And we’re kicking off the week with new analysis and opinions on FTX collapse & crypto future from now on, ESG framework, open banking, and more. Dive into the latest fintech insights and have a great start of the week!
First Mover Asia: Extreme Fear Hits Crypto as FTX Hack Makes Bad Situation Worse. What Comes Next? (Coindesk)
It goes without saying that last week’s collapse of the FTX exchange represents one of the crypto industry’s worst-ever episodes, clearly reflected in digital-asset markets: The price of bellwether bitcoin (BTC) tumbled 22% in the seven days through Sunday, its worst weekly performance since mid-June, when traders were grappling with the aftermath of the Terra blockchain’s collapse. (Here’s a timeline of key FTX developments, showing how the CoinDesk Market Index (CMI) of 162 digital assets traded through it all.) Things got incrementally worse over the weekend when FTX and its U.S. subsidiary, FTX US, became victims of an attack that drained hundreds of millions of dollars in crypto out of the exchanges’ wallets. SEC’s unwillingness to disclose William Hinman’s speech, arguably one of the most important speeches in crypto’s history, highlights the agency’s efforts to shape its case against Ripple. Read more
Inflation’s paradigm shift, explained (World Economic Forum)
The global economy is under attack from an insidious force: inflation. How entrenched in the psyches of consumers, corporates and investors future inflation expectations become will foretell the durability of the foe, and its corrosive impact on the global economy, for (potentially) years to come. Economic forecasts remain sanguine about the future level of inflation: testament to the confidence maintained in central bankers’ abilities to squash it. Yet convictions can shift rapidly, shredding widely held conventions. Rather than a return to past trend of subdued year-over-year price increases, might the global economy be entering a new paradigm: a period defined by higher and more volatile baseline inflation? Read more
With tech giants going passwordless, will banks be ready to meet new consumer expectations? (Fintech Futures)
Two key breakthroughs will soon intersect, influencing how people access and safeguard their financial data. As banks, financial service providers, and fintechs continue to implement open banking, consumers’ ability to share financial information in order to gain access to new financial services and other online financial tools expands, and new technologies are being developed to enhance the security of online authentication. Apple, Google, and Microsoft are spearheading a movement to replace passwords with digital passkeys, a solution that will benefit all consumers and users. As both developments acquire greater public acceptance, enterprises must ensure that their identity proofing and authentication solutions match customer expectations for the passkey technologies that aspire to replace traditional passwords. Read more
Is the threat of war driving up CyberTech investment? (Fintech Global)
Prior to the onset of the Russia-Ukraine war, the CyberTech industry was experiencing a steady uptick of investment. Since then, has the ongoing anxieties around security led to greater investment in cyber? While previous wars may have been solely fought in the air and on the battlefield, wars in the 21st century take on a much different hue. With technology stronger and more prevalent than it has ever been, more and more nation state-linked threat actors are launching attacks on other countries. Often, such actors target government departments, healthcare organisations and electoral systems to have the greatest impact. Read more
Fintech, IoT & 5G: How connectivity is transforming fintech (Fintech Magazine)
Increased connectivity led by 5G technology is revolutionising the financial services space through its super-fast low latency and real-time delivery applications. The global rollout is well underway – we track the technology’s history. Today, 5G is available across Europe, APAC, the US, and beyond. In May 2022, An Ofcom report also estimated with “high to very high confidence” that 5G reached around half of all outdoor premises in the UK. The service promises to fundamentally transform data collection and delivery on a global scale. Read more
Greenwashing Continues to Harm as Global Alliance for Banking on Values Calls for Action (The Fintech Times)
As world leaders continue to gather at the COP27 conference in Egypt, many climate questions remain unanswered. The Global Alliance for Banking on Values (GABV) has urged the financial industry to take serious action to help tackle the climate crisis. The GABV, a global network of value-based banks, has called upon the financial sector to match their rhetoric with serious, transformative action. On 10 November 2022, the network marks ‘Banking On Values Day’ by calling for banks and financial institutions to take more care in how they present themselves. Wednesday 9 November saw ‘Finance Day’ take place at the COP27 conference. Read more
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