FinTech Weekly - AI and Fintech Insights - Issue #475

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Insights from fintech leaders on AI deployment, regulatory hurdles, and the quest for technological accountability.

July 06, 2024

FinTech Weekly brings you the latest insights and trends in the fintech world. From Apple's strategic move with OpenAI and Nubank's AI-driven acquisition, to global efforts in AI regulation and blockchain's potential in combating financial crime, we cover it all. Explore the challenges and opportunities in AI adoption, and learn about new initiatives supporting Moroccan startups. This and much more in this edition of FinTech Weekly: discover top fintech news and events and stay ahead of the competition!

Apple Poised to Get OpenAI Board Observer Role as Part of AI Pact
Apple Poised to Get OpenAI Board Observer Role as Part of AI Pact
— via Bloomberg

Apple Inc. has secured an observer role on OpenAI's board in a significant new agreement, strengthening the bond between the two companies. Phil Schiller, head of Apple's App Store and former marketing chief, has been selected for the position, according to sources familiar with the matter. As a board observer, Schiller will not serve as a full-fledged director, these sources added, requesting anonymity due to the non-public nature of the information.

2024 FinTech AI in Financial Services: The way ahead
— via TaylorWessing

In the latest episode of this Podcast Series, Dr. Verena Ritter-Döring, Partner in Frankfurt, discusses the deployment of AI in financial services with Fritz-Ulli Pieper, Salary Partner in Düsseldorf, and Miroslav Đurić LL.M., Senior Associate in Frankfurt. They explore the main use cases of AI in this sector, the benefits it offers to financial institutions, and the key regulatory considerations involved.

Blockchain can help mitigate worst aspects of AI
— via CoinGeek

Globally, governments are urgently seeking solutions to ensure accountability for both creators and users of AI applications. The European Union has swiftly enacted regulations such as the AI Act, while others lack a clear strategy. Moreover, the enforceability of AI regulations in a globalized world remains uncertain. Meanwhile, blockchain technology, introduced 15 years ago with Bitcoin, is gaining attention as a potential solution for AI accountability, possibly poised to become its definitive use case.

Nigerian official advocates blockchain, AI against illicit financial flows
— via Cointelegraph

The chairman of Nigeria’s Economic and Financial Crimes Commission, Olanipekun Olukoyede, has identified blockchain technology and artificial intelligence (AI) as essential tools to combat illicit financial flows (IFFs) in Africa. According to local media, Olukoyede emphasized the $88.6 billion lost annually by African countries due to IFFs at the Pan-African Conference on Illicit Financial Flows and Taxation.

Nubank acquires Hyperplane
— via Latam List

Nubank, the Brazilian neobank, has acquired the AI platform Hyperplane seven months after its $6 million seed funding round. This move aims to strengthen Nubank's AI capabilities, offering improved decision-making, valuable insights, and an enhanced user experience for its customers.

Moroccan Startups Eye Global Expansion with Lab Innova Launch
— via Morocco World News

On July 1, a new initiative called Lab Innova was launched at Technopark Casablanca to promote the internationalization of Moroccan startups. This program is a collaboration between the Italian Trade Agency (ICE/ITA) and Moroccan institutions such as Technopark, StartGate at UM6P Ben Guerir, and the Moroccan Center for Innovation & Entrepreneurship (MCISE). It targets 24 Moroccan startups in high-growth sectors, including Energy, GreenTech, AgriTech, MedTech, ICT, Big Data, Fintech, IoT, AI, and Mobility.

Financial services shun AI over job and regulatory fears
— via Financial Times

European fintech executives claim that financial services are struggling to implement artificial intelligence effectively, despite evidence suggesting that AI can enhance productivity and reduce costs. Key obstacles include fears of job losses, regulatory concerns, and institutional resistance to change.

Most European AI founders had "no exposure to AI 18 months before ChatGPT", says European fintech boss
— via Tech.eu

Many founders of European AI startups "just want to make some quick money" and had no exposure to the space 18 months before the launch of ChatGPT, according to a European fintech founder’s critical assessment. Christian Frahm, CEO and founder of United Fintech, which aims to acquire and scale fintechs in the capital markets space, expressed this view.







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