Fintech Insider Podcast by 11:FS
00:47:19 · Kate Moody
[00:47:19] S0: and, well done. Well, kudos to Revolut, and yeah, just sounds like a general, general loving for New Zealand, full stop. So, we'll we'll keep our eyes peeled, you know, how what they actually do bring to market. But, yeah, to Wincie's point as well, like, how they keep on top of all of the stuff that happens behind the scenes to not just win the license but but keep the license as well. On that note, we're just gonna take a quick pause here. We're back shortly. Okay. Now for a quick look at a story that we don't have time to cover in full. This one's taken from FS Tech, and that is HSBC to establish Hong Kong AI Institute. HSBC has announced plans to establish a new global AI and emerging technology institute in Hong Kong as it looks to accelerate the adoption of emerging technologies across the bank. Set to open in early twenty twenty seven, the institute will focus on areas including AI powered fraud prevention, engineering efficiency, employee upskilling, and AI safety alongside technologies such as blockchain and post quantum cryptography. HSBC is partnering with the Hong Kong University of Science and Technology on the initiative bringing academic research and industry expertise together. This will be the bank's second dedicated AI hub following the launch of its global AI center of excellence in Singapore earlier this year. The announcement comes as HSBC continues to expand its AI strategy, having appointed its first chief AI officer in March, whilst also acknowledging that greater adoption of AI could lead to job losses. Obviously, like an intro, just by chance, this story obviously overlaps with quite a few of the other things we've touched on the show already, know, Wincie already alluded to some of the amazing developments we're seeing in AI in China. I think probably not a coincidence that they've moved Hong Kong, obviously in their statement they did cite, you know, the strong connections across the Chinese Mainland as one of the key drivers for locating this second institute here. We've also touched on the need for global banks and maybe HSBC maybe changing its interpretation of what it means to be to be a global bank. So, yeah, really interesting to see them taking this initiative, obviously getting ahead and staying ahead in this space, in the AI space is absolutely the name of the game as we look ahead to 2027.
00:49:28 · Kate Moody
So, yeah, watch this one to see if HSBC's investments actually pay off in terms of, you know, AI use cases they can deploy across the bank, but also more importantly from where I'm sat, know, directly to customers as well. Okay. Onto our and finally story. So wherever you're selling your old clothes on Vinted, walking the neighbor's dog, or running a secret empty empire, there's some good news for Britain's side hustlers. Although if you're doing the same thing in Belgium, you might want to check your paperwork. This story comes from The Guardian and that set out that UK side hustle tax free allowance is set to rise to £3,000 next year. The UK government has announced plans to increase the tax free trading allowance from £1,000 to £3,000 from April 2027, giving a boost to people earning extra income through side hustles. The change announced in the budget could benefit up to 1,400,000 people, including those making money from activities such as tutoring, dog walking, and selling products online. Around 400,000 people are expected to see their tax bills fall, saving an average of £380, while approximately 100,000 will no longer need to report their trading income to HMRC. According to HMRC figures, 2,600,000 people earned money selling goods through platforms including eBay, Vinted, and Etsy last year compared with just 450,000 in 2024. But while The UK is making life easier for side hustlers, Belgium is taking a different approach. Belgian authorities have issued 98 fines this year to people earning undeclared income through platforms such as Instagram and Vinted without registering as self employed. James, coming to you first on this one. Are you a are you a side hustler? Is this good news for you?
00:51:03 · James A. Brown
[00:51:03] S5: Interesting, I was thinking about this actually earlier on, Not so much now, I must admit, as I have been historically. But I do have a garage full of items that have yet to be posted on to Vinted, I have to say. But we had friends actually up at the weekend and he shared with me actually a couple of websites that he purchases from and it sort of got me thinking that there's items on there like, you know, shoe, I mean, all sorts of different things that you are able to pick up at the fraction of what you would potentially expect to pay in the high street shop. So I think if I look at it with my current role, lens on, and the members that we deal with, I think this is a fabulous initiative to give people the opportunity to actually get more money back into the pocket where, you know, cost of living crisis, energy pricing, etcetera, etcetera. And I know there was some stuff in the budget that will help with that, but I think you'll start to see more and more people actually having these little sort of side hustles in order to sort of create that extra income that allows them to do the things that they want to do. And you know, without getting too dramatic about it, for some families actually just, know, as simple as actually putting food on the table or actually allowing their kids to sort of, you know, go to school, wear a pair of shoes. And the reason why I referenced that, you know, back to New Zealand, a lot of kids used to go to school with no shoes and nothing in the lunchbox. So I think it's a good move from the government. And I think, yeah, you'll start to be down in the pub speaking to people and overhearing conversations and they'll be like, oh, that sounds interesting, I'm gonna go and have a look at that. Because there's money everywhere, it's just about how you, I suppose, focus your time to actually execute on it.
