Issue 404 · Feb 23, 2023 Weekly edition · 5 min read

Issue #404 - FinTech Deals With Regulators & Layoffs

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Issue #404 - FinTech Deals With Regulators & Layoffs

2023-02-23

Fintech faces tough times, especially because of the activity of regulators and the constant layoffs. Coinbase is an example of a fintech company facing these issues, but also fintechs in India are having problems for what concerns lending products. In the meantime, Jeremy Hunt bets on Revolut, but the fintech firm still needs to solve some issues related to the image of the firm. But not everything is lost: fintech in Africa thrives, as well as in Singapore, and new solutions are found by fintech companies that want to help people to manage their finances. Discover more with FinTech Weekly, the free newsletter to discover top fintech news and events.

Top Events

CDAO Financial Services

via CoriniumGlobal

CDAO Financial Services brings together your data & analytics community from the Financial Services industry for two days of learning, networking, and collaboration. New this year, there will be two specialized tracks for those who work for organizations with assets under management of below $500 million and assets under management $500 million and above. Join data & analytics leaders from TD, Morningstar, Barclays, Citi and more on March 1-2, 2023 in New York City. Free passes (subject to team approval) are available for a limited time.

Fintech World Forum 2023 and Impact Investing Conference 2023

via Fintech World Forum

FinTech World Forum 2023 is based in London UK Europe as one of the leading fintech events 2023 for the 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.

EU-Startups Summit welcomes Fintech Innovators!

via EU-Startups.com

Fintech startups and Innovators: Are you ready for two days of networking, inspiration and learning? Join 2,200 of Europe's most pormising founders, startup enthusiasts and investors at this year's EU-Startups Summit on April 20-21 in Barcelona. The event is a great opportunity for networking, with a dedicated networking app, and a meeting point for aspiring entrepreneurs and investors who are aiming to build international tech companies. We’ll have fireside chats with internationally successful founders, insightful keynotes, and an exciting pitch competition on our main stage with some of Europe’s most promising startup teams – selected from over 1,500 applicants! As Fintech Weekly reader you'll get 20% off with the promo code FTW20 (valid until the end of February). Make sure to secure your ticket soon!

Podcasts and Videos

News: Is Buy Now Pay Later regulation finally happening?

via Fintech Insider

Benjamin Ensor and Amy Gavin are joined by fintech experts and professionals to discuss the latest fintech news - especially the decision of Britain to regulate BNPL (Buy Now, Pay Later).

Crypto

BingChatGPT ‘pump and dump’ tokens emerging by the dozen: PeckShield

via Cointelegraph

PeckShield, the blockchain security firm, has raised an alarm related to ChatGPT. The firm found out that there are several crypto tokens linked to artificial intelligence (AI), and ChatGPT in particular. These tokens are usually parts of fraudulent schemes.

Coinbase is cutting people it hired from JPMorgan

via eFinancialCareers

Coinbase is another fintech company that has to deal with layoffs. But the new rounds of layoffs announced by the fintech see involved many professionals who worked for JP Morgan before moving to Coinbase.

‘Regulators let the bad guys get big’ — former Kraken CEO speaks out after SEC settlement

via Cointelegraph

After the issues that the popular centralized crypto exchange Kraken had with regulators - issues that resulted in a fine worth $30 million - the co-founder of the company shared some opinions. According to Jesse Powell, regulators hit the good guys to suit their agenda and avoid the real bad guys, but this could destroy the market.

Banking

Banks, NBFCs stop lending to apps under loan default guarantee model

via The Indian Express

Banks and similar financial companies in India have almost stopped their relationships with fintech for what concerns lending products and services - to avoid all the issues that companies that are not fully regulated can cause.

Innovation

A New Way to 401k: Fintech Company Arnie Launches to Disrupt Retirement Savings

via Yahoo!

In the meantime, fintech companies continue focusing on people's needs, and Arnie is an example of this philosophy - its goal is the improvement of the retirement industry.

Fintech

NBA and Ant Group launch a strategic partnership in China

via CNBC

The NBA and the Chinese fintech company Ant Group, entered a partnership that will allow the two to cooperate to create video content, digital collectibles and membership programs.

Revolut: can the chancellor’s fintech favourite fix its image problem?

via The Guardian

After Jeremy Hunt praised Revolut as a top fintech, which should be part of his vision of the UK as the "next Silicon Valley", questions arise about the problems currently faced by the UK fintech.

African Fintech Startups Raised $1.45 Billion in 2022 — Sector's Share of the Continent's Total Funding Drops

via Bitcoin.com

Despite the drop in funding witnessed in the last few years, the fintech sector in Africa is thriving. The continent managed to gather almost $1.5 billion in 2022, and Nigeria is the best-funded country.

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