AI & Banking Collapse - Issue #408 March 23rd, 2023

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We launched our FinTech Weekly Weekend Newsletter – FTW Weekend – covering this topic, the possible effects of the troubles faced by the banking system in the last weeks. The collapse of several US-based banks has its roots in the pandemic and is one of the direct consequences of the rising inflation and the consequent actions of regulators. The collapse might spread across the globe, but there are some industries and sectors that show resilience. To be even more precise, fintech can’t stop finding new solutions, but at the same time, it is one of the most affected industries by the current economic and financial situation. Artificial intelligence can be of great help. It’s not only one of the fastest growing technologies, but also something that already affects our lives and companies all over the world. The collapse might also hit this sector, but it is undeniable that it can still be a top player in reshaping the future of many industries – and even of whole regions.

This and much more in this number of FinTech Weekly: subscribe to our FinTech Weekly and FTW Weekend newsletter to stay ahead of competition, discover fintech companies, news and events, and discover the opinions of fintech professionals on the most relevant fintech news.

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    One of the most discussed bank collapses of the past weeks is the collapse of the Silicon Valley Bank – the 16th bank in the US. Despite many experts rejecting the idea of a global domino effect, the consequences of the troubles of the banking system are spreading – especially when it comes to industries that are not as strictly regulated as banks. Fintech in general – and cryptos in particular – make headlines, and one of the most interesting news of the past days is that also Australia started asking financial institutions to report any exposure to crypto businesses.

    In the meantime, and as we mentioned in our Weekend Newsletter, the importance of CBDCs might increase over time. Central Bank Digital Currencies can represent a good compromise between control and a necessary bridge between traditional and digital economies. The Biden administration is evaluating the possibility of introducing CBDCs, but not all US politicians agree. Recently, Florida Gov. Ron DeSantis proposed a law to prohibit the use of Central Bank Digital Currencies within the state.




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