LONDON, Oct 12 (Reuters) – A push by big technology firms into financial services in developing countries will improve access to them, but might also make traditional lenders more vulnerable, the Financial Stability Board (FSB) said.

The expansion in emerging markets has generally been more rapid and broad-based than that in advanced economies, the FSB, which coordinates financial regulation for the Group of 20 Economies (G20), said in the report released on Monday.

Lower levels of access to traditional banking and financial services developing economies had created demand for services now offered by big tech firms, the report found, particularly among low-income populations and in rural areas.

An increasing availability of mobile phones and internet access supported this trend, the FSB said.

“However the expansion of BigTech activity also gives rise to risks and vulnerabilities,” it said, pointing to lower financial literacy and firms using other data gathered.

“Competition from BigTech firms may, in places, also reduce the profitability and resilience of incumbent financial institutions and lead to greater risk-taking,” the FSB added. ($1 = $1.0000) (Reporting by Karin Strohecker; Editing by Alexander Smith)

Source Article

ASHEVILLE, N.C., Oct. 7, 2020 /PRNewswire/ — Quility today announced the launch of its digital platform, designed to revolutionize the process of shopping for and purchasing life insurance. With a mission to provide choice and simplicity in an industry that is perceived to be complex, Quility provides the opportunity for its clients to get the coverage they need on their terms.

Quility is backed by more than 4,000 licensed insurance agents nationwide, a recent combination of partner companies Symmetry Financial Group and Asurea Insurance Services. With licensed agents available for virtual and in-person consultations, Quility provides its clients with convenient access to expert advice and support when shopping for and purchasing life insurance. If a client prefers to purchase a policy online, Quility provides a ten-minute digital application that generally requires no medical exam. Quility’s seamless digital platform offers support from a licensed agent throughout the process should a client have questions about coverage.

“We created Quility to meet our clients where they are, providing the power of choice in how they prefer to shop for and purchase life insurance,” said Casey Watkins, Co-Founder of Quility. “Whether it’s through a video consultation or our online application, our goal is to provide simplicity and choice every step of the way. Life insurance is so important, and we want to make it as simple as possible for American families to get the coverage they need.”

Quility insurance agents are available to connect clients with a suite of life insurance solutions including mortgage protection, term life insurance, and Debt Free Life, a turnkey program designed to eliminate debt in nine years or less without any additional expenses to the client.

About Quility
Quility uses innovative and proprietary technology to modernize the process of qualifying for and purchasing life insurance. The

Rep. Katie Porter (D-Calif.) went viral this week after grilling former Celgene CEO Mark Alles over his compensation and the price of cancer drug Revlimid during a committee hearing.

Using her now-signature whiteboard board, Porter pointed out that the price of the drug, which is approved to treat the blood cancer multiple myeloma, has spiked from $412 per pill in 2005 to $763 per pill today. 

“I’m curious, did the drug get substantially more effective in that time? Did cancer patients need fewer pills?” Porter asked, after writing the price increases on a white board. 

The former CEO told the lawmaker that the manufacturing for the pill “would be the same” between 2005 and today.

“Did the drug start to work faster? Were there fewer side effects? How did you change the formula or production of Revlimid to justify this price increase?” Porter asked.

She also grilled Alles on his compensation and bonuses tied to the drug.

Porter noted that Alles was paid $13 million in 2017, which she said is “360 times what the average senior gets on Social Security.” She added that Alles received millions in bonuses tied to increases for the company and that he received $500,000 in bonuses due to the price increase for Revlimid.

“To recap here: The drug didn’t get any better, the cancer patients didn’t get any better, you just got better at making money, you just refined your skills at price gouging,” Porter continued.

Porter and Alles’s exchange immediately went viral across social media.


Wednesday’s hearing