This edition of FinTech Weekly presents a compelling overview of the fintech sector's rapid adaptation and expansion amidst global financial changes. From the U.S. Treasury's groundbreaking proposal to regulate the international cryptocurrency market to Itau Unibanco's bold entry into crypto trading in Brazil, the narrative of financial innovation unfolds. We spotlight Singapore Airlines' Kris+ leveraging Airwallex for Australian expansion, illustrating fintech's role in enhancing lifestyle rewards. Dublin's NomuPay's strategic acquisition of Total Processing showcases a commitment to simplify global payment processes. Additionally, the rise of fintech unicorns underscores the sector's explosive growth and user-centric approach. SSV Capital's innovative ventures into fintech and proptech, including the noteworthy SmartPay launch, further signal the industry's dynamic evolution. Each story collectively paints a picture of an industry at the forefront of technological adoption, reshaping how we interact with financial services on a global scale. This and much more in this number of FinTech Weekly: discover top fintech news and events and stay ahead of the competition!
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SoFi Technologies announces its departure from the cryptocurrency business, directing its customers to migrate to Blockchain.com. The San Francisco-based fintech firm will cease its crypto services by December 19, reflecting a broader industry trend of challenges and regulatory pressures. This move comes amid a tumultuous period for the crypto industry, marked by high-profile collapses and legal settlements. SoFi's strategy shift highlights the evolving landscape of cryptocurrency and the ongoing regulatory debates shaping the sector.
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The 17th Asian Financial Forum returns in Hong Kong on 24 to 25, January 2024 to bring together global business communities, corporate leaders, policymakers and regulators for discussions and exchange of insights on the global economy from an Asian perspective. Early bird discounts are available until 30 November 2023 with the code S-AM14-ML (Standard Pass) | F- AM14-ML (Full Pass). Visit the official AFF website for more information and registration details: https://www.asianfinancialforum.com.
WithSecure, a Finnish cybersecurity pioneer, is making significant strides in cloud security, with a strong presence in Europe, North America, and Asia-Pacific. Vice President Jussi Wäre highlights their growth and specialization in cybersecurity, notably enhancing cloud protection for Salesforce. WithSecure leverages AI and a robust reseller network to address rising cybercrime and evolving regulations, particularly in finance, government, and health sectors. Their comprehensive approach sets them apart as leaders in the ever-evolving cybersecurity landscape.
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The U.S. Treasury, under Deputy Secretary Wally Adeyemo, unveiled a groundbreaking proposal to extend U.S. jurisdiction over the global cryptocurrency market, addressing concerns at a D.C. blockchain summit. The plan focuses on regulating stablecoins and combating illicit finance, with Adeyemo emphasizing the need for accountability and robust procedures against misuse by criminals. This move follows recent legal actions, including a $1 billion settlement with Binance, and signals a firm stance against those ignoring legal obligations in the crypto industry.
Brazil's largest lender, Itau Unibanco, makes a significant entry into the cryptocurrency market, launching Bitcoin and Ether trading on its investment platform. Positioned to stand out with custodian services, Itau's move comes amidst the departure of local firms like XP and PicPay from the crypto space, citing regulatory challenges. Itau's venture reflects a growing trend among Brazilian and global financial players in embracing digital currencies.
Despite stock market fluctuations, the fintech sector has experienced explosive growth, with the number of fintech unicorns reaching 272, cumulatively valued at nearly $1 trillion. This surge is attributed to their broad accessibility and the seamless user experience they offer, contrasting with traditional banking services. The appeal of fintechs lies in their innovative approach to financial services, drawing clients who value convenience and efficiency.
Ankur Ghosh, CEO of SSV Capital, outlines the company's significant progress, including the London Stock Exchange listing and the upcoming soft launch of SmartPay at the House of Commons. Highlighting SSV's expansion into global proptech and the creation of a £50 million fund in Luxembourg, Ghosh emphasizes the firm's commitment to open banking and innovative solutions. The fund, leveraging Luxembourg's investment-friendly environment, aims to integrate cross-border payments with SmartPay, merging fintech and proptech initiatives.
Kris+ by Singapore Airlines collaborates with global fintech Airwallex to expand its lifestyle reward app for KrisFlyer members in Australia. Leveraging Airwallex's payment solutions, Kris+ aims to enrich its app, offering seamless transactions and rewards for users in dining, retail, and entertainment. The partnership underscores Airwallex's commitment to supporting local and international businesses in Australia, with Kris+ poised to capitalize on the increasing travel and consumer activities in Melbourne and Sydney.
Dublin-based fintech NomuPay acquires UK's Total Processing for an estimated $35 million, bolstering its payment services across continents. Funded by a recent $53.6m raise, NomuPay's move, post acquiring Wirecard assets, aims at penetrating markets in the Middle East, Southeast Asia, Europe, and Turkey. Total Processing, known for handling complex payment processes with over 198 methods, complements NomuPay's mission to simplify global payment networks and enhance customer-focused solutions in the payments industry.