Finicity’s Nick Thomas on financial data and transactions in the metaverse, and chief product officer at Goldman Sachs Jin Hwang joins SMB lender Fundbox – Tearsheet


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“Global open banking is more like the metaverse than you might think” – Finicity’s Nick Thomas

Contrary to what many people think, the metaverse is not a place, but a collection of digital worlds created on different platforms, some of which merge with the real world. Management consulting firm Gartner predicted that by 2026, one in four people will spend at least one hour a day in the metaverse for work, shopping, education, social or entertainment purposes.

Naturally, such a global network of virtual worlds will create enormous amounts of personal data, raising complex issues of privacy, security and ethics. What will be the geopolitical ramifications? As boundaries blur in the metaverse, what kind of laws will govern these kinds of environments? Should there be a global set of rules for sharing data? And is it even possible?

These were some of the questions raised at Tearsheet’s DataDay 2022 conference by Nick Thomas, founder of Finicity and executive vice president of global innovation in open finance at Mastercard, who now owns his company.

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Fundbox’s new product manager, Jin Hwang, is ready to create a UX that will enable better access to capital for SMEs

Last week, Fundbox announced the hiring of former Marcus by Goldman Sachs chief product officer Jin Hwang as chief product officer. Hwang built the first BNPL solution for Marcus and also secured the signing of the company’s first major business partner. Prior to that, he led the product team at Quickbooks Capital.

At Fundbox, he will lead product strategy, user experience and development. I spoke with him to find out what role UX plays in enabling access to capital for small business owners, and what he plans to bring to the screen.

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Just look at the charts

1. Revolut is on its way to becoming a global bank

Source: Sanjeev Kumar

2. Amazon is building its own bank

Source: CB Insights

today’s stories

Meta closes its “Novi” cryptocurrency wallet
The Novi app and Novi on WhatsApp will no longer be available, and all accounts will be closed on September 1, 2022, with the company advising all users to withdraw their funds “as soon as possible” (Finextra)

Is the game over for Celsius customers?
Celsius users are now demanding answers, three weeks after cryptocurrency lender Celsius revealed it was halting withdrawals and suspending client accounts following a sharp drop in valuations (Crowdfunding Participant)

Revolut is growing without new capital
Revolut boss Storonsky said his fintech is now profitable, “growing aggressively”, has enough funding for at least two more years and would not seek to raise funds as venture capital is drying up in the tech industry (Bloomberg)

Revolut banking director steps into new US CEO role
Sid Jajodia takes on the additional role of global financial super app after a year with the company to ‘accelerate growth’ in the US – where he will lead Revolut’s international banking rollout and is the company’s third recent hire. of the American team to help with the expansion in the region (AltFi)

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