Latest news with #ChrisSkinner
Daily Mail
3 days ago
- Business
- Daily Mail
Crypto investors who paid $1.7m for Trump event disappointed at meal
Guests who paid £1.3million for the 'most exclusive invitation in the world' have piled in on the meal served at President Trump's event for crypto investors. Dubbed 'worse than airline food', the black-tie evening was thrown in honour of the 220 buyers behind the US President's official cryptocurrency. The backers of the 'meme coin' are said to have netted Mr Trump and his family £109million ($148million). On the menu was 'pan-seared halibut with a citrus reduction, a filet mignon with demi glaze' but Nicholas Pinto said the food 'sucked'. The 25-year-old - who has self-titled himself as someone who 'does trading' - told Wired 'it was the worst food I've ever had at a Trump golf course' and 'the only good thing was bread and butter'. Water or Mr Trump's wine were the beverages on offer and seeing as he doesn't drink, Mr Pinto (pictured) had water all evening. He said his glass was only refilled once. A crypto blogger, Chris Skinner, similarly critiqued the meal online, posting 'this is what you get served (+ a 25-minute speech from a podium by the numbers with no depth on crypto)'. Steve Kovach, a CNBC correspondant, said he had eaten 'better food on Spirit Airlines' - a budget travel company in America. Another guest said the food was 'OK, but not top class' while one user online described the meal as something 'you'd get as a reward in prison for not stabbing anyone all week'. Crypto investors were extensively targeted during Mr Trump's presidential campaign in 2024, promising them extensive deregulation of the industry. Democrats and ethic experts criticised the event, calling it a way for Trump to enrich himself. But the president pushed back against the charge in remarks to guests, arguing that Hunter Biden and the Biden family made a fortune off the Oval Office. 'Ultimately, no matter what it is, I always put the country way ahead of the business,' he said, adding 'You can't say that about Hunter.' Trump pointed out President Joe Biden's son Hunter sold paintings for thousands of dollars: '500,000 for a painting.' Arriving late, Mr Trump is said to have given bland remarks about 'the whole crypto thing' during his 23-minute long speech for the event and frequently veered off topic. He wore the blue suit and red tie he had been wearing at the White House all day. Addressing his crowd, Mr Trump was reported to have said 'you believe in the whole crypto thing. A lot of people are starting to believe in it … This is really something that may be special. Who knows, right? Who knows – but it may be special'. He then told 'some of the smartest minds anywhere in the world' that cryptocurrencies has a 'great, great future'. His administration was also 'big believers' of the 'cutting edge' industry. He then left his Virginia golf club after about an hour - before taking any questions from his guests on Thursday. But the invitation promised the 25 biggest investors special access to the president via a private reception and special White House tour. 'FOR THE TOP 25 COIN HOLDERS, YOU are Invited to an Exclusive Reception before Dinner with YOUR FAVORITE PRESIDENT!,' the event's website reads. 'PLUS, We have separately by us arranged for a Special VIP Tour for you - so make sure you stay in town.' The average guest is said to have spent $1.78million (£1.3million) on the President's cryptocurrency that was launched three days before his inauguration, blockchain analytics company Nansen claimed. But top spenders cashed out more than $10 million on the investment, with those at the other end of the range contributing a mere $100,000. Justin Sun holds the top spot, spending $22 million in '$Trump coin'. The crypto billionaire was charged in 2023 for market manipulation and offering unregistered securities. These were dropped in February, weeks after Mr Trump came to office. Many of the investors in the cryptocurrency are foreign and it's unclear what kind of background check they went through in order to be near the ballroom. Many of the guests were anonymous as they bought the currency through pseudonyms, registering with user names to make their purchases. Some had to navigate a sea of protesters outside of the club, walking through the shouting throngs on their way into the event. Inside, guests were greeted by a poster featuring Trump in a tux, his fist upheld in his classic fight stance, with the words 'Fight Fight Fight' written in gold. The official website for the dinner describes it as 'the most exclusive invitation in the world.' The White House press secretary Karoline Leavitt reassured journalists on Thursday that it was 'absurd for anyone to insinuate this president is profiting off of the presidency' because of his history in business. 'All of the [resident's assets are in a blind trust, which is managed by his children,' she said in her press briefing. She blasted suggestions the president was profiting off his office. 'The president is abiding by all conflict of interest laws that are applicable to the president. And I think everybody, the American public, believe it's absurd for anyone to insinuate that this president is profiting off of the presidency. This president was incredibly successful before giving it all up to serve our country publicly, not only has he lost wealth, but he also almost lost his life. He has sacrificed a lot to be here. And to suggest otherwise is, frankly, completely absurd,' she said. The $TRUMP memecoins are sold on exchange markets and the money does not go to Trump directly. But about 80 percent of $TRUMP coins are held by Trump Organization affiliates, meaning if they rise in value so does the president's portfolio. Trump's cryptocurrency also makes money for those groups simply by being traded. For every $TRUMP coin that's traded, a transaction fee is taken. Chainalysis, another cryptocurrency research firm, estimated the memecoin made nearly $900,000 in transaction fees within the first two days of the contest being announced.
