And we’re kicking off the week with new analysis and opinions on fintech with new finance space for 2023, payments, crypto, fintech stocks and more. Dive into the latest fintech insights and have a great start of the week!
12 Accounting Innovations CFOs Cannot Afford to Live Without (plooto)
Being a Chief Financial Officer (CFO) in today’s world is quite different from what it was, even 10 years back. The demands of a fast-paced, inter-connected world have catapulted the CFO’s role into a whole new direction and dimension. There is more data to be captured, and there are more tools to make life easier. But technology can also be overwhelming. With such a wide array of options, CFOs need to educate themselves on the latest accounting innovations to help their companies become smarter and save time and resources. Adapting the right technologies will play a key role in the digital transformation process. It will help scale a sustainable business and stay competitive in the long run. Read more
5 Innovative Technologies to Streamline Your Business’ Bookkeeping (Navitance)
Companies need to stay up to date on the latest trends. This statement holds true for every type of business across all industries. I see so many businesses that prioritize new technology for their products, services, or production process, which is great. However, these same companies are using outdated accounting systems. Automation, machine learning, and artificial intelligence are the hottest tech topics in circulation right now. Believe it or not, these topics are hot in the accounting world as well. It’s time for you to ditch the pencil and handwritten ledgers. If you want to be innovative and keep up with the times, check out these five technologies that will streamline your bookkeeping process. Read more
EU closes the door on tracking down dirty money? (Fintech Magazine)
Saeed Patel, Group Director at Eastnets, says that a judgment by the EU Court of Justice may have turned back the clock on effective anti-money laundering. The Court of Justice of the European Union (CJEU) has ruled that access to a company’s beneficial owners conflicts with privacy laws. In a surprise announcement, the CJEU thus closed the doors on public access to company beneficial ownership registers. This decision is counter to the requirements of the EU’s 5th EU Anti-Money Laundering Directive (5MLD), which includes several clauses recognising the need to check beneficial ownership for effective fraud control. The directive says: “The need for accurate and up-to-date information on the beneficial owner is a key factor in tracing criminals who might otherwise hide their identity behind a corporate structure.” Read more
Klarna appears to have finally cracked the US market (Finextra)
Klarna’s long-standing ambition to crack the American market appears to be finally coming good, with the US now representing its biggest revenue-generating stream globally. The Swedish BNPL giant has reported strong momentum in the US, with a 71% YoY increase in gross merchandise value, while improving credit loss rates by 37%. The firm now counts 34 million consumers in the US, 8 million monthly active app users and 30 million downloads. Klarna is forecasting that it will hit profitability on a monthly basis next year despite a doubling of losses in its most recent third quarter. Read more
Solving the cybersecurity puzzle (Fintech Futures)
Cybersecurity is an issue facing firms across all sectors, and with large amounts of money at stake, fintech and financial services are huge targets. But many firms have yet to fully grasp the nettle and concentrate funds and resources towards tackling the issue, whether that’s due to the sheer scale of the problem or naivety. Professor Raj Muttukrishnan, a director at the Institute for Cybersecurity at City University of London, and Stuart Jubb, group managing director at cybersecurity firm Crossword. Muttukrishnan’s interdisciplinary approach to cybersecurity “cuts across psychology, social sciences, including law to computer science, engineering, and business”. He also does a lot of external work with various companies and the government and is a non-executive director for London’s Cyber Resilience Centre. Read more
UK open banking users swell to seven million (Finextra)
The number of consumers and SMEs actively using open banking powered services in the UK has reached seven million for the first time. User numbers are reported to oversight entity Open Banking Limited (OBL) by the CMA9, the banks and building society mandated by the Competition and Markets Authority to implement open banking in the UK, and numbers for January show that the combined figure tipped seven million. The upward trend comes just one month after the completion of the CMA Roadmap and the 5th anniversary of the Second Payment Services Directive (PSD2), which made open banking a regulatory requirement in the UK. Read more
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