Tech giants have a gigantic momentum for ramping up financial services

Technology corporations have entered for quite a while now brick-and-mortar as well as online banks’ comfort zone. Payment was the first blow; however, there is much more in the pipeline, including the holy grail of wealth management. On the other hand, banks do not lose their (bad) habits of eating first, over-charging basic services and mega-charging premium services. In a highly transformational legal, economical and social context, Facebook, Google, Apple, PayPal and smaller players might be tempted to accelerate efforts geared towards proposing to their users banking and financial services. Let’s have a look why.

Just one highlight among others: according to the Financial Times, the Ireland’s central bank authorised Facebook to become an e-money institution allow FB to issue units of stored monetary value. This e-money would be valid throughout Europe via a process known as “passporting”. Alongside, FB has also discussed potential partnerships with start-ups offering international money transfer services online and via smartphones.

A couple of factors triggering the anticipated acceleration focussing on Switzerland since it is a wealthy and hyper connected market:

• Eat first. This morning, the Swiss National Bank discontinued minimum exchange rate per euro stunning…