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Weekly Analysis And Opinion Highlights – 7 November 2022

And we’re kicking off the week with new analysis and opinions on investing, ESG framework, open banking, metaverse and more. Dive into the latest fintech insights and have a great start of the week!

Are Current Financial Measures Doing Enough for Dementia Sufferers? (The Fintech Times)
The suitability of financial services for people who suffer from mental health issues is a requirement that can never be overstated. While different companies have accommodated services for the blind, audibly challenged and physically handicapped, a new industry report has come to underline the necessity for financial services to innovate for those with dementia. People with dementia report a litany of challenges when engaging with the financial services and payments industry, according to Retail Therapy, a new report published by the International Longevity Centre UK (ILC) in conjunction with its supporting partner abrdn Financial Fairness Trust. Through organised focus groups and innovation workshops, the report interviewed dementia sufferers and their carers, a process which raised worrying concerns regarding the way the financial services and payments industry engaged with this demographic. Read more

Fintech, IoT & 5G: How connectivity is transforming fintech (Fintech Magazine)
5G technology is revolutionising the financial services space through its super-fast low latency and real-time delivery applications. 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. Read more

Ethereum revolutionizing Fintech industry, massive bullrun for ETH to $2,000 ahead – Bloomberg expert (Crypto News Flash)
Leading smart contract platform Ethereum has been predicted to cause a revolutionary change in the FinTech industry. Mike McGlone, a lead community strategist, predicted this while actively rooting for Ethereum to go bullish soon. McGlone pointed out that Ethereum can support its value because dollar-pegged stablecoin operates on its network. Ethereum has always been a close rival to the world’s first cryptocurrency, Bitcoin. In fact, Ethereum has the second-largest market cap after Bitcoin. The Bloomberg analyst expects Ethereum to start trending against Bitcoin. He believes the shrinking supply and growing demand for the token could push the price further. He noted that a favorable supply-to-demand ratio is all it takes for Ethereum to kickstart a bullish run. Lately, Ethereum has been reportedly trending for outperforming Bitcoin although the price has been ranging from a support of $1,000 to a resistance of $2,000. Read more

MAS’ Ravi Calls on Fintechs to Solve Two Foundational Issues (Fintechnews Singapore)
The two challenges in financial services where fintech can potentially play a positive transformative role are cross-border payment and settlement as well as high quality and trusted ESG data, said Ravi Menon, Managing Director at the Monetary Authority of Singapore (MAS) during a keynote speech at Sibos 2022 yesterday. He called these foundational issues that need to be addressed before broader progress can be made. Read more

The importance of fraud protection on Black Friday and Cyber Monday (The Paypers)
Black Friday and Cyber Monday (BFCM) are just around the corner, and merchants have been working hard to prepare for the largest online spending day of the year. In 2021 alone, customers in the US spent USD 10.90 billion on Cyber Monday and another USD 9.03 billion on Black Friday. At the same time, merchants hope to cash in on any additional traffic that BFCM will bring to their ecommerce site. But, while more traffic often brings more revenue, it also leads to increased rates of fraud. That is part of the reason why ecommerce fraud spikes dramatically during the holiday months. So, why it is so important for merchants to be prepared to protect themselves during BFCM season? Let’s take a closer look to the facts. Read more

Partner Bank Compliance and the Impact on Fintech  (a16z.com)
Last month, Bancorp Bank, a U.S. bank that commonly partners with fintech companies via its parent company Bancorp, transitioned from a state-based banking charter to a national one. In parallel, over the past few months, the Office of the Comptroller of the Currency (OCC) — the federal regulator that charters and regulates national banks — has been more carefully reviewing the relationship between partner banks and fintech companies. Together, these recent changes signal that the role and responsibility of partner banks, as well as the cost of operation and compliance, is likely to evolve in the coming months. As we know, the approximately 90 U.S. partner banks, in partnership with banking-as-a-service (BaaS) software providers, enable fintech companies to offer banking products like debit cards, bank accounts, lending products, and access to the national payments network, without needing to become banks themselves. Bancorp is one of the biggest and oldest BaaS providers, and Bancorp Bank is its subsidiary bank. They’ve typically focused on larger fintech companies and work with the likes of Chime and SoFi. Prior to getting a national charter, Bancorp Bank, like most partner banks, had a state-based charter along with FDIC insurance. Many partner banks have state charters (e.g., Evolve Bank, Coastal Community Bank, Hatch) and similarly are not under the scope of the OCC. Read more

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