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Weekly Research Highlights – 28 November 2023

The fintech industry is rapidly evolving and disrupting traditional financial systems. In this article, we bring you the latest research insights to help you stay ahead of the curve and understand the future of financial technology. Enjoy researching!

Crypto enforcers wielded a heavy hand this year, but don’t expect it to get softer in 2024 (Tech Crunch)

Despite the tumultuous year in the crypto industry, regulatory scrutiny and enforcement are expected to remain robust in 2024. Controversies, scandals, and notable legal actions have shaped the landscape, prompting a call for clearer guidelines. The industry, while acknowledging the importance of catching and punishing bad actors, hopes for more coherent and concrete regulatory frameworks amid mixed messages from government authorities. Read more

In search of cloud value: Can generative AI transform cloud ROI? (McKinsey)

Generative AI has the potential to transform the return on investment (ROI) dynamics of cloud programs, addressing the challenge faced by established companies in capturing the full value of cloud computing. The use of generative AI can significantly reduce the time and investment required for cloud adoption, unlocking new business and tech use cases. A McKinsey report highlights the complex landscape of cloud adoption, emphasizing the need for generative AI in supporting initiatives and accelerating cloud programs, with potential benefits including a 40% reduction in time and costs for application remediation and migration. Read more

Report: Why banks must act now to deliver secure digital ID (Payments, Cards and Mobile)

A new report by Nets emphasizes the urgent need for banks to implement secure digital ID solutions to navigate the growing shift to online commerce and address regulatory developments in Europe. The report highlights potential revenue opportunities for banks and the risks of falling behind digital-first competitors. Key drivers include regulatory changes, increased fraud risk, and competition from digital disruptors. The study recommends that banks introduce comprehensive digital ID solutions to enhance user experience, build loyalty, and capitalize on emerging opportunities in the digital economy. The global digital identity market is projected to reach $93 billion by 2030, reflecting its strategic importance. Read more

Fraud keeps getting worse – what strategies can really help? (Payments, Cards and Mobile)

The escalating challenge of fraud remains a pressing concern, with reports indicating a surge in debit card fraud, rising disputed transactions in the travel sector, and a notable increase in attempted frauds by European merchants in 2023. In response, the UK government has unveiled a 50-point program to reduce online fraud by 10% by 2025, aiming to address losses that reached £2.5 billion last year. Meanwhile, the European Banking Authority (EBA) has expressed concern about the ineffective management of money laundering and terrorist financing risks in payment institutions. The EBA emphasizes the need for enhanced AML controls and effective supervision to combat these threats. Industry-wide efforts are deemed crucial to mitigate fraud losses and maintain confidence in online commerce, requiring collaborative strategies beyond individual bank initiatives. Read more

Sustech companies amassed $4million in investment in the Philippines: only the beginning (The Fintech Times)

Global sustainability technology (sustech) companies in the Philippines attracted only $4 million in investments, signaling significant potential for growth, according to Digido’s analysis. As environmental, social, and governance (ESG) principles gain prominence, Filipino fintechs focusing on innovation and sustainability are poised for increased investment. Digido advocates for measures such as integrating ESG indicators into investment decision-making processes and enhancing investor literacy to make ESG-bent investments mainstream in the country, promoting sustainable practices and facilitating economic growth. Read more

Asian Fintech startups to offer growth ppportunities amid VC downturn (The Fintech Times)

Despite challenging conditions for venture capital investment in fintech throughout 2023, the Asia-Pacific region, particularly Asia, has demonstrated resilience, raising $1.9 billion in Q3 2023. Investors remain interested, focusing on fintech startups that aim to streamline cross-border transactions, with sectors like banking technology and payments collectively raising over $1 billion in the same period. Factors contributing to Asia’s continued appeal include geopolitical stability, government support for business development, and a growing interest in fintech innovation, especially in the payments sector, making the region a promising investment hub. Read more

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