Issue #343: Gifts, Penalties and Predictions December 23rd, 2021

The Money20/20 event took place in Las Vegas this year: The Fintech Times interviewed many participants, and among these we find Michelle Baxter (Avanade) and Daragh Morrissey (Microsoft). They discuss the transformation of the banking system.

Fintech has the power to change the financial destiny of people and entire countries, but it also has its challenges: the lack of regulation is one of these challenges, and governments and entrepreneurs should focus on balancing challenges and benefits.

AFF is Asia’s premier platform for global leaders in government, finance and business to exchange insights, intelligence as well as to explore business and investment opportunities.

The virtual environment of the Metaverse is allowing entrepreneurs to create and test new business models: the blockchain technology is helping companies to reach a higher level of efficiency, showing another real-life use case of blockchains.

Even if Russia still doesn’t have a clear attitude towards cryptocurrencies: while the governor of the Bank of Russia Elvira Nabiullina said that the bank wants to prevent people from using cryptos, another executive specifies that cryptos are legal in Russia. But there is one condition: people can invest in cryptos only through foreign companies.

The Bulgarian fintech SEPA Cyber Technologies is partnering with Visa to provide customers with all the tools that will allow the digitalisation of financial means and businesses. The fintech firm is creating 1-click services via API.

Five executives of top fintech firms shares their predictions and possible fintech trends for 2022: Nigel Fellows (Kanopi), Mehwish Aslam (bSecure), Ben Polland (Cushon), Franki Hackett (Engine B) and Neville Roberts (Planxis).

The Consumer Finance Protection Bureau addressed LendUp Loans with a $100,000 penalty for repeatedly cheating customers. A big issue for a fintech firm that was funded by top companies like PayPal.

The fintech Avant announced new banking services that will allow people to have access to all the financial tools they “deserve”. Cards and loans are among these products.

Fraud is still an important downside of fintech, and it seems that illegal activity is not going to decrease. One of the strategies that some firms are adopting is to ban transfers from specific digital banks to fight frauds.

The trading application announces a new feature before holidays: from December 22 users will be able to send crypto gifts - even $1 gifts.