Breaking Banks

This week, host Brett King sits down with Colin Walsh, Founder and CEO of Varo Bank, to explore the journey of building the first all-digital, FDIC-insured de novo bank in U.S. history. Designed to improve financial health and serve a diverse range of customers—from those with financial abundance to those facing economic hardship—Varo Bank is on a mission to create a banking experience that truly works for everyone. With the unique distinction of being the first consumer fintech to be granted a bank charter in US history, Varo is redefining banking with innovative products tailored to modern consumers' needs. From managing fraud and credit risk to building trust and leveraging a cutting-edge tech stack, they delve into the strategies that power Varo’s ability to stay agile and customer-focused. Whether it’s delivering accessible savings and lending solutions or tackling the challenges of financial inclusion, Varo Bank’s story is one of innovation and impact. Tune in for a wide-ranging discussion on how Varo is using digital banking to create financial inclusion by addressing the real financial challenges that Americans face every day. https://www.youtube.com/watch?v=1lIqYB3d4IY

In This Episode Southeast Asia’s fintech revolution is here, and GXBank is leading the charge. From its roots as a ride-hailing service to becoming Malaysia’s first digital bank, GXBank is transforming how Malaysians access and manage their money. This week on Breaking Banks, host Brett King sat down with GXBank’s Chief Commercial Officer, Kaushik Chowdhury, and Mastercard’s Senior Vice President & Country Manager for Malaysia and Brunei, Beena Pothen. They discuss the incredible journey of GXBank, the partnership with Mastercard, and how the bank is reshaping financial inclusion in Southeast Asia. GXBank, a subsidiary of GXS Bank Pte. Ltd. (a joint venture between Grab and Singtel), officially launched operations September 1, 2023, introducing its app two months later. In a year, the bank has amassed over 750,000 customers, offering innovative and personalized solutions to support financial resilience and inclusion. Learn how GXBank is making banking accessible to all Malaysians while setting a new standard for digital banking in the region. Discover how Mastercard’s cutting-edge technologies and deep fintech expertise are empowering GXBank to deliver smarter, more inclusive financial solutions. As fintechs look to build, launch, and grow their business, Mastercard is helping to drive smarter decisions for better outcomes through strong partnerships across the payments ecosystem. Resources:Learn more about GXBank: gxbank.myExplore how Mastercard supports fintech innovation: Mastercard Fintech Services Read the entire transcript here. Podcast Content: Chapter 1: 00:00 - Welcome and Introduction Brett King introduces the episode, focusing on digital banking trends in Southeast Asia with GXBank and Mastercard as key players. Chapter 2: 03:30 - GXBank: Building a Digital Bank from Scratch Kaushik Chowdhury discusses GXBank’s journey, from user research to creating a mobile-first digital bank in Malaysia. Chapter 3: 10:15 - The Evolution of Banking in Southeast Asia Bina Pothan highlights the rapid adoption of digital banking in Southeast Asia, driven by smartphones, internet access, and changing consumer expectations. Chapter 4: 18:00 - Financial Inclusion through Digital Innovation Exploring how GXBank and Mastercard aim to serve underserved and financially vulnerable populations across Malaysia and the region. Chapter 5: 26:30 - Leveraging Partnerships for Success Insights into GXBank’s partnership with Mastercard, enabling rapid launches and delivering impactful financial products to consumers. Chapter 6: 34:45 - Payments Innovation and Embedded Finance Examining GXBank’s focus on payment solutions, including QR systems, debit cards, and embedded banking experiences with Grab. Chapter 7: 42:00 - Overcoming Challenges in Digital Banking Kaushik discusses the challenges of building a digital bank, including hiring, partnerships, and balancing innovation with trust and security. Chapter 8: 50:15 - Future Plans and Scaling Ambitions GXBank outlines its roadmap, aiming for profitability and becoming a top bank in Malaysia by leveraging its ecosystem and customer-centric strategies. Chapter 9: 57:30 - Key Takeaways and Final Reflections Bina and Kaushik emphasize trust, utility, and collaboration as essential elements for succeeding in the digital banking revolution. Related Content: Fintech Visionaries and Revolutionaries & What's Up With Bitcoin? Bank-Fintech Partnerships, Open Banking and AI...oh my! Huawei Does Gen-Fi Shopify Finance: Fueling Merchant and Small Business Growth Episode 558: Fintech Visionaries Reimagining the Future of Finance: Start Path Recorded end of September

