paul: we want to talk about the digitizing of fintech services in japan as well.the use of some of these services and ai in particular compare in japan to some other developed economies? >> thank you very much, paul. i think we should take reference to what is happening in the u.s. and europe in the digital front. let me highlight a couple points that i see as a strength of the japanese fintech firms. first on the payment front, you may be surprised, but for example, many of the japanese nationals currently use assertive a qr code service provided by major fintech firms. more than half of the population uses this. it's becoming more of a public infrastructure in a sense. i want to mention that in terms of payments, particularly cross-border payments, we do see a move towards addressing social issues, for example in terms of financial inclusions where we see a lot of remittances to home countries right now. we have also introduced a new type of large-scale money transmit system where overseas firms will be able to operate in this space. for example, we've seen u.k.

she collected all russian assets in jsc qiwi and sold them to the hong kong company fusion factor fintecht the end of february, the central bank revoked the license of the kiev bank, and since then it has been under the control of the provisional administration. represented by the deposit insurance agency, now under new managers, the qiwi bank has sued qiwi jsc , the hong kong-based fusion factor fintech, and even the one registered in cyprus. kiwi plc, which seems to have nothing to do with russian business anymore. the deposit insurance agency told rbc that the claim was filed, quote: in the interests of the bank's creditors. before this, the dia said that the bank’s clients kept 4 billion 400 million rubles in qiwi wallets. and this money, unlike deposits , is not insured. but vsv added that according to preliminary information, qiwi bank has enough assets to pay off all owners of electronic wallets. or i'm talking about the economy, thanks denis valolaev with his economic review. sirus gave sports the start of the new day of the world youth festival, famous athletes conducted a mornin

she collected all russian assets in qiwi jsc and sold them to the hong kong company fusion factor fintechbut at the end of february the central bank revoked the license of qiwi bank, since then it has been under the control of a temporary administration represented by the deposit insurance agency, now with these new managers, kiwibank sued aoovi, hong kong fusion factor fintech, and even kivi plc registered in cyprus, which seems to have nothing to do with russian business. no longer has. the dia reported that the lawsuit was filed in the interests of the bank’s creditors. on kivi wallets, the bank's clients stored 4.400 million rubles. and this money, unlike deposits, is not insured. but the dia added that, according to preliminary information , kivibank still has enough assets to pay off all owners of electronic wallets. ilya is all about economics. thank you, denis tovalayev with his economic review. in mariupol today, after reconstruction , another zaks opened; it is located on ardzhinikidze street, in the same building as the largest mfc offices in the city. the restoration of the co

things that are very good for fintech. we are building the innovative economy.ingle point of failure in a system is generally a risk. companies are more eyes wide open to the fact that having that risk is something not as worth taking as it once was. ed: concentration risk was a lesson from the silicon valley collapse. people were open-minded to using multiple service providers. has that made the market you operate in more competitive? stephanie: what we hear from our customers and where we are often brought into work with someone in the payments ecosystem for our products is at a scale it which a company says it is no longer a good idea to work with a single payment processor. we are hearing from every part of the market emerging companies to software and technology companies that it is important to diversify payments and banking traffic. we see more financial companies that have multiple bank accounts, which we think is a great idea. two they are working with a company that can automate the process of how payments operate. it is just two weeks or less to integ

the ceo of the fintech company discusses plans for his ipo company in the u.s., which could be the biggest of the year. tom mackenzie is live in stockholm for that exclusive interview at 6:45 a.m. london time. this is bloomberg. ♪ kriti: welcome back to bloomberg daybreak: europe. we have talked a lot about geopolitics, let's talk about the monetary policy. there's a lot going on in terms of chair testimony from chair powell as well as in the committee of the house and senate. financial committees as well. even though we have all eyes on payrolls this week, we are really looking for clues around that rate cut path. chair powell giving us a little bit of a 180 in terms of what he was watching. take a look at what he had to say. >> we are not talking about reducing existing capital requirements. in the basel three endgame, capital may well go up. i expect there will be material and brought changes to the proposal before it comes back to the committee for consideration. we are in the process of digesting the comments and making appropriate changes. we get to the point for us to close parts or

