fintech festival.fitzpatrick, discussing their business outlook and plans to expand in china. plus we are joined by mastercard's ari sarker, telling us how inflation is impacting the business and efforts to expand the platform to a 15 million strong remote population. coming up next, we are drawn from the financial leaders investment summit to talk about the city's challenges and opportunities with eddie yue. you don't want to miss that conversation. this is bloomberg. ♪ nning effect. this is how it feels to have a dedicated fidelity advisor looking at your full financial picture. this is what it's like to have a comprehensive wealth plan with tax-smart investing strategies designed to help you keep more of what you earn. and set aside more for things like healthcare, or whatever comes down the road. this is "the planning effect" from fidelity. >> we didn't really reallocate resources to singapore. singapore is also in formidable shape. i see that as two competing financial hubs. >> the price is to fin

stephen: that's right, day two of hong kong fintech week. our guest today, the first hour of our coverage from the hong kong convention center is the of fintech for invest hong kong. thanks so much. how does hong kong become the king of international financial centers again? you have a tough row ahead. >> absolutely. the city of hong kong is not built over a year or two years. it is built on generations of hard work. with announcement yesterday that basically now a new path forward, about how we will use the information to elevate hong kong to the next level. >> back in 2018 there was a voluntary licensing scheme. only two platforms ended up being licensed, actually. it was seen that there was too much regulatory ambiguity as well as maybe a little tougher than some areas like singapore or dubai or other places these platforms ended up migrating to. how is this going to be different? >> the path of regulatory jurisdiction has always been regular. it is not changed much. it's basically the central theme of protecting the investors. the one pe

and so, on the one hand you have fintech moving fast.n the other hand, on the bank side, we have client relationships and distribution. when you married those things together, we think it is a situation where one plus one equals much more than two. caroline: talk to us about the global footprint. how are we seeing this play out globally? >> open banking is what is happening in europe. but it is largely consumers and small business. those banks are having to pass client data to the fintech community for downstream applications. on the corporate side, they do not have to meet the standard in europe. even corporate banks in europe, that data is still left up. on the corporate side, big banks are building apis. unfortunately, there is not a standard, but that is a big part of what we do. we have the largest library in the world, so customers are looking to us to normalize all that data and really drive the standard. we have some big banks asking us now for a standard spec appeared -- standard spec. it is making all of the data accessible and

these higher rates are becoming a way for fintechs to compete for customers.t saw a similar rate related boost and a jump in customer accounts, thanks to the higher rates. executives are welcoming the help from higher rates as it helps offset some of the trading slowdown, but of course, on the flipside, as i mentioned, the rates have hit rates for a lot of the money losing stocks like robinhood, a bit of a catch-22 the big theme for fintechs, all about cost discipline and reining in spending. robinhood stock did get a boost after it lowered its outlook for operating expenses and stock based compensation >> the irony of this is not lost on me. these companies, these disruptive fintechs are being rewarded not for being disruptive but for essentially holding cash, being valued kind of like a bank or what they would do so break that down for us. i know you mentioned that interview at the beginning of the week, he said he was pulling in a lot of big bank customers it's interesting they're not doing anything, the big banks, i guess they don't have to because traditi

. >> i got to tell you that's a fintech company and the fintech companies are still, even after this incredibly over valued because they're all competing with each other. here say $37 billion company and maybe it should be a $20 billion company. there is no telling what it's worth because it doesn't make any money. so and when it does, it's incredibly over valued let's go to david in pennsylvania, david? >> caller: boo-yah, jim. shoutout from the philadelphia suburbs. >> absolutely. go ahead >> caller: hoping to ride the eagles wave to february in the super bowl. >> we don't want to jinx them but i'm with you, what's up? >> caller: wanted to get your take on a couple e commerce stocks, specifically one shopify specifically how it compares to the giant competitor amazon. >> okay. i think shopify like etsy are two survivors of this period what they're valued at is hard this is valued at $34 billion but it is -- it is the power behind so many small businesses that i think it is worth something and if anything, it's worth more than what it is selling for. all right. if the market keeps r

