fintech does two things. possibly a disruption to established businesses, particularly consumer banking, or second it is a leverage with technology and they acquire businesses or technologies that help them augment processing and improving their bank, which means improve margins and profitability. so they always use technology. jamie dimon only speaks to this, but it is the notion that millennials, generation-wide, behavior is changing, and whether banks, given their scale and embedded costs can have the same pivot as a new startup. unsecured loans is going to be the theater of the next two years, and why should we pay 15% or 17% on a credit card just because maybe i was furloughed for a month or two or longer? that will be the big area. jonathan: stay we will break these numbers down and luckily we will have these with you through the morning. on to wells fargo between 7:00 and 8:00 a.m. lisa, this is a big issue. i know chanel he is in the building waiting to break down the numbers. i know you can do the co

fintech, that is like square. ceo jamie dimon consumer and banking was up 20% and card payment rates have stabilized contributing to modest card loan growth joining us now for his picks within payments and what jpmorgan could mean for these stocks, wolf research payments analyst darren peller. good to have you what are the important metrics that you look at when you're considering the impact on the stocks that you think are most important? >> yeah, thanks for having me. when you look at this data, they're really important because, for example, jpmorgan can represent anywhere from 15% to 20% of total cards outstanding in the u.s so, they're a big sample size. really giving us a sense of what's happening as we head into earnings of visa and mastercard and square and paypal. what we saw in the data was that it accelerated despite concerns out there about the delta variant and stimulus waning. you really saw about a 200 basis point acceleration from last quarter to this quarter, especially when we compare it versus 20

. >>> former goldman sachs cfo marty chavez on whether finteches threaten the traditional landscape.op searched tickers. 10-year yield and then tesla, pl alibaba and wti crude "closing bell" will be right back we now find that 85% of individual investors are interested in sustainable investing. among millennials, the interest is even stronger. ♪♪ one of the big trends in sustainable investing is data, and the ability to understand how sustainable your investments are. by taking that information into account, investors can make better decisions for the long term. sustainability is not about one number. it's about variables like water usage, data privacy, consumer trust, diversity, land use and conservation. all types of investors are now considering this in their investment decisions. this is not niche. one in four dollars globally is following some form of sustainable investing. with sustainable investing at this scale, there's power to change the markets and have an impact on the issues investors care about most. i am courtney thompson and we are morgan stanley. and have an impact o

our banks pivoting fast enough to be able to take on fintech players? >> i think they have done a good job in terms of technology and investments over the years. if you look -- everyone likes to talk about demos as an example. the banks had zelle, which was actually bigger. the banks have been leaders in some areas, partners in other aspects and acquirers in some segments. i think the banking industry has adapted and will continue to have to adapt to stay competitive, but $60 billion a year on technology, that something we think they will be able to benefit from. caroline: thank you, jason goldberg. an excellent conversation with barclays managing director and senior equity analyst. up next, we discussed where we stand in the growth versus value debate. that's next. this is bloomberg. ♪ taylor: we have been talking a lot about the theme of growth versus value, and who is winning now. both are on par for this year, although it does change up the story if you go back longer-term. caroline, really interesting if you think about where we are in the horserac

we are going to see line by line with other fintech companies, we are not the company for you. system that is different from everything you have seen before. i look for investors who truly trust me as a founder, who truly trust what we are building. caroline: what is what you are building in terms of how big you want to get? how large you want to be geographically? >> this is the plan without question to be a global company. the reason we started in america is because a lot of times we do speak about inclusive financial services. we think outside the u.s. when i first started the company and i was speaking to investors, they did not understand that so many people in america did not have access to banking. i spoke a lot about under banked and it was a learning lesson for a lot of investors. it was interesting because when the pandemic happened, stimulus checks when out and you have the government saying we have to figure out how to get paper checks mailed out because so many people don't have bank accounts. that is what woke a lot of investors up. caroline: whether federal law w

today, fintech valuations in the u.s.en skyhigh and i think fintech and innovation in emerging markets like southeast asia has been far outpacing u.s. innovation. caroline: why? it's interesting because we heard today, maybe the white house is eyeing up some sort of regulatory oversight of cryptocurrencies in understanding how and who should be looking at them. is it more clear or ready in southeast asia? is it more clear what the fintech landscape looks like in terms of fostering innovation? raj: i think what is exciting about southeast asia is it is not clear at all. there is so much slack of infrastructure, basic fundamental rails of banking you are missing, it gives you an opportunity to filled companies from scratch that are innovating on how things like payments and credit are being given. investing in a company with accounting software for small businesses. but they do the accounting software to they can understand how the cash inflows and outflows of those businesses work. they lend to those businesses and help ba