fintech is a different world of finance. >> but when you talk about them, they think congress is■ovingthat, correct? >> correct. we communicate between the house and senate via paper and have a messenger come in and they seekg officer. they bow. and they say -- they bow, right? and you see that and you go that'srd. yes, that is really -- it's a huge problem. we've got a special task force that speaker mccarthy set up on innovating and reforming congress for a new age. been a s to get new technology into all member offices. and enabling constituents to talk to us in a more ready way. so we are behind. we are behind the private se than the rest of the federal government, though. say for our intelligence agencies. and we've got to go catch up tor constituents want to interact with the rest of the world. >> so you have -- north carolina has been4 state this comes to congressional maps. you've represented all different parts of your wonderful state. but you've represented kind of th of charlotte to asheville which really does range from almost urban to suburban to really rural par talk abou

health care and fintech.t is encouraging, but it is a competition which is too hot in concentrated sectors? >> i think there are verticals for the female founded activity, we see the tech sector broadly dominating that space. we see activity in heemedia and retail. there is a bit of variety. to your point, i think the concept of community building and women supporting each other is a big part of the solution. we do see growing communities of women angel investors and entrepreneurs themselves building that network and showing women that they can succeed in the space as and there are women available to support them. >> a.i. what does it mean for women in future? i talked to qualcomm with a female founder. it doesn't feel we're going to see that same level reflected across the industry. >> i think the share of women in the space is one thing. we have seen in the venture capital investment numbers with a bit of rise in a.i. for female founded companies alongside that movement for the total sector. we have big nam

haidi: bloomberg intelligence banking and fintech senior analyst, francis chan there.speaking with the ceo and executive astrazeneca on the sidelines of the boao forum, their pledge to support beijing's pharmaceutical industry as u.s. politicians are seeking to decouple. that's, next. this is bloomberg. ♪ when you automate sales tax with avalara, you don't have to worry about things like changing tax rates or filing returns. avalarahhh ahhh annabelle: annabelle: we are live at the boao forum for asia and chief north asia correspondent stephen engle joins us. one of those guests is joining you now. stephen: that's right. we are live at the boao forum in hainan island. it's a bit sweltering right now. we have a good interview with pascal soriot, ceo of astrazeneca. the pharmaceutical industry has benefited greatly from china's rise, you have a number of deals in this market. also the flags of protectionism and national security are rising in the united states and targeting china. how are you navigating this tenuous situation with the bifurcation of not only the tech worl

fintech is sberbank, among industry companies is sibur, in agrotech is rusagro, in fact the list is veryneural networks generate, the more people want to develop them. why were the ukrainians so sure that the avdiivka could not be taken? turnip's enemy sat down, it would be hard. it was very problematic to drive up, how many of them were there before the platoon, probably everything that was possible flew , artillery and tanks, fired tanks, with skillful actions, as they say, they broke in, captured this whole gang, for them it was a surprise, the appearance in to the rear of the russian units, to the rear, that's it, let's go to the cars, all the houses were prepared. all on almost every floor, they took a long time, from the beginning of the assault to the end, that is, according to current concepts, very quickly. welcome to asia, where the heart of the continent beats. vote.

>> depends on what side of the fintech and as you speaking of.it and of the product but some exposure. >> you've got, right now they're holding onto $18 billion. they they are investigating either something safe or maybe pork bellies, i don't know where they put their money. where are they put it today they can put it somewhere else more risky tomorrow.ild them up. it here demanding a bailout from congress. i'll point out the deal with venmo is that you pay 1.75% to get your money three days i don't think apr is really the way you should evaluate this, but for those of you who are fans of annual percentage consur 213% annual percentage rate. yes, it's only 1.75% but that is just for three days instead for 365 days. so we have a situation -- i can't think of any other situation whe americans put their money in a financial institution that is totally unregulated, allowed to invest their money in pork bellies, or whatever they want,. can you think of any other place where millions of americans have their money at that kindey and they think it is the

m of these tech companies or fintech company actually allowing for these products to be used by consumersi'm aware of for loss of data within the cfpb jurisdiction. >> here's a question for you. do you tvidence to the factor might be discrimination with use of any of these products by consumers? >> i think the bureau is articulate concern the kk to speculative concerns rather than actual observations of marketplace behavior. >> for the people watching at home the cfpb i looking for something to do because they are busybodies. there is funded for them to regulate into space. mr. chopra once again is way beyond his bounds which is why this agency needs to go away permanently. i yield. >> the gentleman from illinois is recognize. >> thank you, mr. chairman, to witnesses. mr. odinet come in your test what you don■n't many of the friends we expect to be covered of the larger participants role our large non-tech bank friends. and as a slice of benefit from the mass collection of consumer data. typically we think of this through the lens of marketing usually insights from interactions with your

