175 million people in Brazil now use its instant-payment system "Pix", developed by the country's central bank for real-time payments using QR codes or keys, and American Banker notes that the central banks of Argentina and Costa Rica also have developed their own widely used digital systems for instant payments. Latin America has been able to build up sleek and effective payment systems in record time because it is not held back by legacy payment technology that isn't built for instant money movement. In the likes of the U.K., U.S. and Europe, payment systems are built on infrastructure that is often decades old. The process of building new systems is therefore incredibly operationally complex. Money must continue moving, so these systems can't just be "switched off."

Emerging markets, such as those in Latin America, did not have to contend with legacy technology on the same scale. Many of these communities were cash dominant until recently, due to the high fees associated with card usage and the lack of banking infrastructure in rural regions. However, while many people didn't have a local bank on their corner, they did have mobile phones... Through these digital channels, money moves instantly, via account-to-account transfers, QR codes and mobile wallets... Beyond this, real-time and traceable digital payments generate valuable cash-flow data that can transform credit underwriting for small and medium-size businesses, or SMEs. Historically, many SMEs in emerging and cash-reliant markets have struggled to access credit due to a lack of documented transaction histories, audited accounts or formal credit records...

Mexico is now poised to be the next success story. In Mexico, a third of people are unbanked, but 96% of the population owns a mobile phone. This creates the perfect launchpad for a digital-first payment system that can reach those historically excluded from traditional banking systems.
In fact, something already changed in 2025. Bloomberg reports that for the first time, digital payment transfers in the U.S.-to-Mexico remittance corridor exceeded cash transfers (with physical pickup locations like Western Union), according to Mexico's central bank. It's part of a Latin American market "worth more than $160 billion a year, roughly $62 billion of which goes to Mexico."

And Mexico's digitalization efforts will continue, according to the country's president, who said at a March banking conference that digital payments will now be encouraged for gasoline and tolls.

JPMorgan is piloting a system that monitors junior investment bankers to avoid burnout (source paywalled; alternative source). "[T]he bank will seek to match up hours claimed by the bankers with digital activity," reports Bloomberg. "The tool won't be used for evaluation purposes, but is designed to provide a better estimate of employee workloads." From the report: The program will monitor the weekly digital footprint, including video calls, desktop keystrokes, and scheduled meetings, the Financial Times reported earlier, adding JPMorgan plans to roll out the effort more widely across its investment bank. Banks on Wall Street are known for heavy working hours, but can in return offer salaries of as much as $200,000 for entry-level analyst and associate roles. "Much like the weekly screen time summaries on a smartphone, this tool is about awareness -- not enforcement," a representative for JPMorgan said in a statement. "It's designed to support transparency, well-being, and encourage open conversations about workload."

An anonymous reader shares a report: Oracle could cut up to 30,000 jobs and sell health tech unit Cerner to ease its AI datacenter financing challenges, investment banker TD Cowen has claimed, amid changing sentiment on Big Red's massive build-out plans.

A research note from TD Cowen states that finding equity and debt investors are increasingly questioning how Oracle will finance its datacenter building program to support its $300 billion, five-year contract with OpenAI.

The bank estimates the OpenAI deal alone is going to require $156 billion in capital spending. Last year, when Big Red raised its capex forecasts for 2026 by $15 billion to $50 billion, it spooked some investors. This year, "both equity and debt investors have raised questions about Oracle's ability to finance this build-out as demonstrated by widening of Oracle credit default swap (CDS) spreads and pressure on Oracle stock/bonds," the research note adds.

An anonymous reader shares a report: Venture capitalists in clean tech are starting to say out loud what they've suspected for a while: China's dominance has left key sectors in the West uninvestable. A group of eight VCs from Western firms agreed to share with Bloomberg the details of a July road trip across China during which they visited factories, spoke with startup investors, and interviewed founders of companies.

They knew China had raced ahead in sectors like batteries and "everything around energy," but seeing how big the gap was firsthand left them wondering how European and North American competitors can even survive, says Talia Rafaeli, a former investment banker at both Goldman Sachs and Barclays who's now a partner at Kompas VC. "Everyone needs to take this kind of trip," she said.

