FinTech Weekly Issue #404 - FinTech Deals With Regulators & Layoffs
Issue #404 - FinTech Deals With Regulators & Layoffs2023-02-23Fintech faces tough times, especially because of the activity of regulators and the constant layoffs. Coinbase is an example of a fintech company facing these issues, but also fintechs in India are having problems for what concerns lending products. In the meantime, Jeremy Hunt bets on Revolut, but the fintech firm still needs to solve some issues related to the image of the firm. But not everything is lost: fintech in Africa thrives, as well as in Singapore, and new solutions are found by fintech companies that want to help people to manage their finances. Discover more with FinTech Weekly, the free newsletter to discover top fintech news and events. |
Top Stories
Top Events
Podcasts and Videos
 | News: Is Buy Now Pay Later regulation finally happening?Benjamin Ensor and Amy Gavin are joined by fintech experts and professionals to discuss the latest fintech news - especially the decision of Britain to regulate BNPL (Buy Now, Pay Later). |
Crypto
 | BingChatGPT ‘pump and dump’ tokens emerging by the dozen: PeckShieldPeckShield, the blockchain security firm, has raised an alarm related to ChatGPT. The firm found out that there are several crypto tokens linked to artificial intelligence (AI), and ChatGPT in particular. These tokens are usually parts of fraudulent schemes. |
 | Coinbase is cutting people it hired from JPMorganCoinbase is another fintech company that has to deal with layoffs. But the new rounds of layoffs announced by the fintech see involved many professionals who worked for JP Morgan before moving to Coinbase. |
 | ‘Regulators let the bad guys get big’ — former Kraken CEO speaks out after SEC settlementAfter the issues that the popular centralized crypto exchange Kraken had with regulators - issues that resulted in a fine worth $30 million - the co-founder of the company shared some opinions. According to Jesse Powell, regulators hit the good guys to suit their agenda and avoid the real bad guys, but this could destroy the market. |
Banking
 | Banks, NBFCs stop lending to apps under loan default guarantee modelBanks and similar financial companies in India have almost stopped their relationships with fintech for what concerns lending products and services - to avoid all the issues that companies that are not fully regulated can cause. |
Innovation
 | A New Way to 401k: Fintech Company Arnie Launches to Disrupt Retirement SavingsIn the meantime, fintech companies continue focusing on people's needs, and Arnie is an example of this philosophy - its goal is the improvement of the retirement industry. |
Fintech
 | NBA and Ant Group launch a strategic partnership in ChinaThe NBA and the Chinese fintech company Ant Group, entered a partnership that will allow the two to cooperate to create video content, digital collectibles and membership programs. |
 | Revolut: can the chancellor’s fintech favourite fix its image problem?After Jeremy Hunt praised Revolut as a top fintech, which should be part of his vision of the UK as the "next Silicon Valley", questions arise about the problems currently faced by the UK fintech. |
 | African Fintech Startups Raised $1.45 Billion in 2022 — Sector's Share of the Continent's Total Funding DropsDespite the drop in funding witnessed in the last few years, the fintech sector in Africa is thriving. The continent managed to gather almost $1.5 billion in 2022, and Nigeria is the best-funded country. |
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