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☆ SoftBank's Arm soars in market debut to notch $60 bln valuation
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +3 min

Arm executives and CEO Rene Haas gather outside Nasdaq Market site, as Softbank's Arm, chip design firm, holds an initial public offering (IPO), in New York, U.S., September 14, 2023. REUTERS/Brendan McDermid Acquire Licensing RightsSept 14 (Reuters) - Shares in SoftBank's Arm Holdings ARM.O opened 18% above their offer price in their Nasdaq debut on Thursday, valuing the British chip designer at nearly $60 billion in its return to the public markets after seven years. The stock opened at $56.10 per American Depositary Share compared with the initial public offering (IPO) price of $51, and steadily extended gains to just over $60. "The Arm IPO is the most hyped listing we've had in the markets for a while." Compiled by the Global Finance & Markets Breaking News teamOur Standards: The Thomson Reuters Trust Principles.

Persons: Rene Haas, Brendan McDermid, SALMAN MALIK, ANSON, ” OWEN LAU, JORDAN STUART, “, ” “, ’ ” DANIEL KLAUSNER, HOULIHAN, haven't, ”, ” KYLE RODDA, ANDREW Organizations: Nasdaq, REUTERS, Holdings ARM.O, OPPENHEIMER, FEDERATED HERMES, OF, PUBLIC, ROSENBLATT, Global Finance, Markets, Thomson Locations: New York, U.S, “

☆ Big banks are targeting regional banks' customer base through Fintech
▼ + stars: | 2023-09-14 | by ( Hugh Son | ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBig banks are targeting regional banks' customer base through FintechHugh Son, CNBC.com reporter, joins 'Closing Bell Overtime' to talk more trouble for regional banks as big banks move in on their customer base.

Persons: Hugh Son

☆ Early Revolut backer Lakestar leads $40 million investment in French fintech startup Swan
▼ + stars: | 2023-09-13 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

European venture capital giant Lakestar, an early supporter of fintech unicorn Revolut, has emerged as a prominent backer of French fintech startup Swan. Swan raised the funds in a series B investment led by European venture capital giant Lakestar. Accel, another venture capital firm, previously led Swan's series A round in 2021. "What we had in mind with our co-founders was that it shouldn't be that complex," he told CNBC. Georgia Watson, a principal at Lakestar based in the firm's London office, said the firm had been tracking Swan "for about a year."

Persons: Swan, Nicolas Benady, Benady, Georgia Watson, Watson, Goldman Sachs Organizations: Accel, Swan, CNBC, ABN Amro, ING Group Locations: French, Netherlands, London

☆ Swan, a French embedded-finance startup, just raised $39.2 million using this 15-slide pitch deck
▼ + stars: | 2023-09-13 | by ( Callum Burroughs | ) www.businessinsider.com time to read: 1 min

Paris-based Swan has raised $39.2 million in Series B funding from Lakestar. Founded in 2019, the company offers banking-as-a-service and embedded finance products via an API. The startup will use its new funding to expand into new European markets. Swan, a banking-as-a-service fintech startup, has raised $39.2 million in new funding, which it plans to invest into its expansion into new European markets. Paris-based Swan provides a banking-as-a-service (BaaS) and embedded finance platform allowing companies to offer banking services to their customers.

Persons: Swan Organizations: Carrefour Locations: Paris, Lakestar

Insider asked 34 top fintech investors to nominate the most promising startups. VCs highlighted startups that haven't raised more than a Series C.Behind-the-scenes firms, payment and compliance startups dominated this year's list. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. Insider surveyed 34 early-stage investors — including Bain Capital Ventures, Point72 Ventures, and Index Ventures — about the hottest fintechs to watch. There were also several sustainability-focused startups, offering everything from electric-vehicle financing to marketplaces for financing renewable-energy projects.

Persons: VCs, we'll, Mark Peter Davis Organizations: Service, Bain Capital Ventures, Point72 Ventures, Ventures, Interplay, Bank Locations: Wall, Silicon

☆ Britain's $4.5 billion digital bank Monzo debuts investments feature
▼ + stars: | 2023-09-12 | by ( Ryan Browne | ) www.cnbc.com time to read: +7 min

MonzoMonzo, the $4.5 billion digital challenger bank, launched a feature that lets users make investments —marking its first foray into the massive financial investment market. Monzo Investments will allow users to start investing with as little as £1. With Monzo Investments, you can start from £1." MonzoThe investments pots feature will appear in a new part of the home screen on Monzo called Savings & Investments. Gautam Pillai, head of fintech research at the investment bank Peel Hunt, said Monzo's new investments feature could increase customer "stickiness."

