Asia Dominates Fintech, Surges Ahead in AI, and Reigns Supreme in Superapps!
Is AI a bubble? Goldman Sachs says no, but history says yes.
Artwork of the week: Barbara Olga Biglieri "Airplanes in flight," 1935
Olga Biglieri Scurto, known under the pseudonym Barbara (15 March 1915 – 10 January 2002), was an Italian Futurist painter and aviator. She was one of three women involved with the movement, particularly with Aeropittura.
Aeropittura (Aeropainting) was a major expression of the second generation of Italian Futurism from 1929 through the early 1940s. The technology and excitement of flight, directly experienced by most aero painters, offered airplanes and aerial landscapes as new subject matter.
Why Today’s Stories Matter
Today’s artwork is evocative of Italy and flying as I writing to you from the airport on my way to visit my family in Italy. Expect reduced content for a few weeks, as your humble author will likely be in a food coma.
While Italy is the focus of today’s art, the newsletter is laser-focused on Asia with three articles that show how Asia is not to be trifled with!
First, let me point you to today’s lead article on AI in Asia. I was a major contributor to this Harvard Business Review report with no less than 11 quotes. I’m proud of this work and think that the report is as well written as its message is sound.
Next we have a pair of articles that highlight Asia’s absolute lead in both fintech and superapps. The lesson in these articles is that the West should now look to Asia for the latest advances in fintech.
Finally, two articles on AI. The first by Goldman Sachs is a fabulous read that assures us that AI is not a bubble despite their research piece written in July that I wrote about that said it likely is! Read the history presented in the paper, however, and you’ll think AI is a bigger bubble than ever!
The second looks at Chief Information Security Officers (CISOs) tasked with keeping networks safe, who find AI so problematic that some are quitting!
Enjoy this week’s newsletter, and thank you for reading.
CHECK THIS OUT!
I was very proud to be a major contributor to this Harvard Business Review article! This was quite an honor!
More great reads that shape your view of Asia, fintech, and the world.
Digital yuan transactions near $1 trillion! Progress is still slow, but momentum is growing. Interestingly, I still can’t use it much in Shanghai. Stores simply don’t accept it. Digital RMB transaction volumes hit $56 billion for one month. HERE
This is HUGE! The “walled garden” of Alipay and WeChat are being breached! Alibaba merchants hail adoption of Tencent’s WeChat Pay on Taobao and Tmall HERE
Who’d have ever thought Alibaba would come to the US! Alibaba.com launches US credit card for small business owners on wholesale marketplace HERE
I’m no fan of a TikTok ban and it looks like others are losing their desire as well. TikTok’s Possible Ban Is Losing American Support, Survey Finds HERE
Trade is a non-stop topic these days but decoupling from China is proving harder than many thought. Products from Vietnam and other nations may not be “Made in China” but are “Made by China.” China’s new back doors into western markets HERE
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