capital markets, offering customers from 100 different countries to trade capital market stocks, alongside cryptocurrencies and our social network, we're excited about the transaction. liz: okay, but yoni to the point about regulators and what they had demanded. you had to re-state your financials because of some changes that t

the banks are slow to innovate you have companies with deep pockets like jpmorgan that are acquire fintech companies. the innovator side of me wants to see that left alone as much as possible but then thinking about it from a citizen's perspective, we do need to better understand the long-term ramifications of what these kind of marriages end up looking like >> anybody else puzzled by tech companiesfixing what they've done to the market this isn't an oil spill, right how do you fix either a data breach or a culture that you've created of, you know, r radicalization happening that seems like a new regulatory bridge whether it's too far or not. i have no idea how it will cross. >> look, some of these are little concerning and you want to understand and have clarity around what these comments specifically mean. and that's where i go to you know, we don't want to see the government be too heavy handed, right. look, i get it if they had the ability to see the future, they wouldn't be in my business, they would be investing in the future. >> sometimes they do >> sometimes they do we just want to

and jpmorgan is moving into one fintech while one is starting to look more like a bank.aunching high yield savings accounts and one that offers early access to paychecks. paypal shares roughly flat today. they've tripped those during the pandemic mastercard and visa are underpe underperformers. paypal and square are up about 15%. amex shares are up the second best gainer in the dow. the shares dropped 83% from their 52-week low last october they also pay about a 1% dividend, something to consider as many investors look for safer stocks during a market selloff >>> up next, johnson & johnson's covid booster shot and its promise. we'll dig into the numbers and wh t cpaatheomny needs to do to gain fda approval, next. ♪ ♪ ♪ ♪ ♪ ♪ i wonder how the firm's doing without its fearless leader. you sure you want to leave that all behind? yeah. stay restless with the rx. crafted by lexus. experience amazing at your lexus dealer. in 2016, i was working at the amazon warehouse when my brother passed away. and a couple of years later, my mother passed away. after taking care of them, i

paypal, i'm going to call fintech. jason robins doing a terrific job at draftkings., nvidia, what am i going to say when you have a dog named nvidia, you like the company semi-conductors in amazon. the great web service, great retailer, great advertiser fintech, financial, betting, and the best semi-conductor. what can i say i say -- that guy leads a good life, i bet. all right. let's go -- oh, my god another video? oh, my god another video. let's go to cordell. >> this is cordell calling out of ohio. thank you for having me on the show again this week and jim, the five stocks i'm calling to see if i'm diversified is disney, apple, tesla, citigroup, and amazon thank you. >> i love this portfolio i love it. citi, the cheapest large bank. hope it does -- you know, they need some earnings power apple, disney, we bought it for the travel stock amazon, rock solid, as we know, and tesla, i think, is just moving up and up and up. because it's doing so well so that, that is a diversified -- this is auto, entertainment, technology, bank, multiservice financial internet. this

i like to use the analogy of fintech.ou think about it got its start around 2000 five and took off during the financial crisis of 2008. supply chains crisis has been covid and we are seeing a significant inflection point in venture capital that will automate a lot of the challenges. but automating payments or financial services is much easier than automating physical goods because it requires so many parties and is easy to digitize. caroline: paint the future for us. years back we were getting excited about electric vehicles, autopilot, thinking about how they are going to be more eco-friendly. there was talk about one day we won't need truckers and the largest labor force in the u.s., they are going to be automated in some way. is that where it is out? what are the most exciting things you are seeing developed? craig: i think that is long-term, we are at least a decade out before we see that. the media got really excited with the idea of self driving trucks, a lot of venture capitalists piled on it. but the reality is to

there are things happening with crypto and fintech. i think that's part of the reason the venture industry has been so good, is because technology is important in redefining many key industries. david: silicon valley is not the only place in the united states where there is technology investment, but it seems like these silicon valley companies seem like the most valuable and that's where most activities occurring. is there something about silicon valley that makes it unique or better than other areas? reid: there is. silicon valley itself has overlapping network effects. it is a hub where a lot of english-speaking entrepreneurs from around the world come to start software businesses or key technology businesses. there is a hub of capital and knowledge and investing that goes into it. there is a hub of count, growing companies. i wrote this booklet, scaling, about how you build technology companies. there's network effects of learning, out of sharing of information, and that's part of the reason silicon valley, which has 3.5 million pe