really enjoyed the community reinvestment act, and so the high-tech company to decide if ourselves fintechave to live with the community reinvestment act or the host of others. mr. monet, paypal is holding onto i think it's about $18 billion of testimony. i assume assume that they invested as they will come maybe safe investments, maybe speculation go bankrupt, does te fdic reimburse the customers? >> thank you for the question. the simple answer is no. those customers are holding their phones with the relationship only to that non-bank iermediaries. the fdic -- >> it's like loading mother to your brother not if your brother-in-law is sam bankman-fried's. >> yes. >> okay. i'll ask mr. holshouser, representing technet. if one of your members goes bankrupt will the other members ship in and make the customers hold or will those custome, be g congress bail them out? >> depends on what side of the fintech and as you speaking reld debit and of the product but some exposure. >> you've got, right now are ing either something safe or maybe pork bellies, i don't know where they put their money. whe

>> depends on what side of the fintech and as you speaking of. there's reliability credit and debit and of the product but some exposure. >> you've got right now they're holding onto $18 billion. they they are investigating either something saferlies i don't know where they put their money. where are they put it today they can put it somewhere else more riskybers are not going to build them up. it here demanding a bailout from congress. i'll point out the deal with venmo is that you pay 1.75% to get your money three earlier. i don't think apr is really the way you should evaluate this, but for those of you who are fans of annual percentage rate, that's charging the consumer 213% annual percentage rate. yes, it's only 1.75% but that is just for three days instead for 365 days. so we have a situation -- i can't think of any other situation where ordinary americans put their money in a financial institution that is totally unregulated allowed to invest their money in pork bellies, or whatever they want, and they have no insurance. can you think of a

what happens in the financial sector right now is driven what is happening by fintech, consumer finance companies, which we just had a major merger announced in consumer finance, what is happening across the space for diversified financials, which are bigger market cap institutions who have less exposure to commercial real estate as a percentage of their overall portfolio, so i certainly would not just this one data point is particularly meaningful for the banking sector at large nor for the equity market indices. tom: thank you very much, always valuable analysis from gina martin adams. u.s. president joe biden says he remains hopeful for the prospect of a pause between israel and hamas, but that is unlikely to begin by monday as he originally sought. he cautioned a deadly confrontation thursday around an 80 convoy complicate cease-fire talks. joining me now is dana with the details. is there hope for a cease-fire before ramadan? >> it is getting more difficult to hope for a cease-fire before that date, and i think last week when president biden made those remarks he was the only one c

it started with action against big fintech firms then shadow lenders, then warnings to mutual funds thatsmall-cap stocks. yesterday, he spoke about one more area, which is india's explosive platform for tiny ipo's where patterns of manipulation are being observed. it signals the regulators are trying to stop potential overheating of the system. on the banking side as well as from the equity market side. the latest rules, which is the mutual fund body, has asked small-cap mutual fund managers to ensure that their funds have enough liquidity. the regulator also asked funds for stress test scenarios, the results of which will be made public. these actions are avoiding a sharp correction scenario to be witnessed in markets. haslinda: what have we seen? any evidence that these actions could lead to a correction. >> we haven't seen any warnings, or signs of correction scenario. but there are certain areas where regulators are worried. i mentioned the tiny ipo's and small-cap stocks. the bse's measure of a small-cap index is down 5% from its peak. however we have continued to see strong inflows

the uk is very good at healthcare and fintech and having these events across the country, but the techhank you forjoining us, _ why i am talking there. thank you forjoining us, piers - you forjoining us, piers linney, and telling us about the london tech show. let's quickly show you the financial markets before we wrap up. as you can see, a flat day forjapan, but a hong kong up day forjapan, but a hong kong up nearly 2%, the price of oil edging slightly higher as well. looking at the united states, interesting in the us, all the attention is on the politics. we have been looking at super tuesday of course as the results roll in. that is how things ended on wednesday. so, keep it with bbc news today. we are across the news from the united states but also what is happening here in the uk, the delivery of the budget, which is starting at around 12:30pm uk time. lots of detail on a website as to what we can expect. and also the impact it has on households. i will see you soon. hello there. we could see more sunshine around for wednesday than what we had on tuesday, particularly across east

