Weekly News Highlights – 14 April 2023

Stay up to date with the latest news from fintech! This week, we bring you updates on regulations, legislation, partnerships, and more. Enjoy reading!

Fraud prevention: Genesis Market cybercrime site shut down (Payments Cards and Mobile)
Genesis Market has been closed down in a massive, coordinated global law enforcement crackdown. Genesis Market was one of the world’s biggest criminal marketplaces used by online fraudsters to buy passwords sold login details, IP addresses and other data that made up victims’ “digital fingerprints”. Often costing less than $1, the personal information let fraudsters log into bank and shopping accounts. Law enforcement agencies around the world were part of the co-ordinated raids, including the UK. During a series of raids, the UK’s National Crime Agency (NCA) arrested 24 people who are suspected users of the site. Read more

AI chatbot ChatGPT could return to Italy if OpenAI complies with data protection rules (Euro News)
ChatGPT could return to Italy soon if its maker, OpenAI, complies with measures to satisfy regulators who had imposed a temporary ban on the artificial intelligence software over privacy worries. The Italian data protection authority on Wednesday outlined a raft of requirements that OpenAI will have to satisfy by April 30 for the ban on AI chatbots to be lifted. The watchdog known as Garante last month ordered the company to temporarily stop processing Italian users’ personal information while it investigated a possible data breach. The authority said it didn’t want to hamper AI’s development but emphasized the importance of following the European Union’s strict data privacy rules. Read more

Bitget launches USD 100 million fund to support Web3 projects (The Paypers
Seychelles-based crypto derivatives exchange Bitget has launched a USD 100 million fund to support future Web3 projects. The USD 100 million will be added to the fund as an initial investment, and the company plans to support Web3-friendly venture firms and projects around the world, particularly projects based in Asia that offer clear roadmaps as well as solutions to real-world issues.  Potential partners for the fund project include several venture capitalists such as Foresight Ventures, ABCDE Capital, SevenX Ventures, and DAO Maker, as well as Dragonfly Capital. Dragonfly Capital has announced a USD 10 million investment into Bitget with the goal of supporting the exchange’s expansion around the globe.  Bitget officials cited by talked about the rapidly evolving nature of the Web3 space as well as the multitude of projects that require funding in order to support Web3 in its efforts to become a global phenomenon. They also revealed that the Bitget Web3 Fund will seek out projects that have the most potential to impact this growth process. Read more

Mastercard speeds up plan to remove first-use plastics from payment cards (Fintech Global)
Mastercard will accelerate its efforts to remove first-use, PVC plastics from payment cards on its network by the year 2028. According to Mastercard, this move further reinforces its sustainability commitments and scales the accessibility of more sustainable card offerings for consumers seeking a way to reduce the environmental impact of their wallet. From January 1, 2028, all new Mastercard plastic payment cards will be made from more sustainable materials. These include recycled or bio-sourced plastics such as rPVC, rPET, or PLA1 – and approved through a certification program, in a first move for a payment network. Back in 2018, Mastercard launched its sustainable card program. Since then, over 330 issuers across 80 nations have signed working, working alongside major card manufacturers to transition more than 168 million cards across its network to recycled and bio-based materials. Read more

Digital Currency Monetary Authority launches international CBDC (Fintech Futures
The Digital Currency Monetary Authority (DCMA) has launched an international central bank digital currency (CBDC). The Universal Monetary Unit (UMU), symbolized as Ü, can transact in any legal tender settlement currency and is designed to enforce banking regulations and protect the financial integrity of the international banking system. Also known as Unicoin, UMU is powered by artificial intelligence and adopts a central banking monetary policy framework to ensure it has continuous purchasing demand, minimal price volatility and annual asset pricing targets. Ü also complies with the recent crypto assets policy recommendations proposed by the IMF and can be configured to operate according to the central banking regulations of each participating jurisdiction. Banks can attach SWIFT Codes and bank accounts to a UMU digital currency wallet and transaction SWIFT-like cross-border payments over digital currency rails bypassing the correspondent banking system at best-priced wholesale FX rates and with instantaneous real-time settlement. Read more

Bank of England begins building Britcoin team (Finextra)
The Bank of England has opened recruitment for staff to oversee the development of its proposed central bank digital currency. The UK central bank wants to create a team of up to 30 people to oversee the project, according to a report by the Times. “A team of 30 seems like quite a significant resource to focus on the digital pound,” Ian Taylor, an adviser to the trade association CryptoUK, told the Times. “It shows the impact it would have, and that the bank are serious about it.” The Bank in late March posted openings for a digital pound solution architect “to explore the technology design and architecture options for a potential retail CBDC”, and a digital pound security architect, whose role will be “to explore and develop secure technology design and architecture options for a potential retail CBDC”. Read more

McAfee launches McAfee+ in Spain, Italy, and the Netherlands (The Paypers)
Online protection company McAfee has launched McAfee+ in Spain, Italy, and the Netherlands aiming to protect the privacy, identity, and online security of more consumers. As per the information detailed in the press release, the new product line includes comprehensive privacy and identity protection that enable users to live life online in a confident and secure manner. Available in the above-mentioned regions, the McAfee+ product suite provides users with identity restoration and lost wallet assistance, together with the ability to secure all devices with protection against threats and viruses. Additionally, as part of the new product line announcement, the company introduced protection for Chromebooks with antivirus, VPN, safe browsing, and identity monitoring for Chrome OS users. Read more

Tappy, Curve launch wearable tokenisation to Europe and the UK (The Paypers)
Wearable and digital payments solution provider Tappy Technologies has partnered with digital wallet Curve to launch a wearable tokenisation solution in Europe and the UK. The collaboration follows a goal to transform the way in which Europe-based customers choose how and where to pay on the go. As per the information detailed in the announcement, Tappy’s watch and jewellery brand partners are now enabled to provide Curve’s customers with Tappy-enabled payment wearables in 31 countries throughout the European Union and the UK. Read more

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