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Weekly Analysis And Opinion Highlights – 20 March 2023

And we’re kicking off the week with new analysis and opinions on fintech with SVB news, ESG, crypto, and more. Dive into the latest fintech insights and have a great start of the week!

How fintech can reshape global trade and the supply chain (Fintech Futures)
Bank of America’s Faisal Ameen, head of global transaction services for Asia Pacific and Japan, recently shared his thoughts on how adaptive technologies will change the future of global trade and supply chains. As global trade and supply chains attempt to tackle an onslaught of challenges, streamlining processes and solving systemic problems has never been more important. Fintech advancements in blockchain, payments, and finance are all poised to offer a much needed helping hand. Such technologies, combined with innovations in 5G, have the power to revolutionise the way we conduct global trade and manage our supply chains. Read more

Do UK businesses see ESG as a priority? (Global Fintech)
A recent survey by Advanced has found that only 36% of UK senior decision markets list ESG as a business priority this year. Up to one in four respondents said that they don’t believe their company is open and transparent about its ESG goals and achievements, while 28% noted that they could not provide tangible evidence to support their environmental, social and governance progress. Meanwhile, 69% of respondents said they weren’t working with suppliers to lower emissions. Read more

Banks are capping crypto spending, but are they right to? (Fintech Magazine)
Several banks in the UK are limiting the amount of money that account holders can transfer to crypto exchanges. Is the move justified, or an overreach? NatWest has become the latest British bank to introduce safeguards against customer spending on cryptocurrencies. Last week, it introduced a cap on the amount of money that account holders could transfer to crypto exchanges. It means that NatWest is the latest bank to introduce controls on consumer crypto spending, following in the footsteps of Nationwide, HSBC and Santander. The limits are far above the level that most consumers will spend on crypto – £1,000 a day or £5,000 over a 30-day period. But are they proportionate to the amount of risk facing consumers, or do they represent self-inflicted overreach? Read more

Is Southeast Europe fertile ground for digital banking challengers? (Fintech Futures
Neobanks have taken Europe by storm, with the likes of Revolut, Monzo, and N26 becoming household names. And while markets like the UK have become crowded for new challengers, another part of Europe remains relatively free of competition. As a region where cash is still king and with millions of underbanked customers, Southeast Europe appears to be fertile ground for new-age digital banks. Last year, the European Savings and Retail Banking Group (ESBG) conducted an analysis of the Global Findex Database 2021, and discovered that more than 13 million adults, or 4% of the adult EU population, remain underserved. Read more

How will Generative AI impact wealth management? (Global Fintech)
Generative AI has taken the world by storm in just a matter of months. As companies look to assess whether the technology could transform their operations, will wealth management become a natural home for it? At the tail end of 2022, Chat GPT seemed to come out of nowhere. It dominated conversations everywhere and millions flocked to the platform to try it out. Users were leveraging the AI-powered chatbot to craft well written text, create code or even do a child’s homework. While the dust has settled and the technology is not dominating all headlines, there is a huge user base. The platform launched its public testing on November 30, 2022, and by the end of the first month it had 57 million users. Current estimates put the technology as having 13 million daily users. Read more

Could new PRA legislation put SME lending at risk? (Global Fintech)
A study by Allica Bank has found plans by the UK Prudential Regulation Authority to change bank capital rules could put £44bn of SME lending at risk. According to Finextra, back in December the PRA put forward an overhaul of bank capital rules that include a move to increase the level of risk-weighting banks would need to apply to SME lending. Research from economic and finance consultancy Oxera – which was commissioned by SME lender Allica – found that up to £44bn of SME lending is ‘at risk’ if a more risk-based and proportionate approach to new SME lending capital rules is not implemented. Read more

What Does Fintech Mean, And How Can It Help Business Owners? (Forbes)
If you’ve ever made a Venmo payment or used a robo-advisor for investing, you’re already somewhat familiar with fintech and how it works. The fintech industry uses technology to provide streamlined financial services to customers, including banking, lending, investing and more. Through their reliance on state-of-the-art technology, the services provided by fintech companies provide more efficiency and give customers more control over their money. Fintech can also help business owners save time, cut costs and improve how they manage their money. Here are five ways fintech can help you improve your business processes. Read more

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