that's really the focus, for most of these finteches that we're talking about. >> all right kate "fintechreciate that. another earnings exchange in the hopper >>> still ahead, it is mystery chart time if you're on the radio, you're off luck if you're watching on tv, can you name that stock? it is a logistics company. shares have been hit like most of the market, but they're m making a big, bold bet on ev charging think you know, hit me u suycc.nb we're back right after this. >>> all right. welcome back as states like california enact ev requirements for commercial buildings, building out charging infrastructure is key. and the nation's largest warehouse company is getting in on the action. diana olick is here to explain and to reveal today's mystery chart. >> yes, i will, brian. charging electric vehicles at a warehouse where those vehicles have to be sit anyway to be loaded and unloaded makes for a lucrative opportunity. so prologis is starting to install ev charging stations in its warehouses, first with two projects in california but 50 more are in the works. it's a multi-billion dolla

let's get back to the fintech festival. chief strategy officer, good to have you with us and we appreciate the patience. let's talk about the debate. there's a lot of views out there suggesting singapore is doing a u-turn in terms of the crypto space and that could benefit hong kong. your views? >> we break some news on the air with you. circle has received principal approval is a major payment institution, we have long had a plan to make singapore our regional hub. the fact that there is a contesting fintech event happening in hong kong is nothing less than a good sign that the broader asia-pacific region is open for business and has a lot of your teaching importance for the industry. haslinda: there some crypto players, fintech players, which have left the city state for other places like to buy -- dubai. regulation may be taking a backseat. >> there's no industry that has made a substantial mark on the planet or had a lasting business model on the edges of being well-regulated. the singaporean regulator has had a standar

from the singapore fintech festival this week, haslinda amin.weekend, the hong kong sectors -- sevens are hoping for the return to the stadiums. this is bloomberg. ♪ ♪ we all have a purpose in life - a “why.” maybe it's perfecting that special place that you want to keep in the family or passing down the family business or giving back to the places that inspire you. no matter your purpose, at pnc private bank, we will work with you every step of the way to help you achieve it. so let us focus on the how. just tell us - what's your why? david: the sevens is back in town. that is not a math competition. stephen engle is at hong kong stadium for us. stephen. stephen: after a three year bait -- break, the hong kong sevens are kicking off again as they open up. a good litmus test to see its tolerance for massless participation and also having large groups of people. 40,000 expected in the stadium this weekend. let's get to our next guest who joins me on the pitch. we will talk about the games which will be cohosted with guadalajara in hong kong next

freely, could have done more on the a&m side zoom video tried to but couldn't get it through the fintech side, you are seeing something similar. they were try doing somethin specific in financial services and the question now, do they deserve their premium to traditional banks. what do the valuations look like and now they are making money on cash holdings. before that, interchange that sounds like a bank. and so they have this moment now, trying to get everything in order, we've been talking about the layoffs we're seeing do they have time now. a lot of the layoffs are happening in some of the departments that were try doing disruptive things as they now focus on their core. >> yeah, and it is brutal as you say, but not surprising. this is exactly how the cycle goes headwinds get stronger, large players get leverage, smaller players lose it. and in some cases get taken out. it is almost by the book >> and those that are able to go on the offense will typically do better, but did they build up the cash reviews to do so. and let's dig deeper and bring in darren peller who covers the space

uh, it's definitely the future of fintech, especially at the consumer level. it allows you to create the most advanced financial services. elvira nabiullina thinks, and sergei shevtsov, head of the board of the moscow exchange, agreed with her. today there is no way to visit 15 marketplaces to buy, well, i don’t know plasticine there. so he needs a child to buy a plate for school, he will come to one of the marketplaces and buy this plasticine from the avatar, which will do such routine work for a person. there is no problem to sit 15-20 times worth of these same marketplaces and find exactly the right clay to listen to at a price-quality ratio and given restrictions. and then it will disappear. this same broker that offers securities to a person will disappear. the same exchange that concentrates, a in one place in the usual form , liquidity for various financial instruments. among russian regions, moscow is still unconditionally leaders in the development of digital technologies , representatives of the city authorities here at the forum said that e are digi

