How will Donald Trump’s victory affect banks, fintech, and tech?

An analysis of reactions of banking, fintech and tech leaders to the re-election of Donald Trump, tends to focus on the potential impacts across various sectors including finance, climate policy, banking, technology, fintech, and cryptocurrency. Here's a breakdown by key subject areas:

Economy and Markets: Analysts predict that Trump’s policies will focus on expanding U.S. fiscal policy, reducing regulation, and promoting aggressive trade tactics. Daniel Casali of Evelyn Partners notes the likelihood of tax cuts, which could benefit equities and drive growth. However, others warn that this economic boost may come with long-term global consequences.


Climate Policy: The administration’s stance is expected to be less focused on climate initiatives, echoing Trump’s first term, which could stall global climate progress unless other nations take up the slack. Garry White of Charles Stanley anticipates fewer regulations on fossil fuels and a decrease in subsidies for green investments, prioritizing domestic economic growth over environmental goals.


Banking Sector: Trump’s deregulation agenda could create a "boom" for banking, according to Wells Fargo’s Mike Mayo. Reduced regulatory oversight could improve banks' profitability, especially for major players like Citi, as it may lower compliance costs, increase lending, and bolster investment banking revenues.


Technology Sector: Many major tech figures, including Peter Thiel, back Trump due to anticipated tax cuts. Trump's policies may continue to favor big tech, reducing corporate tax rates further to stimulate tech-driven growth, though concerns about fiscal deficits might moderate the extent of these cuts.


Fintech Industry: Trump’s administration may ease regulatory requirements, which could allow more neobanks and new players to enter the market, as highlighted by DECTA’s Scott Dawson. While this could increase competition, there are concerns it may attract low-quality entrants, leading to a “race to the bottom” in fintech standards.


Cryptocurrency: Trump’s presidency is viewed as highly favorable for cryptocurrency. His connections with influential tech figures, like Elon Musk and Peter Thiel, signal strong support for crypto, with bitcoin recently surging to a record high. Proponents, like Nigel Green from deVere Group, believe Trump’s backing could drive institutional investment and mainstream adoption of crypto. However, data from Zellix reveals that pro-crypto sentiment is also high in states voting Democrat.

In summary, Trump’s election brings expectations of economic expansion through tax cuts and deregulation, benefiting traditional finance, banking, and tech sectors. Yet, it may also increase volatility, environmental setbacks, and raise questions about fintech regulation and crypto investment pathways.

The 50 Hottest FinTech Startups That Are Driving The Industry

The past year has been painful for the financial technology industry, with publicly traded fintech stocks languishing 50% below their late 2021 peak, even as the S&P 500 has surged to new highs. Venture capital funding for fintech startups is even more depressed–it fell more than 70% from $141 billion worldwide in 2021 to $39 billion in 2023, according to CB Insights. Both layoffs and fire sales have spread. 

Yet Forbes' new 2024 Fintech 50 list is packed with extraordinary entrepreneurs who have adapted and flourished in this environment. Three categories that primarily serve other businesses—Payments, Wall Street & Enterprise and Business to Business Banking–made the strongest showing, accounting for 27 of our 50 picks and seven of the 13 first-time honorees on this year’s list, Forbes ninth annual honor roll of the most innovative private businesses in fintech. 

Forbes Senior Editor, Jeff Kauflin, and reporter Emily Mason sat down in studio to break down this year's list and highlight some of its newcomers and trends.

Fintech's 50 Hottest Startups

Despite the industry’s funding woes, some startups–particularly those serving others business—are thriving. Here’s the Forbes Fintech 50 for 2024.

Get the details HERE.

Challenge of Real-Time Payments for Legacy Banks

In a world of immediate payment options like Venmo and Zelle, most U.S. banks are still using the same payment-processing technology they installed in the 1980s. Consumers have come to embrace real-time payments, looking increasingly to digital-first nonbank financial players for increased speed and convenience. It has created a landscape where many legacy banks are lagging behind both their customers’ expectations and their competitors’ capabilities.

To explore how legacy banks can get up to speed on real-time services, PaymentsJournal sat down with John Brady, Chief Architect and Head of Engineering at BillGo, as well as Elisa Tavilla, Director of Debit Payments at Javelin Strategy & Research.

Listen to this PODCAST HERE.

Mobile industry is integral to Africa’s growth

The United Nations Conference on Trade and Development (UNCTAD) estimates that, if effectively harnessed, digital trade in Africa has the potential to contribute an additional $180bn to the continent’s GDP by 2025. Despite this tremendous potential, e-commerce in Africa is currently underutilised.

A major report prepared and published by the mobile phone industry body the GSMA in collaboration with the UK’s Department for Business and Trade points to the ways in which mobile commerce is going to be integral to the continent’s growth. We report from its launch at the 2023 Mobile World Congress in Kigali, Rwanda.

Read the full article HERE.

Intrigue in Copenhagen: A Tale of High-Stakes Corporate Espionage

When Chinese tech giant Huawei learned it was set to lose a $200 million contract, a run-of-the-mill equipment deal spiraled into a saga of hidden microphones, drone encounters and covert surveillance, according to investigators for a Danish telecoms firm. 

Bloomberg reporters crisscrossed Copenhagen for the tale of TDC’s 5G showdown, in which technology, business and national security collide.

The Rise and Fall of Richard Branson

Sir Richard Branson is one of the most successful and high profile businessmen in the world. But his recent business ventures; Virgin Galactic, Virgin Orbit, and Virgin Hyperloop have become disasters.

Artificial Intelligence - The What, Where & How

What is Artificial Intelligence, how does it work and where it might be taking us. We’ll try and see if as an investor you should worry about missing the boat on AI, and as an individual should you worry about losing your job to these new technologies?

Tech Layoffs Are Leaving H1B Visa Workers Scrambling for New Jobs

Layoffs sweeping the tech industry have not spared workers on temporary visas, known as H1Bs. They have just 60 days to find a new visa sponsored position before they are forced to leave the US. 

Host Zoe Thomas speaks with one worker facing this challenge and WSJ reporter Te-Ping Chen about the wider ramifications.

Scam Calls Are Still a Huge Problem. How Do We Block Them?

Phone scams may seem like a thing of the past, but nearly a quarter of older adults who reported losing money in a scam last year said it all started with a phone call. But, there is tech that can help prevent these criminals from tricking you or your loved one. 

WSJ family and tech columnist Julie Jargon joins host Zoe Thomas to explain what they are and how they work.

Apple Wants to Recreate Its ‘iPhone City’ Supply Chain Outside China

Apple is facing an uphill battle as it plans to shift its production out of China. Here’s why it’s difficult to replicate Foxconn’s ‘iPhone City’ in Zhengzhou and the company’s finely-tuned ecosystem in countries like India and Vietnam.

A Crazy Year in Finance!

From Elon Musks Purchase of Twitter to the arrest and extradition of Sam Bankman-Fried. 

2022 was an eventful year in the world of finance. Let's look at the major financial news events of the year to see if there is anything we can learn or laugh about.

How will businesses use the metaverse?

The metaverse could offer multi-trillion-dollar opportunities for businesses in the long term, with the potential to transform many aspects of daily life.