Persons: Anil, Monzo Monzo, It's, Monzo, who've, they'll, Monzo's, they've, Zopa, Wise, we've, Gautam Pillai, Peel Hunt, Pillai Organizations: Investments, BlackRock, CNBC, Monzo, Monzo Investments, Savings, Starling Locations: Britain

☆ Suman Bhattacharyya — Former Reporter at The Wall Street Journal
▼ + stars: | 2023-09-11 | by ( Suman Bhattacharyya | ) www.wsj.com time to read: 1 min

Suman BhattacharyyaSuman Bhattacharyya covered emerging technology for CIO Journal. He previously covered fintech, retail and customer experience technologies and has written for the Journal, Industry Dive, Digiday and other publications. Prior to working in media, he spent more than a decade working in the Canadian government on foreign affairs, fisheries and resource-management issues.

Persons: Suman Bhattacharyya Suman Bhattacharyya Organizations: Journal

☆ India’s fintech partygoers nurse a needed hangover
▼ + stars: | 2023-09-11 | by ( Shritama Bose | ) www.reuters.com time to read: +4 min

MUMBAI, Sept 11 (Reuters Breakingviews) - India’s financial technology industry is suffering from overindulgence. And it was on full display at a sombre Global Fintech Festival in Mumbai last week. The South Asian country is the world’s third-largest fintech market by number of unicorns. Poster child Byju’s is squabbling with lenders as investors walk away and financial reports get delayed. Follow @ShritamaBose on XCONTEXT NEWSThe Global Fintech Fest organised by the National Payments Corporation of India and industry association Payments Council of India was held between Sept. 5 and 7 in Mumbai.

Persons: securitisation, ’, hesitatingly, Vishwas Patel, they’re, fintechs, Mukesh Ambani’s, Antony Currie, Katrina Hamlin, Thomas Shum Organizations: Reuters, Founders, Boston Consulting Group, Venture, Reserve Bank, One97 Communications, FSN, Commerce Ventures, Innoven Triple Blue Capital, XV Partners, Financial, National Payments Corporation of India, Thomson Locations: MUMBAI, Mumbai, India, fintech, Sequoia Capital’s India, Southeast Asia, Rwanda, Japan, Germany, Peru

☆ Standard Chartered-owned crypto firm Zodia launches in Singapore
▼ + stars: | 2023-09-11 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

Zodia Custody, a company that helps large institutions store their crypto, launched in Singapore on Tuesday in a bid to tap into the country's rapidly growing digital asset market. The development makes Zodia the first entity that is owned by and partnered with banks to provide digital asset custody services for financial institutions in Singapore, Zodia said in a news release. Zodia is also part-owned by SBI Digital Asset Holdings, the crypto division of Japanese bank SBI. "Singapore is a market that has been no stranger to the crypto world for a long time," Sawyer said. Standard Chartered has a "fantastic brand" in Singapore, Sawyer said, adding that the backing of such a large institution has helped boost its conversations with major financial firms.

Persons: Zodia, StanChart, Julian Sawyer, Sawyer, blockchain, Crypto, Zodia's, Coinbase Organizations: Standard Chartered, Northern Trust, SBI Digital Asset Holdings, SBI, CNBC, Starling, Chartered, Arrows, United, United Arab Emirates Locations: Singapore, British, Asia, Africa, Japan, Pacific, Abu Dhabi, United Arab, India

☆ Cramer's Lightning Round: PayPal is a "value trap"
▼ + stars: | 2023-09-11 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

Stock Chart Icon Stock chart icon Albemarle's year-to-date stock performance. Stock Chart Icon Stock chart icon Oneok's year-to-date stock performance. Stock Chart Icon Stock chart icon Rivian's year-to-date stock performance. Stock Chart Icon Stock chart icon Trane's year-to-date stock performance. Stock Chart Icon Stock chart icon Cassava's year-to-date stock performance.

Persons: Walter Hulse, I'm Organizations: PayPal, Cliffs Locations: Jersey, Cleveland, Clearfield

☆ Using poker to train for business success will be a 'market disruptor': Peak6 Founder Jenny Just
▼ + stars: | 2023-09-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUsing poker to train for business success will be a 'market disruptor': Peak6 Founder Jenny JustJenny Just, Peak6 Investments Co-Founder, joins 'Closing Bell Overtime' to talk the fintech space, business applications for poker and more.

