New report out from the World Economic Forum identifies Big Tech, not FinTech, as the greatest disruption threat faced by the Financial Services sector. In "Beyond FinTech: A Pragmatic Assessment of Disruptive Potential in Financial Services" the authors note that the partnership between banks and large technology companies risks becoming one-sided rather than reciprocal, as financial institutions increasingly rely on Big Tech firms for their most strategically sensitive capabilities, but can only offer their ongoing business in return.
Up Next in Blockchain
Bitcoin is set to receive a boost with news that the parent company of the New York Stock Exchange (NYSE) is developing an online trading platform that would allow large investors to buy and hold bitcoin. Unlike the futures contracts being offered by Goldman Sachs and the Chicago Mercantile Exchange, ‘swaps’ would be utilized to enable investors to buy a contract that would result in the customer owning bitcoin the next day. NYSE clients and investors would be able to directly buy, sell, and hold bitcoin, possibly in a wallet, similar to Coinbase or other existing cryptocurrency platforms.
NYSE Swaps 'Revelation' Points to Cryptocurrency Boost
Express.co.uk - David Dawkins
Goldman Sachs, in pioneering a new cryptocurrency market on Wall Street, plans to start small and offer a limited number of derivatives, according to a person briefed on the decisions. It will trade bitcoin futures in a principal, market-making capacity, and will also create non-deliverable forward products.
Goldman to Set up Bank to Trade in Bitcoin
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