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Ayan Capital, a London-based Islamic fintech, has secured £2.8 million in equity funding to develop halal car finance and other Islamic financial products in the UK.EditorialThis content was selected, created and edited by the Finextra editorial team based on its relevance and interest to our community. The round was led by Cur8 Capital, a UK-based platform that provides ethical investment opportunities.In early 2024, Ayan began offering Islamic car financing to private hire drivers such as those from Uber, Bolt and Wheely, to purchase low-carbon electric vehicles and plug-in hybrid cars.Ayan has already funded over £3.4 million, maintaining a 0% NPL…

BlackRock, the global investment manager, has announced that it is joining FinTech Scotland, the cluster management organization for the fintech sector in Scotland. This announcement comes as BlackRock continues to develop its local knowledge and talent while expanding in Scotland. The ambition aligns with FinTech Scotland’s research and innovation strategy, focused on shaping the future of finance through fintech and technology. Through this partnership, BlackRock and FinTech Scotland will collaborate on innovation and solving difficult problems through data and technology, helping more people achieve financial well-being. BlackRock joins a fintech cluster recognized as a center of excellence in fintech innovation…

MEXICO CITY (Reuters) – The fintech arm of Latin American e-commerce giant MercadoLibre, Mercado Pago, has submitted its application for a banking license to the Mexican regulator, the unit said on Wednesday. The request was sent to the National Banking and Securities Commission (CNBV) earlier this month, Mercado Pago said in a statement. In May, Mercado Pago said it aimed to become the country’s largest digital bank through the license. “This will allow us to continue to innovate and expand our financial services, which millions of people need,” Pedro Rivas, director of Mercado Pago in Mexico, said in the release.…

Sedgwick’s Sidekick tool uses generative AI to improve workflows for insurance claims professionals. Credit: Sedgwick. Banks and insurers should both invest in human-artificial intelligence (AI) interaction and AI applications for decision-making, according to a new report. Global data AI in financial services The report notes that AI is already increasingly used in customer-facing and back-office environments within the financial services sector, with the sector having seen “significant digitalization in recent years”. Based on a matrix of categories of advanced AI capabilities (human-AI interaction, decision making, movement, creation and sentience) and layers of the value chain for the banking sector (from…

These areas of fintech could become important in the coming years. In a great conversation on the FF Virtual Arena, Tarun Gupta of Skip the capital shared his journey from investment banking to fintech investing and told us how compliance can become a strategic advantage. Huge sums of money are still being poured into the fintech sector, which continues to grow. This list of The 250 hottest startups in Europe from Sifted, shows that there are still many neobanks and fintechs doing this business. Now many funding goes to AI right now, but even within fintech, areas like wealth management…

NVIDIA (NVDA) the stock slipped 2.5% Monday after China has opened an antitrust agreement investigation into the chip giant amid escalating tensions between Beijing and Washington over the dominance of artificial intelligence. The investigation targets Nvidia’s practices regarding possible antimonopoly violations. It is also expected to review its acquisition of Mellanox in 2020, a purchase that was approved by China’s State Administration for Market Regulation on the condition that the chipmaker avoids discriminating against Chinese companies. According to to a Chinese media report, The government believes Nvidia’s $7 billion purchase of the Israeli maker of computer networking equipment may have…

Finma closes proceedings against Leonteq and confiscates profits Keystone-SDA Listen to the article Listening to the article Toggle language switcher English (United States) English (British) Generated with artificial intelligence. Swiss derivatives specialist Leonteq seriously violated regulatory obligations and was forced to hand over 9.3 million francs in profits to the Swiss Financial Market Supervisory Authority (FINMA). This content was published on December 12, 2024 – 10:15 a.m. +Receive the most important news from Switzerland in your inbox As part of the distribution of its financial market products by several distributors abroad, Leonteq “seriously” failed to fulfill its risk management obligations,…

SUMMARY The round, which consisted of a mix of debt and equity, was led by Prashasta Seth of Prudent Investment Managers, and also saw participation from new investor Perpetuity Ventures and existing investor Pegasus Fininvest. Snapmint co-founder Nalin Agrawal told Inc42 that the funding was raised almost at 3x the valuation of the last funding round. Snapmint’s BNPL offerings are available for categories such as consumer electronics, health and wellness. Fintech startup based in Mumbai Instant mint raised $18 million in its pre-Series B funding round. The round, which consisted of a mix of debt and equity, was led by…

Tulsa, Oklahoma-based Totem Technologies is shutting down, the fintech’s founder and CEO Amber Buker said in a LinkedIn post late last week. “Totem has reached the end of its journey,” writes Buker in a publish on the site. The neobank, which had raised about $2.2 million in pre-funding, had about 500 customers, according to Buker. Totem introduced himself as “banking by and for indigenous peoples,” who, according to the report, are more likely to not have a bank account and live further from bank branches. The fintech, which had a mobile banking app offering a spending account, debit card and…

(Bloomberg) — Adobe Inc. is rolling out its AI video product much more slowly than OpenAI rival Sora service, fueling concerns that the creative software maker is falling behind. Most read on Bloomberg Two months after Adobe announced a browser-based tool capable of generating videos from prompts or images using generative artificial intelligence, the product remains in limited testing, accessible only by a handful of creators who have entered into agreements with the company. Sora, meanwhile, was made available to a wide audience this week. “To best support a wide variety of use cases and ensure model security, we are…