Author: nripn

MANAMA, BAHRAIN – Bahrain FinTech Bay (BFB), the builder of Bahrain’s fintech ecosystem, has unveiled its 2024 strategy aimed at propelling Bahrain’s fintech sector to new heights. Following its acquisition by BENEFIT in September, the organization is poised to further transform the fintech landscape in Bahrain and the wider region. BFB will support BENEFIT in its research and development initiatives that will include industry reports and feature articles, acceleration programs, and fostering innovation in the Kingdom as a whole. BFB will also establish a world-class Fintech Academy in collaboration with a renowned international academic institute that will offer exclusive courses…

The Hong Kong government is preparing to issue its first policy statement on the use of artificial intelligence in finance, according to people familiar with the matter, in a move that could catalyze the use of the technology in areas ranging from trading to investment banking and cryptocurrencies.The city’s Bureau of Financial Services and Treasury plans to release a framework of guidelines to address the ethical use of AI and general principles for applying the technology in the financial world, the people said, asking not to be identified discussing private information. Officials are still drafting the document while gathering feedback…

Good things tend to consolidate as the cream rises to the top. THE FinTech The sector has grown at a rapid pace over the past decade, disrupting traditional financial services and revolutionizing the way consumers and businesses conduct transactions. However, recent trends indicate a shift toward consolidation in the sector. “It only took a few events to trigger a pretty good consolidation cycle,” Priority Director of Strategy Sean Kiewiet told PYMNTS. “At the time, the market was booming,” he added. “Every month, we heard about a new partnership training.” However, while collaborations between banks and FinTech offered the promise of…

Fintech giant Paytm is facing a storm of controversy. Rumours of layoffs are rife, thwarted by Paytm’s denials. But disgruntled employees paint a different picture, alleging forced resignations. Is Paytm headed for a BYJU’S-like downfall? Last week began with worrying news of layoffs at Paytm. Despite Paytm’s immediate denial of such developments, stating that “tThere are no layoffs in progressSources have contradicted this claim. Internal reports revealed that layoffs were indeed taking place, with one employee, speaking on condition of anonymity, saying that employees were being forced to resign. And the week ended with the news of Marshal Wace offloading…

SunPay Solutions, a fintech startup closely tied to Sunshine Investment Group, one of Ethiopia’s largest conglomerates, has had its license revoked by the National Bank of Ethiopia (NBE) over a long list of violations. Two years ago, the company received a two-month pilot permit for payment system operator and point-of-sale operator activities and has not reported on its progress since. A letter written by Solomon Damtew, Director of the NBE’s Payment and Settlement Systems Directorate, and copied to all banks in the country three weeks ago, cited six violations that led to the license revocation. Failure to appoint a CEO,…

The Hong Kong government is preparing to issue its first policy statement on the use of artificial intelligence in finance, according to people familiar with the matter, a move that could catalyze the use of the technology in areas ranging from trading to investment banking and cryptocurrencies.The city’s Bureau of Financial Services and Treasury plans to release a framework of guidelines to address the ethical use of AI and general principles for applying the technology in the The sources said the financial world was drafting the document, while gathering feedback from the industry, the sources said. Details were still subject…

2024 is quickly becoming the summer of consent orders for small banks. This is because with the news Friday (June 28) that the Tennessee-based Bancorp Wire is now the last financial institution (FI) to be subject to the Federal Deposit Insurance CorporationFederal Financial Information Service (FDIC) oversight, operational, compliance and strategic risk management related to third-party partnerships are a top priority for banks and their FinTech partners. FDIC enforcement actions are typically made public on the last Friday of the month, and the order issued to Thread, a popular partner bank for dozens of fintechs, is unique in that it…

Listen here or wherever you get your podcasts. Hello and welcome to Equitythe startup business podcast, where we break down the numbers and nuances behind the headlines. This episode usually airs on Mondays, but we’re bringing it to you today because of yesterday’s holiday in the United States. Here’s what we did: All this and more, promised. Chat tomorrow!

When you buy through links on our articles, Future and its syndication partners may earn a commission.Credit: xAI on Twitter/XDuring the company’s most recent earnings call, Oracle founder Larry Ellison admitted (via Barron’s) said he had to beg Nvidia CEO Jensen Huang to supply his company with its latest GPUs. “At Nobu Palo Alto, I went to dinner with Elon Musk, Jensen Huang, and I would describe the dinner as me and Elon begging Jensen for GPUs. Please take our money; no, take more. You’re not taking enough; we need you to take more of our money, please,” Ellison said…

XRP, the 7th largest cryptocurrency by market cap, has overtaken Bitcoin in volume of trade across South KoreaWhile the overall cryptocurrency market has increased by 11.7% over the past week, XRP has seen an impressive growth of 31% over the same period.This rise in the price of XRP is mainly due to the growing interest in South Korea, largely outperforming the rest of the cryptocurrency market. Significant increase in XRP in KoreaOver the past 24 hours, XRP has seen $650 million in trading volume across major Korean exchanges, which is more than 2.3 times the trading volume of Bitcoin during…