Goldman Sachs has officially rolled out a generative AI assistant across the company to enhance productivity, with around 10,000 employees already using it for tasks like summarizing documents and data analysis. Reuters reports: With the AI tool's official company-wide launch, Goldman joins a long list of big banks already leveraging the technology to shape their operations in a targeted manner and help employees in day-to-day tasks. [...] The GS AI assistant will help Goldman employees in "summarizing complex documents and drafting initial content to performing data analysis," according to the internal memo. "While the official line is that AI frees up employees for 'higher-value work,' the real-world consequence is a reduced need for human labor," notes Gizmodo in their reporting. A banker told Gizmodo that because their AI system now processes 85% of all client responses for margin calls, "the operations team avoided hiring 30 new people."

Gizmodo asks pointedly: "If one AI tool is replacing the need for 30 back-office staff in one corner of one bank, what happens when the entire industry scales that up?"

An anonymous reader shares a report: Canada has seen a boom in political books created with generative artificial intelligence, adding to concerns about how new technologies are affecting the information voters receive during the election campaign.

Prime Minister Mark Carney was the subject of at least 16 books published in March and listed on Amazon.com, according to a review of the site on April 16. Five of those were published on a single day. In total, some 30 titles were published about Carney this year and made available on Amazon -- but most were taken down from the site after inquiries from Bloomberg News.

One author, James A. Powell, put his name to at least three books about the former central banker, who's now leading the Liberal Party and is narrowly favored to win the election. Among the titles that Amazon removed: "Carney's Code: Climate Capitalism, Digital Currencies, and the Technocratic Takeover of the Global Economy -- Inside Mark Carney's Blueprint for the Post-Democratic World."

"Can you help me take down the Texas lottery?"

That's what a London banker-turned-bookmaker asked "acquaintances" in 2023, reports the Wall Street Journal. The plan was to buy "nearly every possible number in a coming drawing" — purchasing $1 tickets for 25.8 million possible combinations, since "The jackpot was heading to $95 million. If nobody else also picked the winning numbers, the profit would be nearly $60 million." Marantelli flew to the U.S. with a few trusted lieutenants. They set up shop in a defunct dentist's office, a warehouse and two other spots in Texas. The crew worked out a way to get official ticket-printing terminals. Trucks hauled in dozens of them and reams of paper... [Then Texas announced no winner in an earlier lottery, rolling its jackpot into another drawing three days later.] The machines — manned by a disparate bunch of associates and some of their children — screeched away nearly around the clock, spitting out 100 or more tickets every second. Texas politicians later likened the operation to a sweatshop.

Trying to pull off the gambit required deep pockets and a knack for staying under the radar — both hallmarks of the secretive Tasmanian gambler who bankrolled the operation. Born Zeljko Ranogajec, he was nicknamed "the Joker" for his ability to pull off capers at far-flung casinos and racetracks. Adding to his mystique, he changed his name to John Wilson several decades ago. Among some associates, though, he still goes by Zeljko, or Z. Over the years, Ranogajec and his partners have won hundreds of millions of dollars by applying Wall Street-style analytics to betting opportunities around the world. Like card counters at a blackjack table, they use data and math to hunt for situations ripe for flipping the house edge in their favor. Then they throw piles of money at it, betting an estimated $10 billion annually.

The Texas lottery play, one of their most ambitious operations ever, paid off spectacularly with a $57.8 million jackpot win. That, in turn, spilled their activities into public view and sparked a Texas-size uproar about whether other lotto players — and indeed the entire state — had been hoodwinked. Early this month, the state's lieutenant governor, Dan Patrick, called the crew's win "the biggest theft from the people of Texas in the history of Texas." In response to written questions addressed to Marantelli and Ranogajec, Glenn Gelband, a New Jersey lawyer who represents the limited partnership that claimed the Texas prize, said "all applicable laws, rules and regulations were followed...."

Lottery officials and state lawmakers have taken steps to prevent a repeat.
The article also looks at a group of Princeton University graduates calling themselves Black Swan Capital that's "won millions in recent years" by targetting state lottery drawings with unusually favorable odds.

"State lottery directors say they are seeing more organized efforts to buy lottery tickets in bulk," according to the article, "but that the groups are largely operating legally and transparently..."

