This Week’s Top 5 Stories in Fintech
TerraPay: How Digital Wallets Are Reshaping Global Finance
The future of banking might not be a bank at all. By 2026, more than half the world's population will be using digital wallets, transforming how people save, spend and send money across borders.
Speaking exclusively to FinTech Magazine, Ani Sane, Co-founder and Chief Business Officer of TerraPay, explains why this shift represents more than just technological progress.
“Digital wallets have evolved far beyond being a mere convenience,” says Ani.
“They're becoming powerful tools for financial mobility, especially in regions where traditional banking infrastructure remains out of reach.”
What EU AI Act Means for Governance in Financial Sector
The EU AI Act's first enforcement deadline arrived on 2 February 2025, marking a shift in how financial institutions must approach artificial intelligence deployment and governance.
While the legislation was formally adopted in March 2024 and entered into force last August, 2 February represents the first major milestone for compliance, introducing requirements that will reshape how financial services firms develop and deploy AI systems.
Under the new rules, financial institutions must now comply with AI literacy requirements and adhere to specific prohibitions on AI systems.
Square Asks: Can We Use Tech to Tackle Economic Challenges?
As industries navigate the complexities of inflation and the rise of AI, leaders must alter their strategies to ensure they maintain their competitive advantage.
Square’s Future of Commerce report for 2025 provides a comprehensive overview of how several business owners and consumers are tackling the multifaceted challenges of the retail, restaurant and beauty industries.
It collected insights from Australia, the United States and Canada and surveyed thousands of UK business owners and consumers.
The report highlights how many businesses are taking on the challenges of shrinking consumer wallets, the need to raise prices across the board and sustained high inflation by utilising tailored technology.
JPMorgan: Trump's North American Tariffs to Shock Markets
JPMorgan Chase & Co’s Global Investment Strategy team has warned that new US trade tariffs will create significant uncertainty in economic and market outlooks.
This comes after President Donald Trump has announced 25% tariffs on most goods imported from Mexico and Canada, with Canadian energy products facing a reduced rate of 10%.
The measures, which also include an additional 10% tariff on all Chinese imports, are scheduled to take effect on 4 February.
The White House states these actions aim to advance US priorities on immigration and drug trafficking.
However, the administration has not specified benchmarks or conditions for lifting the tariffs. While last-minute compromises remain possible, the US appears likely to proceed with implementation, and trading partners are preparing retaliatory measures.
Saudi Fintech Lendo Secures US$690m JPMorgan Facility
Lendo, a Saudi Arabia-based Shariah-compliant debt crowdfunding platform that connects SME borrowers with retail and institutional investors, has secured a US$690m warehouse facility from JPMorgan to expand its SME financing operations.
The warehouse facility, a financial arrangement that provides revolving credit for lending operations, will be strategically deployed to increase Lendo's lending capacity, introduce new products and expand SME coverage across the Kingdom.
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