Fintech Insider Podcast by 11:FS · 11/9/2026 · 61 min
1114. News: Binance’s $6.3bn hack, Mastercard’s AI future, and Revolut secures NZ banking licence
Key quotes
“Binance customers have withdrawn almost $5 billion from the crypto exchange following a massive cyber attack last week”
— Kate Moody · statistic
“North Korea linked hackers steal $6.3 billion in digital assets”
— Kate Moody · statistic
“A massive cyber attack occurred at Binance last week reportedly linked to North Korean hackers”
— Kate Moody · observation
“With the advent of deep fakes, there is a need to verify whether a person interacting with a service is real and not a synthetic individual.”
— Dr Clive Summerfield, CEO at FARx · trend
“Deep fakes create a challenge where you've got to check to see if the person interacting with a particular service is real and not a synthetic individual.”
— Dr Clive Summerfield, CEO at FARx · problem
“Technology that validates identity and validates that identity is real is becoming central to any cyber security profile for many organizations.”
— Dr Clive Summerfield, CEO at FARx · trend
“Identity validation technology is a particular area of interest, with two key functions: validating identity and confirming that identity is real.”
— Dr Clive Summerfield, CEO at FARx · observation
“In Asia, they've already successfully launched agent pay in Korea, Singapore and Malaysia, and in China, they've built agentic commerce straight into the hardware, into the devices and into their cars.”
— Wincie Wong, Founding Member at Tech She Can · observation
“Asian markets have successfully integrated agentic commerce into hardware, devices, and vehicles as a built-in feature.”
— Wincie Wong, Founding Member at Tech She Can · trend
“It's very short-sighted of the Belgian government to stifle any entrepreneur, entrepreneurial spirit and entrepreneurial side hustling.”
— Dr Clive Summerfield, CEO at FARx · opinion
Transcript (15 segments)
Kate Moody
Binance customers have withdrawn almost $5 billion from the crypto exchange following a massive cyber attack last week, which reportedly saw North Korea linked hackers steal $6.3 billion in digital assets.
Kate Moody
Because, um, the one thing you can say is that the cryptography, uh, in this didn't break.
Dr Clive Summerfield
Well, yes, it can be prevented.
Dr Clive Summerfield
And of course, with the advent of, uh, of deep fakes, the, uh, the notion that you've got to check to see if the, the person interacting with a particular service is real and not a, not a synthetic, uh, individual.
Kate Moody
I mean, they're particularly interested in, uh, in crypto because it, uh, bypasses all the sanctions.
Dr Clive Summerfield
And I say technology, and this is where my particular interest is technology that one validates identity and secondly, validates that identity is real is becoming kind of central to any cyber security, um, uh, profile for many of these organizations.
Simon Taylor
Mastercard has announced a strategic partnership with Open AI as the payments giant looks to accelerate its push into agentic commerce.
Wincie Wong
If you look to Asia, you've seen that they've already successfully launched agent pay in Korea, uh, Singapore and Malaysia, I believe, and also in China, they've actually built agentic commerce straight into the hardware, into the devices and into their cars.
Kate Moody
It is, um, and unless they, uh, unless they fix the interoperability of, uh,
Kate Moody
Uh, but, um, uh, I, I think in 10 years time, I'll think, uh, agentic AI will be much like credit cards are today.
Simon Taylor
It's also part of a much bigger global expansion strategy. Revolute says this is its seventh banking license worldwide and its fifth secured this year alone, with the company now operating as a licensed bank across 34 markets.
SPEAKER_11
The relevant context here is that for all of these years, uh, the banking sector here has been dominated by four, uh, Australian owned banks.
Dr Clive Summerfield
So yeah, they've, uh, they've industrialized the, uh,
Simon Taylor
According to HMRC figures, 2.6 million people earned money selling goods through platforms including eBay, Vinted and Etsy last year, compared with just 450,000 in 2022.
Dr Clive Summerfield
Um, to employ lots of people and, um, you know, I think that it's very short-sighted of the Belgian government to stifle any entrepreneur, entrepreneurial spirit and entrepreneurial side hustling.