Half of the Netherlands' petrol stations are set to close in the next five to 10 years as electric cars start to take over the market, according to ING Research. From a report: The bank's economists say there will be insufficient earnings in future, with only some 2,000 of today's 4,131 gas stations remaining. "It is mainly the small, unmanned petrol stations that will disappear," says ING Research, as reported in De Telegraaf. [...]

Owners are trying to maintain turnover by increasing their sales of food and beverages, maintenance services and even car washing, ING says. But the long-term business model of independent stations will be difficult to maintain. "A quick calculation shows how long petrol station owners can still sell petrol," Dirk Mulder, Trade & Retail sector banker at ING Research, said. "A new car remains in the Dutch fleet for an average of 19 years. The last petrol and diesel cars will come onto the market in 2034 and will stay on the road until approximately 2053."

Millions of Americans pay for Netflix, doling out anywhere from $6.99 to $22.99 a month. It's a common belief that you can get out of recurring charges like this by canceling your credit card. Netflix won't be able to find you, and your account will just go away, right? You wouldn't be crazy for believing it, but it's a myth that canceling a credit card will definitely stop your recurring charges. From a report: Nearly 46% of Americans opened a new credit card last year, according to Forbes, which means millions of Americans also canceled old ones. When you switch cards, Netflix doesn't just stop your service -- they just start charging your new card. Granted, it might be easier to just cancel your Netflix subscription directly. There's a largely hidden service that enables Netflix and most other subscription services to keep throwing charges at you indefinitely.

"Banks may automatically update credit or debit card numbers when a new card is issued. This update allows your card to continue to be charged, even if it's expired," Netflix says in its help center. Most major card providers offer a feature that enables this, including Visa. In 2003, Visa U.S.A. started offering a new software product to merchants called Visa Account Updater (VAU), according to a 2003 American Banker article. The service works with a network of banks to create a virtual tracking service of Americans' financial profiles. Whenever someone renews, or switches a credit card within their bank, the institution automatically update the VAU. This system lets Netflix and countless other corporations charge whatever card you have on file.

The world's longest-serving central bank governor, Romania's Mugur Isarescu, was the target of a deepfake video depicting the policymaker as touting fraudulent investments. From a report: The episode highlights a raft of disinformation designed to undermine the credibility of key institutions. The video echoed similar deepfakes in recent days, including one aimed at Prime Minister Marcel Ciolacu, seeking to back false financial investments. The National Bank of Romania issued a warning, reminding citizens that neither Isarescu nor the central bank make investment recommendations. The video uses the image and voice of the central banker -- one of the most trusted officials in Romania -- to pitch stock investments and offers viewers a link to a fraudulent platform.

"We are extremely concerned about the significant rise of these types of fraud attempts and we urge people to be very careful with every transaction that they make," central bank spokesman Dan Suciu said. The videos coincide with a surge in interest for equity investments in Romania, fueled by the largest initial public offering in the country's history last year as well as above-average returns offered by the Bucharest Stock Exchange. Cyber-criminals have taken advantage of the trend in a country that ranks near the lowest in the European Union for financial mediation.

An anonymous reader shared this report from the The New York Times: Over his 54 years as a financial analyst, Richard X. Bove perfected the art of grabbing attention... American Banker once called him "the country's most quotable bank analyst." Last week, a few hours after completing a spot on Bloomberg television, the 83-year-old announced his retirement. He took that weekend off — and then jumped right back in. In an interview with The New York Times, Mr. Bove (pronounced "boe-VAY"), who goes by Dick, shared a dire outlook on the U.S. economy and his former profession.

"The dollar is finished as the world's reserve currency," Mr. Bove said matter-of-factly, perched in an armchair outside his home office just north of Tampa, from which he predicted that China will overtake the U.S. economy. No other analysts will say the same because they are, as he put it, "monks praying to money," unwilling to speak out on the mainstream financial system that employs them...

As he spoke, a technician was trying to restore his home internet after his final employer, the boutique brokerage Odeon Capital, pulled the plug on his last day...

He sees the offshoring of American manufacturing as the ultimate threat to the financial sector and the dollar, because "the people making the goods elsewhere are getting greater and greater control of the means of production and therefore greater and greater control of the world economy and therefore greater and greater control of money."
The article notes that Bove was once called "The Loneliest Analyst."

