Weekly Analysis and Opinion Highlights – 28 February 2022

And we’re kicking off the week with new details on banking, partnerships, funding, DeFi, SoFi, neobanks, credit unions, open banking and more. Dive into the latest fintech insights and have a great start of the week!

Data 4.0 – Rethinking rules for a data-driven economy (WEF)
The explosive growth of data means we need to rethink rules for our data-driven economies. Institutions as well as the private sector play a huge role in the transition to a truly data-oriented culture. Companies will need to institutionalize data at a human level, meet the rise new challenges and must promote a data-driven economy to deliver change for good. While much of daily life and economic activities came to a grinding halt at some point during the pandemic, the digital, technological transformation did not stop. Read more.

Digital Transformation: A New Roadmap for Success (WEF)
This is the second of our three-part “Leading in the Digital Era” series. Read part one here . For the past two years, we’ve been asking executives: Where is your company in its digital journey, and where do you want to go? Roundtable discussions with 175 senior executives around the globe and a survey of more than 1,500 senior executives from over 90 countries helped form a picture of today’s digitally mature company. However, it’s one thing to know where you aspire to be, and another to understand how to get there. Read more.

This is how the metaverse might be monetized (Weforum)
Experts believe the metaverse will signify the next step in our digital evolution, bringing new risks and opportunities alongside new soft- and hardware.
Experiences instead of technology will play a huge role in how we understand the metaverse and what business models can be created within it.
But doing business in the metaverse won’t be simple – questions of how to regulate it are already arising today. Read more.

SoFi: Technisys Deal Makes Strategic Sense, Says Analyst (Tip Ranks)
SoFi Technologies (SOFI) has set its sights on becoming the the “Amazon Web Services of Fintech.” On Tuesday, the company announced a development which could move it closer to that goal. The company said it is acquiring multi-product core banking platform Technisys. The all-stock deal will cost $1.1 billion and will provide Technisys shareholders with 84 million shares of SoFi stock (resulting in 10% dilution, so in the near-term will likely impact profit). The deal should close in 2Q22. So, what does Technisys bring to the table? In the US and Latin America, the cloud-native platform already serves more than 60 established bank, fintech, and non-financial brands. Per SOFI, put to work with its existing technology platform Galileo, the company will be able to offer a multi-product core financial platform which is customizable and which in one tech stack boasts both UX/ UI streamlining and payment processing abilities. Read more.

Apple Is Putting Fintech Competitors on Notice (Nasdaq)
Apple is putting fintech on notice. Apple recently announced that its iPhone users will have the capability to accept payments directly from their iPhones with no external hardware required. If Jason has an iPhone and I have an iPhone and I want to pay him for something with a credit card, all we have to do is tap our iPhones and the payment can be processed like that. Square (NYSE: SQ) stock went down after this and for good reason. Apple’s first partner that it’s going to be using is Stripe, which is Square’s arguably biggest competitor, and Shopify (NYSE: SHOP) is integrating it into its system. No mention of Square to be found, and a lot of people think this is going to disrupt Square’s business. Read more.

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