Databricks exec explains why open banking will disrupt finance the same way open source upended software

Junta Nakai, Databricks
  • Junta Nakai is the global industry leader for financial services and sustainability at Databricks, a big data and AI company valued at $28 billion.
  • In this op-ed, Nakai explains open banking and why it is critical to the future of finance.
  • Nakai also explains how firms can be best prepared for the shift.
  • Visit the Business section of Insider for more stories.

The way individuals borrow, save, and move money hasn’t changed much in decades. However, things are changing. Open technologies and the adoption of data and artificial intelligence are fundamentally transforming the way we interact with money. 

Open banking – rules that force banks to share customer data with competitors – will be the catalyst that upends this decades-long innovation stasis.

The concepts of open application programming interfaces (APIs), open data, and open source that underpin open banking will quickly spread beyond Europe

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Bitcoin surges above $46,000 to record after Elon Musk’s Tesla buys $1.5 billion worth

  • Bitcoin’s price soared to an all-time high, breaking above $46,000 apiece, after Tesla revealed a big stake in the digital coin.
  • The electric car maker also said it would start accepting payments in bitcoin for its products.
  • Tesla’s stake in bitcoin “will have a ripple effect across corporations around the global,” Wedbush analyst Dan Ives said.

Tesla purchases $1.5 billion in bitcoin — Here’s what could happen next

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Bitcoin’s price jumped sharply to an all-time high after Tesla revealed a big stake in the cryptocurrency and said it would start accepting payments in the digital coin for its products.

The world’s largest cryptocurrency popped 20.33% to $46,081.64, for its best day since March, according to Coin Metrics. Following Tesla’s announcement, at one point it hit a record high of $47,458.

Bitcoin just finished a banner year with its price more than quadrupling in 2020.



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Why GameStop Couldn’t Take This Golden Opportunity to Save Itself | Smart Change: Personal Finance

Yet GameStop probably wouldn’t have been allowed to do a secondary stock offering during the short squeeze. The U.S. Securities and Exchange Commission probably would have prevented it from happening.

As precedent, consider the case of Hertz Global Holdings (OTC: HTZG.Q). Back in June 2020, the SEC took similar action in stopping a secondary stock offering from the car rental giant. Hertz had seen its stock jump despite filing for bankruptcy protection, leaving very little chance for shareholders to recover anything in the long run. Seeking to do as much as possible to ensure creditors would get a full recovery, Hertz sought to sell stock at its then-elevated price.

However, Hertz suspended plans for the offering when the SEC reviewed the transaction. A day later, Hertz pulled the deal, saying that not selling stock was in the best interest of the company. Months later, the stock still trades

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DGAP-News: Dialog Semiconductor Plc.: Recommended cash offer for Dialog Semiconductor Plc by Renesas Electronics Corporation

DGAP-News: Dialog Semiconductor Plc.

/ Key word(s): Offer

Dialog Semiconductor Plc.: Recommended cash offer for Dialog Semiconductor Plc by Renesas Electronics Corporation (news with additional features)

08.02.2021 / 08:30
The issuer is solely responsible for the content of this announcement.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

FOR IMMEDIATE RELEASE

8 February 2021

RECOMMENDED CASH OFFER

for

DIALOG SEMICONDUCTOR PLC

by

RENESAS ELECTRONICS CORPORATION

to be effected by means of a scheme of arrangement
under Part 26 of the Companies Act 2006

Summary

– The boards of Renesas Electronics Corporation (“Renesas“) and Dialog Semiconductor Plc (“Dialog“) are pleased to announce that they have reached agreement on the terms of arecommendedallcashoffer to be

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Improve Attain With Display Advert Banners And Extra

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Concord School Surrenders Charter After Financial Audit Probed

CONCORD, NH — State education officials are navigating through unchartered territory after one of New Hampshire’s charter schools fell out of compliance with financial reporting — with nearly $154,000 in unsupported federal grant reimbursements found, leading to the school surrendering its charter.



The Capital City Public Charter School, located at the Steeplegate Mall, has been closed since the end of the 2019-2020 school year after an audit yielded accusations of financial discrepancies.


© Tony Schinella/Patch
The Capital City Public Charter School, located at the Steeplegate Mall, has been closed since the end of the 2019-2020 school year after an audit yielded accusations of financial discrepancies.

Capital City Public Charter School surrendered its charter on Friday to the state board of education to avoid a revocation hearing slated for Tuesday. As part of the hearing, the board accused the school of failing to provide financial reporting for expenses for two years — and discovered what appear to misappropriate funds. Those of those funds include accusations of personal use of federal grant dollars, loan repayments that were not documented, and tens of

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