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Core Viewpoint - AlphaTON Capital is launching a global World Tour to introduce its mission of bridging institutional finance with the TON ecosystem, aiming to provide Web3 access to over 1 billion users on Telegram [3][5]. Group 1: Event Details - The Investor Breakfast Meeting will take place at the Nasdaq MarketSite in New York City on November 3, 2025, featuring presentations from key executives [1][4]. - The agenda includes opening remarks by CEO Brittany Kaiser, a market update from CIO Enzo Villani, and a keynote by Michael Terpin on capital innovation and digital finance trends [4]. Group 2: Company Overview - AlphaTON Capital is a specialized digital asset treasury company focused on managing a strategic reserve of TON tokens and developing the Telegram ecosystem [5][7]. - The company employs a comprehensive treasury strategy that includes direct token acquisition, validator operations, and strategic ecosystem investments to generate sustainable returns for shareholders [5][7]. Group 3: Financial Strategy - AlphaTON has raised $71 million to accelerate its global strategy, focusing on mergers and acquisitions (M&A) and ecosystem investments [6]. - The company is expanding into gaming, decentralized finance (DeFi), and Web3 accessibility [6]. Group 4: Leadership and Operations - The company is led by Brittany Kaiser and Enzo Villani, with activities spanning network validation, staking operations, and the development of Telegram-based applications [7]. - AlphaTON Capital is incorporated in the British Virgin Islands and trades on Nasdaq under the ticker symbol ATON [7].

Industry Recognition & Transformation - The IMF acknowledges digital money as a new financial reality, signaling the end of denial from establishment institutions [1][2] - The shift is architectural, diffusing the power to issue and control money from institutions to open systems [3] - Traditional finance's edge (regulation, custody, distribution) is eroding as users can hold sovereign digital cash directly [7] - Networks like Ethereum, Solana, Avalanche, and Bitcoin are emerging as new jurisdictions of trust, not just currencies [9] Central Bank Digital Currencies (CBDCs) & Control - Central bank digital currencies (CBDCs) will increase traceability and expand inclusion but also introduce new forms of control via programmable money [4] - The next economic divide will be between societies with open digital systems and those with centralized databases with surveillance [6] - Central banks will issue digital currencies to preserve control, while private institutions will tokenize assets to preserve relevance [14] Open Systems & Innovation - Open systems optimize for freedom and will likely win due to their compounding effect, attracting talent, energy, and trust [15][25] - The new financial order will reward interoperability over control, allowing money to flow freely like information [16] - Governments need to learn from the internet's evolution, creating flexible, innovation-friendly frameworks to become economic hubs [20] Meme Coins & Cultural Impact - Meme coins demonstrate how money can form bottom-up through culture and community, decoupling belief from authority [11] - In digital markets, fundamentals follow networks; memes come first, and infrastructure catches up [12] - Meme coins turn communities into monetary networks, expressing collective value at internet speed [13]

DeFi Strategy & Ecosystem Expansion - Kraken is venturing into on-chain finance, aiming to connect DeFi directly to its ecosystem [1] - Tydro is the initial step in expanding liquidity and establishing a base for builders within Kraken's DeFi strategy [1] - Kraken has partnered with Inkfndhq and Aave to integrate a leading protocol into Ink [1] - Experimentation with DeFi building blocks and Ink is underway, with Aave as a foundational element for a DeFi ecosystem [2] Open Finance Vision - Kraken is progressing towards a future of Open Finance [1] - Integrating Tydro with Aave and Kraken's CEX is the first phase in bringing on-chain finance to Kraken's customers [1]