Daily Mail
26-05-2025
- Business
- Daily Mail
'Worse than airline food': Crypto investors who paid $1.7m for Trump event furious at meal served
Guests who paid £1.3million for the 'most exclusive invitation in the world' have piled in on the meal served at President Trump's event for crypto investors. Dubbed 'worse than airline food', the black-tie evening was thrown in honour of the 220 buyers behind the US President's official cryptocurrency. The backers of the 'meme coin' are said to have netted Mr Trump and his family £109million ($148million). On the menu was 'pan-seared halibut with a citrus reduction, a filet mignon with demi glaze' but Nicholas Pinto said the food 'sucked'. The 25-year-old - who has self-titled himself as someone who 'does trading' - told Wired 'it was the worst food I've ever had at a Trump golf course' and 'the only good thing was bread and butter'. Water or Mr Trump's wine were the beverages on offer and seeing as he doesn't drink, Mr Pinto had water all evening. He said his glass was only refilled once. A crypto blogger, Chris Skinner, similarly critiqued the meal online, posting 'this is what you get served (+ a 25-minute speech from a podium by the numbers with no depth on crypto)'. Steve Kovach, a CNBC correspondant, said he had eaten 'better food on Spirit Airlines' - a budget travel company in America. Another guest said the food was 'OK, but not top class' while one user online described the meal as something 'you'd get as a reward in prison for not stabbing anyone all week'. Crypto investors were extensively targeted during Mr Trump's presidential campaign in 2024, promising them extensive deregulation of the industry. Democrats and ethic experts criticised the event, calling it a way for Trump to enrich himself. But the president pushed back against the charge in remarks to guests, arguing that Hunter Biden and the Biden family made a fortune off the Oval Office. 'Ultimately, no matter what it is, I always put the country way ahead of the business,' he said, adding 'You can't say that about Hunter.' Trump pointed out President Joe Biden's son Hunter sold paintings for thousands of dollars: '500,000 for a painting.' Arriving late, Mr Trump is said to have given bland remarks about 'the whole crypto thing' during his 23-minute long speech for the event and frequently veered off topic. He wore the blue suit and red tie he had been wearing at the White House all day. Addressing his crowd, Mr Trump was reported to have said 'you believe in the whole crypto thing. A lot of people are starting to believe in it … This is really something that may be special. Who knows, right? Who knows – but it may be special'. He then told 'some of the smartest minds anywhere in the world' that cryptocurrencies has a 'great, great future'. His administration was also 'big believers' of the 'cutting edge' industry. He then left his Virginia golf club after about an hour - before taking any questions from his guests on Thursday. But the invitation promised the 25 biggest investors special access to the president via a private reception and special White House tour. 'FOR THE TOP 25 COIN HOLDERS, YOU are Invited to an Exclusive Reception before Dinner with YOUR FAVORITE PRESIDENT!,' the event's website reads. 'PLUS, We have separately by us arranged for a Special VIP Tour for you - so make sure you stay in town.' The average guest is said to have spent $1.78million (£1.3million) on the President's cryptocurrency that was launched three days before his inauguration, blockchain analytics company Nansen claimed. But top spenders cashed out more than $10 million on the investment, with those at the other end of the range contributing a mere $100,000. Justin Sun holds the top spot, spending $22 million in '$Trump coin'. The crypto billionaire was charged in 2023 for market manipulation and offering unregistered securities. These were dropped in February, weeks after Mr Trump came to office. Many of the investors in the cryptocurrency are foreign and it's unclear what kind of background check they went through in order to be near the ballroom. Many of the guests were anonymous as they bought the currency through pseudonyms, registering with user names to make their purchases. Some had to navigate a sea of protesters outside of the club, walking through the shouting throngs on their way into the event. Inside, guests were greeted by a poster featuring Trump in a tux, his fist upheld in his classic fight stance, with the words 'Fight Fight Fight' written in gold. The official website for the dinner describes it as 'the most exclusive invitation in the world.' The White House press secretary Karoline Leavitt reassured journalists on Thursday that it was 'absurd for anyone to insinuate this president is profiting off of the presidency ' because of his history in business. 