Fintech News

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

JP Morgan Faces $4 Million Penalty from SEC for Misconduct

June 23, 2023 2 mins read

Yesterday, JP Morgan Chase faced a significant setback as the US Securities and Exchange Commission (SEC) fined the banking giant $4 million. The penalty was imposed on JP Morgan Securities LLC, a subsidiary of JP Morgan Chase, for deleting approximately 47 million emails from over 8,700 inboxes. These emails, which should have been retained as business records under the Exchange Act and Rule, were related to the period from January

Coinbase CEO Brian Armstrong Accused of Insider Trading in Controversial $1.7 Million Stock Sale

June 9, 2023 2 mins read

Recent allegations of insider trading against Coinbase CEO Brian Armstrong have sparked concerns within the investment community and industry experts. Armstrong sold over $1.7 million worth of Coinbase shares just days before the Securities and Exchange Commission (SEC) initiated enforcement action against the company. According to a Form 4 filed with the Securities and Exchange Commission, Coinbase CEO Brian Armstrong sold a substantial 29,730 shares of the company’s Class A

Google Launches $1M Crypto Mining Attack Protection for Enhanced Security

June 9, 2023 1 min read

Google Cloud has announced a new protection feature that offers up to $1 million in coverage to subscribers of its Security Command Center Premium. The feature is designed to protect customers from the financial and security risks posed by crypto mining attacks. Cryptomining attacks are a type of cyberattack in which hackers use a victim’s computer to mine cryptocurrency. This can lead to a number of problems, including increased energy

Ripple Continues to Lead CBDC Development Efforts

June 7, 2023 2 mins read

American Banker, a reputable Manhattan-based financial publication, has shed light on Ripple’s endeavors in the development of Central Bank Digital Currencies (CBDCs) and stablecoins. According to the publication, Ripple has been focused on ensuring the secure minting and distribution of these digital currencies. Ripple recently launched its CBDC platform, which aims to enable central banks, financial institutions, and governments to create and manage their digital currencies and stablecoins in a

China’s Jiangsu Province to Expand Digital Yuan Adoption in Education Sector

May 15, 2023 1 min read

Jiangsu Province, one of China’s most populous provinces, is set to expand the use of the digital yuan in the education sector. The province has already piloted the use of the digital yuan in schools and universities, and the expansion will see the digital yuan used for a wider range of payments, including tuition fees, school meals, and textbooks. The expansion of the digital yuan in the education sector is

Samsung to Research South Korea’s CBDC for Offline Payments

May 15, 2023 1 min read

South Korean tech giant Samsung has announced that it will be collaborating with the country’s central bank to research the use of central bank digital currency (CBDC) for offline payments. The research will focus on developing a prototype CBDC that can be used to make payments without an internet connection. This is important for South Korea, as many rural areas do not have reliable internet access. The research is being

Silvergate Bank initiates NYSE delisting proceedings amid plans to lay off 230 employees

May 12, 2023 1 min read

Silvergate Capital, the parent company of the defunct Silvergate Bank, has revealed that 230 employees will be let go as it prepares to be delisted from the New York Stock Exchange (NYSE). In a filing to the US Securities and Exchange Commission (SEC) on May 11, Silvergate Capital announced the suspension of trading in its stock, with the delisting to commence “shortly” after. The staff cut is estimated to cost

Wealth Technologies: The Future of Wealth Management 

May 11, 2023 3 mins read

Over the past two days, the 3rd and 4th of May, the 3rd Annual Middle East WealthTech Forum & Awards was concluded, leaving behind the resonance of the copious knowledge and insight shared during the course of its duration. “Technology will create new paths in investment decisions and asset management which probably don’t  exist today.” A statement made by Robert Hahm – Chief Executive Officer at Mashreq Capital (DIFC) Ltd.