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fintech destroys value

June 26 · Issue #38 · View online
Tearsheet Weekly Newsletter
Wall Street turns on the fintech heat
If 2015 was the year of fintech Star Wars, of the upstart firm taking on the big boys, 2016 could be the Empire Strikes Back. 
The largest financial institutions are indeed rising to the occasion, developing new products, striking strategic partnerships, and advancing the ball.
Of global major banks, Spain’s BBVA is one of the most active investors and acquirers in the fintech space. Scarlett Sieber, who heads business development for the bank’s digital business, joins us on the Tradestreaming podcast to discuss how (and why) she is building a financial technology ecosystem.
What happens when the largest credit card issuer partners with the largest gas retailer? JPMorgan’s Chase Pay landed a deal with Shell, giving the upstart digital payments platform access to 20 million daily customers.
Barclays revealed plans that showed serious intentions about banking Africa, bringing potentially 1 billion unbanked folks into the financial fold.
Fintech is competitive and sometimes, destroys value
Wall Street has a lot of work to do – for example, today’s brightest are less likely to want to work at hedge funds. (That’s not deterring Goldman Sachs, though, from rolling out a new video format for on-campus recruiting). 
Also, it can’t be easy heading up the largest player in the actively-managed funds space, either. BlackRock’s Larry Fink has a ringside seat, witnessing the outflows of actively managed capital, flowing into passive strategies. Active managers are feeling the pain of watching more productive revenue streams evaporate.
Right now, it seems servicing clients and protecting long term franchises is a good start.
– Zack Miller, Editor, Tradestreaming
BlackRock's Fink not impressed about flows to passive strategies
The Incumbents
After 147 years, Goldman Sachs hangs a shingle on Main Street
Humans strike back against stock market robots
The Startups: Who's shaking things up
With new bank partnerships, TransferWise tries for transparency
Hulk Hogan, Gawker, and the future of litigation finance
How to run the 'world's oldest fintech bank'
Brad Katsuyama, IEX co-founder, on how his new stock exchange will make people feel safer
Startups raising/Investors investing
Circle raises $60m, steps into China with international social payments
Banking API firm, Plaid raises $44m
Number26 raises another $40m for its vision for the future of banking
Colu raises $9.6m to promote blockchain-based local currencies
Millennial finance app, Loot raises £1.5 million
Deutsche Bourse sets up fintech venture fund
Tools of the trade
Why video banking is the fintech trend to watch
The new virtual reality of shareholder communications
Marketing, data, and user behavior
Inside SoFi's exclusive club for "great" people
The fast follower fallacy of incumbent financial institutions
NYU Stern to offer new fintech specialization in the MBA curriculum
The rise of fintech in supply chains
Fintech spawns regtech to automate compliance with regulations
New financial products
WTF is The DAO?
WTF are social trading networks?
What we're reading
The evolution of private loan agreements
Taking stock of China’s changing fintech fortunes
The emergence of private equity’s secondary market
The weird world of expensive wine
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