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In this episode of The Bankers’ Bookshelf, Paolo Sironi hosts Richard Turrin, author of “Cashless,” as part of the Bankers’ Bookshelf series. They discuss the shift towards a cashless society driven by Central Bank Digital Currencies (CBDCs) and fintech innovations. Turrin explains how CBDCs could reduce reliance on credit cards, lower transaction fees, and streamline commercial payments, while also benefiting financial stability. They also explore the risks and opportunities for banks, and how countries like China are leading in this transformation. Turrin highlights the future of less cash, improved payment systems, and the societal impact of digital currencies.

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About the Author:

Rich Turrin is an international best-selling author and a leading expert on China’s digital yuan. He is a leading voice in the international central bank digital currency dialogue. His books “Cashless – China’s Digital Currency Revolution” and “Innovation Lab Excellence” highlight the good financial innovation can do and established him as a leading voice in Asia’s fast paced fintech community. He is rated number 4 globally on Onalytica’s prestigious Fintech Influencer list and an award-winning executive previously heading fintech teams at IBM following a twenty year career in investment banking. Living in Shanghai for the last decade, Rich experienced China going cashless first-hand and has a unique combination of banking and technology skills that allow him to bring the exciting story of China going “Cashless” to life in his book and keynotes. Rich is an independent consultant whose views on China’s astounding fintech developments are widely sought by international media and private clients.

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Connect here: https://www.linkedin.com/in/turrin/

Official Website: https://richturrin.com/videos-and-interviews/

-Learn more about the bestseller “Cashless” the first book about China’s new digital currency now with over 200 5 star reviews: https://www.amazon.com/dp/B0925JY69H

-Best seller “Innovation Lab Excellence” fixes “innovation theater.”: https://www.amazon.com/Innovation-Lab-Excellence-Digital-Transformation/dp/1949642070/ref=tmm_pap_swatch_0?_encoding=UTF8&qid=&sr=

-Subscribe to the Cashless newsletter!: https://richturrin.substack.com/

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Paolo Sironi: https://www.linkedin.com/in/thepsironi/

IBM FinTech Strategy and Author

Andrew Hessel believes that biology is the first technology because it created all living things, including us. And it’s also the most mysterious technology because we still do not understand exactly how the cells in our bodies convert molecules into new materials at room temperature. In this episode of the Futurists, Andrew explains how the science of synthetic biology enables humans to harness the phenomenal generative power of nature to accomplish incredible goals: curing cancer; devising personalized medicine; growing novel proteins; designing new materials and clean fuels. Biology is technology; synthetic biology confers the immense creative force of nature onto humans. Topics include genome sequencing, genome synthesis, how to write DNA, and the role of AI in reprogramming life. 

Warning: Extra spice added — new sauces and participants!

The stream of consent orders against banks that offer BaaS continues. Fintech partner banks drew 1/3 of all formal enforcement orders by federal banking agencies in the 4th quarter of 2023, that’s quite a bit when you consider that fintech partner banks only account for roughly 3% of all U.S. banks.

BaaS is here to stay — it’s a great way for community banks to grow, big banks are already on board and will do more, and entrepreneurs will want to continue to create better banking experiences which means they’ll need to partner with banks.

Jason Henrichs brings you our latest Hot Takes with regulars Kiah Haslett, Bank Director; Alex Johnson, Fintech Takes; and Jason Mikula, Fintech Business Weekly, as they are joined by Barb MacLean, SVP, Head of Tech Operations & Implementation, Coastal Community Bank and Allen Denson, Partner, Litigation, Morgan, Lewis & Bockius, LLP.  The flaming hot panel discusses why BaaS is facing regulatory headwinds, what banks should do, and how the North Star needs to be a BaaS solution that provides the optimal blend of technology and compliance, all while having some fun. From the stage of FinovateFall we bring you this episode of Breaking Banks.

Read the full transcript here.

Hosts Brett King, Jason Henricks, and JP Nichols introduce this episode, recorded live at Finnovate, featuring hot takes on banking as a service (BaaS) and the regulatory challenges surrounding it.

The panel dives into the year’s most challenging issues in banking and fintech, including broker deposit reclassification and cybersecurity breaches, setting the stage for a fiery discussion.

Exploring whether consumers truly understand the risks when engaging with fintechs labeled as FDIC-insured and why traditional disclosures fail to inform effectively.

Panelists debate how responsibility is allocated between banks and fintech program managers when issues arise, with differing views on splitting regulatory versus economic liability.

A discussion of the evolving role of regulators in BaaS, from non-objection policies to potential frameworks for managing risk in fintech partnerships.

A deep dive into whether current deposit classification rules are fit for purpose in today’s fintech-driven banking environment, including the implications of reclassifying fintech deposits as brokered.

The inefficiencies of the “for benefit of” (FBO) account structure and its limitations in a modern fintech ecosystem are dissected, with calls for innovation in banking frameworks.

Examining whether all banks should be allowed to partner with fintechs, considering the technical, regulatory, and operational complexities involved.

Final reflections on BaaS accountability and the role of regulators, along with opportunities for audience interaction and some lighthearted hot sauce giveaways.

A wrap-up of the episode with producer credits, reminders to subscribe, and details on how to share and support Breaking Banks.

https://youtu.be/Fk01H61HlJc