joining us next on how fintech companies are dealing with this high interest rate environment.s is bloomberg. ♪ xfinity rewards is a program whose sole purpose is to say "thank you" with experiences big, small and once-in-a-lifetime. sometimes it's about cheering hard enough to shake the stadium! sometimes, it's as simple as movie night right here at home, on us. you mean the world to us. so we're bringing you closer to what you love. kinda like this. welcome to 30 rock! join xfinity rewards for free on the xfinity app today. our thanks, your rewards. guy: fintech giant adding something else to its arsenal, it launched an instant messaging feature for the product. basically it allows customers in the u.k. and european economic area to chat while sending and requesting funds to and from other customers. revolut is the u.k.'s most valuable start up. joining us from the web summit is nick, the founder and ceo. nick, nice to catch up. we are entering a new phase, a new economic phase, interest rates are going up and growth is coming down. how are you are adapting revolut for this n

. >> a fintech i look at fintechs it was important i was at the fintech conference it was a great conference a lot of talk about over vailgs that happened all ipos that happened, the valuations aren't -- >> what i seen sofi no jpmorgan not bank of america, it is not, wonderful things, i don't know. >> but the real difference from all fintechs, ftfc insured if you don't have funding losing a challenge what evaluation, dot com. >> how much will is baked into cake after selling we've seen, talking prior, looking back to 2000 that period of time was great time to pick high quality companies great dividends compounding roil road to riches i have seen a lot of opportunity in high quality names. >> absolutely i think the dividends are great right now, yes, bonds competitive but yeah dividends great 7, 8, 9 times earnings with great management real businesses. maria: a what is highest dividend payer company in financial space i own it new york community bank, it is close to 8%. maria: 8%? >> close to 8% shorts, they just closed the deal cross cuts i think will be massive able to sustain dividend i t

we have had the banker summit, the fintech week.f opening up hong kong, so this will be a big test to see if we can return to some semblance of normalcy for hong kong. there are fundamental changes in hong kong, but we have to see if they just let things go as they used to or whether there will be police parading through this south stands -- through the south stands. i do not think so. we are being told we do not necessarily have to wear masks right now but that is a tricky subject and the city trying to find its way past the pandemic and the protester. we will have to see later today and this weekend and whether the weather holds. my first rugby seven was 30 years ago, and it was a mud bath. the entire pitch was just to sea of brown mud. you know what they say about the rugby sevens, it is essentially a big party where a couple of rugby matches breakout in between. haidi: bloomberg's very own party animal. tiger global management is said to be pulling back on worries about geopolitical tensions and covid zero. let's bring in our ch

the crypto fintech stuff sounds like the theory pharma let's deal with that if you look what is really working this market, here is two shockers johnson & johnson and lilly. every heard of those they depend on products with a low shelf life cardio, drugs, cancer treatments, medical devices and the consumer products business, i like that. they have trust. eli lilly has a diabetes drug. silicon valley says they cured everybody. then there is aerospace particularly boeing. this is one of the worst managed companies i've seen but that seems to be coming to an end when we see a stunning shortage of planes. not like airbus can fill the demand for the longest time we figured boeing would have to beg the chinese airlines to keep orders. now, i think the shoe is on the other foot because there is an aircraft shortage tank shortage booming travel business, china, people's republic listen up. you're too late. stocks fire over the past six weeks as people realize they don't need china orders at all how about honeywell? there is a good company. buy now, pay now i like that. buy now, pay in advance.