"One way that's still true is that he endorses cryptocurrency — an area that few other financial analysts will touch — which he sees as a natural beneficiary of the decline of the dollar."

Apple has learned from enough games of Monopoly that it's good to be the banker as well as a player. From a report: A Monday report from Forbes based on anonymous internal sources claims users deposited close to $1 billion in just four days after Apple introduced its new Goldman Sachs-backed Apple Card savings account. While the company had previously seen success with its mobile payments platform, the new savings account is already doing gangbusters. After the Cupertino tech giant launched its new high yield savings account last month, the company saw $990 million in deposits in less than a week, per Forbes' sources. In that time, 240,000 accounts signed up for the service. New savings accounts cannot exceed $250,000 per the Federal Deposit Insurance Corporation's insurance limits. If the Forbes reporting is true, then users are depositing several thousand dollars into their new accounts, on average.

A veteran JPMorgan Chase banker fumed over the financial giant's policy requiring certain staffers to give six months' notice before being allowed to leave for another job. From a report: The Wall Street worker, who claims to earn around $400,000 annually in total compensation after accumulating 15 years of experience, griped that the lengthy notice period likely means a lucrative job offer from another company will be rescinded.

Taking to the social media platform Blind -- which allows career professionals anonymity so that they can freely post without concern about retribution from their bosses -- the worker in the e-trade division lamented over the policy. "So I had made up my mind to resign from JPM (New York) and look for a new role," the Blind poster wrote in an item titled, "Notice period blues. When I looked into the resignation process, I see that my notice period is 6 bloody months!! I was in disbelief, I checked my offer letter and 'Whoops there it is,'" the post continued.

An anonymous reader quotes a report from the BBC: It was landing at Singapore's international airport a decade ago that sparked Shara Ticku's idea to create a lab-grown alternative to palm oil. "In 2013 I flew to Singapore, and when I landed I had to wear a mask," says the boss of US tech firm C16 Biosciences. "The air was toxic because they were burning the rainforest in Indonesia." Indonesian farmers, who were clearing land for palm oil and other crops, were blamed for the fires and the smoke that drifted across the sea to Singapore. Fast forward to today, and her business has just commercially released an alternative to palm oil that is created from yeast cells.

Palm oil remains the world's most-produced vegetable oil, accounting for 40% of the total, according to the World Wide Fund for Nature (WWF). [...] The widely-documented problem with this usage is that this demand for palm oil has led to significant deforestation in areas where oil palm trees can grow -- low-lying, hot, wet areas near the equator. The use of this land for palm oil cultivation, 85% of which is in Indonesia and Malaysia, has increased almost nine-fold from 3.3 million hectares (eight million acres) in 1970 to 28.7 million hectares in 2020. In financial terms, one report valued the worldwide palm oil industry at $62.3 billion in 2021. And such is the continuing growth in demand, this figure is expected to increase to $75.7 billion by 2028.

To try to reduce the world's reliance on palm oil, Ms Ticku, who was formerly an investment banker, and her co-founders set up C16 Biosciences in New York City in 2018. Backed by multi-million dollar funding from Microsoft founder Bill Gates, the company has spent the past four years developing and finessing their product, which is called Palmless. They grow a strain of yeast that naturally produces an oil with very similar properties to palm, which they harvest. The yeast is fed on sugars from sugar cane plants grown on land already used for arable farming. "Our process takes less than seven days from start to finish," says a spokeswoman for C16 Biosciences. "For a traditional oil palm tree, the oil wouldn't be ready to harvest until years after the seed is planted, and most trees don't reach peak production until seven years later." She adds that the company is now "actively collaborating on partnerships in the beauty and home categories -- for example, moisturizers, nourishing oils, soaps and cancels". "[And] we plan to enter into food in 2024." Chris Chuck, professor of bioprocess engineering at the University of Bath, leads another team that has created its own yeast-sourced alternative. "After hundreds of generations of yeast, and years of trial and error, they arrived at a unique strain called metschnikowia pulcherrima, or MP for short," reports the BBC. "MP is said to be hardy and not fussy what it eats. It can be fed on grass and food waste. And at the point of harvesting, its cells are full of oil. Even the leftover yeast cell biomass need not go to waste. It can be used for other products, for example creating a substitute for soya protein."

