Our newsletter opens with the regulatory issues that constantly hit fintech companies – especially after the collapse of FTX. The effects of the fall of the exchange still affect companies and, of course, its debtors. But today, we would like to focus on AI. It’s no secret that artificial intelligence is already changing how businesses work and develop, but not everyone agrees on the topic: while some consider AI as a competitor of humans, others consider AI as a great supporter. Binance and Tesla are only some of the companies that are introducing AI-products – and even workforce. This debate is even more important if we consider that fintech layoffs don’t stop. This and much more on FinTech Weekly, the free fintech newsletter to stay ahead of competition and discover the latest fintech news and events.
AI is being used by companies across several industries and for countless reasons. Also fintech companies can benefit from artificial intelligence: from cybersecurity to reduced costs, fintech companies can implement AI to reach their goals.
On Monday, Karine Jean-Pierre, the White House press secretary, said that the Biden administration is comparing the situations of the different crypto companies, including the issues faced by Silvergate. She said this after the recent happenings, when banking regulators revealed how banks can protect themselves from risks associated with crypto. The problems regarding Silvergate are caused by the suspension of its exchange and the delay in filing annual reports.
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Benjamin Henson, host of the Fintech Insider podcast, invited Lena Hackeloer, Mary Agbesanwa and Ruth Foxe Blader to his recent podcast episode to discuss last week’s news from financial services, fintech and banks – including JP Morgan restricting his staff from using the popular AI bot ChatGPT.
John Ray III, new CEO of FTX who is also leading the FTX debtors, spoke during a House Financial Services Committee, accusing Grayscale. The sister company of FTX, Alameda Research, sued Grayscale Investments for prohibiting shareholders of its Bitcoin and Ethereum Trusts from redeeming their shares.
The fintech firm Griffin is now transitioning from fintech startup to bank. The London-based fintech is officially on the Financial Conduct Authority (FCA) registry. This means it can act as a bank, but with some limits. Griffin will begin working with a few customers that will have early access to BaaS products and will prepare for general availability.
Fintech layoffs don’t stop. Banking technology company Amount cut off 25% of its workers, about 130 people. These cuts are the second round of layoffs in less than one year.
Binance, the largest cryptocurrency exchange, launched a new product on Wednesday called Bicasso. This new product will use AI to turn users’ creations into NFTs. The beta version is limited to 10,000 mints.
In a recent interview, Satya Mallick, CEO at OpenCV, said he believes that the development of generative AI is a significant innovation. This innovation brings the issue of copyright infringement in AI art, but at the same time, we should consider artificial intelligence as a collaborator that can allow humans to be more productive – and not as a competitor.
Tesla CEO, Elon Musk, announced the company's latest development in AI powered robots. Musk said that Optimus – the company’s robot – may outnumber humans in the future. He also said Tesla is making significant progress in developing these powered robots and that they are designed to cover numerous tasks. Is this going to create problems in the tech industry?