just like the fintechs -- i mentioned [indiscernible] the fintechs can leverage off of some of the thingsssive pie to develop across the continent. as far as financial inclusion -- there is still so much that the fintechs cannot do. in summary, i don't think they will steal our market share. dani: i wonder about your peers in the traditional banking space. you mentioned basil three as one of the reasons you are building this buffer. is this a difficult time as far as the banking sector in nigeria? the pandemic and the recession. herbert: nigeria presents its own great statistics for people to raise money. people are coming out of the pandemic. i think [indiscernible] the central bank of nigeria has a lot of transitional arrangements. basil three starts in november. i think most of the large banks like ourselves are ready for that. however, we want to strengthen the capital buffers and the liquidity buffers with currency. even if they are adequate today. the smaller ones will have to make the necessary arrangements to step up here most of the banks will be compliant. tom: what is your leve

sources tell us the fintech company is planning to raise as much billion.republican investment fund is the new owner of the newcastle football club. the news comes a day after bloomberg reported a major stumbling block had been removed by saudi arabia agreeing to list a broadcasting been. -- a broadcasting ban. a surcharge on some products due to surging power prices. sources say some products will be subject to a 50 euros surcharge per ton. the shortage of natural gas has caused power prices to soar across europe, increasing costs for energy intensive industries like steel. it's take a look at what to watch in terms of stocks. sophie is in hong kong. sophie: sticking with the energy seeing, keeping an eye on shares related to china suppliers of: power. i report that key does that three key provinces that produce call have pledged to boost supply. watching companies along the supply chain for cotton have neared a fresh cade hi. futures have jumps 26% in the past three weeks. we are watching chinese property stocks after we got more data showing slowing sale

also fintech payment space has been a weak spot today mastercard and visa down 5, 6% on the today fintech down almost 10%. visa had some cautionary comments about volume outlook. but i think in general you can see the performance of all these different fintech and payments proxies. this is a fintech etf. this of course is ipay is sort of broadly in the payment space. really struggled all year relative to traditional financials a lot of that was previous gains. but a lot of it's just a ton of capital being thrown at startups and existing big players and maybe the volume's not quite coming through just yet, guys. >> the other standout is that earnings is really making very clear stock-specific difference this quarter microsoft versus facebook, there's nearly a 10% differential over 20% differential month to date and you could make those comparisons across various sectors as well as earnings have rolled out >> that's right. microsoft and alphabet showing the virtues of being virtual monopolies it doesn't hurt. they're able to grow off massive bases. and you have some losers in that equation

venture capitalists see opportunities in latin america, especially in fintech and ecommerce. $15 billion in vc funding, up three-fold a year ago according to cb insights fintech in particular is booming, in third quarter alone more than 50 latin america fintech deals, in total topping $3 billion according to pitch book investors i talked to point to a young mobile population with some of the highest internet penetration and engaging rates in the world, but ecommerce has lagged historically until the pandemic forced a lot of the world to start using on-demand delivery and moving their financial lives online vc investigators point to a lack of existing infrastructure as well and a large unbanked and under banked population there. it makes it especially ripe for some of the digital challenger banks. there have been a couple of new laws in mexico and brazil that make it a bit easier for the new challengers to come on the scene. argentina, chile and peru are expected to follow take a look, kelly brazilian fintech new bank is now one of the most valuable private companies in the wo

i look forward to discussing fintechs and their collection. this collection process must be subject to greater scrutiny. this occurs in the broader context of data minimization. just as the cfpb offers more control to consumers, and technology of api, they must use federal consumer protection, including fair credit reporting. if consumers are harmed, fintechs have not provided records, it does not include an explanation of how accounts have been shared. they must take appropriate action on noncompliance, leading to [inaudible] with which the cbp [inaudible] . we must upgrade federal security law. there are limits to the ways in which individual consumers can meaningfully make choices about how their data is used. as a legal scholar argues, an important factor for the digital economy is to predict broader trends on social and collective behavior. corporate and government actors frequently do not even know about collection until after they analyze the data and identify processes. consent is not exist when people cannot know the information they

