FinTech Weekly - Fintech News Issue #365

Issue #365 - What If Competition Rises?

2022-05-25

This number of FinTech Weekly starts with one of the fintech companies that’s making headlines: Sebastian Siemiatkowski, CEO and co-founder of the Buy Now, Pay Later firm Klarna, announced that the company plans to cut 10% of its global workforce. Among others, the reasons behind this involve a rising competition in the BNPL space, as well as the concerns of investors about the sustainability of this system. Moreover, it seems that regulators are profiting from the collapse of stablecoins – but is the crypto space so pointless? And what about all those people who are investing in the Metaverse? This and much more in this number of FinTech Weekly – stay on top of fintech news and fintech conferences around the world.

Top Stories

Klarna to lay off 10% of its workforce as souring economy hits buy now, pay later space
Klarna to lay off 10% of its workforce as souring economy hits buy now, pay later space
via CNBC

Klarna plans to cut 10% of its workforce. This is the announcement of Sebastian Siemiatkowski, co-founder and CEO of the BNPL (Buy Now, Pay Later) Swedish firm.

Crypto

Metaverse Real Estate – Next Big Thing or Next Big Boondoggle?

Interviews Investments Metaverse New business models NFT

Metaverse Real Estate – Next Big Thing or Next Big Boondoggle?
via CoinDesk

Jeff Wilser’s article answers a few questions that metaverse-curious people ask all the time: why do people buy land in the metaverse? Not just hype, but specific business plans in mind: these are the reasons why people – and big companies – buy, but this involves risks.

Terra’s meltdown highlights benefits of CEX risk-management systems

Cryptos Opinions Regulation

Terra’s meltdown highlights benefits of CEX risk-management systems
via CoinTelegraph

The collapse of Terra affected the whole crypto space: fear prevailed among investors, as well as distrust. Regulators are riding the wave, but in reality some CEXs used risk-management systems to protect their users.

Banking

Rich List 2022: The hedge fund, bank, and fintech billionaires that made the cut

Banks

Rich List 2022: The hedge fund, bank, and fintech billionaires that made the cut
via Financial News

And like every year, the Sunday Times Rich List was published. It’s worth noting that many of the 1,000 names listed are in the banking and fintech space.

Brazilians are adopting digital payments faster than anyone else — what lessons can we learn?

Banks Financial Instruments Payments

Brazilians are adopting digital payments faster than anyone else — what lessons can we learn?
via World Economic Forum

As reported by the World Economic Forum, Brazil is a leading country in the adoption of digital payments. As David Vélez – founder of Nubank – points out, digital payments favor financial inclusion. The Brazilian Central Bank has a major role in this, thanks to its initiatives focused on allowing more people to have access to bank accounts.

Innovation

Fintech launches in UK to help brokers cut out fraud

Security

Fintech launches in UK to help brokers cut out fraud
via FTAdviser

D-Pal, a Dublin-based fintech, launches in the UK. Among other services, this fintech firm is able to provide software for identification that makes it possible to verify users’ identities in seconds, avoid human mistakes, and prevent frauds.

Podcasts and Videos

IMF head says stablecoins not backed by assets are a ‘pyramid,’ hinting at UST debacle that crashed markets

Cryptos Opinions

IMF head says stablecoins not backed by assets are a ‘pyramid,’ hinting at UST debacle that crashed markets
via CNBC

Kristalina Georgieva joins the list of those who call cryptocurrencies a pyramid scheme. The head of the IMF was referring to the collapse of stablecoins during the WEF meeting in Davos.

Jack Dorsey outlines Block’s bitcoin-centric future at first investor day in five years: ‘No longer just a payments company’

Cryptos Interviews Opinions Predictions

Jack Dorsey outlines Block’s bitcoin-centric future at first investor day in five years: ‘No longer just a payments company’
via CNBN

During the first investor day in 5 years, the executives of Block – the US-based company run by Jack Dorsey – outline the future of the company: not just a payments firm, but a company that has grown and expanded into different industries.

35. FinTech & InsurTech Meetup Europe - decentralized Finance

Europe fintech meetup

35. FinTech & InsurTech Meetup Europe - decentralized Finance
via FinTech Meetup Europe

Mai 19 at 6:30 to 8:30 cet we open up again for the 36. FinTech & InsurTech Meetup online. Around 30-40 Founders, Corporates, VCs, product people will meet to pitch their startups and projects. This time we focus on the state of play with decentralized finance.

Fintech

Binance UK partners with Fintech Founders group

Cryptos

Binance UK partners with Fintech Founders group
via AltFi

Despite the UK didn’t welcome Binance in 2021, recent announcements regarding stablecoins made it easier for Binance to partner with one of the most influential networks in the UK – the Fintech Founders group.

Fintechs launch crypto, cash-back rewards for college to help parents save for their kids

Financial Instruments Financing Investments

Fintechs launch crypto, cash-back rewards for college to help parents save for their kids
via USA Today

Fintech firms are flexible enough to meet people’s needs quickly. Parents who want to save more for their children make no exception: fintech firms are answering positively, not just by offering different asset classes for investments, but also by offering rewards based on savings.

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