Persons: Jenny Just Jenny Just Organizations: Peak6 Investments

With retail investors holding individual stocks for less than a year on average, recent history suggests they could lose money, a Reuters analysis shows. Even institutional investors invited to buy into those 10 IPOs before trading would be down an average of 18%. "For almost all retail investors, buying and holding a low-cost index fund is the best strategy." Arm's debut and an upcoming listing from grocery delivery service Instacart are expected to rejuvenate a lackluster IPO market which has slowed over the past two years due to volatility and economic uncertainty. Instacart will be offering some retail investors a chance to buy into its IPO via underwriter fintech company SoFi, its prospectus said.

Persons: Dado Ruvic, Japan's SoftBank Group's, Jay Ritter, Marco Iachini, it's, Ritter, Lance Tupper, Anirban Sen, Echo Wang, Michelle Price, Richard Chang Organizations: REUTERS, Retail, Holdings, Reuters, U.S, Investors, University of Florida, Nvidia, GameStop, Vanda Research, Instacart, IPOs, Thomson Locations: British, New York

☆ Here are Monday's biggest analyst calls: Tesla, Apple, Nvidia, Amazon, Microsoft, Block, Netflix & more
▼ + stars: | 2023-09-11 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

JPMorgan upgrades Tenable to overweight from neutral JPMorgan said the security software solutions company is "well positioned for better fundamentals." JPMorgan upgrades Nubank to overweight from neutral JPMorgan said it sees an attractive entry point for the Brazilian neobank company. JPMorgan downgrades Brunswick to neutral from overweight JPMorgan said higher interest rates will weight on the marine recreation company in the months ahead. Bank of America reiterates Nvidia as a top pick Bank of America said Nvidia shares remain "compelling" at current levels. " Bank of America initiates Raymond James as buy Bank of America said the financial services company is well positioned and has a defensive portfolio. "

Persons: Morgan Stanley, Tesla, Raymond James, RJF, Evercore, Redburn, Bob Iger, Johnson, Jefferies, Bernstein, Brown, Forman, Baird, it's Organizations: supercomputing, Investors, JPMorgan, TENB, Brazilian, Bank of America, CSX, of America, 3Q, JPMorgan downgrades, Nvidia, AMD, Barclays, UBS, Amazon, Netflix, Disney, Deutsche Bank, Deutsche, Citi, Microsoft Citi, Microsoft, Apple Locations: JPMorgan downgrades Brunswick, North America

☆ High interest rates make it possible to earn 'real money' on cash now, expert says
▼ + stars: | 2023-09-10 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

Just 1 in 5 savers have competitive interest rates of 3% or better on their cash, a Bankrate survey from earlier this year found. Here are several mistakes with cash that financial advisors say investors should try to avoid. For savers who are keeping large balances in accounts providing low interest rates, Harrington said he tries to explain to them that they are losing spending power over time. If you have a financial advisor, you should be talking to them about all of your cash savings, according to Lane at Flourish. While financial advisors tend to believe they manage all of their clients' money, no financial advisor truly does, Lane said.

Persons: Xavier Lorenzo, —, Gary Zimmerman, Max Lane, Lane, Tim Harrington, Harrington, they'll, Cash Organizations: MaxMyInterest, Longview Financial Advisors Locations: Longview, San Rafael , California

☆ Meet the warrior interns: College students hell-bent on winning the CV arms race, who'll stack all the jobs they can to make their resumes shine
▼ + stars: | 2023-09-10 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +11 min

This is becoming a rite of passage for those who want good jobs, one career counselor told Insider. Advertisement Advertisement Watch:Singaporean undergraduate Amelia Yamato Leow told Insider that she started interning right after secondary school. Ong told Insider she's done an internship every summer break, and has worked during the college semester, too. You see from the inside how things work, and how people work, and most importantly, you can build rapport," Chin told Insider. This is especially so for complex industries like banking, Ted Teo, an adjunct assistant professor at the National University of Singapore, told Insider.

Persons: Amelia Yamato Leow, hasn't, who's, Leow, she's, Nicole Ong, Ong, you've, Justin Chin, Chin, Eddie Phua, Phua, Gao, Xinrui Gao Xinrui Gao, it's, Adrian Teh, Teh, they'll, Megan Wong, Wong, Sim Cher Young, Sim, Adrian Choo, Ted Teo, Teo, Goldman Sachs, Shaw, Singapore Management University's Sim, International's Choo Organizations: Service, National University of Singapore, PayPal, NUS, National University of Singapore Business, NUS Business School, Nanyang Technological University, Singapore Management University, LinkedIn, Citadel, Harvard, Singapore Management Locations: Singapore, Wall, Silicon, fintech

☆ There's a little-known way to invest in the AI revolution: real estate. Bank of America breaks down the opportunity to profit from the under-the-radar stocks powering it.
▼ + stars: | 2023-09-09 | by ( Mark Reeth | ) www.businessinsider.com time to read: +5 min

Data centers are perfectly positioned to take advantage of this trend, according to BofA. David Barden breaks down the opportunity for data center REITs, and which companies will profit. 2 data center giants ready for liftoffWith data centers poised to profit from the AI explosion, the only question remaining is which data center providers make the best investments now. "DLR's business model should, however, position it to develop facilities with the power density required to host large AI model Training," Barden wrote. While Equinix can capitalize on AI sooner rather than later, Digital Realty Trust's larger capacity makes it perfect for "larger, longer-dated AI training model environments," Barden wrote.