through a fintech prism?ernate monetization schemes and different products they could be offering and we're seeing them start to come out with a bit of this with their cash product and also they had earlier released the ipo access i think they do ned to be thinking more broadly as to what are other products that consumers want as a consumer investor at the private stages, i'm always thinking about how can you continue to deliver what people want from an experiential standpoint, and they want fractional everything, not just fractional equities and crypto today. >> i'm looking at the breakdown on some of the transactions, steven options were actually stronger than expected. cryptoes sharply weaker than expected and equity a little weaker where does this company in your view go as far as the breakdown? does it become a crypto company, as mercedes is looking for >> yeah, i do think, sara, they have your view go? does it become a crypto company? >> i think they will have to make a deeper push into crypto i think t

and you've seen the other fintechs and other banks trying to follow suit and many other features they'reringing to market are indications of what square has thought. and we thing the innovation of a scaled user base and a track record of demonstrated innovation in the cash app position it well over the longer term and then when you plug in the benefits, we think the positive fly wheel is only going to accelerate over the coming years. >> trevor when i look at the peer comps that you have bill.com and shopify is among them bill-back.com and shopify, of course, a platform and marketplace and enabler. square can't do what else to two companies do is the space too big >> no, the reason, for shop ify, we think they're emblematic really of structural long-term winners in big growing markets which square is in the seller business, in the cash app segment and then unlocking more of the 10 trillion plus global e-commerce market. we think it's more just emblematic of structural winners that we'll see accelerating fundamentally over the longer term and why, if anything, the last 18 months have caug

as we continue to track the market rally today particularly in the technology sector, the fintech space includes fiserv, global payments, ncr and toast as well. then there are household names like square and paypal, also holding onto gains this afternoon. though both are still over 10% off their recent highs kelly, tyler, they seem to be volume tilt tile but they are up big today. >> they don't come down like that often dom, thanks. >> thank you, dom. let's get to leslie picker who has a news alert on macy's. >> i want to show you, shares of macy's now up almost 4% on this "wall street journal" report about an ongoing activist situations regarding johna partners they report the company -- firm took a stake in macys and are urging the spin-off offis e-commerce business. i confirmed with one source familiar with the situation that that is true it was nope last week that johna at a conference in new york gave a presentation about how it believes how the company could gain value from spinning to have e-commerce unit. however, through this article i can confirm that that e-commerce business

but we are seeing overlap with e-commerce and fintech companies. >> kate, thank you very much pinterest shares up 13%. >>> there is a retail divide that's new shares of poshmark and stitch fix have been significantly underperforming the brick and mortar rivals this year. have the disruptors been disrupted or is something else going none this back to the future retail. jan, are we customary picking these two companies or is there a real shift going on here >> there is a real shift going on there i am convinced that was never really the dichotomy we were talking about. those businesses were always going to be sort of a sideshow to the real business of retail it doesn't mean it is not an interesting niche and doesn't mean resell and things like clubs can't succeed. they can, but that's not really where the consumers is for most of their purchasing. if any of us really thought that was going to be where people went because it was going to save the environment think about it would she in exist if the under 30-year-old customer really cared about the environment? no they are care being what i

in the third quarter of this year more than 50 latin america fintech at more than $3 billion, accordingok. investors and i have been talking to point to a young mobile native population with some of the highest internet penetration and engagement rates in the world but ecommerce there has lagged historically until the pandemic, though, that really forced a lot of the world to start using delivery services and moving most of their financial lives online investors also point to a lack of existing infrastructure, as well as a large underbanked population and as sequoia put it, that makes it ideal setting for the internet economy to disrupt the real economy especially right for digital banks. the regulatory regime there especially in venezuela and mexico is pretty supportive of what is called open banking. those two countries in particular have new laws that make it easier for new digital banks to come on the scene arge argentina, chile and perrue are expected to follow new bank one of the most valuable private companies in the world at this point. $30 billion valuation and berkshire hathaw

