Balancing Fintech and Rules - Issue #488 October 3rd, 2024

In a move aligning with tech industry concerns, California Governor Gavin Newsom vetoed a controversial bill on Sunday that aimed to enhance artificial intelligence safety, warning that it could stifle innovation and prompt AI companies to leave the state.

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Hosting a live broadcast from St Michael and All Angels Church in London, Kate Moody and Jamie Campbell presented Fintech Insider News with special guests to discuss this week's major fintech and financial services stories. Highlights included Revolut's move to secure a Middle East banking license as it surpasses 10 million UK users, reports of Chase planning to offer credit cards in the UK, and a Starling Bank study revealing that 28% of UK adults have been targeted by voice cloning scams in the past year.

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As the global landscape of cryptocurrency regulation evolves rapidly, Australia's cautious approach is increasingly out of step. Observers suggest that the country needs to reconsider its stance and take decisive measures to promote investment in domestic blockchain projects, businesses, and assets to remain competitive.

Mercado Pago, the fintech division of Latin American e-commerce giant MercadoLibre, announced on Wednesday that it has applied for a banking license with Mexico's National Banking and Securities Commission earlier this month. This move aligns with the company's previously stated ambition in May to become the country's largest digital bank once the license is secured.

In a move to enhance consumer payment options, Klarna—the AI-driven global payments network and shopping assistant—is partnering with Adyen to introduce its flexible payment methods on physical terminals across Europe, North America, and Australia. Adyen, which describes itself as the financial technology platform of choice for businesses, is the first global PSP to launch Klarna simultaneously “on all physical payment terminals worldwide.”

Over the past decade, New York's tech industry has surged to become a transformative force, particularly in finance, positioning the city as a global fintech leader. By blending its historic financial expertise with a rapidly expanding tech ecosystem, New York is fostering innovations that are revolutionizing how individuals, businesses, and institutions handle money.

Dante Disparte, Chief Strategy Officer and Head of Global Policy at Circle Internet Financial, highlights that as fintech companies rapidly evolve, regulators are striving to keep up with their technologies and activities—not only to ensure fair competition but also to manage potential risks.

While criminals embracing AI deepfakes is no surprise, what's catching experts off guard is the sudden pivot in recent months toward targeting fintech's identity verification systems.