Financial Network - Fintech, AI and Beyond!

Tax-free crypto investing to lure asset managers and family offices. Hong Kong set to become the private asset managers dream come true as the Financial Services and the Treasury Bureau in a recent consultation paper seen by Reuters propose expanding the capital gains tax exemptions to cover overseas properties, carbon credits, private credit, virtual assets, among other assets, applicable to privately-offered funds and eligible single family offices' investment vehicles. Read the article at https://lnkd.in/g8eKyriP #crypto #taxes #hongkong

Fintech deal volume has reached its lowest point since 2017 as investors shift their focus to emerging opportunities in other sectors, according to CB Insights' Q3 2024 State of Fintech report. Global fintech funding dropped to $7.3 billion, a 25% QoQ decline despite mega-rounds for Stripe and AlphaSense totaling $1.3B in the 2nd quarter. #fintech #funding #venturecapital

Canadian fintech Koho is driving innovation by addressing the high roaming fees travelers face. With the introduction of an eSIM feature in its app, Koho enables its 1.7 million customers to purchase and activate eSIMs, providing a more affordable alternative to traditional mobile roaming services. This new service leverages Airalo’s API to offer access to 200 mobile networks worldwide, while Boxo’s Miniapp SDK powers the integration. The partnership simplifies the rollout, offering seamless connectivity to Koho users wherever they travel. Koho’s eSIM launch underscores the growing convergence of fintech and telecommunications. This collaboration with Boxo and Airalo demonstrates how fintech can expand its services beyond finance, catering to the evolving needs of global travelers. Read More: https://lnkd.in/diBSKaMw #canada #mobile #fintech #travel

UK FinTech companies are playing a crucial role in driving economic growth and job creation, with 98% having a positive impact on productivity. Their innovation is helping to improve access to finance and financial resilience, particularly for vulnerable groups, demonstrating the sector’s vital role in the country’s economy. The FinTech Impact Report 2024 explores the broader role UK FinTechs play in advancing productivity, supporting local communities, and addressing critical societal challenges such as financial inequality and climate change. While many companies contribute positively to productivity and communities, the report also calls attention to areas needing improvement, particularly environmental impact and the ongoing battle against financial crime. Read the report below #FinTech #UK #Impact

The UK now dominates Europe’s fintech landscape, capturing approximately 65% of all deals in the region. Despite broader funding challenges across Europe, the UK continues to thrive, showcasing the sector's resilience and growing momentum as we approach 2025 according to this year’s edition of the 'State of European Fintech' report. While overall funding across Europe has declined by 25%, dropping to GBP 2.4 billion from GBP 3.2 billion, the UK saw an impressive 3% year-over-year increase in fintech investment, reaching GBP 2.2 billion in the first half of 2024. Produced by growth capital firm Finch Capital, the report points out that the UK fintech industry is benefiting from higher interest rates and a sharpened focus on sustainable business models. Leading the charge is Monzo, which secured the largest European fintech deal, raising GBP 500 million, demonstrating the profitability emerging in sub-sectors like challenger banking. Source: https://lnkd.in/dN4uvKxn #Fintech #UK #EU #VentureCapital

Priate equity firm Blackstone confirmed a $13.3 billion investment to build an AI data center in northeast England, creating 4,000 jobs including 1,200 in construction. Full article: https://lnkd.in/dKZ-k4WA #ai #datacenters #uk

Africa faces significant challenges in trade due to liquidity shortages and a lack of tech solutions for large enterprises. This has been exacerbated by many cross-border payment platforms focusing on consumer-facing products instead of business needs. Waza (YC W23), based in Lagos, Nigeria, is leveraging AI to solve cross-border payments by streamlining transactions and enhancing liquidity and in the process addressing the specific needs of businesses across Africa. Read more: https://lnkd.in/dn3aXMgb #AI #fintech #nigeria #africa

Use of AI in financial services is becoming more prevalent. Morgan Stanley Wealth Management just launched a second AI tool, Debrief, which transcribes and summarizes client meetings and its “LLM Suite” for research analysts is now used by 50K employees. The development comes on the heel of its relationship with OpenAI announced in March 2023 with roll out of the AI @ Morgan Stanley Assistant in September 2023. The company reports 98% of Financial Advisor teams have adopted the Assistant. Learn more at https://lnkd.in/gZgWFnMy? #AI #wealthmanagement #financialadvisory #morganstanley

UAE Fintech Investments Soar Amid a Global Funding Drought Defying the global fintech funding slump, the United Arab Emirates (UAE) witnessed a remarkable 92% surge in VC investment for its domestic startups in 2023. This robust growth defies the broader 48% year-over-year decline in global fintech funding, which plummeted from $99 billion in 2022 to $51.2 billion in 2023, according to data from Innovate Finance. Analysts attribute the UAE's success to a potent combination of progressive regulatory frameworks fostering innovation and a rapidly digitalizing population embracing banking technology. This fertile ground has fueled impressive growth, propelling the UAE into the top 10 global fintech investment hubs for the year. The UAE's fintech surge stands as a stark contrast to the global slowdown, signaling its emergence as a vibrant hub for financial innovation. With its supportive regulatory environment and tech-savvy population, the UAE is poised to solidify its position as a leading player in the future of fintech, not just in the Middle East, but on the global stage. That marks the first time the UAE has made it to the top 10 list of most well-funded fintech hubs in 2023. #fintech #uae #venturecapital