pinterest is not fintech maybe somebody switched a letter in there >> we talk about social commerce ands is the biggest indication that this is the next leg of ecommerce that is social. we've seen the tie ups between fintechs and sort of social networks you see it with facebook and twitter and crypto the price is interesting loser down 3% and frustration among investors that it hasn't actually been able to translate that commerce side of things got people to actually pay for things on pinterest at a higher rate a tie up with paypal is useful pinterest has 350 million active users and paypal 286 million on its platform and then you've also got the venmo complex which has been very popular with the younger generation and you tie those two together could look very interesting, carl >> indeed. julia, i know you're just getting seeated reaction to this idea, i guess conceptionally first >> conceptionally i think for pinterest it could make some sense if the company is calling me back. i reached out to the company, no comment back yet my understanding is that pinterest is lagging its social m

and a few things like that i'm positioned last year was a great year in fintech.the bigger banks are hopefully going to be more competitive there in the next couple years i'm not going to bet my whole portfolio on the top three banks in america because they're so highly regulated and so controlled that you never know but i think if you look at the smaller banks that have reported so far and there's only been two or three of them, they're basically showing pretty good loan growth and some margin improvement. the business is getting better i think it shows the economy -- i think the economy does really well the next three to five years. there's so much money sloshing around and i think hopefully the banks and even the fintech companies will benefit >> what about within the bigger banks, dave? is it now time to shift from the capital marketscentric ones to the retail bankcentric ones? >> you know, i've never been a believer that capital markets is worth anything but it's good for the traders, and they can buy their nice homes and all that kind of stuff. but for me i'

the fintech company is planning to raise as much as $2 billion from the share sale.a brief glance at markets. on the other side of the break, will get you a look at markets. this is bloomberg. ♪ yvonne: we are wrapping up the week with the rbi expected to post a decision earlier today against the backdrop of higher oil prices, call shortages in the country, and this week, we are waiting to see the hike from the rbnz, and the hold from the rbi. what will the rbi do with the country's consumer price index in range? it is likely to leave its rate unchanged support economic growth, while likely signaling readiness to anoint the stimulus. when it comes to hikes, that will be the key question, given the strains on the energy market. the rbl bank chief economist will be joining us. earlier we heard from some key voices on eurozone inflation concerns given what they are seeing with the gas crisis there. >> all these attempts to revise frameworks for monetary policy, average inflation targets, are just out of the window basically. the idea that you can gradually control infla

paul: chinese officials doubling down on attempts to rein in the fintech sector. we have seen the biggest tech stocks. let's bring in our correspondent in hong kong. what is being said and how are the markets responding? >> interestingly as we just saw, the tech stocks listed in the united states had a banner day. stocks wobbled a little bit when news started trickling for what the central bank governor in china said as well as the chinese embassy in the u.k. had to say in response to concerns raised by the u.k. business community. they put out a statement justifying the tighten supervision over big tech firms in china. and his crackdown on educational firms as conducive to healthier growth of the chinese economy and society. earlier, the central bank governor said the pboc will continue taking steps to curb monopolistic paper among platform companies. essentially what they are saying , it's not surprising where he was saying it, he is essentially backing up what the big bosses in beijing have been saying all along that the regulatory crackdown on monopolistic beh

e-commerce and fintech offers a lot of opportunity. are upcoming sectors that i would highlight, education is gaining a strong boost during the pandemic, and health care. so we have some growth sectors. yvonne: real quickly, do you think a lot of this money and interest is really just based on a place to shield the money given what we have been seeing in the china tech crackdown? >> i have been talking to investors over the last few months, where china people are looking for opportunities in southeast asia and india. that is one of the factors, but also if you look at what has happened where they have been facing these companies. valuations are becoming very high when it comes to the public. so that is one of the factors that the public is looking at for investing in the private sector. rishaad: great to have you on the show. thank you very much. from credit suisse. start ups at the four of things. we will hear from one of the most valuable indian crypto space start ups. the founder and ceo joins us in under an hour. we will see what's

investors are saying where fintech was in 2014. of health-care decisions like retail and if we don't invest in women and family health, you're not investing in the core consumer at all. emily: i'm sure you have a position on the texas abortion law. kate: i think that is a cog and a lot of the medical machines that is doing harm to patients because there is access to care disrupted and telemedicine platforms i am proud are able to help people think through the decisions they have to make. emily: given the political landscape, how important is it for women to have more choices when it comes to their health and their bodies? how do you see maven fitting into that? kate: everything is about access for all and it is not just to in person providers. it is providers you trust to look like you or who share your -- speak the same language. that is one of the most powerful things that telemedicine is doing is we are connecting patients to providers they trust who look like them and share their experience and that -- ov er virtual platforms t

