Fintech News

This South Korean Company Invests Heavily in Coinbase with a $19.9M Purchase

November 17, 2023 1 min read

The South Korean National Pension Service (NPS), a major global pension fund with over $755 billion under management, has made an entry into the crypto sector by investing $19.9 million in Coinbase shares. This move reflects large institutional investors’ cautious yet optimistic approach to the rapidly growing crypto market. The NPS has decided to invest through the Coinbase crypto exchange rather than directly purchasing cryptocurrencies. This approach fits with the

Kazakhstan introduces its central bank digital currency (CBDC), known as the ‘digital tenge

November 15, 2023 1 min read

Kazakhstan has officially introduced its central bank digital currency (CBDC), known as the ‘digital tenge.’ The first-ever transaction using this digital currency took place on November 15, orchestrated by Binur Zhalenov, the chairman of Kazakhstan’s National Payment Corporation. Zhalenov utilized a debit card linked to a CBDC account for this historic purchase in Almaty, marking the official entry of the digital tenge into the retail market. With significant developments planned

ARK Invest Acquires $9.5 Million Worth of Robinhood Shares

November 9, 2023 1 min read

Investment firm ARK Invest, led by Cathie Wood, has purchased a total of 1,141,046 shares (around $9.54 million) of Robinhood, the popular trading platform. This purchase was made just one day after Robinhood announced its plans to expand into Europe. In its third-quarter financial report, Robinhood stated that it is planning to launch brokerage services in the United Kingdom in the near future. The company also plans to offer crypto

UK Government Announces Regulatory Framework for Fiat-Backed Stablecoins

October 30, 2023 1 min read

The UK government has released an update about its intentions to regulate fiat-backed stablecoins. These stablecoins are digital currencies backed by traditional currencies like the British pound or the US dollar. The UK government plans to introduce new laws in 2024 that will give the Financial Conduct Authority (FCA) the power to regulate these stablecoins. This is a big change in how digital currencies are supervised. The government wants local

Argentina to Roll Out Digital Peso Amidst Economic Challenges

October 20, 2023 1 min read

The Central Bank of the Argentine Republic is making strides towards implementing a central bank digital currency (CBDC) in the country. With a focus on the potential economic benefits, the central bank is fast-tracking the legislative framework for the digital peso CBDC project, proposed by the Minister of Economy and presidential candidate Sergio Massa. During a public discussion on the Filo News channel on October 18, Argentina Central Bank director

The European Central Bank (ECB) to move on with digital euro project in November

October 19, 2023 1 min read

The European Central Bank (ECB) has advanced to the next phase of its digital euro project, laying the groundwork for its potential issuance. The decision comes after a two-year investigation into the design and distribution of the digital euro. The preparation phase, starting in November 2023 and lasting for two years, involves finalizing a rulebook and selecting providers for the currency’s platform and infrastructure. This phase will focus on developing

DAY 1 OF FINTECH SURGE 2023: GENERATIVE AI IS REVOLUTIONIZING THE BANKING SECTOR

October 15, 2023 5 mins read

– SME Elevate highlights that 95% of all customer interactions will be powered by AI by 2025 Dubai – United Arab Emirates – 15 October 2023: Day one of Fintech Surge 2023, the global gathering for the entire fintech ecosystem, commenced today at the iconic Dubai Harbour. The event is uniting regional and global players from across the fintech industry – from banks and financial institutions to regulators, start-ups, governments and investors. On the opening session of Fintech Surge,

GFX Securities Takes the Stage at COMEX Bahrain 2023

October 13, 2023 2 mins read

GFX Securities, the largest Bahrain-based brokerage firm, took center stage at the prestigious COMEX Bahrain event from October 9 to 11. The global technology show welcomed over 5,000 visitors from around the world, providing GFX Securities with an ideal platform to introduce their company and products to a global audience. GFX Securities specializes in offering brokerage services in the field of securities and extends logistical support to investors around the

Metro Bank Faces Share Price Plunge By 28%

October 6, 2023 2 mins read

Metro Bank, one of the top British banks, witnessed a significant 28% drop in its share price recently amid reports that it’s seeking to raise £600 million to strengthen its balance sheet. According to the Financial Times, the bank is currently in discussions with investors about securing £250 million in equity funding and an additional £350 million in debt financing. Metro Bank, in a statement, clarified that no final decision

Zimbabwe Introduces Gold-Backed Digital Tokens for Retail Transactions

August 15, 2023 2 mins read

The Reserve Bank of Zimbabwe (RBZ) has taken a significant step towards modernizing its financial landscape by announcing plans to introduce a gold-backed digital token (GBDT) for retail transactions. The move comes as the country seeks innovative solutions to stabilize its local currency amidst soaring inflation rates. RBZ’s introduction of the Gold-Backed Digital Tokens (GBDT) earlier this year aimed to address these challenges and provide accessible and reliable market-based instruments

Changzhou City in China to Give Away $700,000 in Digital Yuan Tokens and Coupons

July 17, 2023 2 mins read

The city of Changzhou, China, is taking part in the nation’s central bank digital currency (CBDC) pilot by giving away $700,000 worth of digital yuan tokens and coupons. The initiative aims to promote CBDC spending during an upcoming citywide shopping festival by distributing e-CNY in lucky red envelopes, a symbol of good fortune in China. This move is part of Changzhou’s efforts to further integrate the digital yuan into its

Controversy Surrounds Brazil’s CBDC Pilot Over Code Allowing Fund Control

July 12, 2023 1 min read

A recent revelation by a blockchain developer has sparked controversy surrounding Brazil’s pilot central bank digital currency (CBDC). The developer claims to have reverse-engineered the CBDC’s source code and discovered functions that would enable a central authority to freeze funds or reduce balances. What are the code functions and potential use cases? The code includes functions such as freezing and unfreezing accounts, adjusting balances, transferring currency between addresses, and creating