Zopa Bank: Surviving recessions, battling digital banks and whether it will float in London this year January 9, 2023 Zopa is a firm that has weathered economic crises before. When the global financial crisis swept through the economy in 2008, the London-headquartered fintech was a little-known but early-moving peer-to-peer (p2p) lending shop connecting borrowers with willing investors. Banks had unsurprisingly reined in loans and hauled up the barricades, leaving consumers scrambling for cash through other [...]
UK fintech funding tumbles amid global slowdown, but London remains well ahead of global rivals January 9, 2023 Investment into the UK’s fintech sector slumped eight per cent last year as soaring inflation and the shocks of war in Ukraine brought an end to a decade-long global venture capital frenzy, figures shared exclusively with City A.M. reveal.
Fintech overhaul: Jack Ma to relinquish control of Chinese giant Ant January 7, 2023 Ant Group’s founder Jack Ma will give up control of the Chinese fintech giant in an overhaul that seeks to draw a line under a regulatory crackdown that was triggered soon after its mammoth stock market debut was scuppered two years ago. Ant’s $37bn IPO, which would have been the world’s largest, was cancelled at the last minute in November [...]
Starling boss Boden marks quadrupling of bank’s profits with barbs at fintech peers January 6, 2023 Digital bank Starling said it expects to more than quadruple its profits to £120m and ramp up a hiring spree this year as it becomes the latest lender to be buoyed by rising interest rates and a surge in borrowing.
Apple share prices plunge, taking valuation below $2tn January 4, 2023 Apple’s shares plummeted in value by three percent yesterday, meaning the the tech giant’s valuation tanked $2tn (£1.66 trillion) for the first time since May 2022. The company’s share value dropped to a price of $130.20 per share yesterday, marking a year-low, and giving the company a valuation of $1.99 trillion (£1.65 trillion) at market [...]
Crypto horse bolted well before US regulators’ warning shot, analysts say January 4, 2023 Crypto analysts warned that US regulators may be trying to “shut the stable door after the horse has bolted” today after the US central bank and financial watchdogs sounded the alarm over the risks that cryptocurrencies could pose to mainstream lenders. The Federal Reserve, alongside the Federal Deposit Insurance Corporation and the Office of the [...]
Fears of cheating prompt Ofqual to ‘look into’ use of AI chatbot ChatGPT January 3, 2023 Ofqual admitted looking at providing guidance to teachers over student use of the controversial AI writing tool ChatGPT. The examination and qualification regulation body said it was responding to concerns that students were using the AI chatbot to write essays. Teachers who reviewed three ChatGPT answers on English language, English literature and history said that [...]
Venture’s gender gap: Top tech investors still don’t trust female founders, researchers find January 3, 2023 Tech investors still do not trust female entrepreneurs due to the prevalence of male founders and the popular perception that top tech tycoons are all young white men, researchers have found. In a new peer reviewed study, researchers at Vienna University of Economics and Business found that investors backing tech start-ups seek out certainty in [...]
FTX: Crypto exchange’s new chief has ‘cavalier attitude to truth’ – regulator January 3, 2023 Crypto exchange FTX and its new boss has been accused of having a “cavalier attitude towards the truth” and failing to cooperate with authorities during bankruptcy proceedings. FTX, founded by disgraced former billionaire Sam Bankman-Fried, imploded in November after allegedly dishing out billions of dollars of customers’ cash to its sister trading firm Alameda Research. [...]
EXCL – The unstoppable rise of the Chief Innovation Officer in 2023 January 2, 2023 More and more UK businesses are making innovation a priority. The conviction is growing that tech and the implementation of innovative solutions drive business growth and help firms to stay ahead of the competition. It is therefore no surprise that the chief innovation officer takes an increasingly prominent position within many businesses, and that won’t [...]