As Ranjit Sarai – co-founder of STACK – “People need banking, not banks”. Financial services become even more important when times require more financial stability and a certain resilience. While entire countries could go through uncertainty, like the UK, fintech firms are focusing on solving people’s financial troubles and major social issues. Blockchain seems to be the leading technology of our times, even for those who don’t appreciate cryptocurrencies – like Jamie Dimon. In the meantime, fintech firms launch new products to help people build stronger financial positions and analyze data to better understand people’s financial behavior. This and much more in this number of FinTech Weekly: follow us on LinkedIn to stay on top of fintech news and conferences.
Onyx, the blockchain-based platform created and used by JP Morgan, is often in contrast with the affirmations of the CEO of the same company, Jamie Dimon. In fact, while Dimon has often been a detractor of cryptocurrencies, he appreciated blockchain technology and called it “real” during a recent International Finance event – as Coindesk reports. Even if blockchain can be used without cryptocurrencies, they’re the fuel of the technology when it comes to public blockchains – that’s why the affirmation of the CEO might seem quite controversial.
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Michael Anderson, co-founder of Framework Ventures, fully agrees with JP Morgan’s CEO Jamie Dimon. Also in this case, Anderson’s affirmations look controversial – since Framework Ventures is focused on partnering with project owners who want to create decentralized crypto and blockchain projects.
In the meantime, JP Morgan, which already allows for US deposits with the coin created by the company – JPM Coin – will soon allow Euro deposits. Moreover, the company wants to facilitate payments for NFTs.
NFTs are also the next step of a major blockchain company, Ripple. The network – focused on offering crypto solutions for businesses – will soon launch Ripple NFTs, based on the XRP Ledger. The company also announced its fund for NFT artists worth $250 million.
While inflation rises prices, people struggle with debts – also credit card debts. The fintech company Nickels works with financial institutions to reduce debts thanks to the analysis of anonymized data that can lead to improved financial health.
The fintech company Marqeta is launching its banking-as-a-service platform that will allow its partner banking institutions to offer more financial products thanks to several APIs (application programming interfaces).
Also the fintech pioneer Bill Harris wants to focus on people’s financial health. The entrepreneur is launching Nirvana Money, a credit card product that will help people to build a stronger credit position and will include gamified rewards to make the process even more fun.
The popular insurer AXA announced that the company plans to expand and deepen its services in Nigeria thanks to InsurTech. One of the goals of “The Innovation Exchange Programme” is to allow more people to access insurance services.
The tech community in the UK, one of the most exciting environments for fintech development, is worried about the troubled political times witnessed by the country. In fact, the resignation of the Prime Minister, Liz Truss, comes after just 44 days in power. While a part of the community thinks that this will be a good opportunity to reach financial stability, others are worried about uncertainty.
But the fintech space is also concerned about global issues like climate change. This is an issue that in California is made even tougher by the megafires that affect the area. All this often attracts fintech investors who want to focus on the so-called “firetech”. This is also the goal of Convective – whose managing partner is Bill Clerico, founder of WePay – which is investing in companies that build robots that can avoid megafires.