Open Finance & Innovation - Openness fuels iteration and progress, benefiting consumers through faster innovation and cheaper products [2][3] - Closed access slows innovation, allowing large players to control APIs and pricing, shifting from value creation to rent collection [4] - Open banking promises portable user data and permissioned access, contrasting with platforms that capture distribution and control [5][6] Regulatory & Policy Implications - The Consumer Financial Protection Bureau (CFPB) is rewriting rules for financial data access, determining whether open banking becomes a foundation for innovation or a closed system [3] - Section 1033 of Dodd-Frank should empower individuals with control over their financial data, not restrict it [7] - The industry emphasizes the importance of submitting public comments to the CFPB by October 21 to advocate for open systems [7][8] Crypto & Blockchain Perspective - Crypto, specifically public blockchains, exemplifies permissionless innovation through open ledgers [6] - Public blockchains operate at the speed of code, enabling anyone to build without permission [6] Strategic Imperative - The industry believes that failing to embrace open systems will result in being left behind [8]

Core Insights - Inverite Insights Inc. has announced the appointment of its CEO, Karim Nanji, to the Board of Directors of the Financial Data and Technology Association (FDATA) [1][2][3] - FDATA is focused on promoting customer-permitted access to financial data and fostering innovation in financial services while protecting consumer interests [2][5] - Mr. Nanji's expertise in serving underbanked and credit-challenged consumers will enhance FDATA's advocacy efforts on open banking and consumer data rights [2][4] Company Overview - Inverite Insights Inc. is an AI-driven software provider based in Vancouver, specializing in real-time financial data [5] - The company has a database of over 30 billion financial data points from more than seven million unique Canadian consumer requests [5] - Inverite's solutions focus on data enrichment, identity verification, risk management, and compliance [5] Industry Context - FDATA represents over 30 financial technology companies and consumer-permissioned data access platforms [5] - The association collaborates with policymakers and regulators to advance open finance frameworks that empower consumers and small businesses [5]

Core Insights - Fiserv, Inc. (FI) has established a strong position in the fintech market, processing over 25,000 transactions per second and serving nearly 10,000 financial institution clients, with the fintech market projected to grow at a CAGR of 16.2% from 2025 to 2032 [1][8]. Competitive Landscape - Disruptors like Shift4 Payments and Adyen are challenging Fiserv's market share with their streamlined merchant solutions and integrated platforms, necessitating Fiserv to enhance its strategies in merchant acquisition and digital banking [2][8]. - Fiserv's AppMarket initiative promotes open finance, allowing collaboration with fintechs to mitigate competitive threats and enhance service offerings [3]. Financial Performance - Clover revenues increased by 30% year-over-year in Q2 2025, contributing to an 8% growth in Fiserv's overall revenue, with value-added services (VAS) penetration rising to 24% from 20% year-over-year [4][8]. - The company anticipates a 13.1% year-over-year revenue increase for the quarter ending in September [4]. Market Position and Valuation - Fiserv's diversified service portfolio provides a competitive edge, but the company must modernize its core offerings to maintain growth in a rapidly evolving fintech landscape [5]. - The stock has declined by 33% year-to-date, contrasting with the industry's 4.6% growth and the S&P 500's 10.1% rise [6]. - Fiserv trades at a forward price-to-earnings ratio of 12.21X, significantly lower than the industry's 22.19X [10].

Industry Focus - Solana aims to promote permissionless and open finance at high speed [1]

