Another 2008? - Issue #407 March 16th, 2023

Markus Ferber, leader of the center-right party in the European Parliament, said that regulators should stop the fear spreading after the Silicon Valley Bank collapse. Ferber also said that politicians should rethink the way they argue current rules that put at risk governments such as Italy and Greece.

FinTech World Forum 2023 is based in London UK Europe as one of the leading fintech events 2023 for the global financial services, finance, and banking technology industry. Its focuses on Mobile Payments, Lending, Insurance, Blockchain, Bitcoin, Investment, Money, Crypto, Cryptocurrency, Digital, Innovation, Wallet, Pensions, Funds, Payment, Tech, Financial Services, Technology, Bank, Wealth Management, Insurtech, Regtech, and Wealthtech.

What is your branch doing to exceed their expectations and meet the needs of other generations as well? Future Branches is two days of action-packed stories, conversations and connections with the top minds in retail banking. We will explore how leading financial institutions are revamping retail banking technology, retooling front line associates, and creating the branch and retail banking experience of the future. You’ll get actionable strategies to provide personalized high touch experiences for today’s customers. This is THE meeting place to benchmark against the best of the best in financial services.

Sally Bakewell discussed what could happen now to the Silicon Valley Bank and said that the bank wanted to initiate a rescue plan but failed to do so. The FDIC stepped in to close the bank. Now Sally can’t help but ask two questions: “What will happen now to the Silicon Valley Bank?” and “How could regulators miss this?”. She then added that they’re not sure on what will happen next, but the bank will probably go into some sort of sale procedure.

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Coinbase is willing to list securities if given proper guidance from the Securities and Exchange Commission (SEC). Whai, an employee at Coinbase is suspected of leaking information about a new token list on Coinbase, and has become the main person of a civil complaint.

Regulators are having some trouble in finding a buyer for the firm over the weekend, after their try in auctioning the Silicon Valley Bank. But according to the Federal Deposit Insurance Corp. (FDIC) they might sell the firm now that the Silicon Valley Bank failure has been declared a threat to the financial system.

The issues the Silicon Valley Bank is facing are not the same as the 2008 crisis. The SVB is not Lehman: according to Paul Krugman, even if the collapse of the bank can result in a systemic risk, the current situation is not like 2008.

On Monday, President of the United States Joe Biden said that the US banking system is safe and is taking action to contain the recent collapse of the Silicon Valley Bank. People will have access to their money. The President also said that people must take action on this issue to prevent it from happening again.

A new bill presented to the Parliament last week, the Data Protection and Digital Information Bill (DPDIB), will hopefully boost the economic growth of the United Kingdom. People are worried that this new law will put citizens privacy in dange, but the UK Parliament assures that the privacy of the citizens will be safe.

The bank of Silicon Valley has come to an end this week and it shocked everyone, even the most experienced and the most expert people in finance. Fintechs, which are not banks, can partner with them and offer diversification and convenience. Basically, they’re winning customers.

Chinese enterprises said that the sudden collapse of the Silicon Valley Bank had a limited impact on them, but they should be aware of the risks of the financial collapse. The world saw the collapse of the Silicon Valley Bank on Friday and 31 clients were from China or overseas.

The MENA WadzPay president, Khaled Moharem, an expert in the financial sector also thanks to his previous work with SWIFT, has been implementing digital payment solutions in the UAE and Saudi so he can add value to the growth of digital asset payments.

A complete definition of FinTech is the starting point to understand what is happening in the industry, why fintech is disruptive, where regulators are headed. FinTech Weekly published a comprehensive definition you can use to clear all your doubts.

Since regulators are always more active – and maybe too severe – in regulating the fintech industry, we share 5 steps that can help to regulate fintech … but in a sustainable way.