Utopia is Real - Issue #470 May 30th, 2024

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The title might sound a bit provocative. Don't get us wrong: what we're sharing with you today is (almost) entirely positive, though it may sound unusual.

This week, FinTech Weekly takes you into the world of Utopia, where the SEC recognizes the financial benefits of cryptocurrencies, governments are gifting AI infrastructure, and companies shift towards smaller AI models.

It's all true. This and much more in this edition of FinTech Weekly: discover top fintech news and events, and stay ahead of the competition!

Top Stories

    The Indian government's proposal to finance up to 50 percent of the cost of establishing artificial intelligence (AI) compute infrastructure has been welcomed by industry players and analysts. They believe this move will reduce graphic processing unit (GPU) usage costs in the country and accelerate AI adoption. Amrish Pipada, Founder and CEO of Mega Networks, an AI server manufacturing company, praised the Ministry of Electronics and Information Technology’s (MeitY’s) initiative, stating it shows a strong commitment to AI technology and incentivizes industry investment in GPU capacity.

    Artificial intelligence (AI) companies have been heavily investing in large language models for generative AI products, but a new trend is emerging: small language models. Major companies like Apple, Microsoft, Meta, and Google are now focusing on developing smaller AI models with fewer parameters but substantial capabilities. This shift is driven by the need to address concerns surrounding the adoption of large language models.

    FinTech World Forum 2024 is based in London UK Europe as one of leading fintech events 2023 for global financial services, finance and banking technology industry. Its focuses on Mobile Payments, Lending, Insurance, Blockchain, Bitcoin, Investment, Money, Crypto, Cryptocurrency, Digital, Innovation, Wallet, Pensions, Funds, Payment, Tech, Financial Services, Technology, Bank, Wealth Management, Insurtech, Regtech and Wealthtech. For more info visit: https://fintechconferences.com/

Podcasts and Videos



    The SEC approved a rule change allowing ETFs to buy and hold ether, one of the world’s largest cryptocurrencies. This decision comes less than six months after the approval of bitcoin ETFs, which have already attracted over $12 billion in net inflows, according to FactSet. Companies like BlackRock, Bitwise, and Galaxy Digital are now launching ether funds. Although the price of ether rose 2%, investors remain cautious as the SEC's approval does not guarantee all funds will launch. The approval signals a potential softening of the SEC’s stance on crypto, following a legal loss to Grayscale in 2023. The Senate recently passed a resolution to withdraw an SEC staff bulletin on digital asset accounting rules.



    Fintech startup MarCoPay is expanding its financial services for Filipino seamen by offering QR-code payments and loans, tailored to meet their unique needs and enhance convenience and security at sea. "As a one-stop financial platform for seafarers in the Philippines, we value them in a way that local financial institutions cannot," said Toshiaki Fujioka, president of MarCoPay, in an interview with Nikkei Asia.


    Boosted by a $4 billion investment from Microsoft announced on May 14, France has emerged as a leading FinTech hub, thanks to public-private partnerships and investment-friendly regulations. Noted economist David Evans highlighted in PYMNTS on April 18 that Europe has produced few leading digital businesses over the past three decades. As of December 2023, only five European digital companies are valued at $10 billion or more: Spotify, Adyen, Revolut, Adevinta, and Checkout.com. These firms represent less than 1% of the total value of top digital businesses, with none based in Germany, France, Spain, or Italy.

    Artificial intelligence is revolutionizing the financial services industry. Banks and fintech firms are increasingly adopting AI technologies to enhance efficiency, personalize services, and detect fraudulent activities. Recent news coverage underscores these trends, providing valuable insights for planning your own AI implementations.