High Risk Of Recession In The Second Half Of 2023 - Issue #409

US consumers seem to confirm bearish sentiment. But fintech has solutions – for people and businesses.

March 30, 2023

Regulators still hit the fintech and crypto space, investors confirm that they’re still nervous for what concerns the current banking crisis, consumers show pessimism. All these elements, along with data and the opinions of experts, intensify the risk of a recession in the second half of 2023. Fintech companies, in the meantime, find solutions to make it easier for people and businesses to get access to financial products and protect their funds. This and much more in this number of FinTech Weekly: discover fintech trends, news, conferences and reliable opinions.

US Consumer Confidence Preview: No good news for Americans
US Consumer Confidence Preview: No good news for Americans
— via FXStreet

The US is about to publish the March Conference Board Consumer Confidence index – CB Consumer Confidence. A high index records positive sentiment of consumers, while a lower index indicates pessimism. It is expected that the index will be lower for the third time in a row, reaching 101. A lower index also indicates bearishness for the US dollar.

Impact Investing Conference
Impact Investing Conference
— via Impact Investing Conference

Impact Investing Conference 2023 in London is the Impact Investing World Forum (IIWF) 2023 as one of leading social impact investment events for ESG Funds, UN SDGs, Investor and sustainable investing in UK Europe Oxford University. For more info visit: [https://impactinvestingconferences.com]

Future Branches in Boston
Future Branches in Boston
— via WBR Event

What is your branch doing to exceed their expectations and meet the needs of other generations as well? Future Branches is two days of action-packed stories, conversations and connections with the top minds in retail banking. We will explore how leading financial institutions are revamping retail banking technology, retooling front line associates, and creating the branch and retail banking experience of the future. You’ll get actionable strategies to provide personalized high touch experiences for today’s customers. This is THE meeting place to benchmark against the best of the best in financial services.

SVB Fallout: FinTech to the Rescue
— via Bloomberg Technology

As we anticipated in our FTW Weekend newsletter, it seems that fintech companies are the solution to the current crisis. The co-CEO and co-founder of the fintech company Brex discusses how his company is helping the businesses damaged by the Silicon Valley Bank – SVB – collapse.

Binance and Its CEO Sued by CFTC Over US Regulatory Violations
— via Bloomberg Technology

Regulators are still hitting fintech and crypto businesses. Binance, the largest centralized crypto exchange, and its CEO, Changpeng Zhao, were sued by the Commodity Futures Trading Commission – CFTC – for breaking derivatives rules.

First Citizens shares soar 50% after the bank buys a large chunk of failed Silicon Valley Bank
— via CNBC

The FDIC – the US Federal Deposit Insurance Corporation – announced that First Citizens Bank will buy $72 billion worth of Silicon Valley Bank’s assets – at a discount of over $16 billion. The FDIC has already deposited SVB’s assets into a “bridge bank” to protect depositors.

High-yield bond spreads show increasing recession jitters
— via Axios

Despite the various deals that seem to ease concerns about the banking crisis, in reality investors are still nervous. As Kate Marino points out, the high-yield bond market is a great indicator: high-yield bonds, sometimes referred to as ‘junk bonds’, are those bonds offered by institutions that pay high interest because of the high risk involved in the investment. The index went above the 5-point mark, signaling that the risk of recession in the second half of 2023 has intensified.

Metamask partners fintech to make cryptocurrency purchases more reliable, accessible in Nigeria
— via ZAWYA

In the meantime, fintech and the crypto space find new solutions and opportunities. Metamask and MoonPay partner to make crypto purchases easier in Nigeria.

A recession in 2023 is now inevitable. Layoffs in tech and finance will spread to other sectors
— via Fortune

While some tech sectors are thriving, tech layoffs didn’t stop. Murray Sabrin talks about a highly probable recession in the second half of 2023, fueled by a series of layoffs started in fintech that could spread across several sectors.

A.I. and machine learning are about to have a breakout moment in finance
— via Fortune

AI in finance. The use of artificial intelligence in the financial sector raised questions about the future of work and the fintech industry. Despite doubts, it seems that artificial intelligence will play a pivotal role in finance in the next few years – according to the consulting firm Gartner.

Embedded Wealth - The Future of Investment
— via FinTech Weekly

Surbhi Arora for FinTech Weekly. Embedded finance allows businesses to offer payment methods that meet the needs of people. All this is effortless – one of the characteristics of fintech is inclusivity. Embedded wealth is constantly growing, and fintech companies seem to benefit from it more than traditional businesses.

Fed Raises Interest Rates (Again) – What’s Next?
— via FinTech Weekly

Rosalia Mazza for FinTech Weekly. The current crisis mostly depends on the rising interest rates set by regulators as a tool against inflation. What’s next, and how markets responded after the last FOMC meeting?


Business Development
Business Development
— via SurePay

As a Business Developer you will help us to generate new business so that we can continue to grow and implement our SaaS solution across Europe.

Senior Frontend Engineer
Senior Frontend Engineer
— via FinFare

The Finfare engineering team in comprised of the best and brightest software developers, mobile developers, and data engineers.

Managing Director – Corporate Banking
Managing Director – Corporate Banking
— via Renasant Bank

The physical demands described are representative of those that must be met by an employee to successfully perform the essential functions of this job.

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