and kind of both bank land and specifically asset management it does seem in financials, i mean, fintech has really been the hot area people have been looking at, at least over the last couple of months. that's kind of been where a lot of the outperformance has come from some of the big banks, b of a and jpmorgan are big players in that space as well if we can get our attention turned back to more traditional loan growth and supply and demand, that would be good for the bank stocks. >> i wonder what would make that happen you look at paypal and square, together their market value is the same as jpmorgan the market wants to put huge multiples on the disrupters and are considering the big banks the disrupted. what could change that >> i think the big banks aren't so much going to be disrupted as they'll be a part of the disruption if you go back a few years ago, there were concerns as jpmorgan or b of a going to be able to compete with the fintech startups what we've seen the last couple of years is a lot more partnerships they're kind of working together i think some of the fintechs reali

there's things happening with ar and vr and crypto and fintech.is part of the reason why the venture industry has been so good, is because technology is important in redefining many key industries. david: silicon valley is not the only place in the united states where there are technology investments, but it seems like the silicon valley companies seem to be the most valuable and that is where the most activity is occurring. is there something about silicon valley that makes it unique and better than the other areas that are interested tech -- that are interested in technology in the united states? reid: silicon valley as a number -- has as a number of overlapping network effects. it has a network effect of being the hub by which a lot of english-speaking entrepreneurs from around the world to start their software or technology businesses. there is the hub for capital and knowledge and investing that goes into it. there is the hub of talent for people going these companies, which is the reason i wrote this book, how do you build companies on a glo

saying, jim, you fall in love with a firm there's paypal there's square there's all these different fintech. i say they all do different things they are not the same. this is not like the five credit cards and there's plenty of room for your particular debit plus and plenty of room for the different things that you offer. i think that it is proprietary you are lloyded with good stuff. are you getting any resistance people say i already have paypal i don't need you >> no. ta hasn't happened to us much yet. literally half the people we surveyed told us, i intend to use mine later for the holidays. this idea of replacing credit cards with buy now, pay later is going plmainstream it's less than 5% of u.s. commerce if you look at the demand and the actual penetration, it's going to be a long time before we start bumping into other players and saying what do you have and what do i have. our consumers love us. we're unique in the sense we charge no late fees. we're extremely focused on consumer delete is what creates this trust based relationship 37 i think there's a long way to go before we start

recovery we are far from that condition >> one other area of tech i want to talk to you about is fintech. you see square and paypal. is that some enthusiasm in part to the payment season as a buy now a pay later? >> i don't directly cover those. you mentioned two names that have been in the market quite some time. especially a name like paypal. i think the market may well. if you you are going to gravitate towards high quality tech those that will survive in the market and well-known names that will refer to those pe or price to earnings stocks they've got a lot of growth and track record those will snap back to those before the tech names. >> we are going to go analog in your crystal ball. in the 10 year at 105. clearly things will continue to rise what level can they settle at that will make investors more comfortable really the pace that moves up very little and the move that matters the latest tech trading in new york with the latest. >> good morning to you >> we begin with the top brass back in the hot seat grilling military leaders after yesterday's heated show down in the senate m

consumer companies, fintech companies, that will be listing. so it is an exciting phase.think the indian market has got too much market cap in that new tech, but we are going through a very exciting phase. rishaad: thank you so much for joining us, girish pai. we have the indian market open, just looking at the nifty witches is edging to the upside. still sitting comfortably above the 60,000 level, at the nifty approaching 18,000. the banking index lifting things for the reasons he was just mentioning. oil prices now being vaulted upwards, also helping some of these companies, oil and natural gas moving to the upside. taking a look at malaysia, we have headlines coming through with regards to what they see in terms of economic overhangs. haslinda: currently presenting that national development plan for 2021-2025. malaysia's financial situation will improve in 20 three, and gdp will grow 4.5% in the years between 2021 and 2020 five. he expects malaysia will be a high income nation by then, in the year 2025, and that it is looking at four hundred billion ringgit in developm

and often what you're left with is some fairly rapacious price capital sometimes from fintech.e come along in ynez and out of that capital. this business was, come it suca story of resilience because she made it with the cdfi loan from true fund she was able to get her cash flows in such a good state she could expand. then the pandemic it and we can't provide therapeutic services in place. but the cdfi's whether to benefit to make sure that they could expand and this is what i think you asked about what does a recovery look like. we are here to make sure you can persist and then pivot. the persisting with the things we did. the financial first responder role of cdfi's. we got in quickly sometimes with modification of loans come with grant resources and, frankly, with is very important ppp loans. that kept people able to process. that was the moment though for how are they going to thrive in the recovery? that's with the cdfi's are so important. we come now with follow-up capital, with favorable terms with an ability to help people on the next iteration of their journey. there w

