Financial technology: Financial technology is proving less of a battleground than feared

  • Joseph Lubin, the founder of ConsenSys, a blockchain company in Brooklyn, came from Goldman Sachs; Andrew Keys, the head of business development, was previously an analyst at UBS; and other colleagues used to work at Bank of America, Deutsche Bank and HSBC.
  • All this fosters co-operation between banks and fintech companies.
  • Small businesses, say, might use accounting software, created by a fintech, through a bank’s online platform.
  • Stripe, a San Francisco firm, processes mobile and online payments on companies’ behalf, linking them to card networks (and through them, banks) in much the same way as bricks-and-mortar retailers and offering them additional software tools.
  • Adam Ludwin of Chain, another blockchain company, calls examples like these, in which new and better products are connected to banks’ own infrastructure, “top-down fintech”.

IN JUNE 2007 a banker, or anyone else with $499 to spare, could try a novel distraction from work: Apple’s first iPhone had just gone on sale. In October 2008, after Lehman’s fall, another technological innovation was more quietly unveiled.

@ConsenSysLLC: “Blockchain reduces the cost of trust” -@ethereumjoseph
via @TheEconomist

Request unsuccessful. Incapsula incident ID: 143001350024239948-53456975451588725

Financial technology: Financial technology is proving less of a battleground than feared