The End Of Twitter & New Rivals - Issue #411

Despite the recent negative developments concerning the crypto market, blockchain is still able to show the advantages it can bring to economies. Singapore is set to become a financial hub and a pivotal spot in the digital economy.

Despite the recent downturns that hit the digital assets market, Paul Chan Mo-po – Hong Kong’s Financial Secretary – said he’s optimistic about the future of the market. Actually, Hong Kong increased investments in this space, especially in sectors like Web3.

The fintech Tellus made headlines many times because of the promises of high interest rates on customers’ funds. But the company used a specific scheme, and Barron’s created a complete report to explain how the company obtained so many customers – and how it misled them.

The Financial Industry Regulatory Authority – FINRA – fined Goldman Sachs for incorrectly labeling short sales – worth over $60 million – as long sales. This mistake, due to a bug in the code used to design the software used by the company, is the reason behind the decision taken by FINRA.

It’s no secret that the US is using the hard line with the digital asset market. One of the consequences is that developers are leaving the national market – and this is a threat to innovation.

ChatGPT has a Chinese rival. Tongyi Qianwen is the AI model created by Alibaba. The name of the chatbot can be translated as “seeking the truth from a thousand questions” – as reported by MarketWatch.

Frank, the fintech app created in 2017 by Charlie Javice, is facing serious troubles. The founder of the application, created to help students apply for financial aid, was sued because she allegedly fabricated false data to convince JPMorgan to acquire the fintech for $175 million.

Currently, AI is playing a pivotal role in innovation. In this article, FinTech Weekly analyzes the role of AI, how it’s already impacting our economies, and what will be its impact in the future.

Banking is for sure one of the main sectors that can benefit from artificial intelligence. AI is already reshaping this industry by improving automation and creating new tools that can be used for credit products.