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

is this industry just going to continue to eat up the fintech as it comes through?compete with it if they can't do that? what is the strategy? there is a whole world developing in financial services at the moment that operates on a different regulatory framework. david: this is going to be fascinating because you got jp morgan, morgan stanley have done the right thing. they had huge numbers of customer relationships and that is one thing that, for all their technological superiority, d5 particles do not have. you cannot make money if you do not own the customer relationship. that is a large strategic advantage for the big banks. what they don't have is the ability to keep up with the protocols and blockchain technology if they do not buy their way and. they also have a lot of cash to do that. what i think you're going to see is a gradual transformation of these traditional banks into more tech savvy firms via acquisition. a gradual transformation as these technologies become -- alix: we are going to leave it there. thank you so much. david trainer, new constructs ce

what's your take on this name, eugene, and fintech in general >> i think fintech is a good time to bebuy robinhood to the client portfolios because it's too expensive. i would agree that's not a death knell for that company i think that customer engagement is probably a bigger risk. if we start to see the stock market selloff and losing interest the number of trades will go down but i much prefer square because they have that cash app and a little bit more diversified business and i think their valuations are similar so hood a good speculative play but for my portfolios i go to square. >> up today. i wonder how correlated they are. a much bigger part of the business and the growth. >> yes traded in sync and robinhood well below the highs it's interesting the way this survey taking the temperature of the customer base because the initial question was if robinhood charging a small fee to trade and like a quarter of the people said they wouldn't use it what if everybody else charged a fee? that's complicated a firm to switch to is fidelity. fidelity which doesn't take payment for order f

it cite sized up fintech for transferring client data to its u.s. partner interactive brokers.id that it's assembled a team to check its use of client information to ensure compliance the new personal information protection law, kelly, as you had mentioned, goes into effect november 1st >> we learned that microsoft is shutting down its local version of linkedin, in china. this apparently was the last major u.s. social network still operating there. >> yeah. and actually it's been a very big topic of discussion here the hashtag microsoft to close linkedin china is ranking number 12 right now on the top -- among the top-trending topics on social media a lot of people have been talking about how this is going to be really tough for them because they enjoy going on linkedin to be able to search for jobs for english-speaking jobs to look to really broaden their prospects. this is something that a lot of people have been saying is really too bad for a lot of chinese people and one other thing that was kind of interesting was that the chinese version of linkedin actually left out a lo

cnbc confirming reports that the fintech company is in late stage talks to acquire pinterest for $70hare, valuing pinterest at nearly $39 billion. we wondered how does that size stack up have a look. twitter has a market cap north of $50 billion snap perhaps more surprisingly after the incredible run it's had worth $120 billion today so, essentially three pinterests beyond raw market cap, how about valuation. we broke this down as well pinterest valued at 19 times sales. that's almost twice as much as facebook, which has a price to sales ratio of 9, beating twitter as well which is valued at about 13 times sales, but the clear outliar here, snapchat that incredible run has brought it to 33 times sales and that reports after the bell today so we'll see if they can sustain that pace. but guys, when we look at the pinterest paypal deal, this is really all about social commerce here and the idea that perhaps pinterest hasn't been able to monetize those users as well as they could be throughout the pandemic and you take a look at a company like shopify, julia, which has done a really good

alex, my question would be, why is it important for fintech platforms to have more and more ownership of social shopping if we want to call it that? >> yeah, well, what is happening in the background here is that the advertising technology that underpins all of these apps, and, honestly, the internet, is being rewritten essentially by companies like apple, regulators in europe and soon in the u.s. where it is going to be harder and harder for companies to track purchases and conversions across other companies so what you are seeing across the industry is everyone consolidating social commerce under one umbrella, because if you have it all first party that data becomes usable for conversion, for proving the efficacy of advertising. it is incredibly valuable and only going to get more valuable. >> so, if i may, we can say this is apple's fault, alex my words, not yours. but explain to me again what the advantages are for people to be outside of apple's keeecosystemn why they have to quickly assemble scale >> what apple did with the ios update is essentially through a prompt break the ab

