This week’s top stories: Why China is beating the rest of the world on fintech adoption, Wall Street gets ready to fight regulations old and new, and the data battles between banks and fintech firms continue.
In Fintech, China shows the way (The Economist)
By just about every measure, China dominates consumer fintech, generating over 50% the world’s mobile payments and 75% of P2P loans. How did it get so big so fast? State-owned banks were so slow to innovate that they opened the door to new entrants. China’s middle-class exploded and had mobile phones before they had credit cards.
Why a clear answer to the data-sharing debate remains elusive (American Banker)
Screen scraping is an outdated, insecure way to access banking data. Luckily, it’s being replaced by oAuth, which allows apps to pull data without using your login credentials. Next, the industry hopes to establish a single, widely-adopted standard for APIs.
Wall Street Girds for Regulatory War (Bloomberg)
Trump has pledged to roll back the regulations aimed at preventing another financial crisis. While the news has focused on the broad regulations of Dodd-Frank, smaller agency rules are just as important: the OCC, CFTC, and Fed will be more influential in the short-term.