Persons: David Barden, Haim Israel, Barden, EQIX Organizations: Semiconductors, Software, Bank of America, Realty Trust, Digital Realty Trust, Digital Realty

REUTERS/Evelyn Hockstein/File Photo Acquire Licensing RightsWASHINGTON, Sept 8 (Reuters) - The Federal Reserve's top regulatory official said on Friday the central bank is "a long way" from any decision on whether it would issue its own digital currency, and added it would not do so without official support in Washington. Fed Vice Chair for Supervision Michael Barr said while officials are investigating a central bank digital currency (CBDC), the Fed was far from any decision. "Of course, investigation and research are very different from decision-making about next steps in terms of payments system development, and we are a long way from that." Barr's comments echo those of Fed Chair Jerome Powell, who also has said the Fed would not move to issue a digital currency without explicit authorization from Congress. It is important to get the legislative and regulatory framework right before significant risks emerge," he said.

Persons: Michael Barr, Evelyn Hockstein, Barr, Jerome Powell, Pete Schroeder, Hugh Lawson, Andrea Ricci Organizations: Banking, Housing, Urban Affairs Committee, Capitol, REUTERS, Rights, Federal, U.S ., Thomson Locations: Washington , U.S, Washington, Philadelphia

☆ China's Ant Group unveils finance AI model as race heats up
▼ + stars: | 2023-09-08 | by ( Josh Ye | ) www.reuters.com time to read: +1 min

[1/2] Ant Group sign is seen at the World Artificial Intelligence Conference (WAIC) in Shanghai, China July 6, 2023. REUTERS/Aly Song/File Photo Acquire Licensing RightsHONG KONG, Sept 8 (Reuters) - Ant Group unveiled a finance-specific artificial intelligence (AI) model on Friday and started testing consumer and professional apps for the product, joining a crowded race to deploy AI in heavily regulated China. The foray by Ant into financial AI is notable as the company founded by billionaire Jack Ma is China's biggest fintech firm, with more than 1 billion users worldwide for its Alipay payment app. Ant follows AI announcements by tech giants Tencent (0700.HK) and Xiaomi (1810.HK) on Thursday and Ant's affiliate Alibaba (9988.HK) in April. The Zhixiaobao 2.0 app, designed to give consumers financial tips, can match the average financial professional in market analysis and reasoning capability, Ant said.

Persons: Aly, Ant, Jack Ma, OpenAI's, Josh Ye, William Mallard Organizations: Artificial Intelligence, REUTERS, Ant Group, HK, Thomson Locations: Shanghai, China, HONG KONG

☆ Global regulators seek to crack down on decentralised finance
▼ + stars: | 2023-09-07 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsLONDON, Sept 7 (Reuters) - Global securities regulators set out on Thursday their first blueprint to make participants in "decentralised finance" (DeFi)accountable for their actions and safeguard market stability. Such events have seen DeFi shrink from about $180 billion in late 2021 to about $40 billion currently, and the sector is also being used for moneylaundering, IOSCO said. Stakeholders in DeFi and their roles, and the organizational, technological, and communication mechanisms they use, tend to mimic those in traditional finance. Regulators have little standardised data on DeFI, a situation made worse by market participants using multiple pseudonymous addresses to obfuscate their activities, IOSCO said. Regulators should use existing laws or introduce new ones where needed to get a full picture of DeFI, including the identities of people and companies involved, IOSCO said.

Persons: Dado Ruvic, IOSCO, Tuang Lee Lim, Lim, Huw Jones, Frances Kerry Organizations: REUTERS, Terra, Regulators, DeFi, Thomson Locations: DeFi, IOSCO, United States

CEO of Goldman Sachs David Solomon participates in a panel titled "Empowering Women as Entrepreneurs and Leaders" at the 2023 Spring Meetings of the World Bank Group and the International Monetary Fund in Washington, U.S., April 13, 2023. Goldman Sachs is shedding its consumer businesses after its foray into retail banking flopped. "I definitely do feel better about the capital markets," Solomon said in the wide-ranging interview. Solomon also said U.S. regulatory proposals for stricter bank capital rules have "gone too far." "I am focused on Goldman Sachs," he said.

