Author: nripn

The European Commission is carrying out surprise inspections at the premises of financial services companies in two Member States. The Commission is concerned that the inspected companies may have violated EU antitrust rules prohibiting restrictive business practices (Article 101 of the Treaty on the Functioning of the European Union and Article 53 of the Agreement on the European Economic Area (EEA)). Financial derivatives are the products that are the subject of particular attention during the inspections. Commission officials are accompanied by their counterparts from the competent national competition authorities of the Member States where the inspections take place. Unannounced investigations…

On Tuesday, Citi upgraded its rating on shares of UP Fintech Holding Ltd. (NASDAQ: TIGR), cutting the price target to $5.00 from $6.49 previously while maintaining a Buy rating on the stock. This adjustment follows UP Fintech’s second quarter non-GAAP net income report, which showed a significant decline both quarterly and year-over-year, coming in at $5.2 million, down 65% from the previous quarter and 66% from the same period last year. The drop in net profit was largely attributed to a one-time $13.2 million provision made for a legacy stock pledge business in Hong Kong, which was discontinued in 2023.…

Vultr has just released the latest iteration of its AI Maturity Report, “Unleashing the power of AI in financial services,” which covers the impacts of AI implementation in the financial services industry and how organizations can overcome industry challenges to get the most out of their AI deployment. The latest Derivatives Report reveals that financial services organizations are seeing improvements in their financial and business outcomes after deploying AI systems. In addition to the above, key findings include: FinServ organizations currently have an average of 162 models in production, and that number is expected to increase by more than 10%…

By Gloria Methri September 23, 2024 Payments to businesses Cash flow FinTech A new fair payment code, new rules on business reporting and a major consultation have been unveiled as part of a package of measures to tackle late payments. The scourge of late payments costs SMEs £22,000 a year and causes 56 million hours of lost productivity across the economy, acting as a major drag on growth. The UK government has announced for the first time radical new measures to support small businesses and the self-employed by tackling the scourge of late payments. Small businesses are losing on average…

Tens of millions of dollars of customer debt remains unaccounted for at his previous fintech startup Synapse. But that doesn’t stop Sankaet Pathak from throwing himself into his new robotics adventure. Foundation is a robotics startup with a self-proclaimed mission to “create advanced humanoid robots that can operate in complex environments” to address the labor shortage. The company has already raised $11 million in pre-seed funding from Tribe Capital and “other angel investors,” Pathak told TechCrunch on Thursday. Tribe co-founder and CEO Arjun Sethi is also a co-founder of the foundation, Pathak also said Thursday. Tribe did not immediately respond…

Microsoft’s AI lead narrows: Analyst downgrades stock as Amazon, Google close gapDA Davidson Analyst Gil Luria downgraded the rating on Microsoft Corp (NASDAQ:MSFT) from Neutral to Buy while maintaining a $475 price target.Luria noted that the competition has essentially caught up to Microsoft on the AI ​​front, reducing the justification for the current premium valuation.The analyst now ranks Microsoft fourth in the “Magnificient Six.” The stock is up 92% since its launch in January 2023, compared to 49% for the S&P500.Luria noted that Microsoft has accelerated its growth and expanded its margins in recent quarters by being the first to…

THE United States Department of Justice plans to allege that Visa Inc. illegally monopolized the U.S. debit card market, according to people familiar with the matter.The antitrust division is expected to file a lawsuit as early as Tuesday against the operator of the largest U.S. payment network for a range of anticompetitive behavior, said the people, who spoke on condition of anonymity to discuss the matter. The government is expected to file the case in federal court.Antitrust authorities are preparing to charge Visa with taking steps to prevent competitors from challenging its dominance in the debit card market, the people…

Fintech startup Cashfree Payments has appointed Nitin Pulyani as its new Chief Product Officer and Senior Vice President. In this strategic role, Pulyani will spearhead product innovation and drive initiatives to accelerate the company’s growth. His responsibilities include overseeing product development and ensuring that Cashfree Payments continues to deliver innovative solutions that meet the needs of businesses in India and globally. Leadership and vision Commenting on the appointment, Akash Sinha, Co-Founder and CEO, Cashfree Payments, said, “As a seasoned product leader, Nitin’s vast experience and innovative spirit will strengthen our ability to deliver best-in-class products and solutions in the industry.…

Unlock the US Election Countdown Newsletter for FreeThe stories that matter about money and politics in the race for the White HouseThe UAE leader met with US President Joe Biden in Washington on Monday to advance cooperation on artificial intelligence as the Gulf nation seeks easier access to US-made technology.The meeting comes during Sheikh Mohamed bin Zayed al-Nahyan’s first official trip to the United States in seven years and underscores his determination to secure White House support in his efforts to transform the UAE into an AI leader.In addition to discussing technology and trade, Biden said that United Arab Emirates…

European Commission conducts unannounced antitrust inspections in financial services sectorThis article is brought to you in collaboration with the European Commission. The European Commission conducts unannounced antitrust inspections….12 hours ago