FinTech Weekly Issue #380 - The Contradictions Of A Phygital World

Issue #380 - The Contradictions Of A Phygital World

2022-09-08

Phygital 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.

Top Stories

Kryptomon to Launch an Exclusive Physital NFT Collection on Binance NFT
Kryptomon to Launch an Exclusive Physital NFT Collection on Binance NFT
via Bitcoin Insider

The Metaverse project Kryptomon, able to merge play-to-earn features and highly valued tokens, launches its “physital” collection on Binance. Users will be able to collect badges and even super rare NFTs thanks to Binance’s mystery box. The “physical” part of the project involves physical wearables. Kryptomon merges the physical and the digital world and leads us to reflect on the new “phygital” revolution that seems to assess the longevity of NFTs despite market downturns.

Top Events

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

Cost of living crisis hits insurtech startups as deals dry up

InsurTech Investments

Cost of living crisis hits insurtech startups as deals dry up
via Private Banker International

Insurtech 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 Merge

Blockchain Cryptocurrency Ethereum

Ethereum gone wrong? Here are 3 signs to keep an eye on during the Merge
via Cointelegraph

Amidst 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 Adviser

Banking Business Cryptocurrency

Crypto Exchange Binance Hires Former Brazilian Central Bank President as Adviser
via CoinDesk

The 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 employees

Banking

Nigerian digital bank Kuda is the latest African startup to lay off employees
via Yahoo!

In 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 wars

Future of Work

Return-to-office policies are becoming another weapon in the talent wars
via Insider Intelligence

The 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 Solutions

Banking Business

DT One Announces New Leadership Hires to Drive Global Expansion and Market Adoption of Micropayments and Prepaid Solutions
via TechNode Global

The 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 products

Business Investments

Solid banks $63M for easier deployment of embedded fintech products
via TechCrunch

A 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 Unbanked

Banking Investments

UAE Fintech Optasia Steps Up Global Expansion to Target Unbanked
via Bloomberg

The 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 Nigeria

Banking Business Regulation

Fintech startup Flutterwave obtains payments processing license in Nigeria
via The Paypers

To 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.







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