'All of the [resident's assets are in a blind trust, which is managed by his children,' she said in her press briefing. She blasted suggestions the president was profiting off his office. 'The president is abiding by all conflict of interest laws that are applicable to the president. And I think everybody, the American public, believe it's absurd for anyone to insinuate that this president is profiting off of the presidency. This president was incredibly successful before giving it all up to serve our country publicly, not only has he lost wealth, but he also almost lost his life. He has sacrificed a lot to be here. And to suggest otherwise is, frankly, completely absurd,' she said. The $TRUMP memecoins are sold on exchange markets and the money does not go to Trump directly. But about 80 percent of $TRUMP coins are held by Trump Organization affiliates, meaning if they rise in value so does the president's portfolio. Trump's cryptocurrency also makes money for those groups simply by being traded. For every $TRUMP coin that's traded, a transaction fee is taken. Chainalysis, another cryptocurrency research firm, estimated the memecoin made nearly $900,000 in transaction fees within the first two days of the contest being announced.
Khaleej Times
01-04-2025
- Business
- Khaleej Times
Rise of super apps: Can the UAE build its own WeChat for finance?
The global financial technology landscape is undergoing a significant transformation, with super apps emerging as powerful digital ecosystems that seamlessly integrate payments, banking, e-commerce, and mobility services. While China's WeChat Pay and Alipay have dominated this space in Asia, and GrabPay and GoTo have gained traction in Southeast Asia, the UAE is now positioning itself as a leading fintech hub with platforms such as Careem Pay, Noon Pay, and YAP leading innovation. According to Chris Skinner, a global fintech expert and author of Digital Bank, said: 'A Super-App is an app ecosystem that allows everyone to put functionality onto the app, enriching its capabilities. The term has emerged from China, where WeChat became one of the first Super-Apps. it is one app to rule them all.' As the UAE's fintech ecosystem evolves, the question arises: Can the country develop its own financial super app, on par with global giants like WeChat Pay? With platforms like Careem Pay and Noon Pay making strides in financial technology, the UAE is on the path to creating an all-encompassing financial ecosystem. However, achieving the level of integration and market penetration that WeChat and Alipay have mastered requires a combination of technological innovation, regulatory alignment, and consumer adoption. 'Apart from many other features of WeChat, one of its key advantages is the widespread acceptance across various merchants and establishments in China and beyond. From small street vendors to large retailers, WeChat Pay has become a ubiquitous payment method, offering users a convenient and cashless way to transact. WeChat Pay also offers several features and functionalities to enhance the user experience and ensure security including fingerprint or facial recognition authentication, transaction notifications, and encryption technologies to protect users' financial information,' says Thibault Alcorani, Co-Founder and CEO at DFC Studio, China. One of the leading contenders in the UAE's race towards a financial super app is Careem Pay, which is already reshaping digital payments and remittances in the region. Beyond remittances, Careem Pay is also integrating subscription-based financial benefits through Careem Plus, where users can enjoy zero-fee remittances and exclusive discounts on financial services. While talking to BTR, Mohammad El Saadi, VP of Careem Pay, said the company's vision is to provide seamless financial solutions that integrate with users' daily lives. 'At Careem, we focus on solving our customers' biggest pain points by building products that simplify their daily life. We started with ride-hailing and expanded into food delivery, groceries, and payments, making Careem an 'Everything App'. With Careem Pay, we are taking this vision further creating a financial ecosystem that empowers users to send money, pay bills, and conduct transactions effortlessly,' he explains. Careem Pay's success has been driven by its approach to financial inclusivity. The platform started with peer-to-peer (P2P) payments and bill payments before expanding into cross-border remittances, addressing one of the most critical financial needs of the UAE's expatriate population. 'The UAE is home to millions of expats who send money back to their families regularly. Traditional remittance services are expensive and slow. Careem Pay enables instant transfers to over 30 corridors, including India, Pakistan, the UK, and Europe. Our rates are 50% lower than banks, and some transactions are completed in as little as 11 seconds,' El Saadi adds. 