today on japan ahead, we are looking at investing in the start up in fintech space.ture capital firm for -- focusing on cross-border stata reps looking to tackle issues and make positive social changes. it acquired one of softbank's vc units with a portfolio that spans asia. atsushi taira is cofounder and chairman at the edgeof. he previously held executive positions at softbank, reporting directly to masayoshi son. it was started nearly a year ago today. what have you been doing and what are some of the highlights you can share over the past 12 months? >> thank you for having me, first of all. we are excited because we formed edgeof to establish a startup ecosystem. each country has a very good ecosystem but they are not connected because each country has a different stage and different culture and economy stage. i think now, it's good timing to connate fragmented market -- connect fragmented markets into one. we have a number of startups on the pan asia basis. i think they are quite unusual numbers. our intention is to create a pan asia system and support the asia

when you look at fintech applications leveraging things like anthropic and openai, they don't just usethey are using unstructured data to merge together and do something more powerful. that is the power of unstructured income it cleans and prepares unstructured data so we can go into these applications. caroline: we are -- ed: we are moving from a world where liquid models have hundreds of billions of parameters to many more like which models with fewer parameters. this is a 40 minute dollars series -- $40 million. series b why is this a lower amount. why is there not so much hype? tim: it is not a leg which model itself, it is more about a data pipeline. if it were a language model, we might see more of an extreme multiplier. because it is worth an atl preparation pipeline system, that is why you are not seeing that multiple haitian. -- that multiplication. caroline: where we are saying it's an appetite to be backing this company is not just coming from normal typical venture capital but from corporate vc, how competitive is it getting in this space? tim: it is getting quite competiti

the demand for data in fintech services remains very, very strong.n you see the underlying traffic growth that we see in these markets, we can all work to navigate the geopolitical context that we are operating in over the next 12 months. tom: that was the mtn cs speaking to bloomberg's jennifer zabasajja after africa's largest mobile carrier reported its biggest drop in profit in at least 30 years in the wake of the devaluation of nigeria's naira. now to soft commodities, coco has exceeded $9,000 for the first time ever, for the first time ever as global supply shortages grip the market and chocolate makers grapple for beans. yesterday alone futures gained $700 per ton for a fourth straight day. let's bring in bloomberg correspondent for the detail on this story joining us out of johannesburg. what is driving this historic rally in cocoa prices? >> we are seeing also a record high shortage in cocoa beans heating the market. 2023 and 2024 they are going to record 600,000 to 700,000 tons below the project of 850,000 tons. it's also going to report a s

the sentiment towards profitable fintech companies is changing and that's what the company is, profitableonable valuation. it's a business payment platform. so far year to date coming in to date it was down, and it has relative underperformance but it's getting a lift today on the back of that. >> disney, a new 52-week high? >> the jury is out on what is going on at the company, although even though prospects are improved at this point. 135 is morgan stanley now from 110. they cite realistic optimism. >> the sentiment clearly changed, scott. six months ago we were talking about how negative everybody was on disney. what has happened? a few things. one, the path to profitability and straeeaming, and to a lot o people that's not that important but to me it's very important. six months from now they say they are going to be profitable and even before that, and that's big in the future. the hulu transaction has to get done and get done soon. youhave is to put that in the rear view mirror and grow the streaming business even more with hulu behind it. sentiment -- believers have come out in bob

names or more of household names like a bytedance but some of the smaller guys like a skims or a fintech, arturo, shein. these are the companies in particular that we'll be watching closely to see not just how reddit debuts but trades in the weeks and months after. how does reddit make money? primarily through advertising. it ishard for social media companies if you're not meta. reddit is testing new streams like licensing its data in the age of a.i. to the likes of google. so that could be an interesting area that could help get to a more pure form of profitability quicker. >> all right, deirdre bosa, thank you very much. >>> speaking of technology, one market strategist says while the rally in nvidia stalls, there's another tech play that's getting ready to rip and he sees the stock doubling from here. find out what it is, and to do that scan the qr code on the screen or go to cnbc.com/propick. barclays out with a note earlier this week making the long-term bullish case for plant-based meet recommending companies focus on premium products and seeing growth opportunities in europe. we'l