Prof Chuck says the aim is for the oil to be as sustainable as possible. "In the best case scenarios we've modeled," he says, "it could be even just a couple of percent of the greenhouse gas emissions from palm oil grown in Indonesia or Malaysia."

"People just seem to really enjoy coming together to pretend fake things are real," writes the Guardian.

"Thousands of Tumblr users have been making posters, soundtracks, drawings and fan fiction for a 1973 Scorsese film starring Robert De Niro — but it never existed." Released in 1973, the little-seen Scorsese flick starred Robert De Niro as Goncharov, "a former discotheque owner who comes to Naples after the fall of the Soviet Union" with the goal of becoming a mob boss. Harvey Keitel plays the eye-patched Andrey (or Andrei) "The Banker" Daddano; Gene Hackman plays Valery Michailov; Al Pacino appears as Mario Ambrosini and Cybill Shepherd plays Goncharov's wife, Katya. Apparently, it was really good and was added to the Criterion Collection.

And you've never heard of it because it doesn't actually exist....

A few years ago, a Tumblr user posted a photo of some "knockoff boots" they had ordered online that had a very strange tag on the tongue: "The greatest mafia movie ever made. Martin Scorsese presents GONCHAROV. Domenico Proccacci production. A film by Matteo JWHJ0715. About the Naples Mafia." This mostly went ignored until 2020, when another Tumblr user reblogged a comment made on the original post, reading: "this idiot hasn't seen goncharov...."

The internet works in mysterious ways; earlier this month, Tumblr user beelzeebub made a fake poster for the film, tens of thousands of people were suddenly sharing it and lo: a new Scorsese film was born... [L]ike all of the best jokes, people have really committed to the bit. There's the film's poster, which has the tagline "greatest mafia movie (n)ever made". A music teacher in Indiana composed a theme song for Goncharov, inspired by The Godfather. There is also a cash-in video game, with an accompanying soundtrack, and a fake VHS.

"Academics" wrote essays analysing the film, which were published in (fake) film journals. A representative for the movie reviewing platform Letterboxd even told the New York Times that they had had to remove multiple reviews for the film that had been submitted by users.

Gizmodo points out that the United Kingdom's next prime minister, Rishi Sunak, "is a certified Crypto Bro who once requested that the Royal Mint issue an NFT." From the report: During his tenure as finance minister under former PM Boris Johnson, Sunak was in charge of advancing a number of crypto-related initiatives that sought to normalize digital currencies and integrate them into the British economy. By all accounts, he is the first crypto enthusiast to serve in the UK's top office. He's also the first person of color and the youngest PM -- 42 years old -- that Britain's had in 200 years. To be fair, Sunak's efforts at crypto promotion have at least trended towards regulation and taxation as opposed to total laissez faire deregulated madness -- though those efforts could, ultimately, simply normalize a phenomenon that critics say is redundant at best and a privacy hazard at worst. In April, Sunak announced a series of programs to turn the UK into what he called a "global cryptoasset technology hub." Among the initiatives announced at the time was a plan to integrate stablecoins into the national payment system, thus "paving their way for use in the UK as a recognized form of payment." Considered to be the least volatile form of cryptocurrency, stablecoins have seen more interest by governments than other forms of crypto -- though projects like Terra and Tether have shown the potential danger in putting too much faith in the assets' stability.

Sunak's plans also suggested creating additional regulations that would've helped further incorporate crypto into the UK's economic and legal framework, thus spurring greater investment in the space. "The measures we've outlined today will help to ensure firms can invest, innovate and scale up in this country," Sunak wrote in a press release published at the time. Another ambitious initiative pushed by Sunak was the Financial Services and Markets Bill, a piece of legislation that would give local governments in Britain broad discretion to regulate cryptocurrencies, thus further assimilating them into the nation's economy. The bill, which has not yet passed, is currently being looked at by Parliament.

At the same time, Sunak also recently backed a study to look at the potential benefits of creating a central bank digital currency (CBDC), or "Britcoin" as he dubbed it. Proponents of CBDCs argue that they could have benefits for spenders, making payments "faster, cheaper, and more secure," as one op-ed puts it. However, critics argue that they are unnecessary and could ultimately spell huge privacy troubles, given the trackable nature of crypto and digital currencies. Despite his crypto track record, analysts have suggested that is is unlikely Sunak will have time to focus much on any web3-related initiatives in the near term. Given Britain's current economic dumpster fire, any work on "Britcoin" might have to take a backseat.

