When John Hibbs’ daughter Xanthe received her first bank card in the mail, the six-year-old spent the next week Googling how to buy a horse.
Mr Hibbs and his wife Kate had got Xanthe a newly launched children’s debit card from UK digital bank Starling, one of a number of new offerings from FinTechs aimed at children and teenagers.
“The earlier we can start the learning process of using a card, the earlier she can learn that you can’t just go out and buy a horse,” says Mr Hibbs, who runs a charity.
While traditional banks have long offered basic savings accounts to children, FinTechs say they have spotted an opportunity to offer better, slicker apps to tech-savvy kids and teenagers, who they say have been under-served.
Starling’s Kite card allows parents to transfer money to their children’s account, set spending limits and receive notifications of their purchases. It rivals similar products from gohenry and Monzo in Britain, while in the US, FinTechs Greenlight, Step and Copper are trying to capture the youth market.
JPMorgan Chase & Co also recently entered the space, introducing a children’s account in partnership with Greenlight.
The companies say they aim to give children a taste of financial freedom and education, while letting parents track and block spending. They hope to capitalise on the digital payment and e-commerce boom, and hold on to new customers into adulthood.
“It’s a play on profitability to get life-long customers,” says Kavita Kamdar, who heads JPMorgan’s children’s venture Chase First Banking.
JPMorgan’s partner Greenlight has grown from 500,000 to 2 million parent and children customers in a year.
“I think the start-ups are in a position to take junior accounts away from the high street banks,” says Sarah Kocianski, head of research at FinTech consultancy 11:FS. “But they have to strike a balance between being appealing to kids and appealing to parents and goodness knows how you do that.”
Companies must also be careful in keeping data secure and ensure children and parents understand what they are giving consent to, Ms Kocianski says.
Popularity to profitability
Atlanta-based Greenlight, which costs $4.99 a month including debit cards for up to five kids, allows parents to create in-app chore lists for children and tie the work to perks. It also lets parents set and pay interest on their children’s savings.
“A couple of big macro trends drove the adoption of Greenlight,” Timothy Sheehan, the company’s chief executive, says. “The decline in use in cash and the adoption of the smartphone, not only among adults but also among children.”
US digital payment apps such as PayPal Holdings’ Venmo and Square’s Cash App, which have become a common way for consumers to send money to each other, do not allow users under the age of 18. This boosts the appeal of new apps targeted at those too young for popular apps but old enough to spend money.
“This is a demographic that doesn’t have a bank account, they still have money underneath their bed and we are providing them access to the digital economy,” says Eddie Behringer, chief executive of Seattle-based teen banking app Copper.
This is a demographic that doesn't have a bank account, they still have money underneath their bed and we are providing them access to the digital economy
Analysts and investors question whether the youth market is getting overcrowded, given youngsters are not cash-rich.
“A lot of money is going to these firms, but do they make money?” says Ian Kar, the founder and chief executive of consultancy Fintech Today. “Teen banking is not very profitable yet.”
UK-based gohenry, which was founded eight years ago, offers accounts for children that charges parents £2.99 ($3.98) per month.
Alex Zivoder, gohenry’s chief executive, says the company is on track to make a profit within a few years, despite its pre-tax loss jumping by three quarters to £5.8 million last year as it invested in expansion including in the US.
Mr Zivoder says the company made an underlying profit in the second and third quarters of 2020.
Rivals do not worry him. “The market is huge,” he says.
“If you think of how many parents there are in the US and UK, will they be happy with one solution, one product?”
For neobanks like Starling, where children and teen accounts are an added product line, analysts see the service as a way to generate additional revenue. Apps solely focused on the younger demographic may find it tougher.
Starling’s Kite account, which costs £2 a month, has been “flying off the shelves”, says Helen Bierton, the start-up’s chief banking officer. She declined to disclose figures, noting products like Kite are part of its strategy to reach profitability by the end of 2020.
Spending power
Teenagers and children may not have much disposable income, but start-ups are banking on their growing spending power. Gen Z, the generation currently between the ages of 8 and 23, represents around $150 billion in spending power in the US, according to McKinsey.
