Diving into the worlds of privacy and sustainability, FinTech Weekly unpacks their intersection - data. We've reiterated in our newsletters how fintech firms, from startups to giants, are reshaping financial systems towards inclusivity and sustainability.
Discover how these themes are influencing global economies:
Privacy isn't just about security - it can foster financial inclusivity, as demonstrated by Laso. But its correlation with sustainability and ESG is complex. Data, if absent, can become a dangerous tool.
Right now, Republicans are pushing for bills that obstruct ESG (Environmental, Social, Governance) investing. They believe that companies should not be obligated to share ESG-related data or take into account ESG proposals from shareholders – since they could potentially harm businesses in profitable industries, such as oil.
On the other hand, some regulators – like the SEC – threaten reliable crypto projects and businesses – which allow for data transparency and inclusivity while correctly protecting privacy.
While people, businesses and investors demand attention to privacy and sustainability, regulators and politicians don't always respond to societal needs, except when dealing with huge companies.
In this edition of FinTech Weekly - "No Data, Please!" - we dissect these dynamics. Follow FinTech Weekly to discover top fintech news and events and stay ahead of the competition!
Shopify further enters the fintech space – and the credit card space: the commerce giant announced a new tool, Shopify Credit, that will allow its users to get a credit card designed for their businesses.
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UK regulators are closely watching Sam Altman’s Worldcoin because of privacy concerns, but the foundation replied that the project complies with GDPR and the UK Data Protection Act.
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Cash App is looking for engineers to build data processing systems at scale on top of Cash App’s cloud platform. Their platform needs to be reliable, scalable, extensible, maintainable, and compliant with regulatory requirements.
The SEC has always looked at Bitcoin as something different: the top crypto by market cap, mainly designed to protect privacy in the financial space, is constantly under the watchful eye of the US financial regulator. What’s the last finding of the SEC when it comes to BTC?
The largest centralized crypto exchange, Binance, wants to enter the Japanese market. Operations to fully activate the platform in the region will start in August. It won’t be an easy task – especially after the recent regulatory pressure suffered by the exchange.
Extreme weather events are always more common, and they’re becoming the rule more than the exception. Despite this, Republicans oppose financial transparency when it comes to the disclosure of climate-related financial risks from companies, as well as the freedom and decisional rights of investors. It’s not only a social and moral matter, but also an economic one: climate disasters cost the US economy around $165 billion.
Despite the drop in fintech funding, there are some economies that perform better than others. The UK is one of them: the country ranked second globally in the first half of 2023 for what concerns fintech funding. One of the top investors in the UK fintech space is Lloyds Banking Group.
Dubai, and more precisely the Dubai International Financial Centre (DIFC), is one of those economies that succeed when it comes to fintech and financial innovation. The center experiences an impressive double-digit growth year-on-year, and it’s strengthening its position as a global financial and innovation hub.
Switzerland and Singapore further strengthen their economic ties: the main field is fintech, and sustainable fintech is one of the main topics considered by the two economies.