Persons: Goldman Sachs David Solomon, Elizabeth Frantz, Goldman Sachs, David Solomon, that's, Solomon's, Solomon, SoftBank, Banks, Saeed Azhar, Lananh Nguyen, Jonathan Oatis, Jamie Freed, Deepa Babington Organizations: World Bank Group, International Monetary Fund, REUTERS, CNBC, T Arm Holdings, Federal Reserve, Thomson Locations: Washington , U.S, U.S

MEXICO CITY, Sept 7 (Reuters) - Mexican fintech Stori on Thursday announced the acquisition of MasCaja, a financial firm that will provide it a license to broaden its product portfolio in a market where many lack access to financial services. "We want to take the next step to boost financial inclusion," Stori co-founder Marlene Garayzar told Reuters. Stori, which reached unicorn status last year, already offers credit cards with lines starting at 500 Mexican pesos ($28), in a country where government data shows less than 35% of the adult population has formal credit. Earlier this year, Stori said it had reached 2 million users. ($1 = 17.5722 Mexican pesos)Reporting by Valentine Hilaire; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

Persons: Stori, Marlene Garayzar, Nubank, Valentine Hilaire, Leslie Adler Organizations: MEXICO CITY, Reuters, ABC Capital Bank, Thomson Locations: MEXICO, Mexico, Argentine

Tencent has said it was internally testing its Hunyuan AI model on advertising and fintech. Tencent is integrating Hunyuan's capabilities with its existing products for video conferencing and social media, Tong told CNBC. The company operates WeChat, a widely used messaging and payments app in China, and video conference platform Tencent Meeting. Baidu and several other Chinese companies received the green light in the last few weeks to release AI-powered chatbots to the public. "The constraint that we're facing will hinder the progress, the speed of development," Tong told CNBC in response to a question about U.S. restrictions.

Persons: Dowson Tong, Tencent, Tong, Ernie, ChatGPT Organizations: CNBC, Baidu Locations: China, Beijing

☆ Stripe rival Adyen secures banking license in the UK
▼ + stars: | 2023-09-07 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

Dutch payments giant Adyen on Thursday said it won approval for a banking license in the U.K., marking a deeper push from the company into the banking sector. Adyen already has a license in the Netherlands as an acquiring bank. Adyen's U.K. merchants can already offer customers bank accounts, virtual or physical cards, and cash flow and expense management. "The U.K. is a key market for Adyen and we're excited to cement our position here with this banking authorisation," said Mariëtte Swart, Adyen's chief legal and compliance officer. A competitor to U.S. payments giant Stripe, Adyen is one of Europe's largest technology firms, with a market capitalization of 23.4 billion euros ($25 billion).

Persons: Adyen, Mariëtte Swart, Revolut Organizations: Bank of England, Regulators Locations: Netherlands, Amsterdam

☆ Morning Bid: Fed steals focus, stocks sell off
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +2 min

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, September 5, 2023. REUTERS/Staff/File Photo Acquire Licensing RightsA look at the day ahead in European and global markets from Kevin BucklandThe dominating theme in global financial markets is once again central bank policy, and equity investors in particular are worried. Even ultra-resilient Japanese stocks seem to have finally succumbed, with the Nikkei threatening to snap an eight-day winning streak. Traders have preferred to trust the data over protestations from ECB officials that the tightening cycle may not be over ahead of next week's policy meeting. German industrial production figures are due today, with the euro bloc's giant threatening to slip back into recession.

Persons: Kevin Buckland, haven't, It's, Xi Jinping, Vladimir Putin, Jacqueline Wong Organizations: REUTERS, Staff, Nikkei, Traders, Federal, Philly Fed, Philadelphia Fed, Thomson Locations: Frankfurt, Germany, China, Australia, India

Goldman Sachs is bullish on e-commerce in China, naming it as one of its "most preferred" areas within China's internet sector. Top picks The analysts named Chinese e-commerce shares among the bank's top buy-rated stocks, two of which are on Goldman's conviction buy list of assets it expects will outperform the market. Goldman gave a target price of $138 for Alibaba's U.S.-listed shares, and 134 Hong Kong dollars ($17.09) for its Hong Kong-listed shares. Goldman Sachs gave Pinduoduo a target price of $129, following expectations of a sizeable profit in the longer term. The bank gave Tencent a target price of 431 Hong Kong dollars, accounting for a potential upside of around 32%.

Persons: Goldman Sachs, Goldman, —, — CNBC's Michael Bloom Organizations: Alibaba's U.S, Hong, Baidu Locations: China, Hong Kong

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