What if AI Replaces You? - Issue #452 January 25th, 2024

MIT CSAIL's study indicates a slower-than-expected AI disruption in the job market, finding that automating the majority of jobs is not economically viable. This suggests that AI's impact on job automation could be more gradual and limited than previously thought.

Unlock access to a community of top-tier fintech professionals by posting your job listings on FintechWeekly. Starting from just €299, you can amplify your recruitment reach and find the perfect match for your team. Post your job today and attract the talent you need to elevate your business.

Join your data & analytics peers serving the Financial Services industries as you discover the latest trends and challenges facing your role.

The latest fintech podcast focuses on emerging AI fraud risks and new services for SMBs. Key discussions include Natwest's innovative IP-based lending, Mastercard's Small Business AI initiative, and Revolut's partnership in mobile POS systems, highlighting the evolving landscape of fintech solutions and challenges.

As a Software Engineer Anyfin, you will be joining co-workers who are motivated, helpful, and open to change. You will work with the core financial data that enables our business and be part of building something truly big, where no day will be the same.

As a Cryptocurrency Tax Subject Matter Expert (SME), you will have the opportunity to join one of the fastest growing teams within the crypto tax industry. You will be responsible for advising on the tax policies and strategies for the CoinLedger product and marketing teams on a part-time basis.

In the Chief Information Officer, EU, CISO office position, you will be a hands-on technical leader in application, data, and infrastructure security initiatives within the OKX organization.

Exciting opportunities await in the dynamic world of fintech! Explore all of FintechWeekly's current job listings. Whether you're an industry veteran or a budding professional, our curated selection has something for everyone.

Ripple and its XRP Ledger are intensifying their focus on enhancing global payments and enterprise infrastructure, aiming to harness blockchain technology for greater efficiency. Monica Long, a key figure at Ripple, shared insights on the TechCrunch podcast about the potential of the XRP Ledger as a decentralized public ledger. She emphasized its role in transforming value movement, likening its efficiency and speed to that of email in contrast to traditional banking systems. This strategic move positions Ripple and the XRP Ledger at the forefront of revolutionizing financial transactions, leveraging decentralized exchanges to make international payments faster and more accessible.

HSBC's new FX app, Zing, marks its latest venture in the fintech arena, following partnerships and investments in platforms like Tradeshift and Monese. This move, mirroring Lloyds Bank's PayMe service, signals traditional banks' growing readiness to compete with fintechs like Wise and Revolut by offering tailored services to customers. Wise, a direct competitor to Zing, remains unfazed by HSBC's entry into this space, says its Emea policy head Magali Van Bulck.

Robotics startup Figure has inked its first commercial deal with BMW Manufacturing to introduce humanoid robots into the car manufacturer's U.S. facility, a move reflecting the growing trend of employing human-like robots for physical tasks. While the initial number of robots remains undisclosed, the partnership at BMW's Spartanburg plant in South Carolina — the U.S.'s largest automotive exporter — will start small and scale up based on performance. Over the next 12-24 months, these robots will be integrated into various manufacturing processes after specific task training. Figure's CEO, Brett Adcock, highlights this collaboration as a significant validation of their technology in the field of manufacturing automation.

Artificial intelligence is poised to become the primary catalyst for advancements in the fintech sector over the coming five years. This forecast comes from a comprehensive study conducted collaboratively by the Cambridge Centre for Alternative Finance and the World Economic Forum. The findings of this study, emphasizing the significant impact AI will have on financial technology innovation, were revealed during the prestigious World Economic Forum's Annual Meeting held in Davos, highlighting the critical role AI is expected to play in shaping the future of financial services.

Since 2016, Shamba Pride has been revolutionizing farm input distribution in Kenya, combating price exploitation and quality issues through its 'digishops' merchant network. Covering over half the country with 2,700 merchants in 24 counties, the agtech firm now aims to expand across Kenya and into neighboring markets like Tanzania, Uganda, and Zambia within a year. This growth, including franchise network expansion, is backed by a $3.7 million pre-series A funding from EDFI AgriFI and Seedstars Africa Ventures.

Sam Altman, CEO of OpenAI, is reportedly in talks with Middle Eastern investors and Taiwanese chipmaker TSMC to start a new venture for designing and producing semiconductors specialized for AI workloads. This ambitious project aims to develop chips essential for training and building AI models, highlighting the increasing significance of custom hardware in the fast-evolving AI sector.