America’s largest companies push for federal online privacy laws to circumvent state regulatory efforts – gpgmail


As California moves ahead with what would be the most restrictive online privacy laws in the nation, the chief executives of some of the nation’s largest companies are taking their case to the nation’s capitol to plead for federal regulation.

Chief executives at Amazon, AT&T, Dell, Ford, IBM, Qualcomm, Walmart, and other leading financial services, manufacturing, and technology companies have issued an open letter to Congressional leadership pleading with them to take action on online privacy, through the pro-industry organization, The Business Roundtable.

“Now is the time for Congress to act and ensure that consumers are not faced with confusion about their rights and protections based on a patchwork of inconsistent state laws. Further, as the regulatory landscape becomes increasingly fragmented and more complex, U.S. innovation and global competitiveness in the digital economy are threatened,” the letter says.

The subtext to this call to action is the California privacy regulations that are set to take effect by the end of this year.

As we noted when the bill was passed last year there are a few key components of the California legislation including the following requirements:

  • Businesses must disclose what information they collect, what business purpose they do so for and any third parties they share that data with.

  • Businesses would be required to comply with official consumer requests to delete that data.

  • Consumers can opt out of their data being sold, and businesses can’t retaliate by changing the price or level of service.

  • Businesses can, however, offer “financial incentives” for being allowed to collect data.

  • California authorities are empowered to fine companies for violations.

There’s a reason why companies would push for federal regulation to supersede any initiatives from the states. It is more of a challenge for companies to adhere to a patchwork of different regulatory regimes at the state level. But it’s also true that companies, following the lead of automakers in California, could just adhere to the most stringent requirements which would clarify any confusion.

Indeed many of these companies are already complying with strict privacy regulations thanks to the passage of the GDPR in Europe.


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Accion Venture Lab launches $23M inclusive fintech startup fund – gpgmail


Accion Venture Lab—the seed-stage investment arm of non-profit Accion—has raised $23 million for a new inclusive fintech startup fund.

The Accion Venture Lab Limited Partnership, as its called, will make seed-stage investments in inclusive fintech startups, defined as ventures that “that leverage technology to increase the reach, quality, and affordability of financial services for the under-served at scale,” per a company release.

The new fund was raised with capital contributions from a number of participants, including the Ford Foundation, Visa Inc. and Proparco—the development finance institution of the French government.

The additional $23 million brings Accion Venture Lab‘s total capital under management to $42 million.

The new LP fund will consider startups from any geography, as along as they meet specific criteria. Overall, Accion Venture Lab doesn’t have regional investment quotas, but does look to allocate roughly 25 to 30 percent of its funds to Africa, Accion Venture Lab Managing Director Tahira Dosani told gpgmail on a call.

“We want to continue to focus on Latin-America, on Sub-Saharan Africa, on Southeast Asia as well as in the U.S. It really is about…where we see the need and the opportunity across the markets that we’re in,” she said.

In line with Accion’s mandate to boost financial inclusion globally, Accion Venture Lab already has a portfolio of 36 fintech startup investments across 5 continents—including 9 in the U.S., 8 in Latin America, and 8 in India.

“Our goal is to really be the that first institutional investor in the companies we invest in. That’s were we see the biggest capital gap. And it’s where we build capability and expertise,” Dosani said. In 2018, Accion Venture Lab successfully exited Indian fintech company Aye Finance, following exits in 2017 and 2016.

This year Accion Venture Lab supported a $6.5 million Series A investment in Lulalend, a South African startup that uses internal credit metrics to provide short-term loans to SMEs that are often unable to obtain working capital.

Accion’s new LP fund will follow past practice and make investments typically in the $500,000 range. It will start sourcing startups immediately through its investment leads around the world and already made its first seed financing to U.S. venture Joust—a fintech platform for gig economy workers.

Accion Venture Lab’s LP fund is the first time the organization has pooled third-party investment capital, according to a spokesperson.

On the appeal for those contributing, Dosani named Accion’s geographic reach and experience. “We think that’s our strength, because we’re able to invest in similar business models across different markets. And we’re able to bring that knowledge from one market to another,” she said.

