FinTech Weekly Issue #382 - Is Regulation Vital For Inclusion?

Issue #382 - Is Regulation Vital For Inclusion?

2022-09-22

The Ethereum Merge is finally complete, but instead of talking about what this means for the crypto market, we’d like to reflect on regulation. It looks like new regulatory frameworks for what concerns cryptos, especially Proof-of-Stake (PoS) cryptos, along with inflation concerns, are preventing the price of Ether. A negative consequence of The Merge, but the same concerns could make the prices of BTC rise according to some analysts. At the same time, further implementation of RegTech could make the fintech market more inclusive for SMEs, according to a study conducted taking into account the condition of unregulated SMEs in Southeast Asia. Contradictory results lead us to some questions: is regulation good or bad? And when regulation can be too much? This and much more in this number of FinTech Weekly, the free fintech newsletter to stay on top of fintech events and news.

Top Stories

Ether drops 15% since major Ethereum network upgrade as traders take profits and fret over rate hikes
Ether drops 15% since major Ethereum network upgrade as traders take profits and fret over rate hikes
via CNBC

Finally, The Merge occurred. Before the long-awaited Ethereum upgrade, the second crypto by market cap almost doubled investors’ returns. But right after The Merge, the coin dropped for both the measures taken by the Fed to reduce inflation and the observations of the SEC chairman Gary Gensler, who said that PoS cryptos could be classed as securities.

Top Events

Future Branches Austin
Future Branches Austin
via Future Branches

Since 2016, Future Branches has been THE meeting place to benchmark against the best of the best in financial services. Join the event in Austin for 3 days of action-packed stories from speakers of different sized institutions, conversations and connections with the top minds in retail banking, and immersive learning opportunities. Walk away with pages of strategies that inspire customer loyalty and much more!

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

FinTech Weekly EXCLUSIVE: claim your FREE conference pass here https://bit.ly/3OlUdBC (*subject to approval)

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.

Join the 4 CASSINI Hackathon: Space for the Financial World
Join the 4 CASSINI Hackathon: Space for the Financial World
via CASSINI

Ten locations, three challenges, one fantastic opportunity! The ‘Space for the Financial World’ hackathon is here! This time we are aiming to advance the digitalisation and greening of the European financial sector. FinTech enthusiasts and professionals alike join us November 4-6 and put your problem-solving skills to the test. Get involved today: https://cassini.eu/hackathons

Podcasts and Videos

The European Approach to Regulating Artificial Intelligence with MEP Dragos Tudorache, Co-Rapporteur of the EU AI Act

Artificial Intelligence Regulation

The European Approach to Regulating Artificial Intelligence with MEP Dragos Tudorache, Co-Rapporteur of the EU AI Act
via CSIS

The European Union will finalize its EU Artificial Intelligence Act – EU AI Act – to regulate artificial intelligence. The act could have several implications on how AI is developed, and also influence international cooperation related to AI.

Crypto

No one is using crypto to pay for things anymore, JPMorgan payments boss says

Blockchain Cryptocurrency

No one is using crypto to pay for things anymore, JPMorgan payments boss says
via Fortune

Takis Georgakopoulos, global head of payments of JPMorgan Chase, said that the use of cryptocurrencies as a payment method declined in the past six months. Despite this, JPMorgan Chase doesn’t stop betting on this market, especially for the advantages of its underlying technology.

Here is why a 0.75% Fed rate hike could be bullish for Bitcoin and altcoins

Bitcoin Cryptocurrency

Here is why a 0.75% Fed rate hike could be bullish for Bitcoin and altcoins
via CoinTelegraph

This week the Fed should raise interest rates by 0.75%. Crypto traders and investors expect a rally for those currencies that are currently correlated to the main indexes and that could represent a hedge against inflation.

Digital Euro Should Be Capped and Green, Five European Nations Suggest

Banking Cryptocurrency

Digital Euro Should Be Capped and Green, Five European Nations Suggest
via Coinspeaker

Even if a possible European Central Bank Digital Currency (CBDC) is still being discussed, five nations are already pointing out that the currency should have specific characteristics. The Treasury Authority of Germany, Italy, France, the Netherlands, and Spain created a document where these nations state that the currency should be meant to protect people’s information, that it should be green and that holdings should be capped.

Banking

Walmart's secretive fintech ONE is the new disruptor in consumer banking, and the retailer has nabbed talent from Wall Street mainstays like Goldman Sachs.

Banking Business

Walmart's secretive fintech ONE is the new disruptor in consumer banking, and the retailer has nabbed talent from Wall Street mainstays like Goldman Sachs.
via Business Insider

Walmart has been working on a fintech solution for a while, even involving top investors Ribbit Capital and executives like Omer Ismail and David Stark. Walmart’s fintech solution, ONE, should be integrated with Walmart’s retail capabilities and create a consumer-banking offering.

EMTECH Onboards SEC Ghana On Its Digital Regulatory Sandbox Platform

Banking Regulation

EMTECH Onboards SEC Ghana On Its Digital Regulatory Sandbox Platform
via Bakersfield

EMTECH, the popular company focused on providing banking infrastructures, partners with SEC Ghana to deploy an innovative regulatory sandbox. Thanks to this API-first solution, regulators and central banks will be able to cooperate more efficiently.

Innovation

KENYA: Nairobi to issue $1.2bn green bond for green projects

Sustainable Finance

KENYA: Nairobi to issue $1.2bn green bond for green projects
via Afrik21

Nairobi could become the second county in Kenya to issue a green bond. The Government of the county announced green bonds for $1.2 billion worth, aimed at creating environmentally friendly solutions to create sustainable water infrastructure, sustainable transport and renewable energy. The green bond should be launched on the Nairobi Stock Exchange (NSE).

Fintech

India and Singapore sign an agreement for fintech cooperation

Business Regulation

India and Singapore sign an agreement for fintech cooperation
via The Paypers

India and Singapore, two nations with thriving fintech markets, signed an agreement for cooperation. The agreement was signed by the Monetary Authority of Singapore (MAS) and the Indian International Financial Services Centres Authority (IFSCA), and it’s aimed at creating a regulatory framework to guarantee better cooperation between the fintech companies of the two countries.

How RegTech Powers SME Financial Inclusion in Southeast Asia

Business Regulation

How RegTech Powers SME Financial Inclusion in Southeast Asia
via Finextra

Inclusion doesn’t have to involve only customers, but also companies. In Southeast Asia, even if SMEs represent 99% of the total number of companies according to the Yusof Ishak Institute, many of them are unmonitored or unregulated. RegTech can allow financial inclusion in the region by also including all those SMEs that are excluded from official counts and can’t access financial products.







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