00:52:45 · Kate Moody
[00:52:45] S0: Oh gosh, I'm feeling like a bit of a Grinch now because like when I think about side hustles, I just feel like, oh, it's another thing that I need to feel guilty about for like not doing, not getting done. I don't know. It feels like it feels like if you don't have, maybe this is this me being too OTT? I don't know, Wincie, like, feel I feel guilty for not having a side hustle is maybe I'm maybe I'm being too sensitive. So I'm actually moving
00:53:05 · Wincie Wong
[00:53:05] S4: to New York in December and I am doing a massive clear, I would say, in the house. And if it wasn't for Vinted, I don't know what I would do. I think for me, what I've found or what I've discovered is, the connections and the stories. I think it's more than just selling it to make a couple of quid back. It is about not throwing it in a landfill and actually offering it at prices so that people who wouldn't normally be able to purchase those types of clothes would be able to access them. And I think that it's been wonderful. I've gotten so many messages. For example, I have a lot of old maternity clothes that I've got rid of, and I had some people reach out to me to say that, you know, I have this baby, but I have no maternity clothes. I need nursing outfits, I can't afford it, you know, with the cost of everything, much as James has alluded to. And it's been wonderful to just have these interactions. I've also seen a lot of examples and a lot of stories where Gen Z, Gen Alpha are young people who aren't able to find gainful appointment, have taken it upon themselves to become entrepreneurs in this way. And it's amazing when platforms like Vinted or Etsy or others allow people to start businesses a lot more easily because it is a full time job. I mean, it takes the whole family. My husband's the one who drops the parcels off in the evening or or I have to go or whatever it is. And and it does take a lot of time and effort. Raising it to 3,000, I think, makes more sense because it doesn't take long to get up to a thousand pounds, I think. I think up to 3,000 pounds is still valuable for a casual, I would say, seller, someone who just has a bit of stuff around the house and wants to get rid of. I am big on side hustles. I've always had side hustles, I think, in my entire life. As I alluded to, I'm currently an interim COO of a restaurant called Darjeeling Express in Soho in London. So if anyone wants incredible, home cooked, Indian food, please do come by. It is the only Indian restaurant run by a bunch of aunties. So it's all female, and they... Because, you know, strongly believe that the best food to get was cooked by welders and aunties rather than necessarily trained chefs. No shade to train chefs, by the way. It's just the ethos of the restaurant.
00:55:31 · Kate Moody, Clive Summerfield
[00:55:31] S0: Yeah. We need to record the next episode from your restaurant by the sounds of it. Coming towards the end of the show, suppose. So just to close off on one thing, if we all had to start a side hustle tomorrow, what's it gonna be, Clive? What's your new side hustle gonna be? [00:55:49] S3: Oh, well, FARx was a side hustle, remember? I mean, I'm of an age where I was drawing my pension and I needed something to do. So I started FARx and look where I am now. So it's one of those things that side hustles that convert into big businesses. That's what you're trying to do with this. I mean, the name of the game is to make jobs, to employ lots of people. And, you know, I think that it's very shortsighted of the Belgian government to stifle any entrepreneur entrepreneurial spirit and entrepreneurial side hustling because you never know where side hustling takes you in, you know? [00:56:35] S0: Yeah. Fair enough. Yeah. Wincie's already told us about her side she's side hustle queen, so we'll skip we'll skip Wincie. JB, final final shout out to you, what's your side hustle gonna be?