Fintech News: September 2nd, 2016

Taxing times for Ireland as EU takes a bite out of Apple (Silicon Republic)

EU-apple-taxThis week, the EU ruled that Apple owed Ireland billions of dollars in taxes. For decades, Ireland has attracted tech talent and become a major player in Europe’s fintech scene by lowering its corporate tax rate to 12%. The EU’s decision threatens Ireland’s reputation as a credible, tax-friendly place to do corporate business in Europe.

Fintech Startup Transferwise Moves Away From Banks (Wall Street Journal)

Transferwise, one of London’s fintech stars in P2P lending, is moving away from relying on banks by becoming one. In the US, this requires state-by-state applications, 37 of which are already active.

Boomers value tech for managing retirement savings (Finextra)

While Silicon Valley continues to focus on solutions for millennial investors, studies repeatedly show that boomers are underserved. In this study, boomers value wealth management technology just as highly as their millennial counterparts, discrediting the idea that boomers don’t have any need for technology.

It’s the fees stupid! Fee Adjusted Return On Capital (FAROC) (Daily Fintech)

While talks about improving UX are common, the real innovation in consumer fintech is the continuous downward pressure on fees – especially in asset management. Vanguard has been paving the way for 40 years with low-cost index funds, and the new expectation of low-fee products leaves little room for B2C marketing efforts.

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