Some fascinating tales out of Washington this week the place we noticed two very completely different Senate hearings, one that includes the previous CEO of SVB and the opposite that includes the present CEO of OpenAI. We additionally famous the launch of a brand new monetary blockchain community, Q1 earnings from Nubank, and Truist launching a gamified financial savings app. Listed here are what I think about to be the highest 10 fintech information tales of the week.
SVB’s CEO ‘deeply sorry’ however assures he did no improper from Fintech Nexus – The previous CEO of Silicon Valley Financial institution testified earlier than the Senate Banking Committee this week the place he apologized for what occurred however blamed social media and fast rate of interest rises on the demise of the financial institution. Apparently, when requested what errors he made he couldn’t determine something.
OpenAI’s Sam Altman Urges A.I. Regulation in Senate Listening to from The New York Instances – Staying on Capitol Hill, there was additionally a listening to this week on AI that includes the CEO of OpenAI, the corporate behind ChatGPT. He referred to as on lawmakers to control AI as a result of “if this know-how goes improper, it might probably go fairly improper.”
Microsoft, Goldman Sachs, and Different Large Corporations Again Launch of Monetary Blockchain from Decrypt – Whereas the monetary blockchain area has been quiet as of late there was some massive information from some main companies just lately. The Canton Community has been designed to streamline monetary markets with web3 know-how and contains the likes of Microsoft, Goldman Sachs, Deloitte and virtually 30 different massive identify corporations.
Nubank shares up 10% as neobank stories report income in Q1 from Fintech Nexus – Main Brazilian digital financial institution, Nubank, reported earnings this week and it was one other stable quarter. Income was up 87% 12 months over 12 months to $1.6 billion and it was their third straight quarter of web income.
Truist launches its standalone gamified finance app from American Banker – Truist acquired Lengthy Recreation final 12 months and the gamified financial savings app is now obtainable for Truist prospects. It’s separate from the principle Truist app however to make use of Lengthy Recreation you have to be linked to a Truist account. The brand new app is focused at millennial and Gen-Z prospects and is an try to alter financial savings conduct.
Jack Henry Provides FedNow to Actual-Time Funds Choices from PYMNTS – Whereas FedNow continues to be a few months from launch, main core banking supplier Jack Henry is “operationally prepared” to assist the brand new immediate fee service. Greater than 20 Jack Henry shoppers will participate within the early adopter program.
As funds methods go digital, they’re altering world finance from The Economist – In a particular report titled, Cashless Discuss, The Economist writers take a deep dive into digital funds. With eight separate tales protecting the power of the US greenback, India’s UPI, crypto, CBDCs and extra.
Petal’s Prism Knowledge companions with Plaid from Fintech Nexus – Prism Knowledge, just lately spun out of Petal, has introduced a partnership with Plaid. The partnership will enable lenders who’re utilizing Plaid to entry Prism Knowledge’s analytics to offer a extra in depth view of the borrower’s monetary scenario.
Fintech Ramp Launches AI-enhanced Instruments to Assist Companies Streamline Operations from Crowdfund Insider – Ramp introduced new AI-enhanced instruments this week to assist their enterprise prospects discover money and time financial savings. Powered by GPT-4, Ramp Intelligence “unlocks the worth of unstructured information beforehand siloed in card transaction information, paperwork, and receipts for the very first time.”
Ripple Buys Crypto Custody Agency Metaco for $250M from CoinDesk – The crypto area continues to forge forward with Ripple buying Swiss custody agency Metaco for $250 million. The know-how developed by Metaco will enable Ripple to increase its choices for custody, issuing, and settlement of tokenized property.