'We are not just enabling transactions; we are building a holistic financial ecosystem that simplifies life for millions. Careem Pay has successfully tackled key pain points such as affordability, transparency, and speed, making digital payments more accessible to a wide customer base,' said El Saad. Transforming the Global Financial Landscape A super app is a platform that consolidates multiple services — including digital payments — into a single ecosystem. Unlike standalone fintech applications, super apps enhance user engagement and retention by providing seamless access to diverse financial services without requiring users to switch between different platforms. China's WeChat Pay and Alipay have set the benchmark for financial super apps by integrating digital wallets, investment tools, and payment solutions into social media and e-commerce ecosystem with Southeast Asia following the suit with GrabPay and GoTo, embedding financial services within ride-hailing, food delivery, and online shopping apps. Consequently, these apps became the need of people by offering everything at one platform. As one of the UAE's most promising fintech players, Careem Pay is at the forefront of the super app evolution. Originally launched to streamline ride-hailing payments, Careem Pay has rapidly expanded into a comprehensive financial platform offering P2P Money Transfers, Utility and Bill Payments and Cross-Border Remittances. Currently, Careem Pay facilitates transfers to over 30 international corridors, including India, Pakistan, the UK, and Europe. With Egypt as the latest addition, some transactions are processed in as little as 11 seconds. 'We are continuously improving our services, from streamlining cross-border transactions to integrating AI-driven financial tools. Our goal is to create a financial ecosystem that empowers millions of users,' El Saadi. Strengthening the Digital Finance Ecosystem While Careem Pay dominates mobility-linked fintech, Noon Pay and YAP are also making significant contributions to the UAE's financial super app ecosystem: Noon Pay is seamlessly integrating with the Noon e-commerce ecosystem, allowing users to make digital payments for shopping, utility bills, and in-store transactions. YAP, a digital-only financial platform, offers multi-currency wallets, AI-driven budgeting tools, and personalised banking experiences, targeting a growing market of mobile-first banking customers. According to some fintech experts it is believed that the UAE doesn't need to replicate WeChat; it needs to develop its own financial super app tailored to regional market dynamics. Careem Pay, Noon Pay, and YAP are creating an interconnected ecosystem that enhances digital payments and banking services. Opportunities in Developing a Super App While the UAE's fintech sector is expanding rapidly, several challenges like Ecosystem Fragmentation, Regulatory Compliance, and User Trust and Adoption must be addressed. However, the opportunities include: AI-Driven Financial Services: UAE fintechs are integrating AI-powered fraud detection, predictive analytics, and automated financial management tools. Open Finance & API Integrations: Government-backed initiatives supporting API-based financial services will enhance fintech-banking collaborations. Strategic Partnerships: Collaborations between super apps, banks, telecom operators, and retail ecosystems will drive adoption and scalability. A Defining Moment for the UAE's Fintech Future The UAE is making significant progress toward building a WeChat-style financial super app, with platforms like Careem Pay, Noon Pay, and YAP at the helm of innovation. With advanced fintech infrastructure, regulatory support, and a digital-first population, the UAE is poised to become a global leader in financial super apps. As El Saadi concludes: 'The future of fintech in the UAE is bright. Our goal is to go beyond payments and create an all-encompassing financial ecosystem that serves the evolving needs of our customers.' With a strong regulatory framework, high digital adoption rates, and a thriving fintech sector, the UAE is well-positioned to develop an integrated financial super app that enhances both consumer experience and economic growth. The UAE is on track to redefine digital finance and payments in the region and beyond with continuous technological advancements and strategic investments. Key Drivers of the UAE's Financial Super App Evolution Several factors contribute to the UAE's growing potential in developing a super app: Rapid Fintech Innovation and Digital Payments Growth: The UAE's fintech sector is projected to grow at an annual rate of 15%, fueled by mobile-first financial