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patio11's profile
Patrick McKenzie
Patrick McKenzie
Patrick McKenzie
@patio11

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Patrick McKenzie

@patio11

I work for the Internet, at @stripe, mostly on accelerating startups. Opinions here are my own.

東京都 Tokyo
kalzumeus.com
Joined February 2009

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    1. James Riney 🐠Coral Capital‏Verified account @james_riney 10 Apr 2019
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      I think there is a real opportunity to build a challenger bank catering almost exclusively to foreigners in Japan. Opening an account, sending/receiving money, accessing credit, financial planning... all painful. If there are any founders looking at this space, contact me.

      29 replies 16 retweets 145 likes
    2. fukumimi‏ @fukumimi 10 Apr 2019
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      Replying to @james_riney

      also lets not forget HSBC and Citibank have tried that before (targeting mainly expats and HNW) and they are gone now

      1 reply 0 retweets 8 likes
    3. James Riney 🐠Coral Capital‏Verified account @james_riney 10 Apr 2019
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      Replying to @fukumimi

      Different age. Most can be done online and via mobile app, and automate a lot of operation/compliance. Can cut down costs significantly while providing superior service.

      2 replies 0 retweets 3 likes
    4. Ben Ferns‏ @ben_ferns 10 Apr 2019
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      Replying to @james_riney @fukumimi

      Plus Citibank UX wasn't really that much different to banks like Shinsei at the time, they were already 5 years behind overseas services.

      1 reply 0 retweets 0 likes
    5. fukumimi‏ @fukumimi 10 Apr 2019
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      Replying to @ben_ferns @james_riney

      People thought that Shinsei had a chance too, but being owned and run by a foreigner didn't make much difference in the end.

      1 reply 0 retweets 2 likes
    6. James Riney 🐠Coral Capital‏Verified account @james_riney 10 Apr 2019
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      Replying to @fukumimi @ben_ferns

      You need to be built as a tech company from the beginning. None of these examples were.

      2 replies 0 retweets 2 likes
    7. Gearoid Reidy‏Verified account @GearoidReidy 10 Apr 2019
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      Replying to @james_riney @fukumimi @ben_ferns

      What's the revenue model? The traditional bank revenue model doesn't work in Japan anymore. Most of the people availing of the service couldn't be upsold to wealth management etc. So unless they're paying separately for the services...

      2 replies 0 retweets 2 likes
      Patrick McKenzie‏ @patio11 10 Apr 2019
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      Replying to @GearoidReidy @james_riney and

      Single data point: I think I’ve made Japanese banks on the order of $20k (and my US banks $50k+) in last 15 years. Interest, currency conversions, credit card interchange, in approximate order. That’s without revenue incident to any investment / wealth management product.

      8:21 PM - 10 Apr 2019
      1 reply 0 retweets 0 likes
        1. Patrick McKenzie‏ @patio11 10 Apr 2019
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          Replying to @patio11 @GearoidReidy and

          (Credit card issuing is a great business to be in if you capture most of the share-of-wallet!)

          0 replies 0 retweets 0 likes
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