San Francisco-based Step, which hopes to build a bank for the next generation, plans to initially make money through card interchange and then offer more financial products as customers grow older.
“Every brand wants to reach this new generation,” says Step founder and chief executive CJ MacDonald. “They are not rich, but they still spend billions of dollars a year.”
Ben Galbraith, a Palo Alto-based father of eight, has used Step with his five older kids for the past 10 months. He used to keep track of allowances, spending and frequently lost cards with a spreadsheet.
“Moving it into an easy-to-use app gets rid of all that stuff,” Mr Galbraith says.
His oldest daughter Jackie, an 18-year old New York University student doesn’t mind her parents having a real-time view of her spending. As an added perk, she can use Step to ask her siblings to pay her back any money they owe her. But access to digital banking can’t solve everything.
“They ignore my requests, so I have to badger them,” Jackie says. “Three of them have not responded.”
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
Why your domicile status is important
Your UK residence status is assessed using the statutory residence test. While your residence status – ie where you live - is assessed every year, your domicile status is assessed over your lifetime.
Your domicile of origin generally comes from your parents and if your parents were not married, then it is decided by your father. Your domicile is generally the country your father considered his permanent home when you were born.
UK residents who have their permanent home ("domicile") outside the UK may not have to pay UK tax on foreign income. For example, they do not pay tax on foreign income or gains if they are less than £2,000 in the tax year and do not transfer that gain to a UK bank account.
A UK-domiciled person, however, is liable for UK tax on their worldwide income and gains when they are resident in the UK.
Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Zayed Sustainability Prize
'HIJRAH%3A%20IN%20THE%20FOOTSTEPS%20OF%20THE%20PROPHET'
%3Cp%3E%3Cstrong%3EEdited%20by%3A%3C%2Fstrong%3E%20Idries%20Trevathan%3Cbr%3E%3Cstrong%3EPages%3A%3C%2Fstrong%3E%20240%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20Hirmer%20Publishers%3Cbr%3E%3Cstrong%3EAvailable%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
All%20The%20Light%20We%20Cannot%20See%20
%3Cp%3E%3Cstrong%3ECreator%3A%20%3C%2Fstrong%3ESteven%20Knight%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%C2%A0%3C%2Fstrong%3EMark%20Ruffalo%2C%20Hugh%20Laurie%2C%20Aria%20Mia%20Loberti%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E1%2F5%C2%A0%3C%2Fp%3E%0A
The lowdown
Badla
Rating: 2.5/5
Produced by: Red Chillies, Azure Entertainment
Director: Sujoy Ghosh
Cast: Amitabh Bachchan, Taapsee Pannu, Amrita Singh, Tony Luke
'Gold'
Director:Anthony Hayes
Stars:Zaf Efron, Anthony Hayes
Rating:3/5
The specs: 2017 Ford F-150 Raptor
Price, base / as tested Dh220,000 / Dh320,000
Engine 3.5L V6
Transmission 10-speed automatic
Power 421hp @ 6,000rpm
Torque 678Nm @ 3,750rpm
Fuel economy, combined 14.1L / 100km
SERIE A FIXTURES
Friday Sassuolo v Torino (Kick-off 10.45pm UAE)
Saturday Atalanta v Sampdoria (5pm),
Genoa v Inter Milan (8pm),
Lazio v Bologna (10.45pm)
Sunday Cagliari v Crotone (3.30pm)
Benevento v Napoli (6pm)
Parma v Spezia (6pm)
Fiorentina v Udinese (9pm)
Juventus v Hellas Verona (11.45pm)
Monday AC Milan v AS Roma (11.45pm)
BUNDESLIGA FIXTURES
Friday Stuttgart v Cologne (Kick-off 10.30pm UAE)
Saturday RB Leipzig v Hertha Berlin (5.30pm)
Mainz v Borussia Monchengladbach (5.30pm)
Bayern Munich v Eintracht Frankfurt (5.30pm)
Union Berlin v SC Freiburg (5.30pm)
Borussia Dortmund v Schalke (5.30pm)
Sunday Wolfsburg v Arminia (6.30pm)
Werder Bremen v Hoffenheim (9pm)
Bayer Leverkusen v Augsburg (11.30pm)
Dr Amal Khalid Alias revealed a recent case of a woman with daughters, who specifically wanted a boy.