solutions, digital banking services, and AI-driven financial tools. Careem Pay, Noon Pay, and YAP are pioneering innovations in digital wallets, instant remittances, and real-time payments. The UAE-based fintech companies are leveraging AI to enhance fraud detection, personalise user experiences, and automate financial planning. Changing Consumer Habits and Digital Payment Preferences: UAE consumers are increasingly opting for mobile-first payment solutions, with digital wallets now being the preferred method for online transactions. The demand for seamless, one-click payments, instant remittances, and integrated financial services is shaping fintech strategies in the region. Contactless and digital payments now account for over 75% of all transactions in the UAE, signaling a shift toward a cashless economy. Strong Regulatory Support and Open Banking Initiatives: The UAE Central Bank's open finance framework is driving interoperability between fintech firms and traditional banks, fostering an environment where super apps can thrive. Regulatory initiatives such as fintech sandboxes and digital banking licenses are enabling startups and established players to experiment with innovative financial solutions. Dubai and Abu Dhabi's financial free zones - Dubai International Financial Centre and Abu Dhabi Global Market — are accelerating fintech investments and collaborations.
Yahoo
06-03-2025
- Business
- Yahoo
Can you claim compensation from your bank over IT outages?
Days of technology outages have blighted some of Britain's biggest banks over the last two years, a government report has found. New data published by the Treasury Committee found that there has been more than 33 days' worth of unplanned tech and system outages in the last two years for nine of the UK's biggest banks and building societies. The cross-party committee published its findings after it asked the lenders' UK chief executives to reveal the scale of recent IT failures and estimates for how much customers might be paid in compensation. Across the nine banks and building societies, there have been at least 158 IT failure incidents between January 2023 and February 2025, according to estimates they provided. Common reasons given for the incidents include problems with third-party suppliers, disruption caused when systems were changed, and internal software malfunctions. However, the figure does not include a recent outage at Barclays, or disruption to other banks' online services in more recent weeks. The Treasury Committee's report documented 158 IT failures across nine of the UK's largest banks and building societies, including Barclays, HSBC, and NatWest, amounting to over 803 hours – or 33 days – of downtime. For Barclays alone, the report highlighted a significant incident where more than half of online payment attempts failed due to 'severe degradation' of its systems. The data suggests these outages are not just occasional blips but part of a broader pattern, with the committee highlighting enough incidents to 'fill a whole month' in two years. The committee blames several factors for why these outages are happening. Among those are issues with third-party suppliers, system glitches during upgrades, and internal software failures. Financial technology expert Chris Skinner said the vast array of technology systems needed to operate in the modern banking world meant banks have 'such a smorgasbord of things they have to work with' that the 'competence of keeping up with these changes is really challenging every bank'. He said that clusters of incidents were also more likely because of the shared financial IT infrastructure and close links between institutions. Skinner said it meant that situations similar to the CrowdStrike outage in 2024 – where an issue within one infrastructure firm caused a global IT outage – were now more likely in the banking sector. Skinner added that the recent flurry of outages, a number of which have occurred on Fridays and close to paydays, was likely because firms plan software updates for the weekends as it tends to be quieter, but said cybercriminal activity could also be playing a role. He said: 'I think there's an issue here with reliability, service and resilience, and that's the accountability of the people who are organising the structures, both from within the business, and those who look over the business in terms of the regulators. 