we are seeing a lot of growth in retail, health tech, fintech, and saas.ted about what we continue to do. women continue to innovate across the sectors despite market conditions even if they are in a sector that is being hit hard right now with market conditions. they're pivoting and figuring out what's next. emily: how are dynamics between lp's and gp's changing? there's a lot of money sitting on the sidelines the venture capitalists have raised. there's not necessarily a place to put it all. sarah: thank you for asking all of that. the lp and gp connection is one we focus a lot on. you picked that up rightly despite what has been said about the fundraising winter. it is clear there is a dispersion. there are winners and losers and there are those multibillion-dollar firms that continue to raise billions of dollars. we have a lot of dry powder sitting on the sidelines. this is what is happening. lp's are being a lot more cautious. the word is we are optimistically cautious about the way forward. despite money in the bank, a lot of them are being slow to d

a whole street of fintech solutions from key industry players elvira nabiullina, head of the central gets to know everyone. the latest developments. 19.000 developers at the plenary session, where the head of the central bank, the moderator, talks about what helped the sector survive this year on the sidelines , they discuss whether the time has come to prepare to face new challenges, especially since, according to elvira nabiullina, to say that the bottom of the crisis has been passed prematurely. we see that the economic and geopolitical situation in the world is aggravating, therefore we believe that it is necessary to consider a scenario of a worse development of the situation along with the basic conservative, but rather optimistic scenarios. very many not certainties. he says it's all over there. well , it would probably be frivolous, but we just need to prepare hmm and we need to quickly make decisions that are needed in order to respond flexibly to any uncertainty, any change in the situation, the role of fintech along with the measures of the central bank during the acute ph

and tech startup it's a tough blend of those things, that sort of busted fintech story with banking analysts really still love it. >> it's a real brand it's absolutely -- it's not that there's nothing there. it's tough to find your way toward a really profitable model from this starting point without, you know, having bumps along the way. >> well, and a changing credit environment as well. thank you. we're going to get you let ready for "overtime," which you are hosting at the top of the hour we'll talk about yuber because i is up double digits after posting strong revenue numbers the ceo is joining "squawk box" this morning and stayed despite recession worries, customers are still spending >> the consumer, and especially the u.s. consumer, remains strong and they're spending and they're moving a bunch of their spending from essentially retail to services, and we are in the service sector you're going out to restaurants, cities are opening up, you're taking ubers, and uber eats growth continues at a strong pace as well >> joining us, steven jang from kindred v kin ventures >> i was

deirdre bosa is here as well and kate rooney on the fintech movers paul, the broad market the dow up ending the week it looks like we have taken a leg higher up 1.25% and tech is rebounding, but apple slower fifth day in a row, tesla is not part of the tech rally, microsoft, nvidia alphabet getting a little bit of a bid today. this week clearly all about the fed, higher interest rates for longer, more restrictive for longer is the take away that these stocks are too risky >> you know, i think to your point, sara, is that the -- this week has all been about the mega cap stocks coming in if you look at the performance of the s&p 500 relative strength of the equal weight versus the index you've seen that -- you've seen outperformance from the cap weighted index there are some good things to like about the market here but every time the fed comes up, every time something good happens a fed official rears their head and they seem to think that they need to be very aggressive, continued very aggressive going forward even when the economy is showing signs of slower momentum, housing is basi

today in krasnogorsk near moscow, the head of the russian central bank has assembled a platform for fintechs. elvira nabiullina even acted as a session moderator. anna lazareva is direct contact with us anna greetings, is the russian financial system going to be transformed? what do they say in the form fields? hello natalia. ah, a major transformation has already taken place. first of this year it goes on and, of course, the current crisis has become the main driver, if at the main session of the first day of finopolis they talked about what allowed the banking sector to survive. uh, then on the margins of the forums on the sidelines, it was about whether it was time for them to prepare for new challenges, especially since elvira nabiullina a, speaking after the plenary session , said that the bottom of the crisis, what to say, that the bottom of the crisis is over prematurely. we do not see that the economic and geopolitical situation in the world is aggravating, therefore we believe that, along with the scenario of a worse development of the situation can also be considered as a basic con