The Ford Foundation contributed $2 million, according to an email from Christine Looney, Deputy Director, Mission Investments. Visa didn’t disclose its capital contribution, but told gpgmail it will play a role in governance through its participation in a Limited Partners Advisory Committee for the new fund.

As a point of observation, Accion Venture Lab stands out as a fund for giving an equal pitch footing to fintech ventures across frontier, emerging, and developed markets from Lagos to London.

Accion’s new LP fund—along with the organization’s commitment to make nearly a third of its investments in Africa—means more capital to digital finance startups on the continent. By a number of estimates, Africa’s 1.2 billion people still represent the largest share of the world’s unbanked and underbanked population.

 

 

 


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Elliptic banks $23M to shrink crypto risk, eyeing growth in Asia – gpgmail


Crypto means risk. To UK company Elliptic it also means business. The startup has just closed a $23M Series B to step up growth for a crypto risk-management play that involves selling tech and services to help others navigate the choppy darks of cryptocurrencies.

The round was led by financial services and asset management firm SBI Group, a Tokyo-based erstwhile subsidiary of SoftBank . Also joining as a new investor this round is London-based AlbionVC. Existing investors including SignalFire, Octopus Ventures and Santander Innoventures also participated. SBI Group’s Tomoyuki Nii and Ed Lascelles of AlbionVC are also joining Elliptic’s board.

Flush with a sizeable injection of Series B capital, Elliptic is especially targeting business growth at Asia — with a plan to open new offices in Japan and Singapore. It says client revenues in the region have risen 11x over the past two years.

We last spoke to Elliptic back in 2016 when it had just raised a $5M Series A.

The 2013-founded startup began by testing the crypto waters with a storage product before zeroing in on financial compliance as a pain-point worth its time. It went on to develop machine learning tech that screens transactions to identify suspicious patterns and, via them, dubious transactors.

Now it offers an integrated suite of products and services for financial institutions and crypto businesses to screen volumes of crypto-flows that sum to billions of dollars in transactions per day — analyzing them for links to illicit activity such as money laundering, terrorist financing, sanctions evasion, and other financial crimes.

It’s focused on selling anti-money laundering compliance, crypto forensics and cryptocurrency investigation services to the private sector — though has also sold tools direct to law enforcement agencies in the past.

Billions of dollars in financial services terms is of course just a tiny drop in a massive ocean of money movements. And growth in the crypto risk-management space has clearly required more than a little patience, from a startup perspective.

Three years ago Elliptic’s first blockchain analytics product had 10-20 Bitcoin companies as customers. That’s now up to 100+ crypto businesses and financial institutions using its products to shrink their risk of financial crime when dealing with crypto-assets. But the more three than year gap between Elliptic’s Series A and B is notable.

“To date, we’ve focused on product development and assembling the right team as the market has matured. This new funding will help us expand in the right way, namely by making the push into Asia without diluting our focus on the US and EMEA,” says co-founder and CEO James Smith when asked about the gap between financing rounds.

He declines to comment on how far off Elliptic is from achieving breakeven or profitability yet.

“We provide best-in-class transaction monitoring products for crypto-assets, which are trusted by crypto exchanges and financial institutions worldwide,” he adds of its product suite. “Our products are used as key components of larger compliance processes that are designed to minimise money laundering risks.”

With the addition of SBI Group to its investor roster Elliptic gains a strategic partner in Asia to help push what it dubs “bank-grade risk data” at a new wave of established financial institutions it believes are eyeing crypto with growing appetite for risk as larger players wade in.

Larger players like Facebook . Elliptic’s PR name-drops the likes of Facebook’s Libra cryptocurrency, Line Corporation’s LINK and central bank digital currencies, as markers of a rise in mainstream attention on crypto assets. And it says Series B funds will be used to accelerate product development to support “an emerging class of asset-backed crypto-assets”.

Regulatory attention on crypto — which has been rising globally for years but looks set to zip up several gears now that Facebook has ripped the curtain off of an ambitious global digital currency plan which also has buy-in from a number of other household tech and fintech names — is another claimed feed in for Elliptic’s business. More crypto implies growing risk.

It also points to the intergovernmental Financial Action Task Force’s global regulatory framework for crypto-assets as an example of some of the wider risk-based requirements and now wrapped around those dealing in crypto.