'At the moment, I think both are probably finding it too hard to keep up.' The rules around compensation for banking disruptions are shaped by a mix of regulatory frameworks and individual bank policies, but the process isn't always automatic or straightforward. Banks are not obligated to provide compensation and it typically hinges on whether you've suffered a direct financial loss or significant inconvenience due to the outage. The Financial Conduct Authority (FCA), which oversees UK financial firms, doesn't force automatic compensation for every glitch. Instead, banks are expected to assess claims case-by-case under the FCA's principle of treating customers fairly. You would need to demonstrate how the disruption impacted you – such as being charged for missing a bill and charged or an inability to access funds when they were needed. If you have been impacted you can lodge a formal complaint by contacting your bank and providing detailed recorded of any additional costs as a result of an outage – such as bank statements, receipts or invoices. If you are unhappy with the compensation offered you have the option to escalate your complaint via the Financial Ombudsman Service, who will typically get involved 15 days after you first complained to your bank. Barclays suffered several days of disruption to it banking services at the end of January following an IT glitch, with customers still experiencing issues with payments, outdated balances, and payments made or received not showing. The outage occurred because of a software problem in a part of its UK mainframe operating system and was not the result of a cyber attack. Barclays confirmed that, during that incident, more than half of attempts to make an online payment failed. The outage began on a Friday – the same day as January payday for many British workers and the deadline for self-assessment tax returns. Thousands of customers experienced issues with mobile banking, online banking and paying bills but ATMs were unaffected. Following the outage, Barclays could now pay out up to £12.5 million in compensation to affected customers. The bank estimated that it expects to pay out between £5 million and £7.5 million in compensation for the specific outage, adding to an estimated £5 million for other incidents between January 2023 and January 2025.
Telegraph
28-02-2025
- Business
- Telegraph
Millions of workers hit by banking app failure on payday
Millions of people were left unable to access their finances on payday after an app outage swept through Britain's banking system. Nationwide, First Direct, Lloyds and Halifax all confirmed issues with their online banking systems on Friday, leaving many customers without access to funds on payday. It is the second month in a row that major banks have been hit by IT issues around payday, with experts saying online banking systems often struggle with the high rate of activity as wages and bills go in and out of accounts at the end of each month. In messages posted online, the banks said they were working to return their systems to normal. Nationwide said in a message on its website 'some incoming and outgoing payments are delayed at the moment', but that 'everything else is working normally'. It said direct debits and standing orders were working as normal, but payments were in a queue and would arrive soon, adding customers do not need to do anything. First Direct said on its website that both its mobile and online banking services were 'experiencing issues with payments'. Shortly afterwards, Lloyds and Halifax also confirmed issues with customers being unable to log in to online banking and their respective mobile banking apps. According to service status website DownDetector, users are reporting issues with a number of banks on Friday morning, with customers struggling to get online or move funds. TSB also said it was having 'intermittent' issues with online and mobile banking. At the end of last month and in early February, Barclays, Lloyds Bank and Halifax were all hit by service outages which left customers unable to access funds on or just after payday. Chris Skinner, a fintech expert, told PA news agency in the wake of those outages that banks were finding it 'too hard to keep up' with fast-moving technology. He said: 'I think the world is spinning so fast with technology that the challenge we have is no-one's keeping up, particularly regulators and lawmakers. 'So the regulators and lawmakers need to have people who do better due diligence. 'I think there's an issue here with reliability, service and resilience, and that's the accountability of the people who are organising the structures, both from within the business, and those who look over the business in terms of the regulators. 'At the moment, I think both are probably finding it too hard to keep up.' He added the vast array of modern tech systems needed to operate in the banking world today mean firms have 'such a smorgasbord of things they have to work with', the 'competence of keeping up with these changes is really challenging every bank'. Mr Skinner, who also runs industry blog The Finanser, said the flurry of outages on Fridays was likely because banks planned software updates for the quieter weekend periods.
