Stripe’s John Collison: The Best Of The Connected Future Is Still To Come. After 16 months of hyperactive change and adaptation, Collison points to the big picture that will emerge as a result of jamming 10 years of progress into a year and a half. 1/n
“We saw two million new businesses created on Stripe since the start of 2020.That's more than the number created in Stripe’s lifetime up to this point. I think what those two million businesses do will surprise us.” 2/n
Many of the businesses are from verticals that were slow to digitize. Healthcare is one striking example, as necessity pushed the long-reluctant segment to embrace technology that it has spent the better part of the last decades avoiding. 3/n
Locally based tradespeople and service providers like plumbers, carpenters etc wouldn’t have bothered with digitization 10 to 20 years ago as value proposition wasn’t apparent.The rapid evolution of connectedness has made that digitization offering much more appealing 4/n
Digitalization has stacked on other capabilities and connection points where service providers suddenly have access to scheduling capability, distribution, discovery and help with SEO across segments and verticals. 5/n
The lesson to learn, Collison said, is that we live in an era of very dynamic equilibrium and that the U.S. financial services sector is going to be a vibrant and competitive space, where the winners are still a big unknown.
6/n
In fact, there are a lot of unknowns out there — what regulators will want, what is going to happen with crypto-backed currency when central banks get in the game and what shape the FinTech boom will take as it continues to develop.
7/n
There is a lot we don’t know, Collison noted, but what we do know is mostly encouraging, as we learn that a connected economy is a better economy for the businesses and the consumers working within it. 8/8

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More from @Ajay_Bagga

25 Jun
Banks Should Fear Walmart: Citigroup
“While much has been made about the competitive threat of challenger banks/neobanks to the traditional bank business model, it’s our view that a competitive threat such as WMT is likely a more potent one,” Citigroup 1/n
Banks have to get ready for a new—and almost unimaginable—opponent.
They’ve always competed with each other. Then, fintech firms such as PayPal and Square came nipping at their market share. And now the largest U.S. retailer, Walmart is lurking. 2/n
Walmart wouldn’t need to have a bank charter,or be a fully fledged bank,to enter the fray.Just by offering a few financial services and tapping into its vast store-and-customer base,it can be a “potent” threat. The company already offers 2 credit cards and debit/prepaid cards.3/n
Read 6 tweets
24 Jun
Accenture Reports Very Strong Third-Quarter Results and Raises Business Outlook for Fiscal 2021
-- Revenues are $13.3 billion, an increase of 21% in U.S. dollars and 16% in local currency --
-- EPS $2.40, a 26% increase --
1/n
Accenture
-- Operating income increases 24% to $2.1 bn, operating margin of 16 %,up 40 basis points
-- New bookings are $15.4 bn, a 39% YoY increase in U.S. dollars from the third quarter last year,with consulting bookings of $8.0 bn and outsourcing bookings of $7.4 bn 2/n
Accenture
-- raises its business outlook for fiscal 2021; now expects full-year revenue growth of 10% to 11% in local currency; operating margin of 15.1%; GAAP EPS of $9.07 to $9.16; andfree cash flow of $8.0 bn to $8.5 bn 3/n
Read 7 tweets
16 Jun
China Orders State Firms to Curb Overseas Commodities Exposure and announces it will release base metals from its emergency reserves 1/n
Chinese authorities have stepped up their efforts curb commodity prices after ordering state enterprises to control risks and limit their exposure to overseas commodity markets. 2/n
In addition, the China National Food and Strategic Reserves Administration will soon start to release national reserves of copper, aluminum and zinc which will be sold in batches to fabricators and manufacturers. 3/n
Read 20 tweets
16 Jun
Ferrari Hires IPhone Innovator as CEO to Hasten Tilt to Tech : highlighting the growing dominance of technology in the auto industry that’s witnessing its most profound transformation in more than a century.
1/n
Benedetto Vigna, 52, from chipmaker STMicroelectronics NV will become Ferrari CEO starting Sept. 1. The appointment is a watershed moment for incumbent carmakers that have rarely looked outside the sector and haven’t named tech leaders to their top job. 2/n
“Appointing someone relatively young,from the technology field sets the tone for where Ferrari is headed,” Tom Narayan,RBC Capital Markets.“The biggest issues Ferrari will face over the next decade will be adapting to the changing auto technology landscape as a luxury brand.” 3/n
Read 8 tweets
16 Jun
Transporting a 40-foot steel container of cargo by sea from Shanghai to Rotterdam now costs a record $10,522, a whopping 547% higher than the seasonal average over the last five years, according to Drewry Shipping. 1/n
With upwards of 80% of all goods trade transported by sea,freight-cost surges are threatening to boost the price of everything from toys, furniture and car parts to coffee, sugar and anchovies, compounding concerns in global markets already bracing for accelerating inflation. 2/n
A confluence of factors-soaring demand,a shortage of containers,saturated ports and too few ships and dock workers-have contributed to the squeeze on transportation capacity on every freight path. Recent Covid outbreaks in Asian export hubs like China have made matters worse 4/n
Read 6 tweets
16 Jun
What to expect from the Federal Reserve on Wednesday
June 16th ... 1/n
The Federal Reserve is not expected to take any policy actions after its two-day meeting this week, but it is likely to signal that it is thinking about them. ...2/n
Some economists expect the Fed to mention a coming tapering of its bond-buying program and give preliminary guidance on the discussion but not fully commit to tapering yet. ..3/n
Read 12 tweets

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