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Amazon’s Face-Scanning Surveillance Software Contrasts With Its Privacy Stance

Companies small and (very) large are selling face-recognition tech to anyone with a credit card, from shopkeepers to federal agents<p>Amazon Chief Executive Jeff Bezosrecently called the conflict between privacy and security an “issue of our age.” But while he says Amazon will fight government …

Machine Perception

LISTEN: How Beneficial State Bank aims to upend the financial giants

On the latest episode of The Bottom Line podcast, CEO Kat Taylor lays out her strategy for proving that a bank can be profitable, pay its employees well, and pursue an agenda of economic justice and planetary health.<p>Before the financial crisis in 2007, the nation’s largest banks reported returns on …

Economic Justice

A Payments Battle Is Brewing in Hong Kong

Alipay’s azure blue logos began appearing two years ago in Hong Kong’s airport, greeting travelers from China who rely on the popular payments app …

Hong Kong

The end of chip and pin: Bank cards set to be replaced by new 'biometric' ones and here's what they'll look like

Bank cards that allow you to pay using chip and pin could soon be phased out as part of plans to introduce a safer way to make purchases.<p>The new …

Identity Theft

Alibaba v. Tencent: The Battle for Supremacy in China

<b>THERE’S SOMETHING IRRESISTIBLE</b> about a clash of titans. The fate of the world hung in the balance during the Cold War standoff between the U.S. and …

China

Xiaomi: A Chinese startup out to challenge Google, Amazon

SEOUL, South Korea (AP) — Xiaomi, a Chinese cellphone maker that helped pioneer the trend toward ultra-low-priced smartphones, is preparing for what would possibly be the biggest tech initial public offering since e-commerce giant Alibaba's in 2014.<p>The 8-year-old is a star among Chinese unicorns, a …

Hong Kong

The Chinese Powerhouse That Scares Banks—and Wants to Make Them Customers

Eric Jing, chief executive officer of Ant Financial, gathered his management team in between meetings at the Chinese financial conglomerate’s …

China

Fintech threatens to eclipse banks that do not adapt digitally | Financial Times

Big tech’s threat to banking is no longer a headline. It is close to consensus. China is the clearest example: Tencent and Ant Financial absorbing …

Banking

The market cap of Netflix just passed Citigroup... Netflix # Employees: 5,400 Citigroup # Employees: 209,000 https://t.co/Mz45ekuw3t

AFI member stories - Asia: Best practices in financial inclusion of FDPs

<i>To mark World Refugee Day on 20 June, AFI members shed light on their efforts in innovating responsibility sharing, partnerships, and policy actions</i> …

Financial Services

Embedding consumer protection in competition policy

The <i>Competition Act</i> and the Competition Bureau should be reformed to make consumer welfare and the consumer interest integral to their purpose and …

Economics

Clearing up China’s payments race | Financial Times

The hundreds of millions of Chinese people using their mobile phones to pay for goods and services will hardly have noticed, but the back-end …

FinTech

In the UK, people are giving up on cash

As the saying goes, “cash is king.” Well, not anymore in Britain.<p>For the first time, electronic debit card payments outnumbered those with physical money last year, according UK Finance. The trade association credits the rising popularity of contactless payments, as well as smartphones and online …

Cyber-attacks

How Square Made Its Own iPad Replacement

If you know the company Square, it's probably because you've paid in a store using a Square “stand,” a dock that supports a tablet, or you've swiped …

Financial Services

Thinking About a Trade War (Very Wonkish)

Until fairly recently, I didn’t really think we were going to have a trade war. What I thought would happen, instead, was a bit of kabuki: America’s major trading partners would make cosmetic concessions – perhaps with some lucrative payoffs to Trump businesses on the side – that would let Trump …

Economics

Bitcoin Could Break the Internet, Central Bank Overseer Says

The Bank for International Settlements just told the cryptocurrency world it’s not ready for prime time -- and as far as mainstream financial …

Central Banks

Dentist Quits Career for 'Are You Crazy' Bet on Payment App

Lee Seung-gun’s parents told him to get his sanity checked when he quit his secure job as a dentist with the hospital arm of Samsung Group to found a …

South Korea

A Chip in the Windshield: China’s Surveillance State Will Soon Track Cars

National plan to electronically scan autos adds to the ways Beijing can monitor its citizens, also including video cameras and facial recognition technology<p>BEIJING—China is establishing an electronic identification system to track cars nationwide, according to records and people briefed on the …

Surveillance

As Western lenders retreat, African banks see an opportunity

ADE AYEYEMI’S office in Lomé, the capital of Togo, is a good place to think about crossing borders. Ghana is ten minutes’ drive away. From his window …

Africa

The Bank Branch Is Dying---Just Not at These Banks

Banks across the U.S. have closed nearly 9,000 branches this decade. Yet many smaller banks are in building mode, a sign that broader economic growth is taking hold and community lenders are recovering after lean postcrisis years.<p>More than 1,200 banks expanded their number of branches from 2012 to …

Banking

A Collection of 20 The Most Interesting Financial UI/UX Designs

There are so many beautiful visualizations of banking interfaces on Dribble and Pinterest. Unfortunately, if you look closer, quite often they are …

UX Design

N26 CEO: Financial services changing fast

At this week's MoneyConf in Dublin, hundreds of fintech CEOs outlined their vision of just how quickly they believe the world of financial services …

Financial Services

This German Fintech May Soon Be More Valuable Than Deutsche Bank

They may be worlds apart in the financial services industry but German payments company Wirecard AG is fast approaching the market valuation of …

Deutsche Bank

New Research Shows Bitcoin's Meteoric Rise Was a Scam

Crypotocurrencies are the latest in a centuries-long line of speculative bubbles driven by shrewd insiders taking advantage of gullible investors.<p>3 min read<p>Academic researchers at the University of Texas have concluded at least half of Bitcoin's rise to a peak price of nearly $20,000 last year was …

Cryptocurrency

Vietnam passes cybersecurity law despite privacy concerns

HANOI, Vietnam (AP) — Vietnamese legislators on Tuesday passed a contentious cybersecurity law, which critics say will hurt the economy and further restrict freedom of expression.<p>The law requires service providers such as Google and Facebook to store user data in Vietnam, open offices in the …

Privacy

Credit report delay shows fintech social risk concerns

Nothing is more valuable to a fintech start-up than data. And some of the best quality data for pricing financial services are the historical records …

Financial Services

Young parents stoke boom in family travel

Young Chinese parents are showing a growing interest in going on trips with their children, creating immense potential for customized travel products …

Family Travel

Why the Best Things in Life Are All Backwards

There’s a part of Navy SEAL training called “drown-proofing” where they bind your hands behind your back, tie your feet together, and dump you into a …

Tax Preparation

Square's Most Important Product of 2019

Square released it last year, but it still has so much more potential.<p><b>Square</b>'s (NYSE:SQ) 2018 priorities are pretty well set. It's investing in …

Financial Services

To Catch a Credit Card Thief

When Chad Evans took a job in 2016 as manager of online investigations for retailer PetSmart Inc., he thought he’d be ferreting out small-time credit …

Identity Theft