fintech had a tough day.hey high growth fintech names slammed by the rotation seeing out of tech stocks the buy now pay later platform down 9% and announced last week launching crypto and an outperform lately. square meanwhile down about 6% heading into the close this one definitely trades like a tech stock year to date gains are now only around 3% after the big outperformance last year paypal down roughly 4% heading into the close coinbase and robinhood negative but faring better today off looks like 1% here and robinhood down 2.5% heading into the close today. back to you. >> bitcoin is acting well up more than 300 bucks despite the big tech selloff right now kate, thank you. shares of tesla and gm are higher today despite the broader selloff. phil >> the move for general motors is nice and follows an investment from engine 1 taking a stake. why? they think it's a good investment prime for growth and think shares could triple over five year just we had a chance because what's interesting is coming as we hav

the latest crackdown's extending to fintech. what will happen to property developers? it is all there. it is slowing down to 5.0%. that is a year-over-year number. the range of forecasts range from 4%-5%. it is a wide range and a slowdown from this number in the second quarter. forces hitting other key numbers. number how the index fell below 15 the latest month? had slow output. a bright note. china retail sales are looking stable or even better than 2.8% in august and more in september. that is good news. questions are on property developers and construction relating to the fixed asset management numbers thing expected to slow. speaking in washington today, we expect the gdp to be at least 8% for this year. haidi: he also expressed confidence that the ever grand meltdown will not translate into systemic risks for the economy. anchor: he did. there's also a bit of concern here. basically, he still thinks that the situation is evolving in such a way that it seems to be " under control." let us listen. guest: overall, we can contain the ever grand risk. first, we try to

financial services entech, fintech. auto tech. real estate tech.t of the excitement is an activity is happening. we are trying to treat technology the way economy treats technology, which is having it be pervasive in groups. shery: the investment bank cohead dan dees. another chairman sees inflation as a passing threat. she spoke exclusively to bloomberg about some of the difficulties the world and banking sector are facing as they strive to transition to a more climate friendly future. >> what has been the impact? is that one of the biggest things we should worry about, we are underestimating the societal impact? >> there is a lot of talk, this is linked to financial markets, is inflation temporary? i believe it is, in the sense that covid is a one-off and created a spike, u.s.-china is ahead of where they were pre-covid. durable be there. i think energy is a factor, but it's part of the broader picture of how do we green the economy at a cost we can afford and is fair, where the cost is borne by everybody. >> you have a great snapshot of the worl

one fintech unicorn is taking that a step further.unning a test of a four-day workweek to gauge productivity and wellness levels, and this could eventually turn into a permanent solution. with me now is the ceo of bolt. great to have you with us. most workers thanks this sounds like a great idea, curious why you think so and how the company decided to do this. guest: it is a pleasure to be here. we have been known for pushing the envelope on culture, conscious culture, how you bridge execution with humanity. we found smaller companies implementing a four-day workweek, we headed on our docket to discuss how it might fit in to bolt. we firmly believe in action, and b cannot think of a reason why this would not work. it was kind of a no-brainer, so we decided to move forward. emily: why aren't you worried about productivity? workers taking advantage of this with extra long weekends? guest: because we have learned that the more rested your employees are, the better they feel, the more present and engage they are, the better work they do.

we have an exclusive interview with pakistani fintech company tag innovation. we will be discussing how they plan to reach that untapped market. yvonne: up next, evergrande returning some cash to investors weeks after protests over missed payments. this is bloomberg. ♪ yvonne: here are your equity markets in asia on this friday morning as we kick off the fourth quarter. not looking too good as the nikkei. we are seeing losses of more than 2% right now. more details on the severe energy crisis in china as well. bloomberg has learned that government officials have ordered top state-owned energy companies to secure supplies for this winter at all costs. yvonne: let's get to dan murtaugh, or -- rishaad: let's get to dan murtaugh, our asia energy reporter. dan: china -- the top economic planner in china left them with one message -- blackouts this year are not going to be tolerated. that message is being fed down to china's oil and gas giants and coal giants as well and we are starting to see that message come out in public. china energy investment corp., the countr

alix: let's get to some other news because something interesting happened, fintech sector.e got demand for online. german digital bank just put in an evaluation of $9 billion making it when the country's biggest lenders. in joining us now for more is max, good to see you. congrats on the fund raise pay what you doing with the cash? >> exciting day for us just announcing our funding round. investing money, we are seeing this. adding into the 1500 we already have. it's a couple of more features we want to bring to our customers that we will launch in the next couple of months. alix: you talk about this -- guy: you talk about this funding round. my question is will there be a next funding round. speculation is huge on whether you will do an ipo. is this something that's done -- under active discussion. where are you? >> whenever we do a funding round its most important what we want to do with the money. we are right now in a position that leaves options the company will be structurally ipo ready in the next 12 months. the questions what's the right point in time. ipo is defini

