We have written and given presentations on a number of occasions about how West Coast tech firms such as Apple, Amazon, Google, Facebook, etc seem to be looking to \u2018take a Byte out of the Big Apple.\u2019 All these techs bemouths have been busy building their own payment platforms, rivalling those which many of New York\u2019s financial services firms have offered historically.If countries such as the UK are successful and manage to cause financial services companies to be excluded from the global tax proposals for the world\u2019s 100 biggest companies (currently being discussed), how long will it be before we see these tech firms spin out their financial services subsidiaries? UK Chancellor of the Exchequer, Rushi Sunak, is striving to get the G7 to agree to exclude financial services firms in the global tax proposals. If this were to happen, there are concerns mounting that it would undermine the City of London as a location for banks such as HSBC and Standard Chartered to have their headquarters there, all the while deriving much of their income outside the UK. The stakes are high as it is estimated by the Institute for Public Policy Research that the global tax proposals could generate as much as \u00a37billion p.a. purely for the UK treasury.Some believe that Apple Pay, in the US alone, is generating $1billion of revenue p.a. and over 500 million customers globally given how it is growing, as the world increasingly turns its back on cash and embraces digital payments, its outlook would appear to be very positive. Bearing in mind that, at $108 billion, PayPal is valued over 2.5 times the valuation of Goldman Sachs\u2019 $130billion \u2014 so what would Apple Pay, with more clients than Paypal, be valued at? Will Apple Pay, Google Pay, Samsung Pay, Amazon Pay, etc,\u2026<\/p>","protected":false},"excerpt":{"rendered":"
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