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The Front Page of Global Fintech

The the largest fintech community in the world. Subscribe to our newsletter to stay up to date on the latest in news opinions, and all things financial technology.

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Opportunities for Generative AI in Financial Services (TWIF 4/7)

Opportunities for Generative AI in Financial Services (TWIF 4/7)
Pienza, Val d’Orcia

Hello Fintech Friends,

Just in time for New York Fintech Week, we're excited to share our latest whitepaper co-authored with Visa: Opportunities for Generative AI in Financial Services:

After over a decade of methodical growth and continual refinement, generative artificial intelligence’s moment in the tech industry spotlight has come.

The emergence of competent large language models, which accurately mirror regular communication, have ignited a multi-industry arms race to incorporate AI across the board into product offerings.

In this paper, we’ll discuss the exciting emerging applications of generative artificial intelligence (Gen AI), as exemplified by cutting-edge banks and fintechs. We’ll evaluate how fintechs and banks are incorporating Gen AI differently, based on each of their relative strengths. We’ll explore areas for Gen AI that are still underexplored and present future opportunities. And we’ll evaluate the response from regulators, and potential implications for banks and fintechs.

📝 Read the whitepaper here.

Also resharing some of our content from the week in case you missed it :) Hope to see you at NYFW 2024!

Signals Q1’24: The EU illegalized crypto laundering
A roundup of fintech fundraises, exits, and product launches in Q1. Also, PE firms are honing in on key sectors, free tax filing is finally here, and how the EU’s new AML rules impact crypto.
‎The This Week in Fintech Podcast: TWIF News Briefing - 4th April on Apple Podcasts
‎Show The This Week in Fintech Podcast, Ep TWIF News Briefing - 4th April - Apr 4, 2024

Please find another week of fintech exits and deep reads below. (👍👎 Have feedback for us? Let us know!)

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📖 Reads of the Week
Beyond Bitcoin’s Hype, Real Use Cases in Africa
Over 15 years after it launched, Bitcoin remains too complicated for most everyday consumers. This startup simplifies the user experience — and doesn’t even need an internet connection to operate.
Anatomy of a credit card rewards program
Credit card rewards are mostly funded out of interchange, a fee paid by businesses to accept cards.
The Fintech Takes Advocacy Awards -
A lot of my recent writing and podcasting has been focused on regulation. It’s easy to understand why. Whether it’s the prudential regulators’ crackdown on BaaS, the CFPB’s war on junk fees, or Senator Durbin’s relentless assault on interchange, the laws and regulations that govern the financial services industry play an enormous role in shaping…

☯️ Exits
💻 IPOs & SPACs
  • British fintech consultancy Alpha Group is planning an IPO on the London Stock Exchange.

🤝 M&A - Fintech
  • Publicly-listed Canadian payment processing giant Nuvei announced that it will go private via a $6.3 billion acquisition by private equity firm Advent International.
  • Japanese financial services conglomerate Rakuten announced plans to consolidate its various fintech divisions – Rakuten Group, Rakuten Bank, Rakuten Card Company, Rakuten Securities and Rakuten Insurance Holdings – into one unit.
  • Bulgarian embedded finance provider Paynetics expanded into ESG via its acquisition of UK 'impact neobank' Novus.
  • Abrigo, a provider of compliance, credit risk, and lending solutions for financial institutions, acquired TPG Software, a builder of investment accounting and management solutions.
  • Nayax, a commerce enablement, payments, and loyalty platform, acquired Roseman, a global fuel and electric vehicle management solution provider.
  • Aico, a Finnish end-to-end financial close software platform for large enterprises, received a majority equity investment from Accel-KKR.

🏦 M&A - Bank and FinServ
  • Sequoia announced it acquired AltruVista, a registered investment advisor that provides independent and holistic financial planning and asset management services.
  • CVC Capital Partners sold off its 5% stake in Vietnam's fourth biggest non-state owned commercial lender, Asia Commercial Bank.
  • Italian asset manager Azimut will sell all of its stake in private credit fund Kennedy Lewis to Goldman Sachs' private equity unit Petershill Partners for $225 million.

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🌎 Fintech Around the World

Blocks for Building and Expanding Fintechs in Tanzania

A European FinTech Hub Prepares to Get Tough on Crypto Companies

Chinese fintech Ant Group targets global growth after Jack Ma’s exit

📚 Deeper Reads & Features

How a tiny 4-person startup, Supaglue, caught Stripe’s eye

Wirecard fugitive helped run Russian spy operations across Europe

In HR Software Battle, Rippling Makes Up Ground Against Deel - At A Cost

Beyond memes: Robinhood seeks to broaden its appeal

What Regulators Want From Banks Partnering With Third Parties, Fintechs

Take Me to the River: BaaS Pushback Should Be a Moment for Banks and Regulators to Readjust Priorities

Robinhood’s Credit Card Offers 3% Cash Back. Can It Last?

Interoperability: Unlocking the future of cross-platform payments

Orum* Achieves Direct Connection to Federal Reserve, Paving the Way for Faster and More Cost-Effective Payments

Fidelity-Backed Creditas Targets 30% Growth, $1 Billion Revenue

CardsFTW #99: A Huge Merchant Settlement Lands

Geyser Is Democratising Crowdfunding With Bitcoin’s Lightning Network

Judge’s New SEC V. Coinbase Ruling Raises U.S. Crypto Policy Questions

Implications Of The “Massive” Visa/Mastercard Settlement

How a New Rule Could Change the Way Advisers Handle Your Retirement Money

The state of remittances in FY 2023: Key trends in money transfers from Q4 earnings

The Rise Of Crypto’s Billion Dollar Zombies

Chase Shows Super App Ambitions With Media Platform Launch

Soldier reunited with puppy he rescued while on a military base in Africa

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