Banking in the Age of Social Media

I happened to be in Guangzhou last week, and attending an interesting round table discussion during a banking technology event. One of the guests was from WeBank, sharing his experience working in a technology company that happens to hold a banking license in China. He shared the fact that they started as a technology company even before they had the license, developing a banking platform that is now used by 8 local banks in China in a BaaS (Banking as a Service) model.


I had a chance to participate to the first ever beta launch event for a new bank app, last week in Hong Kong. Pretty much like for the other challenger banks out there, there were drinks, pizza, the founders and team there to answer questions and help explore the app, and lots of interesting people willing to talk and share their idea of how a bank should look like. I don’t want to write another dull “unboxing” post explaining every single step/screen I went through, so here are the screenshots.

Coin card, one year later

One year after my first (and - so far - only) blog post about Coin, the company seems to be in trouble: backers are (rightfully) concerned about the product launch postponed for six months, and commentators ask what are the future plans for the product after its target market - the US - adopt EMV chip cards. It seems most of the backers are concerned about the future in regards to the rollout of chip cards in the US, but the FAQ on coin website don’t do much to address the concern, insisting it will work during US’ EMV transition period and if it has a magnetic stripe.