FinTech Weekly Issue #379 - Stronger USD? Yes, But It’s Not That Good

Issue #379 - Stronger USD? Yes, But It’s Not That Good

2022-09-01

The current strength of the USD is not good news for all those businesses whose returns largely depend on foreign markets. This, combined with high inflation, required a new regulatory framework that mainly has to do with interest rates. Now, this can be a serious challenge to fintech companies: the market experienced an impressive boom during the pandemic, and even if fintech is still thriving – especially in specific parts of the world, like Africa, and it can still offer a way out to companies and people that want to make the most out of their money, all those companies that over hired and overspent during the boom are now in troubles. This and much more in this number of FinTech Weekly, the free fintech newsletter to stay on top of fintech events, conferences and news.

Top Stories

U.S. Dollar Hits 20-Year High: Here’s What That Means
U.S. Dollar Hits 20-Year High: Here’s What That Means
via Forbes

After the comments of Fed Chairman Jerome Powell about higher interest rates to address inflation, the US dollar continued to appreciate. Higher interest rates and a stronger currency can negatively affect not only fintech firms – especially those involved in the payment industry – but also US-based businesses that earn most of their revenue from foreign markets.

Top Events

World FinTech Forum
World FinTech Forum
via https://fintechconferences.com

FinTech World Forum 2022 (https://fintechconferences.com) is based in London UK Europe as one of leading fintech events 2022 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/

Chief Data & Analytics Officers, Fall
Chief Data & Analytics Officers, Fall
via FinTech Weekly

Attend the premier conference for data & analytics leaders in North America – Chief Data & Analytics Officers, Fall on October 10-12, 2022 in Boston, MA. New this year is a personalized learning and networking track for data & analytics executives serving the Financial Services industry. Join your peers who understand your challenges and celebrate your successes when it comes to the nuanced intricacies of data & analytics. Qualified data & analytics folks can attend at no cost with a VIP pass.

Podcasts and Videos

Bloomberg Black Business Beat

Banking Opinions

Bloomberg Black Business Beat
via Bloomberg

Kristen Broady, a senior economist at the Federal Reserve Bank of Chicago, shares her thoughts on the condition of unbanked people, whose number is especially high among black communities. She also discusses the role fintech companies and banks can have in lowering these numbers, as well as the importance of education and transparency.

Crypto

Brazil’s Largest Private Bank, Itaú, Selected by Central Bank to Develop a DeFi Liquidity Pool

Banking Blockchain Cryptocurrency

Brazil’s Largest Private Bank, Itaú, Selected by Central Bank to Develop a DeFi Liquidity Pool
via CoinDesk

Brazilian LIFT (Financial and Technological Innovation and Technology Laboratory), a public program aimed at reaching financial inclusion in the country, launched a new blockchain and crypto-related project to reach its goal. The plan is to create a DeFi liquidity pool that will allow the tokenization of financial assets and the decentralization of credit risk. To realize the project, the Banco Central do Brasil chose seven partners, among which the largest Brazilian private bank Itaú.

The number of crypto billionaires is growing fast, here’s why

Business Cryptocurrency Investments

The number of crypto billionaires is growing fast, here’s why
via Cointelegraph

It seems that the number of crypto billionaires – that is, those who built their wealth by investing in cryptocurrencies or crypto-related companies, increases every year. There are many reasons behind the success of these crypto enthusiasts – even if the risks are considerable when compared to the risks involved in traditional markets investments.

Banking

Central Banks Issuing Digital Banking Licenses In Fear of Fintech’s Quick Rise

Banking Opinions Regulation

Central Banks Issuing Digital Banking Licenses In Fear of Fintech’s Quick Rise
via Finextra

Different interest rates, approaches towards neo banking, and regulatory frameworks across the world, ignite – once again – the long-lasting debate on the competition between traditional banks and neo banking. Serge Beck, co-founder and CEO of Optherium Labs, shares his thoughts and possible scenarios for the next decade.

Innovation

Understanding “emotionless investing” with the founder of Jarvis Invest, Mr. Sumit Chanda

Business Investments

Understanding “emotionless investing” with the founder of Jarvis Invest, Mr. Sumit Chanda
via Sociobits

While the financial market and businesses are changing very rapidly after the most severe phases of the pandemic – and while they face more challenges, AI in finance proves that technology can still help people to make the most out of their money. Emotional investing is a huge threat for investors, especially during downturns, but some tools can be used to avoid that.

Web3 Metaverse Innovations Develop CryptoVillages

Blockchain Cryptocurrency Metaverse

Web3 Metaverse Innovations Develop CryptoVillages
via GlobeNewswire

To prove that downturns are not only negative, the crypto space is constantly under development to offer new services, fun, and passive income opportunities.

Fintech

Fintech in Africa: The end of the beginning

Business Investments Opinions

Fintech in Africa: The end of the beginning
via McKinsey & Company

According to McKinsey analysis, between 2020 and 2021 African fintech thrived despite the pandemic and social and economic issues faced by the continent. African tech-related start-ups tripled, and most of them are fintech companies. This boom may represent just the end of the beginning, but four possible challenges may slow the success of the African fintech industry.

Nigerian FinTech Grey Nets $2M for Cross-Border Payments

Business Investments

Nigerian FinTech Grey Nets $2M for Cross-Border Payments
via PYMNTS

As proof of the fintech success in Africa, investments in the country are still increasing despite hard economic times. The Nigerian fintech Grey has just raised $2 million to go on with its project to facilitate payments from and towards Africa by making it easier and less expensive to create and manage bank accounts.

Burn, baby, burn. Real estate-focused fintech startups feel the heat

Business Investments

Burn, baby, burn. Real estate-focused fintech startups feel the heat
via TechCrunch

In 2020, interest rates reached historically low levels, and the pandemic led more people to think about different living solutions and enter the real estate market. But as interest rates rise, the market is feeling the pressure and fintech firms make no exception.







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