The focus on Asia for business expansion is a measure of relative maturity of interest in opportunities around crypto-assets and localized attention to regulation, according to Smith.

“Revenue growth is certainly very strong in this region. We have been working with customers in Asia for a number of years and have seen first-hand how vibrant their crypto-asset ecosystems are. Countries such as Singapore and Japan have developed clear crypto-asset regulatory frameworks, and businesses based in these countries are serious about meeting their compliance obligations,” he says.

“We have also found that traditional financial institutions in Asia are particularly keen to engage with crypto-assets, and we will be working with them as they take their first steps into this new asset class.”

“We believe that crypto-assets will play an increasingly important role in our everyday lives and are shaping the future of banking. Our investment in Elliptic is a further commitment to this belief and to SBI Holding’s appetite to help build the digital asset-related ecosystem,” adds Yoshitaka Kitao, CEO of the SBI Group, in a supporting statement.

“Elliptic’s pioneering approach is enabling the transparency, integrity, and trust necessary for this vision to become reality. We are seeing a growing demand for their services across our portfolio of crypto-assets related companies and view Elliptic as best-placed to meet this considerable opportunity.”

While Elliptic’s business is focused on reducing the risk for other businesses of inadvertently transacting with criminals using crypto to launder money or otherwise shift assets under the legal radar, the proportion of transactions that such illicit activity represents in the Bitcoin space represents a tiny fraction of overall transactions.

“According to our analysis, approximately $1BN in Bitcoin has been spent on the dark web, so far in 2019, on items ranging from narcotics to stolen credit cards. This represents a very small share of all Bitcoin activity — less than 0.5% of Bitcoin payments over this period,” says Smith.

Not that that diminishes the regulatory risk. Nor, therefore, the business opportunity for Elliptic to sell support services to help others avoid touching the hot stuff.

“Crypto money launderers are continually developing new techniques to cover their tracks — from the use of mixers to transacting in privacy coins such as monero,” Smith adds. “We are also constantly innovating to keep pace with this and help our clients to detect money laundering. For example our work with researchers from MIT and IBM demonstrated the application of deep learning techniques to the identification of illicit crypto-asset transactions.”


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Bridgewater’s Ray Dalio is the wise uncle you wished you had – gpgmail


“I don’t want more success. I don’t want more money.” When most hedge fund managers say something like that to you, you’d be justified in suspecting that they’re giving you their carefully crafted Davos riff.

Because unlike many Silicon Valley billionaires who believe (or sort of believe) in the transcendence of their mission, the motives of the Wall Street titan are often straightforward: it’s about the money, and when the money gets huge, it’s about building a legacy.

But as Ray Dalio looked me in the eyes recently and said those words, I believed in his sincerity. That’s not to say he won’t earn enormous sums more. In fact, last year, the financial press widely reported that Dalio earned in the ten figures thanks to Bridgewater’s flagship Pure Alpha fund posting stellar returns.

But when you spend some time with Dalio and broach the various topics in which he has rarefied expertise, it’s apparent that today, the world’s most famous hedge funder could care less about ascending the ranks of the world’s megarich or in achieving more glory or praise for himself.

Although Dalio has diverse philanthropic interests, he retains a very hands-on role as co-CIO of Bridgewater, where he cuts an imposing figure as a guy with little time for inefficiency or nonsense. But he also wears his heart on his sleeve as he seeks to spread the word about principles-based decision-making and the coming paradigm shift that he says will have a dramatic impact on our economy and the markets.

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Ray Dalio – American investor, hedge fund manager, and philanthropist. Dalio is the founder of investment firm Bridgewater Associates, one of the world’s largest hedge funds. Image via Bridgewater Associates

The gospel of hyperrealism

By adhering to the twin pillars of radical transparency and radical truth-telling, Dalio believes that the idea meritocracy that powers Bridgewater can be replicated by the home-gamer. Are some of the specific principles that Bridgewater abides by controversial and harsh (e.g., Beware of the impractical idealist, Don’t expect people to recognize and compensate for their own blind spots, Use “public hangings” to deter bad behavior)? Yes. Does he care if you don’t buy into them? Not really:


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