fintech names under pressure in seoul. wrapping up for south korea's internet sector.the board, checking what is going on in the asx 200 after the drop on wednesday, downside moves for the asx 200 wealthy aussie yield curve flattens. take a look at what is going on with u.s. e-minis, downside pressure, leading the drug early in the asian session. this markets are debating whether you should be getting exposed to cyclical, this week reducing exposure to cyclical factors. haidi: staying with that strategy, our next guest says he does favorite cyclicals, but he is looking at the balance that exposure of tech and health care as well. joining us now is alex, great to have you with us. when it comes to cyclical place, does that mean you would be digging further into japanese equities even after overbought territory in the last few days? >> yes, i still like cyclicals globally, especially on the back of the recent selloff as we see delta concerns peaking and rising vaccinations, but on japan we are still positive. we have been positive for most of this year. we think there ar

. >> steve, just to dig into that more, we are starting to see the lines blur where some of the fintechre concerned as well maybe companies that started as trading platforms, starting to look to do more of the banks service, too how are you encounters that from your side? >> you always have to pay attention to existing participants, but our focus has been how do we continue to engage with our clients? if you go back, look at second quarter, we have over 2.5 billion log-ins. in the second quarter, we have zelle transfers for over $60 billion. if you think about erica, or driven finance assistant, there are over 2 million transactions that have happened to date so far. we launched something called life plan. that's the ability on our app to establish a financial plan for your life. we are seeing huge growth in that, over 4 million people with life plans it's helping achieve our purpose, which is to help make the financial lives of our clients better 20% of our clients who created a life plan have seen growth in their assets we're going to continue to invest in how we engage, and all the o

that's growing -- there are no names at fintech, public companies growing this fast.afterpay, which just got bought by square. so for a name like upstart, i think it should trade 30 times, so, i still think there's a lot of room to the upside, especially, which is 6x. give us your other pick, a bit quicker, because i have another follow-up. >> sure. it's gernerac. they're the leader for generators for businesses and homes. when the power goes out s. basically with natural gas, they keep your house powered. they're 75% of the market. they're going to have an investor day this month where they're basically turning themselves into more of an industrial company followed by industrial investors, too. solar is a storage company that basically would allow you to be totally off the grid i think you said to buy it ahead of investor day. that's one i really like. >>> you recommended lightspeed and bombardier well done on those picks selling those now after the nice runs >> uh, no, they're still major positions for me i think the stories are just getting started. i think, you kn

we have seen crackdowns on everything from ridesharing to videogame to fintech to education and tutors. what's the story with macau? >> this common prosperity campaign has arrived in macau. president xi jinping has gone after the billionaires and now he's going after the highrollers who pack the vip rooms in the casinos operated by the likes of las vegas sand and mgm and it looks like the game plan is going to be quite similar, which is highly restricted regulation and direct administrative control. matt: not a lot of people will know how huge gambling business in macau is. it's much bigger in terms of revenue than the las vegas strip. partially driven by those las vegas businesses that are invested there. it's also the only legal gambling place and all of china. >> possibly through a historical accident. beijing as it were acquired gambling when it took back macau which is a portuguese colony in 1999. but the communist party has always frowned on gambling. it is seen as a social vice and a remnant of the old society and president xi has a personal antipathy towards it. the gaming indu

sonali: texas is another interesting question, because it is becoming a fintech hub and a consumer bankingce to go. but this is in addition to people staying here. there is still plenty of talent coming into manhattan. the question of these second hubs is how are they going to get at the end of the day? the competition away from new york and new york office space is a question. matt: if you are sent to equities in dallas, it is not necessarily the worst thing. sonali basak talking about global wall street, the diaspora of wall street. speaking of finance, something that caught my eye is that a company told its staff in japan not to smoke during working hours, even if they are working from home. interesting thing is you could smoke at nomura in the office. this is a new story from today. rules will be based on mutual trust and do not include a punitive cause. but the idea is that people who work at nomura, who previously could walk into dedicated smoking rooms in the office, will not be able to do that from october. they're going to give them a couple of months, apparently, to clear out in