AI and FinTech Unite - Issue #480 August 8th, 2024

Jeff Bezos' family office, established in 2005, has heavily invested in technology, now shifting towards artificial intelligence. This focus reflects both his interests and the growing number of promising AI startups. A key investment is Perplexity AI, an AI search engine that raised $63 million in April, reaching a billion-dollar valuation. Despite recent plagiarism accusations, Perplexity AI has implemented a publisher program to share ad revenue with content creators featured in its search results.

Fintech Insider reports that Zopa's Fintech Pledge industry coalition has reached a significant milestone, demonstrating strong industry collaboration. Additionally, Metro Bank has sold £2.4 billion in mortgage assets to NatWest, streamlining its portfolio. Female Invest successfully raised €10.3 million in a Series A funding round, advancing its mission to empower female investors. Meanwhile, Westpac has introduced debit cards for children as young as eight, promoting financial literacy from a young age.

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Plaid powers the tools millions of people rely on to live a healthier financial life. We work with thousands of companies like Venmo, SoFi, several of the Fortune 500, and many of the largest banks to make it easy for people to connect their financial accounts to the apps and services they want to use.

On-chain security issues stem from smart contract vulnerabilities and human factors, with developers struggling to inspect all historical code while hackers exploit weaknesses. Traditional security firms often neglect smaller clients, leaving many without protection. To tackle this, Add Labs' AI+Web3 team launched InfluxAI. Founded by David Adeola, Add Labs operates in the UK, Africa, and the USA, with a team including experts from Polygon Labs and top AI firms. The project has attracted investment from Hong Kong's Harmon Venture, highlighting InfluxAI's transformative potential.

In many established markets, transferring money is effortless, often just a tap or scan away. However, over 1.4 billion people globally lack access to basic financial services, including digital payments. These "underbanked" individuals, often residing in remote areas like rural Mexico, are served by community banks without the infrastructure for digital transactions. The Interledger Foundation (ILF) aims to address this by creating a global, interconnected network to provide easy payment options regardless of location or banking institution.

Microsoft and dLocal have announced a landmark partnership to integrate advanced artificial intelligence solutions into the financial technology sector. The announcement took place at an event held at Microsoft's AI Innovation Lab in Montevideo.

The arrest of South Korea’s top tech entrepreneur has thrown a major company into disarray, with potential repercussions for the banking sector and AI ambitions.

Fintech is driving significant changes and innovations in finance, transforming mobile payments, online banking, crowdfunding, robo-advisors, and blockchain. These advancements are impacting the S&P 500, one of the most frequently cited stock market indexes.

FinTech has revolutionized the financial services industry, especially in wealth preservation and estate planning. Traditionally reliant on manual processes and intricate legal frameworks, these areas now benefit from streamlined digital solutions, enhancing efficiency and accessibility.