Universal basic income scheme set for trials in Barcelona, Utrecht and Helsinki. The Power Couple Annihilating Credit Cards. “Bipin, who’s my cofounder,” is how Upasana Taku refers to her cofounder.
There would be nothing weird about it, except that he’s also her husband. It’s not her habit to over-disclose her marital status, she tells me. Let’s be professional. Taku and her spouse, erm, cofounder, Bipin Preet Singh, feel exceptional — even more so as the conversation continues, offering windows into their high-powered yet down-to-earth family life: Taku, a new mother, was in the office the night before delivery. Singh took just four days of paternity leave. Perhaps it’s what’s required to run one of India’s top fintech startups.
Data from Statista shows that more than 800 million people will use mobile phones in India by 2019 — a market more than double the population of the U.S. The story Taku and Singh tell of their company matches with the narrative of mobile money systems such as M-Pesa, which lets people pay via phone and even withdraw money from local vendors like a bank. It wasn’t an easy choice. Is the Gig Economy Working? Towards a regenerative economy – Dr. Daniel Christian Wahl – Medium. Ultimately, we need to transform finance and shift the flow of investment capital to perpetuate a Regenerative Economy that serves humanity and is a steward of Earth’s ecosystems. […] The transition to a Regenerative Economy is about seeing the world in a different way — a shift to an ecological world view in which nature is the model.
The regenerative process that defines thriving, living systems must define the economic system itself. — John Fullerton & Hunter Lovins (2013) Redesigning our industrial system of production and consumption around the circular patterns of resource and energy use that we observe in mature ecosystems is only one part of redesigning our economy using the insights of ecology. To create a truly regenerative economy challenges us to ask deeper questions and initiate more far-reaching transformative change. A world without money - Chris Skinner's blog. I have no academic papers or historical research view on what I’m about to post, although I will find some, but I was reflecting on my discussions of revolutions in humanity.
In particular, the second age of humankind, when we invented money as a control mechanism. Before this seismic change, money didn’t matter. We shared beliefs that allowed us to live together in relative peace, but the creation of money changed the balance of humanity. Some of us became more powerful, whilst others weaker. 5 Business Models That Are Driving The Circular Economy. Since the Industrial Revolution, humanity’s use of natural resources has been basically the same: take, make, throw away.
The World Bank’s predictions for global waste generation are chastening: on current trends it will double between now and 2025 to 6.5 million tons of solid waste every day. For sure, we are better at using virgin resources more efficiently while second-hand markets and recycling rates have both improved. But this hasn’t altered the fundamentals. Many companies’ business models are not set up to do much else than earn money from volume.
The fact that few businesses are vertically integrated makes it more difficult for businesses to reform the model for “closed” product loops even if their CEOs want to. Finally, a breakthrough alternative to growth economics – the doughnut. So what are we going to do about it?
This is the only question worth asking. But the answers appear elusive. Faced with a multifaceted crisis – the capture of governments by billionaires and their lobbyists, extreme inequality, the rise of demagogues, above all the collapse of the living world – those to whom we look for leadership appear stunned, voiceless, clueless. A disruptive innovation appears - Chris Skinner's blog.
I was listening to a financier talking about FinTech the other day, and claiming that they are all sustaining innovations and not disruptive.
They were referring to Clayton Christensen’s innovator’s dilemma discussions, where Professor Christensen points to different markets that were destroyed by disruptors. Those markets include the American car industry, destroyed by cheaper Japanese car manufacturing; the fixed line telephone firms destroyed by cellphone makers; the mainframe computer industry destroyed by the PC disruptors; and more.
Rubbish. There is a flaw in Professor Christensen’s work, which is that the incumbent fails to respond. That is true of Kodak and Nokia but, in both cases, the change was fast and the management weak. The largest payments company in the world that most people have never heard of - Chris Skinner's blog. I blogged a year ago about TechFin, the incumbents’ view of applying technology to existing banking services, versus FinTech which seeks to transform the financial system.
That has become one of the top search terms to find my blog, as it turns out, mainly because my blog entries are the first to be returned when searching for techfin. Interestingly that third one claims that Jack Ma, some guy from China, coined the term first, ten months after my blog entry. What? Utopian thinking: the easy way to eradicate poverty.
Why do poor people make so many bad decisions?
