FinTech Weekly - No Data, Please! - Issue #427
Data Paradox: the changing stance of regulators and politicians.August 03, 2023Diving into the worlds of privacy and sustainability, FinTech Weekly unpacks their intersection - data. We've reiterated in our newsletters how fintech firms, from startups to giants, are reshaping financial systems towards inclusivity and sustainability. Discover how these themes are influencing global economies: - Fintech firms cooperations – The collaboration between Wibmo and Discover Global spawns secure payment methods with advanced fraud prevention. - Laso works with payment solution providers to create no KYC cards, negating the need for sharing personal data. - ESG reporting software markets are booming with the involvement of firms like Wolters Kluwer and IBM. - Ant Group, in partnership with Singapore’s NTU, innovates privacy-preserving technologies. Privacy isn't just about security - it can foster financial inclusivity, as demonstrated by Laso. But its correlation with sustainability and ESG is complex. Data, if absent, can become a dangerous tool. Right now, Republicans are pushing for bills that obstruct ESG (Environmental, Social, Governance) investing. They believe that companies should not be obligated to share ESG-related data or take into account ESG proposals from shareholders – since they could potentially harm businesses in profitable industries, such as oil. On the other hand, some regulators – like the SEC – threaten reliable crypto projects and businesses – which allow for data transparency and inclusivity while correctly protecting privacy. While people, businesses and investors demand attention to privacy and sustainability, regulators and politicians don't always respond to societal needs, except when dealing with huge companies. In this edition of FinTech Weekly - "No Data, Please!" - we dissect these dynamics. Follow FinTech Weekly to discover top fintech news and events and stay ahead of the competition! |
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UK watchdog to examine OpenAI CEO Sam Altman’s Worldcoin project: CNBC Crypto WorldUK regulators are closely watching Sam Altman’s Worldcoin because of privacy concerns, but the foundation replied that the project complies with GDPR and the UK Data Protection Act. |
Bitcoin Is Not Crypto, The SEC ConfirmsThe SEC has always looked at Bitcoin as something different: the top crypto by market cap, mainly designed to protect privacy in the financial space, is constantly under the watchful eye of the US financial regulator. What’s the last finding of the SEC when it comes to BTC? |
Binance Japan Launching in August, Confirms CEO CZThe largest centralized crypto exchange, Binance, wants to enter the Japanese market. Operations to fully activate the platform in the region will start in August. It won’t be an easy task – especially after the recent regulatory pressure suffered by the exchange. |
By ignoring climate risks, GOP politicians cost their states and cities billionsExtreme weather events are always more common, and they’re becoming the rule more than the exception. Despite this, Republicans oppose financial transparency when it comes to the disclosure of climate-related financial risks from companies, as well as the freedom and decisional rights of investors. It’s not only a social and moral matter, but also an economic one: climate disasters cost the US economy around $165 billion. |
UK fintech funding ranks second globally despite drop in volumesDespite the drop in fintech funding, there are some economies that perform better than others. The UK is one of them: the country ranked second globally in the first half of 2023 for what concerns fintech funding. One of the top investors in the UK fintech space is Lloyds Banking Group. |
DIFC’s H1 2023 performance strengthens Dubai’s position as global finance and innovation hubDubai, and more precisely the Dubai International Financial Centre (DIFC), is one of those economies that succeed when it comes to fintech and financial innovation. The center experiences an impressive double-digit growth year-on-year, and it’s strengthening its position as a global financial and innovation hub. |
Switzerland and Singapore deepen partnership to chart fintech’s futureSwitzerland and Singapore further strengthen their economic ties: the main field is fintech, and sustainable fintech is one of the main topics considered by the two economies. |
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