This Week’s Top 5 Stories in the Fintech Industry
At the World Economic Forum in Davos, the presence of cryptocurrency exchange Coinbase signalled the growing integration of digital assets into mainstream finance.
The company, which operates a regulated cryptocurrency exchange platform, hosted discussions that drew attention from traditional finance leaders.
Coinbase CEO Brian Armstrong presented Bitcoin, a decentralised digital currency, as a potential hedge against government monetary policies. “If it gets too out of hand, people will flee to Bitcoin for safety,” Brian says, addressing concerns about government spending and inflation.
In comments made to Bloomberg TV at Davos, BlackRock CEO Larry Fink reports that sovereign wealth funds are considering Bitcoin allocations between 2% and 5%, suggesting a price target of US$500,000 per Bitcoin.
Brian advocates for national governments to hold 11% of reserves in Bitcoin, predicting its market capitalisation will exceed that of gold within five to ten years.
Genpact Launches AI Factory to Scale Enterprise Solutions
Genpact has unveiled a new artificial intelligence deployment system that aims to help financial services firms move AI projects from testing to full production environments.
The AI Gigafactory comes as research conducted with technology analyst firm HFS indicates that 95% of enterprises have not reached full AI implementation maturity.
The system, created in partnership with Databricks, will create a pool of 25,000 specialists trained in artificial intelligence development and deployment.
These ‘builders of AI’ will work in cross-functional teams combining expertise in computer science, data engineering and systems integration.
How UBS Deploys Microsoft AI Platform in Global Operations
Swiss universal bank and wealth management firm UBS has deployed an AI platform built on Microsoft Azure to transform how its client advisers access and utilise internal knowledge.
The bank selected Microsoft Azure after determining that packaged solutions wouldn't meet its requirements for data security and customisation. This decision was influenced by Microsoft's investment in Swiss data centres and enhanced security protocols.
Lukasz Opoka, Head of Analytics and Sales Platform of Wealth Management and Personal & Corporate Banking at UBS, says: “The collaboration between UBS and Microsoft was driven by our need for flexibility and a robust technological roadmap. Standard out-of-the-box solutions would not work for us.”
How Apple’s Tap to Pay Will Empower Mollie’s Customers
Mollie has launched Apple’s Tap to Pay on iPhone for its UK customers.
This launch comes after Mollie rolled out the NFC technology in France, the Netherlands and Germany.
Apple’s Tap to Pay means businesses will not need to purchase additional hardware to accept contactless payments, including digital wallets, Apple Pay and credit/debit cards.
Dave Smallwood, UK Managing Director of Mollie, explains: “We are laser-focused on ensuring every UK business is able to offer a seamless checkout experience and offer all of the relevant payment methods - whether online or in-person.
"We are excited to offer Tap to Pay on iPhone in the UK, allowing local businesses to give their customers more choice and flexibility.
"This is an exciting step forward in our mission to make money management effortless for every business in the UK.”
Visa and Moniepoint Partner to Drive Digital Transformation
The African fintech ecosystem thrives from impactful partnerships as they provide the expertise, funding and technology needed to address infrastructure gaps, drive innovative solutions and expand financial inclusion.
A global leader in digital payment, Visa, has invested in Nigerian fintech company, Moniepoint, to help drive financial inclusion for African SMEs.
The partnership will drive innovation in digital payment solutions, enhance Moniepoint’s capabilities and catalyse greater economic growth across Africa.
Tosin Eniolorunda, Founder and Group CEO of Moniepoint, explains: “We are thrilled to announce Visa’s investment in Moniepoint. Visa’s backing is a strong endorsement of our vision to digitise and support African businesses at scale.”
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