It’s a harsh question, but look at the data: poor people borrow more, save less, smoke more, exercise less, drink more and eat less healthily. Why? Margaret Thatcher once called poverty a “personality defect”. Universal basic income is becoming an urgent necessity. The 20th century income distribution system has broken down irretrievably.
Globalisation, technological change and the move to flexible labour markets has channelled more and more income to rentiers – those owning financial, physical or so-called intellectual property – while real wages stagnate. The income of the precariat is falling and becoming more volatile. India's demonetisation - taking the bull by the horns - Chris Skinner's blog. I seem to find most of the truly exciting stories these days are happening in unexpected places.
Tanzania, Indonesia, Turkey, China, Brazil … and specifically India. I wrote a fair bit about the demonetisation program in India at the beginning of December, saying that it’s a laudable objective but a flawed one, as 95% of the Indian population aren’t using mobile payment systems today and 88% haven’t even heard about it. That’s all changing though, thanks to further government intervention. Dutch city plans to pay citizens a ‘basic income’, and Greens say it could work in the UK.
It’s an idea whose adherents over the centuries have ranged from socialists to libertarians to far-right mavericks. It was first proposed by Thomas Paine in his 1797 pamphlet, Agrarian Justice, as a system in which at the “age of majority” everyone would receive an equal capital grant, a “basic income” handed over by the state to each and all, no questions asked, to do with what they wanted.
It might be thought that, in these austere times, no idea could be more politically toxic: literally, a policy of the state handing over something for nothing. Did my predictions come true? - Chris Skinner's blog. The first week of January each year I make a range of predictions about what’s to come. The last week of December each year, I look back at my predictions and call myself out as to whether I was right or wrong.
So here were the predictions made back in January: PayPal will be a primary acquisition target in 2016. Urmmmmm …. no, although many pundits propose that Apple, Amazon, Google, MasterCard, Visa and others should buy them. Meanwhile, PayPal entered the Fortune 500 in 2016, and continues its global expansion with acquisitions and partnerships with Visa and MasterCard. Finland trials basic income for unemployed. Finland has become the first country in Europe to pay its unemployed citizens a basic monthly income, amounting to €560 (£477/US$587), in a unique social experiment that is hoped to cut government red tape, reduce poverty and boost employment. Olli Kangas from the Finnish government agency KELA, which is responsible for the country’s social benefits, said on Monday that the two-year trial with 2,000 randomly picked citizens receiving unemployment benefits began on 1 January.
Those chosen will receive €560 every month, with no reporting requirements on how they spend it. The amount will be deducted from any benefits they already receive. The unbankable banked - Chris Skinner's blog. Reflecting on the last year, it’s been crazy. I feel like I’ve spent most of the year jumping on and off airplanes. Most visited cities are London, for obvious reasons, and Singapore. Go Fintech or go home (and don't be Techfin) - Chris Skinner's blog. I’m relaxing and thinking. What do wealthy customers want? - Chris Skinner's blog. I talk to a lot of wealth managers and private banks. Reboot the bank's boardroom NOW! - Chris Skinner's blog.
Bye bye banking job for life Many of the banking folk I meet have been with the bank as man and boy, woman and girl. Look at financial inclusion for innovation - Chris Skinner's blog. I guess in concluding this weeks’ thoughts, I’m left reflecting on a similar idea to the one I blogged a couple of weeks ago about a world turned on its head. A glimpse of the future, part two - 70 is the new 30 - Chris Skinner's blog. As mentioned yesterday, there’s a big question about what all of this means for financial service. #Brexit: a positive force for change - Chris Skinner's blog. Speaking of Walloons forcing a Byegium from the EU-Canada trade deal leads me to post this thoughtful email I received from Iain Bell, CEO of Quadrant Capital.
Iain gives a balanced alternative view to mine, and therefore it is worth a read… I have found your last couple of posts to be quite feisty in fact, re Brexit and being a global citizen etc. Who owns the customer in the internet of things? - Chris Skinner's blog. Joseph Stiglitz proposes co-op models as an alternative to trickle-down economics - Co-operative News.
