US consumers seem to confirm bearish sentiment. But fintech has solutions – for people and businesses.March 30, 2023Regulators still hit the fintech and crypto space, investors confirm that they’re still nervous for what concerns the current banking crisis, consumers show pessimism. All these elements, along with data and the opinions of experts, intensify the risk of a recession in the second half of 2023. Fintech companies, in the meantime, find solutions to make it easier for people and businesses to get access to financial products and protect their funds. This and much more in this number of FinTech Weekly: discover fintech trends, news, conferences and reliable opinions. |
SVB Fallout: FinTech to the RescueAs we anticipated in our FTW Weekend newsletter, it seems that fintech companies are the solution to the current crisis. The co-CEO and co-founder of the fintech company Brex discusses how his company is helping the businesses damaged by the Silicon Valley Bank – SVB – collapse. |
Binance and Its CEO Sued by CFTC Over US Regulatory ViolationsRegulators are still hitting fintech and crypto businesses. Binance, the largest centralized crypto exchange, and its CEO, Changpeng Zhao, were sued by the Commodity Futures Trading Commission – CFTC – for breaking derivatives rules. |
First Citizens shares soar 50% after the bank buys a large chunk of failed Silicon Valley BankThe FDIC – the US Federal Deposit Insurance Corporation – announced that First Citizens Bank will buy $72 billion worth of Silicon Valley Bank’s assets – at a discount of over $16 billion. The FDIC has already deposited SVB’s assets into a “bridge bank” to protect depositors. |
High-yield bond spreads show increasing recession jittersDespite the various deals that seem to ease concerns about the banking crisis, in reality investors are still nervous. As Kate Marino points out, the high-yield bond market is a great indicator: high-yield bonds, sometimes referred to as ‘junk bonds’, are those bonds offered by institutions that pay high interest because of the high risk involved in the investment. The index went above the 5-point mark, signaling that the risk of recession in the second half of 2023 has intensified. |
Metamask partners fintech to make cryptocurrency purchases more reliable, accessible in NigeriaIn the meantime, fintech and the crypto space find new solutions and opportunities. Metamask and MoonPay partner to make crypto purchases easier in Nigeria. |
A recession in 2023 is now inevitable. Layoffs in tech and finance will spread to other sectorsWhile some tech sectors are thriving, tech layoffs didn’t stop. Murray Sabrin talks about a highly probable recession in the second half of 2023, fueled by a series of layoffs started in fintech that could spread across several sectors. |
A.I. and machine learning are about to have a breakout moment in financeAI in finance. The use of artificial intelligence in the financial sector raised questions about the future of work and the fintech industry. Despite doubts, it seems that artificial intelligence will play a pivotal role in finance in the next few years – according to the consulting firm Gartner. |
Embedded Wealth - The Future of InvestmentSurbhi Arora for FinTech Weekly. Embedded finance allows businesses to offer payment methods that meet the needs of people. All this is effortless – one of the characteristics of fintech is inclusivity. Embedded wealth is constantly growing, and fintech companies seem to benefit from it more than traditional businesses. |
Fed Raises Interest Rates (Again) – What’s Next?Rosalia Mazza for FinTech Weekly. The current crisis mostly depends on the rising interest rates set by regulators as a tool against inflation. What’s next, and how markets responded after the last FOMC meeting? |
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