FinTech Weekly Issue #401 - Regulators On The Warpath

Issue #401 - Regulators On The Warpath

2023-02-02

Despite the change in the Fed policy making committee, which should involve a less severe approach towards interest rates, regulators in general become increasingly more aggressive when it comes to cryptocurrencies and fintech. At the same time, institutions recognize the importance of fintech – especially for what concerns inclusivity and sustainable finance – even if banks might no longer shoulder the risks involved in fintech firms’ business models. So, fintech doesn’t give up. Discover financial technology with FinTech Weekly, the free weekly newsletter that helps you to stay on top of fintech news and events.

Top Stories

Think crypto winter was bad? The SEC’s insider-trading fight could collapse the entire market
Think crypto winter was bad? The SEC’s insider-trading fight could collapse the entire market
via Fast Company

The last months were really tough for crypto traders and enthusiasts, but maybe there’s worse to come. Regulators became more severe, and started filing lawsuits against crypto businesses and personalities. Moreover, they started designing regulatory frameworks for digital assets. What does the future hold?

Top Events

CDAO Financial Services
CDAO Financial Services
via CoriniumGlobal

CDAO Financial Services brings together your data & analytics community from the Financial Services industry for two days of learning, networking, and collaboration. New this year, there will be two specialized tracks for those who work for organizations with assets under management of below $500 million and assets under management $500 million and above. Join data & analytics leaders from TD, Morningstar, Barclays, Citi and more on March 1-2, 2023 in New York City. Free passes (subject to team approval) are available for a limited time.

Podcasts and Videos

New year, new voters in Fed policymaking

Regulation

New year, new voters in Fed policymaking
via CNN

Every year, the Fed witnesses a change in its policy making committee. For 2023, the Federal Open Market Committee – FOMC – has new voting members, and their approach in terms of interest rates should be less severe than in 2022.

Crypto

‘Everything is fake’: how global crime gangs are using UK shell companies in multi-million pound crypto scams

Cryptocurrency Security

‘Everything is fake’: how global crime gangs are using UK shell companies in multi-million pound crypto scams
via The Guardian

This is the downside of cryptocurrencies – they can be easily used online by scammers. According to The Guardian, global crime gangs are using some UK companies for scams – and there are over 150 fake companies, mostly tied to China.

Banking

Banks Cannot Keep Shouldering Risks For Crypto And Fintech Clients

Banking Cryptocurrency

Banks Cannot Keep Shouldering Risks For Crypto And Fintech Clients
via Forbes

The fall of FTX and the crypto winter, as we said, made regulators more severe. And this is evident also when it comes to the relationship between traditional banks and fintech firms. Recently, Binance announced that Signature Bank won’t process transactions under $100,000. It looks like banks are no more willing to absorb the risks related to the fintech-based financial system.

Innovation

New fintech education center, start-up incubator and student entrepreneur venture fund launched at University of Utah

Investments

New fintech education center, start-up incubator and student entrepreneur venture fund launched at University of Utah
via PR Newswire

But despite all this, fintech doesn’t give up. The advantages it brings are so evident that even top institutions are considering including financial technology. The University of Utah, in partnership with the Stena Foundation, will create the Stena Center for Financial Technology with $65 million funds that in the next ten years will allow the creation of fintech degrees and certifications, start-up incubator and venture funds.

Fintech

Marqeta buys fintech Power Finance in $275M all-cash deal, its first acquisition

Business Investments

Marqeta buys fintech Power Finance in $275M all-cash deal, its first acquisition
via TechCrunch

Power Finance, the 2-year old New York-based fintech firm, has been acquired by Marqeta – and this represents the first acquisition for the company. The payment for the acquisition will continue in the next few years, and will amount to $275.

How fintech enables sustainable cashless economies

Sustainable Finance

How fintech enables sustainable cashless economies
via The Times of India

As we often say, fintech is focused on inclusivity. India is a great example of this. According to The Times of India, India was one of the largest fintech adopters in the last few years. Going cashless makes it easier to manage transactions and finances, as well as more inclusive thanks to easier borrowing and remittances. Moreover, fintech manages to revolutionize the customer experience.

Elon Musk pushes forward with Twitter payments vision

Business

Elon Musk pushes forward with Twitter payments vision
via Financial Times

Elon Musk’s Twitter is going to allow payments directly on the social media platform. In fact, the company began to apply for the required licenses in the US and design the needed software. According to insiders, this won’t only allow users to make purchases directly on the platform, but also to better reward creators.

Real estate agents say they can’t imagine working without ChatGPT now

Artificial Intelligence Business

Real estate agents say they can’t imagine working without ChatGPT now
via CNN

ChatGPT has been making headlines since it was created in November 2022. The artificial intelligence model is able to write creatively, answer questions, translate texts – but as naturally as a human being would do. This AI model is revolutionizing many markets, and real estate is one of these markets. According to CNN, many real estate agents are using ChatGPT for many tasks – from writing posts to creating legal documents.

Germany: Robo-Advisor Ginman Looks to Expand into Digital Assets

Investments

Germany: Robo-Advisor Ginman Looks to Expand into Digital Assets
via Crowdfund Insider

Ginman, the German robo-advisor, added Markus Pertlwieser to its Advisory Board. This move comes after the decision to introduce digital assets as an investment option.







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