according to elvira nabiullina , the fintech industry is now going through difficult times.e cannot ignore the fact that with the departure of foreign it companies, niches have been vacated and the profits of russian it companies are growing. maksut shadayev, head of the ministry of digital development, spoke about the challenges facing the industry now. they lie in the field of hardware processors, components of base stations, this is probably the most vulnerable niche for us i see. cautious optimism i see that many believe that time just occupies new niches. here, but from the side of the government. the main thing is to create a functional environment in general. and how to create a regime in which, in general, our developers are our these companies would feel some confidence in their own future because there is a market for them. perhaps the current crisis. this is a huge gift argued in plenary sessions. german gref e. according to him, there is motivation going on and, in general , the life of the head of sberbank, as he said, has become much brighter and more interesti

a fintech officer joins us from the singapore fintech festival, keep it right here, this is bloomberg

the move comes one year after the swedish fintech giant but the services price comparison site.e are now joined by the ceo of klarna. good morning. you are rolling this product out. in the u.k. also denmark and sweden. it is already active in the u.s., so how successful has it been in the u.s. and can you take on big tech stateside? >> it is super exciting. if you look at -- one thing that got me excited about this, look at the u.s. as an example. these comparison websites have not really existed since the early to thousands because amazon took them all over and the investment money stopped flowing because amazon was so dominant. in europe we have seen a fantastic amount of companies that continue to innovate and create great experiences for customers for comparing products and finding best prices. and now we are bringing this out to all of our users in europe and the u.s.. it looks extremely promising. in some markets, this is where people start their shopping, so it is interesting to see how we can go further. francine: sebastian, good morning from singapore. how much do you w

in terms of fintech, we are pretty broadly at that. we will do investment platforms of all sorts.tforms. we have done one blockchain related investment which was in the company gemini. it has not been a specific focus of ours but if we see a strong fast-growing business where we think we can help, we will certainly give it serious thought. i think we are pretty happy. we have not been overexposed. >> gemini is a pretty big player in the crypto space. have you had concerns about that investment? >> they are a big player. it is a strong company. they have a strong balance sheet, a lot of cash. we were the first outside money. i think we are in pretty good position. it like a lot of other companies in the space, they have certainly taken a hit for the time being on valuation. >> we have been focused all day on the federal reserve, jay powell, the outlook for rates, the macroeconomic headwinds hitting a lot of tech, what is your eventual capital -- your venture capital view of the world going into 2023 question mark >> we take a pretty conservative outlook at that, back to what i refe

if it's outside the banking system and a fintech open system, it's invisible to us. that's where the scams occur. we have no regulation once it gets outside of the banking system. >> madam chair, thank you for your indulgence, i yield back. >> thank you very much. the gentleman from wisconsin, mr. steil, it's recognized for five minutes. >> thank, you madam chairwoman. i want to bring us back to inflation, the american people are getting clobbered by higher costs every day. if some of the financial minds of the country backed by a whole array of economists and experts that are looking at economic data. as we see 40 year highs of inflation, 8. 3%, people are finding it harder and harder to buy the things that their family needs. i think a lot of this was avoidable, and was a result of bad policy choices here in washington. i would love to get your flavor here as to what policies are driving inflation in our country, you can help families who are struggling to get by. mr. dimon, if i can, the 1. 9 trillion dollar reconciliation bill has been described as inflationary,

this after the fintech giant fell 44% this year.ad more than 65,000 employees at the end of last year. those are your latest business flash headlines. haidi: let's take at our u.s. futures -- this was a goldilocks session when it comes to equities and bonds. a holiday thinned trading week ahead of thanksgiving and not much has changed when it comes to the fed narrative in terms of determining market sentiment. futures flat at the moment as we get into the last trading day before the thanksgiving holiday. nasdaq futures little softer despite the optimism it could suggest we are seeing the end of this tech route and the regulatory overhaul might be near completion. we're looking at small caps, little upside there as well. the dollar index continued to lose a little ground but we see broader asian stocks looking like they will follow wall street higher. we have the broader japanese market closed for a trading holiday. the korean won trading a little higher on the back of that flight to dollar weakness. the aussie dollar holding steady

