2022 was a tough year for finance and the global economy. Of course, there are winners and losers, and most of them are extremely popular – showing that the cyclical ups and downs of markets can affect anyone. It was maybe the year that made people change their minds: crypto scandals and dramatic falls, as well as more trust in regulated institutions like banks, affected the fintech and crypto spaces. Will 2023 be an even more challenging year for financial technology? This and much more in this number of FinTech Weekly: discover the latest business trends and the most relevant fintech news and conferences!
According to American Banker, 20% of users abandon opening a new account or a transaction because it was taking too long. Fintech firms address this kind of issue with solutions that focus on user experience. All solutions thought by fintech are for people and businesses, and were able to face all the different regulatory frameworks during the years - especially after 2008. Despite all the challenges and changes, 2023 can be still different for financial technology.
A major challenge that fintech companies may face is the rising interest rate imposed by the Fed. While banks like Goldman Sachs and JP Morgan Chase are able to more easily face these kinds of challenges, since they're more experienced - especially when it comes to regulators, fintech companies might suffer the financial pressure and face further cost cuts over time.
As an annual signature event held in Hong Kong to promote collaboration in the Asia’s financial industry, the Asian Financial Forum (AFF) will return on 11-12 January 2023 at the Hong Kong Convention and Exhibition Centre with a digital extension. Themed “Accelerating Transformation: Impact ∙ Inclusion ∙ Innovation”, the Forum will map out a sustainable growth paradigm to build a resilient economic landscape that achieves positive impact and encourages inclusivity and innovation. Join us to embark on 2023 with knowledge exchange and networking opportunities. Grab your Standard Pass using discount code for readers of FinTech Weekly: P-AMP09D
Dan Dolev, Mizuho Managing Director and fintech analyst, spoke to Yahoo Finance and expressed an interesting opinion about cryptocurrencies, which look like 'a solution for a problem that doesn't exist' according to Dolev.
Fintech Insider asks an interesting question: what's the role of engineers in financial services? And what's their role in a constantly changing market? Engineers have always been the core of fintech companies, but what about their role in the business structure?
Elon Musk is still making headlines for how he manages Twitter. A recent poll showed that most users don't want him to manage the company, and also his decision to ban certain accounts arised polemics. Vitalik Buterin, the co-founder of Ethereum, shared his opinions on some of the decisions of Musk. According to Buterin, such decisions put the social media platform on "the path to authoritarianism" - and Buterin is well known for his preference towards decentralization.
2022 was a tough year for Wall Street, but of course, there are both winners and losers - and you might find losers that you didn't imagine.
Fintech firms and digital-only banks might seem the preference of new users, but as suggested by GlobalData's Financial Services Consumer Survey, people don't want to replace their banks, they just want those banks to offer services as convenient as the ones offered by digital competitors.
Wines and spirits are becoming increasingly popular alternative assets, but not everyone has the financial resources to invest in such assets. The goal of the fintech Vint is to make these expensive assets accessible to everyone thanks to fractional investing.
The Chinese fintech market is transforming how money is managed and fintech is perceived around the world. Moreover, the power of the market of this country seems to put an end to the US domination of the global financial and tech sectors.
Viva Wallet, which operates in over 20 countries in Europe, is going to be partially acquired by JP Morgan Chase. JP Morgan wants to acquire 48.5% of the shares of the fintech firm from its minority shareholders.