Societe Generale advises fintech startups to turn to B2B, and a public company from Germany transferred part of its assets to bitcoins
Societe Generale: in order to survive, fintech companies need to develop a B2B direction
Claire Calmejane, Chief Innovation Officer at Societe Generale, is confident that fintech companies should follow the example of large banks to develop products for corporate clients. Projects focused exclusively on the consumer segment of the market are doomed to fail.
Calmejane believes that most small fintech companies will eventually be forced to sell their businesses.
However, the fintech market players have a different position. The founder of a well-known fintech startup, who wished to remain anonymous, said that “if a consumer fintech startup cannot keep up with the times, it is better to shut down than to be distracted by B2B offers.”
“Consumer will come under enormous attack from big tech and big retail (like Walmart). Consumer banking will be so aggressive, that diversifying [and losing focus] actually risks success. If you can’t make it work without subsidising, why are you doing consumer? Why not [just] do B2B?”- said the founder of the project.
A public company from Germany transferred part of its assets to bitcoins
SynBiotic SE became the first public company in Germany to decide to transfer some of its free liquidity to BTC. The company said in a statement about fears associated with a “massive devaluation of fiat money”, which could be provoked by “an excessive increase in the money supply in both the euro area and the dollar.”
“Bitcoin is the exact antithesis of traditional currencies: its volume is limited to 21 million units. This limit is fixed and inviolable, which the cryptocurrency‘s decentralized organization and the blockchain‘s tamper-proof nature in turn guarantees. For this reason, we have more long-term confidence in bitcoin than in euros or dollars, ”said Lars Müller, CEO of SynBiotic.