uh, according to the forecasts of the innovation center of the financial sector, the uk fintech willch for years. hub this year, the revenue of russian mining companies from the production of all types of popular cryptocurrencies will amount to $ 964 million , of which only for mining. bitcoin. there will be 410 million. according to a study by the cambridge center for alternative finance, the united states accounts for almost 38% of the global hashrate in the bitcoin network. , is still the largest in the market, the cryptocurrency of its share in the total capitalization of 43%. in russia, the market is developing quite intensively, especially. there was a big surge in the twenty-first year, when chinese authorities have banned a small country and a fairly large number of miner equipment. moved to russia, the market continues to develop. and large players are extremely interested in this market. for example, growth, and there rushydro and our producing oil, producing companies use associated gas for mining. the bill on mining is planned to be discussed with experts and representati

there's been a situation where banks are parting with fintech companies. it's been described as rent a bank where the fintech company comes in and uses the bank as an intermediate to avoid limits and other restrictions. many of these are your institutions. what are you doing to try to stop that? >> thank you for the question, senator. when a bank partners with a third-party and the third-party is providing services on behalf of the bank, including credit products, as a supervisory matter the offering of services by the third-party are treated as if the bank itself is offering those services and products. and the bank is supervised accordingly. we have a number of institutions that are utilizing partnerships to benefit from the banking relationship to there's several institutions. i will say we're taking a close look particularly at the lending activity going on to ensure that the lending activity is being appropriately underwritten, and it is based on the borrowers ability to pay as well as consumer protection requirements in terms of disclosure and transp

that we've seen, and we're still kind of hovering near those lows of the year for cloud commuting, fintech, and internet-related stocks. so maybe not just yet, the all-clear for a bounce off the lows we'll see what that sentiment gauge says in the coming days and weeks. and then, if you're looking for that retail story today, the best performing stock in the s&p 500 is best buy, up about 12% right now. and dick's sporting goods also up decently here, although not a part of that big s&p 500 trade both of these retailers came out with better than expected results, profits and revenues also raised this guidance. in best buy's case, they affirmed their fourth quarter seasonal guidance. that's the reason for the bullishness. dollar tree also beat and comparable store sales were better but they also guided, to the lower end of their previously stated range, so even though it was an outlook and it was a better than expected report, those shares are down about 9% r right now. it tells you that mixed picture that we're seeing in retail right now is played out through the latter half of this earning

banks exist for another year and a half, and then its brand will disappear. the single vtb group, the fintechh difficult times, but one cannot ignore the fact that the departure of foreign companies has vacated niches, and russian revenue is growing to support the domestic it industry, one of the tasks of the government. our main challenges they lie in the area of ​​the processor hardware in the component base stations. this is probably the most vulnerable for us. i see a niche, cautious optimism i see that many believe that time just occupies new niches. here's from the government. the main thing is to create in general functional environment. and how to create a regime in which, in general, our developers, our these companies, would feel some kind of confidence in their own future, because the market for them is the word most often. summing up the results of the forum session, the head of the central bank, elvira nabiullina, called on all industry participants to maintain confidence, cooperate and, in general, live together anna lazareva maria khozy on dmitry shevelev maxim devyataykin news

there is also 50 banks in total plus credit unions will fintechs.hey tried to say it is still competitive. the finance industry said yes, this will go through the normal channels. the effect on customers will be something they will weigh on. rbc sounding a note of confidence it will not get hung up. kriti: this is a really interesting time to be making an acquisition. everyone is talking about a slowing global economy. is this an rbc specific story? or are we going to see these other banks dabble and buy? kevin: we have seen two of the other big canadian banks make acquisitions in the last year. last year, bmo agreed to buy bank of the west to expand u.s. operations. in february, tb bank agreed to by first horizon. those were both deals that were over $10 billion. those were the two biggest deals in canadian banking at the time. the reason we are seeing this from the canadian banks is during the early phase of the pandemic, regulators did not allow them to increase their dividends and buy back shares. they were also stockpiling capital in case custo

