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12 years ago, I predicted The Death Of Cash Is At Least 190 Years Away. 

Only 178 more years to go!

Ah finally my long-standing wish out of genAI in Banking is fulfilled! Right from the time ChatGPT was launched, I've been craving for a genAI that answers simple questions like "What was the last amount I paid my CA?". Bunq is the first product I've come across that fulfills my requirement. Kudos to Bunq! 

Kudos to JPMC. As I've been saying for a long time, banking data is the exhaust of customers' transactions with a bank and does not belong exclusively to the customer. Open Banking forced banks to hand it over to fintechs and, that too, for free. There are no similar laws compelling companies in other industries to hand over their data exhausts to third parties - either for free or at a price. I see no reason why it should be any different in the banking industry. Now that JPMC has shown the way to fight this injustice, I'm guessing other banks will follow suit.

"Whatever the final ruling, the lesson is clear: we need to rebuild trust in trading."

I doubt if that's the lesson at all.

For over two years, SEBI has been warning market participants that 89% of Indian retail traders lose money, still F&O volumes in India have only gone up. That rules out trust deficit. On the contrary, punters's trust in their own ability to outwit titans of Wall Street and Dalal Street has only risen. I've heard some of them say, "Oh, Jane Street Shane Street and all is only USA, it won't work in India". 

Not sure what's the real lesson from this scandal but it surely has nothing to do with rebuilding trust.

"As a consequence, over half (55%) of those who acted on advice lost money as a result."

That means 45% gained money. To me, that doesn't seem to be bad at all. But that's only me.  

If Registered Investment Advisors are, say, 2X as good as finfluencers, then 90% (being 2*45%) of their clients should make money and the regulator should announce the same penalty on them for any profit rate than that. 

Deal?

Failed to comply in February 2022.

Fined in July 2025.

Keen to know why it takes three years for Bank of England to impose a fine: Is it a process issue, system issue, risk management framework issue, or something else?!!!

Nice feature. 

Any idea what is the latest TPV of AliPay (and WeChat Pay)? Last I checked many years ago, it was $17T for that year. 

I'd agree with this logic before genAI. But genAI exhibits tons of resilience to bad data quality, as I highlighted in section 5. Makes GIGO Obsolete of my blog post titled Ten Revolutionary Things About AI - Part 1. In fact, CIO advocates enterprises to use AI to improve data quality, which can't be said of any other OLTP technologies in the past. 

Anything is possible with Don in charge but, as of now, I think Trump Tariffs are applicable on countries, not counties.

Can't believe there was so much fracas about One Big Beautiful Bill Act for merely $3.3 million extra debt, I think it's $3.3 trillion. 

Does it really matter?

History is replete with several examples of successful startups in regulated industries that have leveraged regulatory gaps, become too big to have to comply, and gotten regulations changed to fit their innovative business models ex post facto. More in my blog posts Fintechs Need Guts More Than Lawyers and Fintechs Need Marketers And Lobbyists, Not Lawyers. In other words, as the old saying goes, "it's better to seek forgiveness than to ask for permission"!

As Reid Hoffman once reportedly said, "Had we known about all the credit card fraud and chargeback rules, we wouldn't have founded PayPal". 

PS: (1) Not legal advice (2) Description not prescription.