Industry Concerns Regarding Data Access Fees - The financial industry expresses concern that charging high fees for consumer financial data access is technically backwards, economically short-sighted, and strategically dangerous, potentially breaking the infrastructure being built [2] - The industry believes this issue extends beyond fintech, impacting control over the future of programmable money, open finance, and digital ownership, and influencing where the next generation of innovation is built [3] - The industry views the attempt by some banks to turn APIs into toll roads as a privatization of what was intended to be a public good, hindering innovation by making access expensive [4] - The industry highlights that JPMorgan is charging some fintechs millions of dollars for data access that customers have authorized, which is seen as creating a moat rather than improving security [5] Legal and Ethical Considerations - The industry emphasizes that the right to access one's own financial data should not be for sale, citing Section 1033 of the Dodd Frank Act, which grants consumers the right to access and share their financial data [6] - The industry argues that data ownership without access is not true ownership, and restricting access slows down the sector without requiring new laws [7] Impact on Innovation and Competition - The industry warns that restricting or pricing access in a way that favors larger players kills optionality and forces developers to find workarounds, potentially breaking the system [9] - The industry notes that some fintechs are considering reverting to screen scraping, passing costs to consumers, or shutting down entirely due to these fees [9] Global Competitive Landscape - The industry cautions that the United States risks falling behind as Europe expands its PSD3 framework, the UK rolls out Open Banking Plus, and Brazil, India, and Singapore build real-time interoperable financial rails that treat access as a utility [10] - The industry stresses that if the US wants to lead in areas like programmable money, real-world assets, stablecoins, and self-custodial finance, it must defend the principle that consumer data access should be easy, safe, and free [11]

Financial Data and Key Metrics Changes - In Q2 2025, the company reported revenues of $3.7 billion, representing an 85% annualized growth rate since 2021 [5] - Gross profit reached $1.5 billion, up 78% annually, with an efficiency ratio improved to 28.3% [5][25] - Quarterly net income almost tripled in the past two years to $637 million, reflecting a 42% year-over-year increase on an FX neutral basis [5][29] Business Line Data and Key Metrics Changes - The active unsecured loans customer base expanded by 56% year over year, while the secured customer base more than doubled [7] - Credit card customers in Mexico rose by 52% and 34% in Colombia, indicating rapid scaling in less mature markets [8] - Total credit portfolio balances reached $27.3 billion, up 40% year over year, with secured lending growing by 200% [15] Market Data and Key Metrics Changes - The customer base expanded to nearly 123 million, with over 4.1 million net additions, maintaining an activity rate above 83% [4] - In Mexico, the company surpassed 12 million customers, serving approximately 13% of the adult population [4] - In Colombia, nearly 10% of the population is now using the company's services [4] Company Strategy and Development Direction - The company aims to strengthen its position as a leading digital bank in Latin America and expand its product offerings through a deliberate cross-sell strategy [6] - Recent management additions are expected to enhance execution capabilities and support long-term growth strategies [9][10] - The focus remains on sustainable growth and profitability, with ongoing investments in customer engagement and product development [27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to scale efficiently while maintaining strong earnings [5] - The company is prepared for potential economic challenges, with a robust credit buffer to withstand unfavorable cycles [61] - Future growth is anticipated in Mexico, with a focus on disciplined execution and long-term value creation [32] Other Important Information - The company has implemented a major upgrade to its credit models, which will significantly increase credit card limits in Brazil [23] - The efficiency ratio rose slightly due to RSU expenses and higher marketing investments, but long-term efficiency improvements are expected [27][28] Q&A Session All Questions and Answers Question: Significance of recent management changes and international expansion - Management changes are strategic for strengthening market position and preparing for internationalization, with a focus on building a world-class team [36][39] Question: Loan origination dynamics and expectations - Loan origination growth is expected to continue, with strong performance in unsecured lending and improvements in credit underwriting models [48][49] Question: Asset quality concerns and seasonal impacts - The increase in NPL formation is largely seasonal, with asset quality metrics performing as expected despite macroeconomic concerns [60] Question: Credit card balance mix and future expectations - The mix of interest-earning installments is expected to remain stable, with potential for slight variations based on new financing products [64] Question: Deposit growth strategy and customer reactions - Deposit growth in Brazil is attributed to increased customer engagement, while in Mexico, recent changes in deposit design are expected to maintain stability [67][72] Question: Private payroll product strategy and market entry - The company is cautiously optimistic about the private payroll product, awaiting improved collateral quality before scaling up [94][96] Question: Balancing loan and deposit growth - The company is comfortable with continued deposit growth to enhance client engagement, even if it poses a short-term headwind to earnings [101]