so really a lot of financial innovation, what we call fintech is really just digital wallpaper. it's a fresh coat of paint on the old industry. right. it's a new, sleek user interface that makes interacting with the old banking world just a bit more appealing and a little less painful. but it's not getting at the deep root of things right. it's not fixing the plumbing or the electrical, the framing or this deep structure of, the industry. it's just fixing something on, the surface. so what's interesting about defi decentralized finance is that defi is trying to reimagine every aspect, what the industry does not, just how we move value, but how we store value, how we access credit, how we connect entrepreneurs with investors how we do insurance, how we exchange assets and so on and so forth. and defi today is relatively small. the total asset value that's in this ecosystem is less than $100 billion, which sounds like a big. but it isn't when you think about how big the industry is, but very leaders in the banking world paying attention. the ceo of one of the biggest banks in the

. >> so they have a wide spectrum of -- they're also into fintech.e spectrum of global financial firms and they have done extremely well. liz: is there any teflon you're putting around the portfolio to protect it from perhaps a black swan event? you. >> know that's hard to do. we really manage our clients for long term. when you do make adjustments you have to look at other factors like taxes and all of those implications. so normally i recommend diversification. if people are nervous, keep a buffer in cash, right? you can get 5% in money markets these days. that is attractive rate of return. liz: short term t-bills. >> cds. liz: starting with the number five. great to have you, eric. thank you so much. have a lovely holiday weekend. here goes the bell. [closing bell rings] as we close out the quarter all major indices claim wins. fox business open for programing. big inflation out tomorrow. powell speaking. so tune in. "kudlow" is next ♪. >> david: hello

hear from the president of fintech giant stripe.and welcome back to "squawk box" here on cnbc live from the nasdaq market site in times square. i'm joe kernen along with becky quick and andrew ross sorkin. take a gander here at the futures markets this morning. up 37 points now on the dow. it's a little, three points, less, actually on s&p and nasdaq actually in the red this morning. treasurys. >> a good word "gander". >> yeah. take gander. take a gander. an old-fashioned word? >> it is, but i wlik it. >> hotter than blue blazes. i get grief when i say that. ever heard has one? i got a lot of crazy uncle expressions. treasury yields -- go figure. 4.17%. i know we have seen a backup after that cpi, which i don't know. a little hotter, didn't really seem to get anyone that worked up. we'll get another, you know, number eventually, which gives us an idea whether inflation's really back or not. maybe mike santoli knows. for more on the markets bring in our own mike santoli. for numbers that were kind of hot they were pretty well digeste

mastercard planned to lower that and cap those rates that could crimp upside for a lot of the other finteches at a time when delinquency rates are ticking up >> this strikes me as not just a bad idea, but a desperate idea to drive subscribers it's such a different business model to what they do. even when a bank like goldman sachs gets into credit cards, they can cscrew it up. robinhood doesn't have any of that background, and will it really drive subscribers to robinhood, if you're framing this as a high-end rival to the sapphire the people that use that, they're not going to trade on robinhood. >> marcus is a great cautionary tale you would wonder if robinhood has the experience they have claimed that they have hired people they have specialized in the consumer, in that app experience they have the chops when it comes to consumer offering it might not be credit, but they have excelled at getting people to use the app and drive usership, at least at least in terms of what you asked about -- what was that -- >> i didn't really -- >> but you made a good point that i wanted to -- >> whether it

fintech and trading, shares of robinhood up.ing a wave of better than expected report of assets under custody after yesterday's low. analysts at bernstein initiated coverage of the trading platform with outperform rating. meanwhile on fast food, jack in the box catching a bid thanks to wedbush who changed that to outperform from neutral with expected positive momentum from the company's smash jack burger lineup. and we'll end in aerospace and defense with rtx, being helped by analysts at wells fargo. they upgraded that to an overweight rating and target price goes up to $120 from $100. they think rtx will see the worst of the effects of the company's gtf engines that happened last summer. also a recovery in defense related profit margins. those shares up 1.25%. back over to you. >> thank you very much. >>> one area of the energy complex outperforming, hitting new highs, pippa stevens is tracking them for us. >> talking about the refiners hitting another round of record highs this morning. before just now going negative. still ou

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