Daily Tearsheet: Why crypto needs advocacy to move into the mainstream and challenges banks are facing in modernizing their services
- Crypto needs a stronger voice with regulators, which is a big challenge for an industry predicated on being decentralized.
- Also, what it takes to be a top fintech CPO.
Tearsheet provides daily summaries of the top news stories and events, like this piece, in a nifty, neat, nicely-packaged daily email. Stay informed. Subscribe here.
Advocating for digital assets is growing as new regulation looms large
While digital assets are beginning to find a firmer place in consumers’ pockets and the economy at large, they’re still a long way from widespread adoption. The next steps toward that include the government and regulators.
Global Digital Finance brings together global experts to engage policymakers and regulators, advocating industry best practices. It is a non-profit organization focused on promoting principles of open innovation and open standards within the industry.
The GDF also understands involving regulators in the more technical back-office workings of digital assets is a key part of their work. There are active programs where the organization works with regulators on a quarterly basis to educate and help them get through the gnarlier things going on in the community.
4 charts on obstacles getting in the way of banks’ digital transformation efforts
Banks continue to zero in on their digital transformation strategies. Still, according to Capgemini’s world retail banking report for 2022, several obstacles continue to stand in the way of their efforts – from the classic lack of hold on data to the more insidious blurry customer lifecycle.
In four charts, we take a look at some of the biggest challenges banks are facing in modernizing their services.
Just look at the charts
1. What it takes to be a fintech Chief Product Officer
Source: Huy NGUYEN TRIEU
2. Teens predominantly use Apple Pay as their smartphone payment system
Source: Conor Mac
NY crypto regulators set new stablecoin guidance
According to the new guidance issued by state regulators, stablecoins traded in the U.S. state of New York should be fully backed by certain assets, with these assets segregated from the issuers’ operational funds and attested to by an auditor regularly (CoinDesk)
Suze Orman’s not-so-surprising debut into startups
Financial planner Suze Orman joined the founding team of SecureSave which is building an easier way for employers to offer employees sponsored emergency savings accounts (TechCrunch)
JPMorgan leads investment in API firm Codat
Codat, an API-based platform for business data sharing, has raised $100 million in a Series C funding round led by JP Morgan Growth Equity Partners, allowing FIs to access everything from the company’s accounting software to payment terminals recording real-time transactions (Finextra)
Is it time venture capitalists stop throwing money at money-losing neobanks?
Nowhere is this more evident than in the quest to recreate consumer banking in digital form, neobanks such as Chime, Dave, and Varo in the US and Monzo in the UK have raised billions of dollars with the promise that they can do banking better — so far, none has turned a profit (Bloomberg)
Stay ahead of the game with Outlier — Tearsheet’s exclusive members-only content program and join the leading financial services and fintech innovators reading us every day.