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THE Fintech Times bi-weekly news summary takes a look at the latest fintech news from around the world on Thursday, December 19, 2024.AppointmentInfrastructure Financial Technology lemon.markets expands its management team with two key appointments to newly created positions. Philipp Schäfer joined as sales manager, bringing experience of DWS And Morgen Fund, while Niko Schroer assumes the role of partnership manager, after having held positions at Band And Google. Laura Cüppers also takes on additional responsibilities as vice president of brokerage and now also leads product management.Global financial technology Broadridge Financial Solutions appointed Mike Cowley as responsible for the activity of…

The U.S. Department of the Treasury has released a report offering recommendations based on comments to a Request for Information (RFI) on the uses, opportunities, and risks of artificial intelligence (AI) in financial services.© Shutterstock The report discusses the growing use of AI and generative AI across the financial services industry. It also highlighted AI’s potential to expand opportunities while amplifying certain risks, such as risks related to data privacy, bias and third-party vendors. “Through this AI RFI, Treasury continues to collaborate with stakeholders to deepen its understanding of the current uses, opportunities, and risks associated with AI in the…

By Sarah Jarvis · December 23, 2024, 5:26 p.m. EST The Consumer Financial Protection Bureau on Monday sued Walmart and financial technology company Branch Messenger for allegedly forcing delivery drivers to use expensive deposit accounts to receive their paychecks and cheating them… To view the full article, subscribe now.

(Bloomberg) — Walmart Inc. and one of its financial technology partners allegedly opened expensive bank accounts for delivery drivers at the world’s largest retailer without their consent, a U.S. consumer protection agency said Monday. Most read on Bloomberg The Consumer Financial Protection Bureau sued Walmart and Branch Messenger Inc., claiming they required participants in the Spark Driver program to be paid through high-cost accounts or be fired. “Walmart made false promises, illegally opened accounts, and took advantage of more than a million delivery drivers,” CFPB Director Rohit Chopra said in a statement after the agency sued the two companies before…

The Securities and Exchange Commission (SEC) has assured stakeholders in the fintech space that it is committed to ensuring transparency and integrity in the regulation of the space. The Commission said it had ensured a level playing field for all applicants. The Director General of the SEC, Dr Emomotimi Agama, said this on Monday during a meeting with Regulatory Incubation Program and Fast Track Regulatory Incubation Program applicants. The SEC CEO said the Commission understands the anxiety and the need to be regulated, but added that it must be very careful even in its desire to be inclusive. According to…

Free newsletterReceive the latest Swiss Fintech news once a month in your inboxThe Swiss Financial Market Supervisory Authority FINMA publishes its advice on governance and risk management when using artificial intelligence (AI).The guidelines draw attention to the risks associated with the use of AI and describe FINMA’s observations from continuous monitoring.The rapid adoption of AI in finance comes with associated risks, which are often difficult to assess. These include operational risks, in particular model risks (e.g. lack of robustness, accuracy, explainability or bias), data risks (e.g. data security, quality of data, data availability), IT and cyber risks, as well as…

Sam Bankman-Fried (SBF), the former CEO of the now-defunct crypto exchange FTX, is at the center of growing speculation over whether he could receive a presidential pardon. With SBF facing a lengthy prison sentence for its role in FTX’s collapse, rumors began swirling after billionaire Elon Musk said he would be “shocked if this didn’t happen.”Musk’s comments sparked new discussions about a possible pardon, raising questions about the role of politics in SBF’s future.Conviction and sentenceFTX Crypto Exchange Failedwhose empire collapsed in November 2022, was found guilty on all seven counts following a five-week trial that concluded in November 2023.Therefore,…

Morning was founded in 2011 under the name “Green Invoice”.Source link Disclaimer We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi We want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It is possible that some of the investors we feature have ties to other companies, including competitors or companies we write about. However, we would like to assure our readers that this will have no impact on the integrity or impartiality of our reporting. We are committed to providing accurate and…

By Anna Tong (Reuters) – Artificial intelligence startup Basis has raised $34 million in a Series A funding round for its AI-powered accounting automation product, the company said on Tuesday. The round was led by Khosla Ventures. Other investors included NFDG, the AI-focused fund run by former GitHub CEO Nat Friedman and former Apple executive Daniel Gross, OpenAI board members Larry Summers and Adam D ‘Angelo, as well as Google’s chief scientist, Jeff Dean. Basis, based in New York, is part of a class of AI startups creating autonomous agents, or systems that use AI to perform actions on their…

As the cryptocurrency market experiences a price correction, several social media posts claim that President-elect Donald Trump is considering nominating cryptocurrency advocate Paul Atkin to replace him. Gary Gensler to the Securities and Exchange Commission (SEC). However, neither Atkin nor Trump’s team has officially confirmed these developments.New president of the SEC: Paul Atkin or rumor?Although this rumor is spreading like wildfire on social media, it has caught the attention of several crypto and ETF experts around the world. Bloomberg. However, according to an expert’s post on X (formerly Twitter), Trump contacted Atkin for the SEC position, but the agency is…