according to the forecasts of the center for innovation in the financial sector, the sc fintech hub, this year the earnings of russian miners from the production of all types of popular cryptocurrencies will amount to $ 964 million , of which only for mining, bitcoin 410 million, according to a study by the cambridge center for alternative finance. the united states accounts for almost 38% of the world and sheitov. online. bitcoin hashrate is a unit of measurement of the power of computer equipment with which mining is carried out. this is the speed at which a transaction is made in russia, accounting for about 4.5% bitcoin, is still the largest cryptocurrency on the market with its share in the total capitalization of 43% in russia, the market is developing quite intensively, especially there was a surge big in the twenty-first year, when the chinese authorities banned mining in the country and a fairly large number of miners' equipment. moved to russia, the market continues to develop, and large players are extremely interested in this market, for example, it grew, and there rushyd

kazakhstan in october than in may in june and july, as rbc was told in the blockchain laboratory and fintechol of management, skolkovo kazakhstan could be a transit point for russians to come to other countries, and therefore the money was first transferred there, the ministry of labor of kazakhstan reports that more than 400,000 people have arrived in the country since the end of september of them, 100,000 russians still remain in kazakhstan. and the problem with paying abroad for russians arose due to the fact that visa and mastercard payment systems left the country, so all these cards were issued in russia abroad now does not work. world oil prices are rising today after they slipped yesterday to a minimum of almost a year from protests in china, players are starting to think about the upcoming opec plus meeting on december 4, and there they may again announce a reduction in oil production trading on the russian stock market. in these minutes , thanks to oil, yandex shares are also gaining in price by 2.5%, and now they are noticeably cheaper. yesterday, today the ruble is trying to reco

chief economist for the city and county of san francisco lift the ride-hailing giant and stripe a fintech company each plan on cutting their workforce by 14% and of course, there's also twitter owner elon musk has announced plans to slash 3700 jobs. that's half the company's headcount since january the san francisco standard has been tracking cutbacks with its layoff tracker. 16,772 workers have been laid off at 138 san francisco companies many of them happen to be tech companies, california is known for its tech industry. we've got to be careful that we don't want to destroy our economy. we talked to economics professor daniel venzel at san francisco state university about the overall layoffs, but this is a deliberately created recession by the federal reserve bank because that's the only way we can end inflationary expectation. it's just one of the tragedies of a monetary and fiscal policy is we have the tools but it's like using a shotgun to kill a mosquito. it's it's too bad. that's the only tool in our arsenal. even though there are concerns about the economy slowing new data on this

chain will enable us to engage more substantially with technology, firms and to better supervise bank fintech partnerships, to ensure that stores of banking services are treated fairly as well as maintaining a level playing field as history evolves. with regd

that could fintech or something. that could be the future.he police commissioners he said this biggest fraud this is the biggest fraud operation country and it operation in the country and it signals a different approach . i signals a different approach. i was just thinking, yeah, catching well done. but they're so proud of themselves that they've launched this thing and they're working with the fbi. yeah, they're online. i mean it's a huge amount of money now thatis it's a huge amount of money now that is being taken. i mean, i think it actually counts for to 60, 70% of pretty much all crime at the moment. right. so i don't know how going to if that is what the police if that's going to be their job in the future essentially dealing with scammers. it's all part of the cashless society. you know, we're moving from having money on to beeping things , watches on us to beeping things, watches and so obviously criminals are responding to that . getting your responding to that. getting your money through the backdoor that's the next that wasn't yo

