Issue #380 - The Contradictions Of A Phygital World2022-09-08Phygital and physital represent a fusion of “physical” and “digital”. These words are today used to indicate all those experiences, businesses, and projects, that manage to merge two different worlds. Even if they might sound weird now, they force us to think about the new concepts brought by technology, and what they mean for our economies and businesses. Many times, we at FinTech Weekly analyzed the many contradictions of the fintech sectors. And also this time we’d like to do that – but under a different perspective. In this number you’ll discover that the fintech space is not equally profitable for all the companies involved: some of them are suffering the hard economic times, some receive fewer investments and find it hard to acquire new clients, and some need to lay off part of their workforce. But in the same industry, and at the same time, new projects are launched, new investments help companies expand and better focus on social issues, and major events in blockchain-based networks are about to happen. It looks like crises create uncertainty, but they’re also the common ground for revolutions and innovations: if we witnessed the creation of cryptocurrencies after 2008, we may tomorrow create businesses that allow physical and digital features to perfectly coexist – while keeping an eye on major social and economic issues thanks to the positive influence of financial technology. This and much more in this number of FinTech Weekly, the free newsletter for all those who want to know about fintech news and conferences. |
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Podcasts and Videos
 | Cost of living crisis hits insurtech startups as deals dry upInsurtech is in trouble. Fewer investments flowing in, and more employees flowing out: according to Ben Carey-Evans, an analyst at GlobalData, the reason should be researched in the cost of living, which prevents people from signing insurance policies. |
Crypto
 | Ethereum gone wrong? Here are 3 signs to keep an eye on during the MergeAmidst investors’ uncertainty and slow markets, the most important upgrade in the history of the network that controls the second cryptocurrency by market capitalization is approaching: the Ethereum Merge will be a significant event, but considering how many developers and protocols use Ethereum investors should keep an eye on vital aspects of the network to make sure that the Merge will occur without dramatic issues. |
 | Crypto Exchange Binance Hires Former Brazilian Central Bank President as AdviserThe crypto market decline seems to be a good occasion for big moves from big players. One of these moves could be the decision of Binance, the larger centralized crypto exchange by trading volume, to hire Henrique Meirelles as a member of the advisory board of the company. Meirelles has been the president of the Brazilian Central Bank and the Economy Minister of the country. |
Banking
 | Nigerian digital bank Kuda is the latest African startup to lay off employeesIn the meantime, another African fintech company had to lay off part of its workforce. The company is Kuda, the digital bank based both in Nigeria and the UK, which confirmed the layoff via email after the news was disclosed by TechCrunch. |
 | Return-to-office policies are becoming another weapon in the talent warsThe crisis might also affect the strategies used by competitors to acquire a skilled workforce. In particular, banks and fintech companies are adopting different approaches toward hybrid work: while major financial institutions like Goldman Sachs and Morgan Stanley are planning return-to-office policies, fintech companies are more flexible. But since the current downturn is negatively affecting many fintech companies, skilled workers may opt for stability instead of flexibility. |
Innovation
 | DT One Announces New Leadership Hires to Drive Global Expansion and Market Adoption of Micropayments and Prepaid SolutionsThe Singapore-based fintech company DT One renews its top management positions to go ahead with its plans to expand across different sectors of the digital financial space. In this case, a slow market represents an occasion for innovation and expansion. |
 | Solid banks $63M for easier deployment of embedded fintech productsA fintech company that doesn’t suffer the effects of fewer investments is Solid: the fintech company, which offers fintech-as-a-service products to help other companies launch their own financial products, has just raised $63 million in its latest Series B funding round. These new investments will help the fintech to enter other sectors like logistics and healthcare. |
Fintech
 | UAE Fintech Optasia Steps Up Global Expansion to Target UnbankedThe UAE fintech company Optasia plans to expand across Africa, Latin America, and Southeast Asia. The company, backed by major investors, focuses on credit-related financial products and targets unbanked people – over 1 billion adults around the world. |
 | Fintech startup Flutterwave obtains payments processing license in NigeriaTo prove once again the strength of the African fintech environment, and the possible cooperation between companies and institutions, the fintech company Flutterwave has obtained a Switching and Processing License by the Central Bank in Nigeria. This license will allow the company, which might also plan an IPO in the US and Nigeria, to offer financial products without intermediaries. |