Weekly Analysis And Opinion Highlights – 15 May 2023

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

IRM and ERM: maximising risk management in your organization (Fintech Global)
In the past year, 41% of organisations have faced three or more critical risk events. Enterprise risk management (ERM) and integrated risk management (IRM) are both essential to mitigate these risks. In a recent post by Diligent, the company outlined the differences between ERM and IRM and how they can support risk management in a company. Although ERM is a top-down strategy focusing on managing risk across an organization, IRM is a bottom-up approach to governing risk organization-wide within a single source of truth. Read more

Higher interest rates are fostering a fintech comeback story (Tech Crunch)
While rapidly rising interest rates in the United States have caused more than a few financial institutions to topple, a group of well-known fintech companies are posting signs of a comeback. Both Coinbase and Robinhood reported better-than-anticipated revenue in the first quarter. This is welcome news for the backers and employees of both companies, which saw their shares skyrocket during COVID and tank after those pandemic tailwinds tapered away. Read more

Irish central bank governor compares crypto to ponzi scheme (Finextra)
Central Bank of Ireland governor Gabriel Makhlouf has compared cryptocurrencies to “ponzi schemes” and says there is “urgent need” for policy action to protect consumers. In a blog, the governor says that while the Bank is “open” towards the potential of ‘backed crypto’ – such as Electronic Money Tokens and Asset Reference Tokens – unbacked crypto is a “very different proposition”. Writes Makhlouf: “My view is that the claimed benefits of ‘unbacked crypto’ should be treated with a large dose of scepticism. The purchase of such products can be similar to purchasing a lottery ticket: you might win but you probably won’t. And describing it as ‘investment’ is, needless to say, an abuse of the word; ‘Ponzi schemes’ might be more accurate.” Read more

What is FinOps and Why Do We Need Cloud Financial Operations (Ostridelabs)
FinOps, or Financial Operations, is a relatively new and rapidly growing field that is becoming increasingly important in today’s cloud-driven business world. While many people are often confused about FinOps meaning, it is the practice of optimizing the cost and utilization of cloud infrastructure, applications, and services, with the ultimate goal of reducing waste and increasing efficiency in the use of cloud resources. In short, it’s about ensuring that organizations are getting the best possible value from their cloud investments. There are many reasons why cloud financial operations are becoming more and more critical. First, cloud computing has become an indispensable part of modern businesses. More and more organizations are relying on cloud services to run their operations, store their data, and serve their customers. As a result, cloud spend is becoming a significant portion of many organizations’ budgets, and it’s important to ensure that this spend is managed effectively. Read more

Revolut CEO claims banking crisis is delaying UK licence application (Finextra)
Revolut CEO Nik Storonsky says the fintech’s two-year quest to secure a UK banking licence is now being held up by “extra cautious” regulators spooked by recent events at the likes of Silicon Valley Bank and Credit Suisse. At the beginning of March, Revolut chief revenue officer Mikko Salovaara signalled that the unusually-long process to secure a licence was coming to a close, promising that it would arrive “any day now”. However, in an interview with the Financial Times, CEO Storonsky now says: “Ultimately it is not really us, it is generally the banking crisis we see at the moment that makes regulators extra cautious.” Read more

Key Elements for Embedded Insurance Success and the Impact on the Insurance Industry (Fintech Finance News
In this article, Sizwe Mase, Business Development Lead, insurtech at Root, delves into the essential factors that contribute to the success of embedded insurance in the retail sector. We will explore how trust, transparency, and value play crucial roles in creating strong insurance propositions and discuss the impact of embedded insurance on the broader insurance industry, including the influence of compliance, technology, and innovation. Read more

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