. >> people it's the creeping of fintech. >> jamie is adamant he's missed fintech. a company like upstart it's one of the greatest performers ever. wells fargo, which did not have a great quarter, adopted upstart. it's a.i., the way they do it in china. i just find that jamie is an old-fashioned banker i'm not saying he's a dinosaur i'm not going there with the v very velociraptor. >> square is $115 billion market share. >> why why? >> they're willing to back people who jpmorgan is not interested in. >> yeah. >> they don't -- jpmorgan -- had they gotten away from the very concept of helping the small business technologically, what do you think >> i think there's something to that obviously we talked a lot about paypal. >> jamie is dismissive of a lot of this technology. >> i don't know. >> eh, blockchain. >> it can be a side effect of getting older. >> charlie sharp's adopting upstart. >> explain to people what upstart does i think sometimes we gloss over these things >> these are all these a.i. algorithms that allow much more accurate -- that's what i was talking a

so they do not lose their presence in fintech.id: a snapshot of what is happening across the big ribs in the region, asia-pacific, hong kong is shut and earlier, we are seeing equities moving through. concerns about tightening and inflation coming through, energy taking a step down. we are slowly making our way into the earnings season and your heaviest weighted stock on the nikkei to do five as you can see, up ¥800, about 1%, said to report earnings later today. watch out for that. you can still see -- the dollar yen trading, an inverse relationship between the current index. rishaad: come up -- coming up we discussed semiconductor supply chain issues. we (announcer) if you've struggled to lose weight, you might think you were born with a slow metabolism, but what you may have is insulin resistance. fat becomes trapped inside your body and it becomes very difficult to lose weight. now there's golo. golo works to reverse the effects of insulin resistance, increase metabolic efficiency, and targets stubborn belly fat. join over two

when we look at stuff, we are looking at aquaculture, agriculture, fintech, new materials, we are lookingthe board. and we also do more traditional stuff with bio, drugs, drug platforms, there's a lot of cool stuff we are working on and i am excited about micro. remember the transistor moved from the vacuum tube to the transistor. we are going to replace all of these energy inefficient relays and things in the 5g world and we will have a new micromechanical switch that is as important as a transistor. emily: you spend most of your time outside the u.s. i'm curious with this global perspective on silicon valley, what do you see? the silica and bally doing right by the world? >> silken valley needs to invest more in climate change directives. we are seeing too much on buy now pay later. we are investing and we are finding stuff not in silicon valley for the most part. we are finding it all over the country and the u.s. but also europe, southeast asia, india, i am bullish in seeing that this industrial revolution is happening and it is happening everywhere and there are many companies outsid

that said, of course you've got fintech, you've got mortgages, still incredibly competitive, the worldanging and we do have inflation is a risk factor. tom: is that the competitive landscape? is it inflation? what is top of the list for you? >> the fee side of the equation. we know that these big tech are eating their lunch slowly. you will run into a standstill, but at least you got a bit of an uplift, which has not been much good news for the sector for a long time. francine: i want to ask a little bit about, and day, but what happens to the city of london once the clearing extension is out? what happens to london? >> i think ultimately it is not as painful as we think. we have already seen the bank levy. looking at changing that to ensure the playing field is as level as possible. that said, look at france, look at germany, they are clearly very -- i suspect things are a lot smoother than we realize. tom: in nice note of optimism. any other names on your radar within the banking space now that we've got barclays behind us? >> clearly, lloyds has had a lot of struggles. margins impro

the interesting thing about the way finances going is finances in fintech -- it is the tech side thatdeveloping so fast. and that, you have to admit, the u.k. has an extraordinary mixture of things that make it propitious for that kind of development. we've got 106 or more tech unicorns, for the benefit of bloomberg viewers who don't know, the unicorn being not a mythical beast but a company with a billion dollars in revenue. there are 106 in this country. another european union nation that modesty prevents me from mentioning has a quarter of that. john: i think that's france. but to use that point, that's the hard-hitting captains of industry were saying -- look you are stuck in these arguments about fishing, about finance -- they are the people blocking london's ability to trade with the rest of europe. is it time to fix those problems? p.m. johnson: i've got great relations with the french government, with emmanuel macron and will continue to ensure the u.k. and france -- the u.k. and france, for a long time, if you look at what we do together around the world, we are very close pa