The world, apparently, has a new financial giant. From a report: AMTD Digital, a Hong Kong-based company that listed in New York less than three weeks ago, has surged so much that its market value hit more than $310 billion as of Tuesday's close. That means the firm -- which develops digital businesses, including financial services -- is worth more than Bank of America, Morgan Stanley and Goldman Sachs Group, despite reporting just $25 million in revenue for the year ended April 2021. At least on paper, that makes it the third-biggest financial company in the world, trailing just JPMorgan Chase and Berkshire Hathaway. While those firms have a long list of shareholders, AMTD Digital has a convoluted ownership structure that ultimately leads to one key name: Calvin Choi, an ex-UBS Group AG banker, who's currently fighting an industry ban in Hong Kong for failing to disclose conflicts of interest.

The Moscow branch of a Chinese state bank has seen a surge in enquiries from Russian firms wanting to open new accounts, Reuters a person familiar with the matter said, as the country's businesses struggle with international sanctions after its invasion of Ukraine. From a report: "Over the past few days, 200-300 companies have approached us, wanting to open new accounts," the person, who works at the Moscow branch of a Chinese state bank and has direct knowledge of its operations, told Reuters.

It was not clear how widespread Russian demand for new accounts at Chinese banks was, but the banker source told Reuters many of the companies seeking new accounts do business with China and that he expected yuan transactions by such firms to increase.

To fund the Truth social network, former U.S. president Trump merged it with a special purpose acquisition company (or "SPAC"), reports the New York Times. "The result is that Mr. Trump — largely shut out of the mainstream financial industry because of his history of bankruptcies and loan defaults — secured nearly $300 million in funding for his new business."

But there may be a hitch: To get his deal done, Mr. Trump ventured into an unregulated and sometimes shadowy corner of Wall Street, working with an unlikely cast of characters: the former "Apprentice" contestants, a small Chinese investment firm and a little-known Miami banker named Patrick Orlando. Mr. Orlando had been discussing a deal with Mr. Trump since at least March, according to people familiar with the talks and a confidential investor presentation reviewed by The New York Times.

That was well before his SPAC, Digital World Acquisition, made its debut on the Nasdaq stock exchange last month. In doing so, Mr. Orlando's SPAC may have skirted securities laws and stock exchange rules, lawyers said... SPACs aren't supposed to have a merger planned at the time of their I.P.O. Lawyers and industry officials said that talks between Mr. Orlando and Mr. Trump or their associates consequently could draw scrutiny from the Securities and Exchange Commission.

Another issue is that Digital World's securities filings repeatedly stated that the company and its executives had not engaged in any "substantive discussions, directly or indirectly," with a target company — even though Mr. Orlando had been in discussions with Mr. Trump. Given the politically fraught nature of a deal with Mr. Trump, securities lawyers said that Digital World's lack of disclosure about those conversations could be considered an omission of "material information."
The Times adds that Trump had previously even discussed merging Trump Media with a smaller SPAC created with help from the same Shanghai-based investment bank — which "specialized in helping Chinese companies list on U.S. stock exchanges."

A computerized neural network has spoken: central banker Elvira Nabiullina needs to use simpler language if she wants more Russians to believe she can really reduce inflation. From a report: A study conducted by a pair of the Bank of Russia's own researchers came to the perhaps less-than-shocking conclusion that figuring out central bank statements takes a degree in economics. "All the main communication on monetary policy is accessible to only a professional audience right now," Alina Evstigneeva and Mark Sidorovsky, researchers at the bank's monetary-policy department wrote in an article published on a bank-sponsored website. "The potential for qualitative improvement in the language of communication is vast." The communications breakdown has important real-world implications, they argued. Ordinary Russians continue to be deeply skeptical of the central bank's commitment to keep inflation to its 4% target, with polls showing most expect price growth over the next year to be about triple that. That doubt helps keep inflation high, according to the central bank. Market professionals, who presumably have the economics education needed to understand the bank's words, are much more likely to expect inflation to be closer to target.