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Weekly Analysis And Opinion Highlights – 8 April 2024

Dive into the dynamic world of finance with our latest analysis highlights, exploring hot topics from the fintech funding industry.

Gold prices hit a new record. Here’s why (Quartz)

The recent surge in inflation without corresponding interest rate adjustments has led to a surge in interest in alternative assets, notably gold, which is trading near record highs of $2,250 a troy ounce. With central banks hesitating to raise interest rates amid inflation concerns, investors are turning to commodities like gold as a store of value. Despite the dollar’s uncertain position and gold’s impressive rally, it still lags behind the S&P 500 stock index, which has seen an 8% increase this year compared to gold’s 10% rise. Read more

Sumsub and Mercuryo Release Comprehensive Guide for Cryptocurrency Providers to Navigate Travel Rule Compliance (Sumsub)

Sumsub and Mercuryo have released a guide titled “Mastering Travel Rule Compliance” to assist Virtual Asset Service Providers (VASPs) in implementing Travel Rule regulations effectively. This collaboration aims to help VASPs navigate regulatory complexities, ensure compliance, and prepare for global expansion in the cryptocurrency industry. The guide covers essential information about the Travel Rule, its implementation status in various jurisdictions, and practical insights for VASPs. Additionally, Sumsub and Mercuryo offer solutions to help organizations minimize risks associated with non-compliance. Interested parties can access the guide and learn more about Sumsub’s Travel Rule solution on their respective websites. Read more

The Middle East’s Fintech 50 (Forbes Middle East)

In 2023, funding in fintech across Europe, the Middle East, and Africa decreased to its lowest level in seven years, dropping to $24.5 billion from $49.6 billion in 2022, as reported by KPMG. Despite this decline, fintech companies in the Middle East are thriving, with the region’s Fintech 50 list showcasing innovative players reshaping the financial technology landscape. This list includes digital payment firms, open banking platforms, and investment, saving, and lending apps, with Egypt leading the representation followed by the UAE and Saudi Arabia. Wio Bank, backed by ADQ, Alpha Dhabi, e&, and First Abu Dhabi Bank, tops the 2024 list, offering digital banking services catering to both business and retail clients. Egypt’s Fawry, providing e-payment and digital finance solutions to millions of customers, secured the second position. Payment companies dominate the list, with Buy-Now, Pay-Later platforms like Tabby, Tamara, and MNT-Halan also gaining prominence, achieving unicorn status in 2023 after significant funding rounds. Read more

Navigating tax compliance: How FinTech innovates CRS and FATCA reporting (Fintech Global)

MAP FinTech, a leader in RegTech solutions, has released a comprehensive guide to help financial institutions comply with CRS and FATCA regulations. These regulations are crucial for combating tax evasion globally, and non-compliance can lead to hefty penalties and reputational damage. MAP FinTech’s RegTech solutions streamline compliance processes through automation and digital advancements, ensuring adherence to regulatory requirements while freeing up resources for core business functions. Read more

Inside the Cloud’s Transformative Impact on Finserv (Fintech Magazine)

The passage highlights how cloud computing has revolutionized the financial technology (fintech) and insurance technology (insurtech) sectors. It emphasizes the pivotal role of cloud technology in reshaping operations, driving innovation, and enhancing competitiveness. Cloud adoption enables agility, scalability, and efficiency, allowing businesses to deliver innovative services, collaborate effectively, and adapt to changing market dynamics. Despite challenges such as security concerns and legacy system integration, cloud computing remains essential for modernizing financial services and insurance operations in today’s digital age. Read more

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