Fintech is an ever-evolving space. Its resilience and flexibility allows it to continue thriving even when challenges become tougher. Regulators are becoming more severe when it comes to financial technology and digital assets, but emerging markets continue their path towards a thriving fintech-based economy. In the meantime, new competitors arise, and some fintech sectors start suffering from this strong competition. Another fact that shocks the fintech world is that Bitcoin is maybe leaving room to different digital assets that seem to gather the trust of people who want to protect their capitals during these times of economic uncertainty. Despite all this, blockchain technology constantly gives people, businesses and governments new ways to improve the global system – and FinTech Weekly added some content, at the end of this fintech newsletter, that will let you discover how businesses can benefit from this technology. This and much more in this number of FinTech Weekly – stay ahead of competition…for free.
Bitcoin Cryptocurrency Regulation
After the decision of the SEC – a decision that wasn’t followed by any explanation – to charge Paxos for producing an “unregistered security”, the stablecoin space didn’t stop to offer people an alternative to protect their funds from inflation. The most surprising fact is that stablecoins are acting as Bitcoin should do.
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Kate Moody and Benjamin Ensor discuss the more relevant fintech news with professionals – the digital bank Vexi case, the financial inequality that hits gig workers, the profitability of Bunq and much more.
All the discussions about cryptocurrencies and regulation were considered also during the G20 meeting. In particular, the US Treasury Secretary Janet Yellen highlighted the importance of the creation of a strong regulatory framework for digital assets.
Columbia became one of the first countries in the world to test legal experiments in the metaverse. Recently, a legal trial was hosted in the metaverse, and the court magistrate said that it was “more real than a video call”.
Banking Business Investments Opinions
BaaS – Banking-as-a-Service – has benefited from the fintech investment boom, but it’s now facing some challenges: not only the increasing competition in the fintech space, but also regulators are constantly challenging the sector.
Banking Cryptocurrency Regulation
Regulators aren’t just acting directly against cryptocurrencies, but they’re also warning banks. If banks want to serve fintech and crypto customers, they need to focus on having a strong knowledge of the customer and the whole industry.
Business Investments Politics Regulation
It’s no mystery that the UK wants to become a leading country in the fintech space. To further favour financial innovation, the UK is launching a new fintech hub: the CFIT – Centre for Finance, Innovation and Technology – will cooperate with professionals, students and regulators.
CRED, the Indian fintech company, is launching a BNPL – Buy Now, Pay Later – service. This will help the company to expand its services and offer more streamlined payment methods to its customers.
ChatGPT, the AI product created by OpenAI and backed by Microsoft, continues to make headlines, but there might be a strong competitor around the corner. According to Securities Times, China is launching its “Ernie Bot”.
The growth of the fintech industry is led also by crypto and blockchain companies. The non-profit organization Mena Fintech Association is partnering with Binance to favour the growth of fintech in the region.
Integrating blockchain technology with your business model needs careful planning, and this is a move that can allow your business to face competition over time.
As businesses of any size can integrate blockchain technology, fintech startups can use DLT to stay ahead of competition, attract more investments, control their finances and better manage their businesses.