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Will banks ever learn?
Yesterday, Facebook announced Libra, a stablecoin to be used for payment in WhatsApp and Facebook Messenger. Libra is a stablecoin pegged to a basket of fiat currencies to minimize fluctuation of its value.
TechCrunch writes[1]: “Facebook has finally revealed the details of its cryptocurrency, Libra, which will let you buy things or send money to people with nearly zero fees.”
Further, “Facebook wants to make Libra the evolution of PayPal. It’s hoping Libra will become simpler to set up, more ubiquitous as a payment method, more efficient with fewer fees, more accessible to the unbanked, more flexible thanks to developers and more long-lasting through decentralization.”
The big five, Facebook, Amazon, Apple, Microsoft and Google (FAAMG) are continuing to chip away at the banks.
Over the last couple of years I’ve been telling banks they must stop worrying about the competition from peer banks. The real threat is from the large tech companies.
Customers want an instant, low-cost international payments service. Who do you go to (or, perhaps, who did you go to) when you need to make a payment? That’s right – your bank. Does your bank provide such a service? No. As a result, there is a gap between supply and demand. When incumbents don’t fill the gap, someone else does. Always. This is what leads to disruption. In most cases it’s not the technology itself that disrupts, but new business models.
This time is no different. Several stablecoin initiatives have recently been launched (or are in the works) that fill the gap for an instant, low-cost international payment without the involvement of banks.
Banks must realize who their real competitors are and form new alliances to address these new threats.
Instant, low-cost international payments is a perfect catalyst for this. Banks should adopt a federated stablecoin that enables instant, low-cost international payments to compete with Libra and other initiatives. This stablecoin must be bank-grade, meaning it is secure, safe, fungible between multiple issuers and with clear sight of source of funds to support robust AML and sanctions screening.
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Bitget Launches QR-Based Payments for Daily Needs, Targets 2.2 billion Users Globally
Bitget, the world’s largest Universal Exchange (UEX), has introduced its Scan to Pay feature on Bitget Pay, enabling users to spend USDT directly at offline merchants by scanning QR codes through the Bitget App.
Belize Bank Expands e-commerce Acceptance in the Cloud with BPC, Marking a Decade of Payments Modernization
The Belize Bank Limited is redefining the country's digital economy with the launch of cloud-based e-commerce acquiring. By expanding its SmartVista-powered capabilities to include secure online transactions, the country’s most enduring full-service bank is removing barriers for Belizean merchants. This milestone marks ten years of payments innovation alongside BPC, reinforcing The Belize Bank’s commitment to driving a modern, secure, and accessible financial future.
Alkami and Cornerstone Advisors Release the 2026 Digital Banking Performance Metrics Report for Retail and Business Banking
Alkami Technology, Inc. (Nasdaq: ALKT) ("Alkami"), a digital sales and service platform provider for financial institutions in the U.S., today announced the release of its new research, the 2026 Digital Banking Performance Metrics Report, commissioned by Alkami and conducted by Cornerstone Advisors. Now in its seventh year, the report expands beyond retail banking for the first time to include new benchmarks for business digital banking, while continuing to deliver insights into digital banking adoption, user engagement, and performance trends.
UK Fintech Payments Company Icon Solutions Honoured With King’s Award For Enterprise
Icon Solutions, the UK fintech enabling banks to design and implement state-of-the-art payment systems, has been awarded a prestigious King’s Award for Enterprise in the Innovation category.
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