In This Episode Good leaders drive day-to-day results. Great leaders share visionary ideas and then inspire organizations and stakeholders to find a way to get there. In today's second segment, Jennifer Tescher, host of sister podcast Emerge Everywhere, introduces this year’s Financial Health Visionary Award honoree, Brian Moynihan, Chair and CEO of Bank of America. The Visionary Award recognizes those who have shown unparalleled leadership in building a more inclusive financial system and empowering the next generation of leaders to innovate solutions that improve financial health for all. Listen to hear about Brian's commitment to financial health and the upcoming headwinds and tailwinds impacting customers’ financial health. But first, bestselling author Michael J Casey, the chairman of DAIS (Decentralized AI Society), senior advisor on MIT Media Lab’s Digital Currency initiative, and previous Chair of Consensus at CoinDesk, joins Brett to talk about the reality of decentralized and open source AI. The intersection of DeFi and DeAI appears to be a logical path if not for the hundreds of billions being invested in big tech efforts to create AGI. Is it possible to really make AI less centralized and still deliver the promise of a highly automated world? You’ll need to tune in to find out! Read the entire transcript here. Podcast Content: Chapter 1: 00:00 - Welcome and Introduction Brett King introduces Michael J. Casey, discussing his transition from Coindesk to leading decentralized AI initiatives at DAIS. Chapter 2: 03:45 - The Concept of Decentralized AI Michael explains the importance of decentralizing AI to avoid monopolies and to democratize access to AI-driven innovations. Chapter 3: 12:30 - Challenges and Innovations in Decentralized AI Exploring technical and economic challenges in implementing decentralized AI, including blockchain integration and distributed computing. Chapter 4: 22:00 - Data Ownership and Privacy in Decentralized Systems The shift from data privacy to data ownership, with blockchain providing traceability and ensuring compliance in AI applications. Chapter 5: 30:15 - Financial Inclusion through Decentralized AI How decentralized AI can drive financial inclusion, especially for underbanked communities, by creating fairer access to financial tools. Chapter 6: 38:45 - Open Health Data and Decentralized Models A comparison between open banking and the potential for open health data, emphasizing secure, decentralized systems for sensitive data. Chapter 7: 46:15 - The Future of Decentralized AI in Financial Systems Michael and Brett discuss the long-term potential of decentralized AI to reshape financial services, creating smarter and more inclusive systems. Chapter 8: 54:00 - Reflections on Michael’s Book: "Our Biggest Fight" Insights from Michael’s book on reclaiming digital autonomy, setting the stage for the critical role of decentralized AI. Related Content: Huawei Does Gen-Fi Bank-Fintech Partnerships, Open Banking and AI...oh my! Shopify Finance: Fueling Merchant and Small Business Growth Fintech Visionaries and Revolutionaries & What's Up With Bitcoin? AI is coming to help! https://www.youtube.com/watch?v=-QSByxCEUbA

This week on Breaking Banks, host Brett King takes us to Shanghai for a riveting discussion with Jason Cao, CEO of Huawei's Global Financial Services competency. In this eye-opening episode, they uncover how China is shaping the future with AI—not as a mere tool for profit, but as core infrastructure driving the world's fastest-growing economy. Discover why GenFi LLMs (Generational Financial Language Models) don’t exist yet—and what’s holding AI like ChatGPT back from transforming banking as we know it. Explore how China’s unique approach to technology infrastructure is setting them apart from the rest, helping them to create a Smart Economy of the Future. Tune in for a conversation that could redefine the future of global finance and AI! Read the entire transcript here. Podcast Content: Chapter 1: 00:00 - Welcome and Introduction Brett King and Jason Henricks introduce the episode, recorded in Shanghai, featuring Huawei's Jason Tsao discussing fintech innovations. Chapter 2: 03:30 - Global Fintech Highlights: NewBank and Beyond Exploring global fintech trends, including NewBank's growth and the technological strides of digital-first banks like WeBank. Chapter 3: 10:45 - Huawei’s Vision for Smarter Finance Jason Tsao shares insights into Huawei’s initiatives in digital finance, AI integration, and the transformation of customer experience in banking. Chapter 4: 20:00 - Resilience in Financial Infrastructure A discussion on the critical need for resilience in banking systems, addressing latency, zero downtime, and advanced fraud prevention technologies. Chapter 5: 30:15 - AI-Driven Banking and Generative Finance Exploring how Huawei collaborates with banks to leverage generative AI for efficiency, value creation, and customer-centric innovations. Chapter 6: 40:00 - Digital Infrastructure in China: A Global Example Highlighting China's advancements in digital payments, infrastructure, and regulatory approaches that drive a highly digital economy. Chapter 7: 50:30 - Cloud Strategies for Financial Institutions Examining the rise of hybrid cloud strategies and the pivotal role of cloud computing in transforming banking operations. Chapter 8: 59:00 - The Future of Autonomous Finance How AI and automation are shaping the next generation of financial services, inspired by China's digital transformation. Chapter 9: 65:00 - Invitation to Explore the Future in China Jason Tsao extends an invitation to global audiences to witness the rapid technological advancements in Shenzhen and across China. Related Content: Bank-Fintech Partnerships, Open Banking and AI...oh my! Shopify Finance: Fueling Merchant and Small Business Growth Fintech Visionaries and Revolutionaries & What's Up With Bitcoin? Episode 189: Disruption Stories: Generative AI for Investments Episode 405: Driving Change Through Talent and Infrastructure https://www.youtube.com/watch?v=bCqmVDiKms4