that could fintech or something. that could be the future.he police commissioners he said this biggest fraud this is the biggest fraud operation country and it operation in the country and it signals a different approach . i signals a different approach. i was just thinking, yeah, catching well done. but they're so proud of themselves that they've launched this thing and they're working with the fbi. yeah, they're online. i mean it's a huge amount of money now thatis it's a huge amount of money now that is being taken. i mean, i think it actually counts for to 60, 70% of pretty much all crime at the moment. right. so i don't know how going to if that is what the police if that's going to be their job in the future essentially dealing with scammers. it's all part of the cashless society. you know, we're moving from having money on to beeping things , watches on us to beeping things, watches and so obviously criminals are responding to that . getting your responding to that. getting your money through the backdoor that's the next that wasn't .y

come back to the talent pool we are working on un-part of the emphasis with this summit as well as fintech is getting the world to rethink about hong kong, do you think the damage might have been done on the reputation? guest: i believe that's an over exaggeration. i do not believe hong kong has been damaged. there has been ripples, and those ripples are in the u.k., u.s.. everywhere. hong kong has gone through many challenges and came out the right way. i remain positive. reporter: thank you so much. back to you. rishaad: thank you. this is bloomberg markets. it's, 11:00 right here in hong kong and singapore. >> there are of stories. stocks advance. clues on the base of further rate rises. we will break the call in 30 minutes. credit suisse struggles to convince investors radical restructuring can revive the bank. an excessive interview with the chairman. >> we are going to thrive again. we don't have any takeover discussions. we want to stay independent. >> we hear from the oil minister who is warning higher crude prices will make a potential recession deeper and longer. taking a look at

both fintech weeks here and there.es present us with a contrast in direction of where each wants to take the industry. i want to get your reaction to the proposals that singapore has. your initial take, how does that affect strategy? >> thanks for having me. good morning. for sure, singapore as a launch, -- launched an extremely successful event more than 60,000 people were there, so much interest in the industry in web3 in particular. we followed and worked closely with the mas, on the evolution of the regulation they put into 2019 which was fit for purpose regulation dedicated to managing digital assets. we support the vision of making sure we have responsible innovation. and at the same time we protect consumers and market integrity. there's is a constant dialogue with the nas. and we are engaging with them to get the right outcome for the country. yvonne: if they are proposing to curb retail participation, how does that impact your growth plans in asia? >> so, over the last few months we added another 20 million us

the cincinnati native returned home for six months before accepting a job at a san francisco fintech.ove to the bay area came right at the beginning of the pandemic. >> i was dealing with living in a city with higher prices and rents and all that stuff, but at the same time having it feel very deserted. reporter: she found herself unprepared for making decisions about her money matters, and that scared her. >> i think i was going to miss manage my money and time by moving to a big city and not having a lot of direction. reporter: while at school but their lives would later intersect. shrgh aseminaithis at duke and quickly realized how little they learned about money. >> when you look around the room, everyone is on their phone, not paying attention. no one cared. reporter: he thought there had to be a better way to delivering financial information. thus, he came up with the idea for zo go, an app that delivers bite-size information to agency audience in a way they can understand and relate. today, the app is cobranded by 250 banks for use by their customers. >> they can redeem their p

when you think of binance eating into traditional finance, can they do it successfully with fintech likeing it? i want to show you what it looks like in terms of multiples. when you look at what it means to be a bank or by a bank, even coinbase with the huge drawdown you see in the stock this year you see them trading at a higher price to earnings then you see of the biggest banks thing that states. that is between nine and 11 times earnings, and you see coinbase traded a higher multiple. if you look back at what cz said, when traditional crypto firms pair with finance firms, the stock of the finance firms tend to jump. by partnering with those companies, taking a stake, or buying a right you can get a potentially higher multiple for finance -- binance and that firm. it will be interesting to see what deals will come out, not just a partnership we saw on the last year or so, but pure money from traditional financial firms. firms that got so large in the crypto space like binance. emily: so much more to come there, thank you. coming up with u.s. china tensions continuing to escalate we ta