with senator hagerty, we got to maintain the innovation from fintech, but when facebook and google andthers potentially get into the payment space, it raises concern beyond privacy issues, frankly, from antitrust, money-laundering, a whole host of issues, and i appreciate the fact that you asked the big tech companies for information and scope of where they are headed. why don't you share with me what your concerns and what you think cfpb's role in addressing some of these safety implications, as the big tech gets into payments, as well as the question around facebook getting into digital currency? dir. chopra: again, as i mentioned, if big tech companies can scale this globally and rapidly come it opens up a whole host of questions. there is a whole host of concerns about fair competition. i think we have discussed before, in sometimes when the large, dominant tech companies enter space, it freezes up capital formation and venture capital and other investors are less willing to put money on the table for new entrants, because they think to themselves, what if one of the big firms just

. >>> prince harry and meghan markle are getting finance business joining fintech manager ethic, as investorsn the president of cio of henyon and walsh asset management. six billion under its umbrella. what would you advise them to buy if they were very interested in this type of ethical investing? >> appears, liz, harry and meghan are interested in one of the fastest and most popular investment themes across the globe right now, and that is esg investing, more sustainable impact investing because now can they not only feel good about the companies they're investing in but feel good about the potential returns of those stocks that those companies generate. we have our own sustainable impacting investment trust at smart trust, esg rating of just capital and investment ratings of argus research and there are three particular names i would like to high height for you today, liz. the first one being the number one ranked capital by just capital according to their own esg ratings. that being microsoft corning. they rate very high how they treat their workers. specifically how they treated them dur

investors are saying it is where fintech was in 2013. women control 80% of health care decisions.n't invest in women's and family health, you are not investing in the core consumer. lee: i'm sure you have a addition on the texas abortion law. >> that is a cog in a lot of the medical association. it is doing harm to patients because they are disrupting access to care. emily: given the political landscape, how important is it for women to have more choices when it comes to their health and their bodies and how do you see maven fitting into that? >> everything is about access. access for all. access is not just -- in person provider but also providers you trust who look like you or speak your same language or same race, same gender. that is one of the most powerful things telemedicine and our platform is doing. we are connecting patients to providers who they trust. over virtual platform so they can talk to people 24/7. that is empowering for patients around figuring out what to do for their health. emily: great to see you here in person. thank you for stopping by and joining us. com

. ♪ emily: two of the world's most valuable fintech startups are joining forces.ll allow retailers to add corn a bank's buy now pay later service as a purchasing tool. this comes at a time when rivals are striking deals to win a share of the repayment industry. amazon has struck a deal to use verizon's network to link up its thousand strong satellites. this sets up a rivalry with star link. jeff bezos has committed $10 million to the satellite subsidiary. it plans to launch more than 3000 satellites into low-earth orbit to provide broadband internet. two weeks ago we were joined on the show by an early facebook investor, reid hoffman. he spoke candidate -- candidly about how the social network lost people's trust especially over handling of claims leveled against the company by whistleblower frances haugen. take a listen to what he had to say. >> what we should hear from the company is, here is when we saw these reports, here's the stuff we started doing, here is the way we started making trade-offs against what might otherwise be our engagement, in order to solve

one company hoping to alleviate this and bridge the divide is a fintech platform aimed at making financial accessible and emerging markets unjust raised $145 million. earlier, i got to meet with the founder and ceo. they met with my colleagues. take a listen. >> this new funding round for us gives us muscle to really be able to accelerate in terms of delivering real value to our customers. what we have internally is about enabling financial agencies for $3 billion -- 3 billion people globally who are underserved. we are looking to ensure customers can save, protect their money, grow their money and use their money. >> can you talk about how you ensure that? part of what goes into that is data you collect. how are you ensuring these consumers are creditworthy and not taking up more credit than they need to be? >> we are always very responsible. we try to ensure we are focusing on healthy borrowing. so, we are always thinking about the individual's finances, their capacity and their likelihood to repay. the factors we are running allow us to understand their consistency, their employment his