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Wealthsimple Cash Becomes First Canadian Service – Bambu Digest #51

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✅ Wealthsimple Cash Becomes First Canadian Service Integrated Into Twitter’s Tip Jar

For our first digest today, Twitter users sending each other money have a new — and Canadian — way of making the transfer. The San Francisco, California-based social media platform announced Thursday that its. Tip Jar is now handling payments made through Wealthsimple Cash accounts. Wealthsimple, a Canadian company that offers robo advising services like investment advice and cryptocurrency trading as well as saving tools, is the first to have its products integrated with Twitter’s Tip Jar feature. Tip Jar, which is still in beta mode and launched in May, operates with US-based PayPal, Venmo, Bandcamp and Square’s Cash App. “This is a natural partnership for them because Twitter has such strong Canadian roots,” said Paul Burns, managing director of Twitter’s Canadian operations. The exciting news is Twitter users can actually send money to one another through their. Tip Jar, whether they have a profile or not. According to Wealthsimple, they will not charge transaction fees on transfers made via Tip Jar. Twitter will not apply any charge or take any cut of money transferred into the account, but this integration is a part of Twitter’s recent efforts to monetize its service. As you can tell, Twitter’s efforts are in direct response to the hastening of digital transformation because of the problems caused by the Covid-19 pandemic. Social media companies, in particular, are trying to move away from their traditional business models and attempt to operationalize other parts of their platforms. To that end, it will be very interesting to see how other social media platforms will respond to Twitter’s bold new move.

✅ The $100 Trillion Machine
For our next digest, we take a closer look at the $100 trillion machines as global AUM reaches unprecedented levels according to BCG. The asset management industry, having emerged from the global pandemic in an improved position after assets grew by 11% to end 2020 at $103 trillion. Although retail portfolios grew by 11% in 2020, institutional investments still grew at a similar rate to reach $61 trillion. Also, institutional investors contributed twice the amount of new capital to stock markets in 2020, making up only 2.2% of net new capital versus retail investors at 4.4%. North America was the region with the world’s highest growth in asset management last year, with assets under management growing by 12%. Growth was also strong in Europe (10%), Asia-Pacific (11%), and the Middle East and Africa (12%). Across the board, profitability remained somewhat stagnant in comparison with 2019. Costs and fee compression keep operating profits hovering around 34% of net revenues. The global slowdown is coming to an end, and it is increasingly clear that asset managers will have to adapt in order to succeed. The COVID-19 pandemic challenged the asset management industry in many ways. It forced a major economic shock and a chance to balance between work and personal life, something that was common before the year 2020. Some of the changes and adjustments that we will make in the event of a pandemic may have permanent implications for asset management.

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