A changing political landscape and economic challenges mean we are witnessing “interesting” but “unsettling” times, warned economist Joseph Stiglitz at the International Summit of Cooperatives in Quebec. Where machines could replace humans. The technical potential for automation differs dramatically across sectors and activities. As automation technologies such as machine learning and robotics play an increasingly great role in everyday life, their potential effect on the workplace has, unsurprisingly, become a major focus of research and public concern. If you want to convince the bank to change, read this blog - Chris Skinner's blog. The 'Airbnb effect': is it real, and what is it doing to a city like Amsterdam? Core systems should have built-in obsolescence - Chris Skinner's blog. The Radical Remaking of Economics. Explicit cookie consent. It’s time to junk the flawed economic models that make the world a dangerous place.
A New Economic System for a World in Rapid Disintegration. From zero to seventy (billion) Big Bang II: After Brexit, what’s next for the City of London? Radical new economic system will emerge from collapse of capitalism. Is the Library of Things an answer to our peak stuff problem? Clean energy won’t save us – only a new economic system can. 40 Futurists Offer Advice to Your Child About Future Work : Leading Thought. Uberisation and the dangers of neo-serfdom. The end of capitalism has begun. The Monetary Authority of Singapore: keeping up with the Bank - Chris Skinner's blog.
The Bank of England: taking the lead in #FinTech - Chris Skinner's blog. Are We Shifting to a New Post-Capitalist Value Regime? Hotels vs. Airbnb: Let the Battle Begin. US Federal Reserve 'Might Legitimately Consider' Public Money Creation. Bank of England: UK banks to lose their status as ‘gatekeepers’ to the payment system.
The end of capitalism has begun. The Future of Work – A journey to 2022. Management Today. Silicon Valley's Audacious Plan to Create a New Stock Exchange. Switzerland votes on basic income grant for all. Limits to growth: policies to steer the economy away from disaster. Article: A social capitalism.
Don’t Break Up the Banks. They’re Not Our Real Problem. How can the circular economy work in the healthcare sector? - live chat. GDP a poor measure of progress, say Davos economists. Airbnb for cars and Canada's food waste fight: 10 circular businesses in the Davos spotlight. The banking system faces an existential threat — and it’s not bitcoin. Tunisia Puts Nation's Currency on the Blockchain. The West must defeat a far worse enemy than radical Islam. Interviews Michel Bauwens on Peer-To-Peer Economics. EU's Top Court Rules That Bitcoin Exchange Is Tax-Free. Today Corrupt Officials Spend Your Money—Tomorrow Blockchain Will Stop Them. BnKToTheFuture Becomes Australia’s First Company to Launch Bitcoin Mining IPO.
Bitcoin is Steampunk Economics. The truth is out: money is just an IOU, and the banks are rolling in it.
Digital innovation in Asia: Bitcoin’s booming future. 13 new banks join R3 blockchain coalition - Business Insider. The Utilisation Economy & Why Uber is NOT part of the Sharing Economy. A Domino Falls in the Gig Economy: HomeJoy Shuts Down. The Dutch 'Basic Income' Experiment Promises Free Money for Those on Welfare. Aid should be seen as foreign public investment, not just charity. Economics for a Full World. FinTech’s Secret Weapon Against Central Banks. The end of capitalism has begun. You need never use a bank again. Here's why. Post-Capitalism: Rise of the Collaborative Commons — Basic income.
From Sharing Economy to Slack Economy - Demography Powered Innovation. Blog: 'A Challenge for Democracy' Slavoj Žižek on Greece: This is a chance for Europe to awaken. What is endogenous growth theory? BBC Radio 4 - In Business, The Freelance Economy. Blog: Creating a circular economy on the streets of Clerkenwell. The Battle Is For The Customer Interface. Stories: What if Marginalized Neighbourhoods Crafted Their Own Handmade, Place-based Economies? (05-19-2015) Hacking the Circular Economy. Kallis-The-Degrowth-Alternative.pdf. In Greece, two rival reform agendas battle for Europe′s future. What the Smartest Tech Investors Have Said About Bitcoin — ZapChain Magazine. Robert Reich: America is headed full speed back to the 19th century. FT Web App.
Top 10 ideas for a thriving sharing economy. Change to UK's money system could solve our long-term economic problems. Experts reflect on progress of circular economy in last year. We should cash-bomb the people - not the banks. G20 climate challenge calls for a rethink of economics. The truth is out: money is just an IOU, and the banks are rolling in it. UK remanufacturing worth £5.6bn if business model can be cracked.