A semen analysis of the father showed abnormal sperm so the couple required IVF.
Out of 21 eggs collected, six were unused leaving 15 suitable for IVF.
A specific procedure was used, called intracytoplasmic sperm injection where a single sperm cell is inserted into the egg.
On day three of the process, 14 embryos were biopsied for gender selection.
The next day, a pre-implantation genetic report revealed four normal male embryos, three female and seven abnormal samples.
Day five of the treatment saw two male embryos transferred to the patient.
The woman recorded a positive pregnancy test two weeks later.
RESULT
Bayern Munich 0 AC Milan 4
Milan: Kessie (14'), Cutrone (25', 43'), Calhanoglu (85')
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Analysis
Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more
Winners
Ballon d’Or (Men’s)
Ousmane Dembélé (Paris Saint-Germain / France)
Ballon d’Or Féminin (Women’s)
Aitana Bonmatí (Barcelona / Spain)
Kopa Trophy (Best player under 21 – Men’s)
Lamine Yamal (Barcelona / Spain)
Best Young Women’s Player
Vicky López (Barcelona / Spain)
Yashin Trophy (Best Goalkeeper – Men’s)
Gianluigi Donnarumma (Paris Saint-Germain and Manchester City / Italy)
Best Women’s Goalkeeper
Hannah Hampton (England / Aston Villa and Chelsea)
Men’s Coach of the Year
Luis Enrique (Paris Saint-Germain)
Women’s Coach of the Year
Sarina Wiegman (England)
Men from Barca's class of 99
Crystal Palace - Frank de Boer
Everton - Ronald Koeman
Manchester City - Pep Guardiola
Manchester United - Jose Mourinho
Southampton - Mauricio Pellegrino
England v West Indies
England squad for the first Test Cook, Stoneman, Westley, Root (captain), Malan, Stokes, Bairstow, Moeen, Roland-Jones, Broad, Anderson, Woakes, Crane
Fixtures
1st Test Aug 17-21, Edgbaston
2nd Test Aug 25-29, Headingley
3rd Test Sep 7-11, Lord's
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
Common OCD symptoms and how they manifest
Checking: the obsession or thoughts focus on some harm coming from things not being as they should, which usually centre around the theme of safety. For example, the obsession is “the building will burn down”, therefore the compulsion is checking that the oven is switched off.
Contamination: the obsession is focused on the presence of germs, dirt or harmful bacteria and how this will impact the person and/or their loved ones. For example, the obsession is “the floor is dirty; me and my family will get sick and die”, the compulsion is repetitive cleaning.
Orderliness: the obsession is a fear of sitting with uncomfortable feelings, or to prevent harm coming to oneself or others. Objectively there appears to be no logical link between the obsession and compulsion. For example,” I won’t feel right if the jars aren’t lined up” or “harm will come to my family if I don’t line up all the jars”, so the compulsion is therefore lining up the jars.
Intrusive thoughts: the intrusive thought is usually highly distressing and repetitive. Common examples may include thoughts of perpetrating violence towards others, harming others, or questions over one’s character or deeds, usually in conflict with the person’s true values. An example would be: “I think I might hurt my family”, which in turn leads to the compulsion of avoiding social gatherings.
Hoarding: the intrusive thought is the overvaluing of objects or possessions, while the compulsion is stashing or hoarding these items and refusing to let them go. For example, “this newspaper may come in useful one day”, therefore, the compulsion is hoarding newspapers instead of discarding them the next day.
Source: Dr Robert Chandler, clinical psychologist at Lighthouse Arabia
Sholto Byrnes on Myanmar politics
