We are sorry! Crises or Opportunities? - Issue #416

Different countries experience different issues, but sometimes they can represent opportunities.

May 18, 2023

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Different countries in the world are experiencing economic, financial and regulatory issues. And sometimes these issues are in contrast. Let’s consider the US and China: while the United States experiences huge problems related to high inflation, China experiences deflationary pressures. BRICS are planning to use a different currency, to avoid being tied to the US dollar. Fintech finds new opportunities in crises, but regulators sometimes seem to make it more difficult for fintech businesses to innovate. This and much more in this number of FinTech Weekly, the free newsletter to stay ahead of competition and discover fintech news and events.

Bangladesh and India to Trade in National Currencies Due to US Dollar Liquidity Issues
Bangladesh and India to Trade in National Currencies Due to US Dollar Liquidity Issues
— via Bitcoin.com

Due to the liquidity issues faced by the United States, Bangladesh and India decided to trade in their national currencies. The Bangladesh Bank took this decision after experiencing issues with the flow of imports to this country.

Economist Peter Schiff Warns About a New, Incoming Great Depression Crisis, Criticizes Misleading Inflation Numbers
Economist Peter Schiff Warns About a New, Incoming Great Depression Crisis, Criticizes Misleading Inflation Numbers
— via Bitcoin.com

The chief economist of Europac, Peter Schiff, warns about a new Great Depression. According to the economist, the depression will be worse than the one of the 30s, and it’s fueled by high inflation and increasing public spending – something that is negatively affecting the qualification of the public debt of the United States.

China’s inflation cools to 0.1%, its slowest pace in two years
China’s inflation cools to 0.1%, its slowest pace in two years
— via CNN

In the meantime, China is facing deflationary pressure. The consumer price index increased by 0.1%, the lowest level in 2 years. China’s people are saving, not spending, and prices are falling. Despite the data, Chinese authorities don’t confirm the situation.

U.S. has the 'tech edge' amid growth expected for the fintech industry: Milken Institute exec
— via Yahoo! Finance

Nicole Valentine, FinTech Director at the Milken Institute Center For Financial Markets, joins Allie Garfinkle (Yahoo Finance) to discuss the current state of fintech in the US and globally. The banking crisis represented an opportunity for fintech. As Valentine affirmed, “Fintech is not scared of a crisis [...] a crisis for fintech is just another opportunity to figure out what’s next”.

SEC's Gensler says crypto markets are 'generally noncompliant' and based on 'false narrative' of decentralization
— via The Block

The SEC is currently in a tough dispute with Coinbase. During a Q&A session, SEC Chair Gary Gensler said that crypto businesses “tend to be built on non-compliance”, and he highlighted that three out of four of the major and recent bank collapses were linked to cryptos. When Tom Barkin, president of the Fed of Richmond, asked why the SEC doesn’t want to publish rules for the crypto market, Gensler replied that those rules already exist.

What Does Nigeria’s Blockchain-Friendly Regulatory Change Mean For Bitcoin Adoption?
— via Nasdaq

Fintech in Africa is thriving, and Nigeria doesn’t want to miss the opportunity. For what concerns cryptocurrencies, the country is Bitcon friendly and developed a regulatory framework to welcome digital assets. This can represent a major step for the country to become an interesting place for crypto enthusiasts and investors.

‘It’s going to get worse for banks’ — JPMorgan CEO on overregulation
— via Cointelegraph

Jamie Dimon, CEO of JPMorgan Chase, said – during an interview – that regulators should focus less on creating new rules for banks. The main problem now, according to Dimon, is fixing the banking crisis.

BRICS Leaders Set to Discuss Common Currency to Challenge US Dollar Dominance in Upcoming Summit
— via Bitcoin.com

The summit of the leaders of BRICS countries will be extremely interesting in 2023. Hosted in Johannesburg on August 22, the summit will be dominated by talks related to the creation of a common currency. South African minister Naledi Pandor said that the leaders must discuss this matter properly. BRICS were already involved in de-dollarization efforts, and the block is receiving a high number of requests to join the group – since an increasing number of countries don't understand why they’re committed to trading through the US dollar.

Ethiopia’s central bank issues first foreign mobile money licence
— via Central Banking

Ethiopia has so far been dominated by Ethio Telecom, a state-owned telecommunication company. For the first time, the National Bank issued a mobile money license to a foreign investor, the Kenyan Safaricom.

Top 12 CeFi Lawsuits of 2022 – The Many Ways CeFi Broke
— via FinTech Weekly

The centralized financial space has recently shown many weaknesses. In this article, FinTech Weekly analyzes the top CeFi lawsuits.

Jobs

VP, Engineering
VP, Engineering
— via Discover Financial Services

The Vice President, Engineering is a proven technology leader with a successful track record of partnering with key stakeholders to deliver innovative technology platforms in a high-transaction, mission-critical environment.

Engineering Manager - Web development
Engineering Manager - Web development
— via PayPal

We are a team with in PayPal with a passion for creating and maintaining cutting-edge UI component libraries for web and native platforms. We pride ourselves on our commitment to excellence, innovation, and collaboration.

NET Developer with Oracle DB
NET Developer with Oracle DB
— via Commerzbank AG

Within DLM, we are searching for a person responsible for development of new features and maintenance for existing bank products and applications.







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