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☆ British fintech Wise reports 280% jump in profit as higher interest rates boost income
▼ + stars: | 2023-11-14 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

British fintech firm Wise nearly quadrupled pre-tax profits in its half-year results out on Tuesday, citing a boost from higher interest rates. Including interest income, the company's total income stood at £656 million for the period, up 58% year-on-year. Wise said that it benefited from higher interest rates, extending a trend from earlier this year where the company was pulling in extra income thanks to interest rate increases. The analysts added that the boost to Wise's results from higher interest income is a "welcome temporary compensation" for slowing core total processed volume, but noted it is "likely unsustainable." Harsh Sinha, Wise's technology chief, recently took the reins from Wise CEO Kristo Kaarmann at the firm's helm.

Persons: Wise, Harsh Sinha, Kristo Kaarmann, Taavet Hinrikus Organizations: British, Jefferies, London Stock Exchange Locations: Kaarmann, Estonia

☆ Ripple CEO says SEC has lost sight of mission to protect investors
▼ + stars: | 2023-11-11 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

The CEO of blockchain company Ripple has some strong words for the U.S. Securities and Exchange Commission. Brad Garlinghouse told CNBC's Dan Murphy at the company's Ripple Swell conference in Dubai that he thinks the agency has lost sight of one of its key tasks as a regulator. "I think the SEC, in my opinion, has lost sight of their mission to protect investors. The SEC in 2020 accused Ripple and its executives of conducting a $1.3 billion securities fraud via sales of XRP to retail investors. Then, in October, the SEC dropped its securities law violation charges against Garlinghouse and Ripple executive Chris Larsen.

Persons: Brad Garlinghouse, CNBC's Dan Murphy, Garlinghouse, Ripple, Chris Larsen, Chris, Brad Organizations: U.S . Securities, Exchange Commission, SEC, CNBC Locations: Dubai, United States

Israeli tanks and troops have surrounded several hospitals in Gaza, hospital administrators and the Gazan Health Ministry said on Friday. A spokesman for the Israeli military said of the hospitals, “we’re slowly closing in on them” and urged people to leave them. Israel has long maintained that Hamas uses the hospitals as shields, operating from within them, while thousands of Palestinian civilians have taken refuge on their grounds. The chief of Al Shifa Hospital said it was struck four times on Friday, killing seven people, with several others wounded. And we want to do everything possible to prevent harm to them and to maximize the assistance that gets to them.”

Persons: we’re, Al Shifa, Antony J, Blinken, ”, Israel’s, ” Mr Organizations: Gazan Health, Al Locations: Gaza, Israel, New Delhi, Eastern

☆ Asia-Pacific will see the biggest jump in real salary next year. Here are the top performers
▼ + stars: | 2023-11-09 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +1 min

This year, nine out of 12 places in Asia-Pacific received the highest real salary increases in the world, ECA International reported. Workers in Asia-Pacific are predicted to receive the biggest real pay increase in 2024, according to ECA International. The average real salary increase — which is nominal wage growth minus the rate of inflation — is expected to increase by 2.2% in Asia-Pacific, more than twice the global average of 1%, according to the Salary Trends Report. The North and South America region is expected to receive a 2% real salary growth, while Africa and the Middle East could see growth of 0.8%, the data consultancy said. Europe is set to lag behind most regions and employees there may only receive a 0.9% increment in real salary next year, the study showed.

Persons: Oliver Browne, Browne Organizations: ECA, Workers, ECA International Locations: Asia, Pacific, South America, Africa, Europe

☆ Sony reports 29% drop in operating profit as weakness in chip business hits home
▼ + stars: | 2023-11-09 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

Sony on Thursday reported a 29% drop in operating profit in the fiscal second quarter as the Japanese electronics giant suffered from weakness in its imaging sensor — or chip — business. Here's how Sony did in the September quarter versus LSEG consensus estimates:Revenue: 2.8 trillion yen ($18.5 billion) versus 2.87 trillion yen expected. Operating profit: 263 billion Japanese yen versus 304.4 billion yen expected. Sony attributed the significant drop in profit to weakness in its imaging sensor business, as well as declines in profit at its financial services and entertainment, technology and services businesses. Despite the slide in profit, the company increased its sales forecast for the full year, saying it now expects total sales of 12.4 trillion yen (up from earlier forecasts of 12.2 trillion yen) as it benefits from positive foreign exchange rates.

Organizations: Sony, Apple, Writers Guild of America

☆ UK's top tech cop tells platforms how to comply with tough new online safety rules
▼ + stars: | 2023-11-08 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

British media watchdog Ofcom on Wednesday issued new guidance to technology platforms requiring them to take tougher action against harmful and illegal content. Ofcom is the chief regulator under Britain's Online Safety Act, with powers to enforce the regulation and levy fines against tech companies. Ofcom outlined what it called new codes of practice for digital platforms, which it wants them to follow in order to limit the harmful and toxic content users — particularly children — encounter online. Beyond this, Ofcom also wants online platforms to take a series of steps to combat child sexual exploitation and abuse, fraud, and terrorism. The U.K.'s Online Safety Act has been in the works for the last four years.

Persons: King Charles III, Rocio Concha Organizations: Ofcom, Apple, Microsoft, Britain's, Social, European Union, Digital Services Locations: U.S

☆ HSBC to launch storage services for tokenized securities as more big banks warm to blockchain
▼ + stars: | 2023-11-08 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

HSBC on Wednesday announced it will offer custody services for tokenized securities, making the British bank the latest major institution to embrace digital assets. HSBC is using technology from Swiss crypto custody firm Metaco, which was recently acquired by blockchain startup Ripple, to store bonds and other securities. HSBC is the latest institution to embrace digital asset custody, after U.S. banking giant BNY Mellon announced a similar move in 2021. Tokenized securities are effectively regulated assets, like bonds and equities, in the form of tokens issued on a blockchain. It marks another step from HSBC toward embracing digital assets.

Persons: BNY Mellon, bitcoin, Banks, Zhu Kuang Lee, Adrien Treccani Organizations: HSBC, Wednesday, HSBC Orion, BNY, CNBC, Hong Locations: Europe, British, Swiss, Hong Kong

☆ See the best red carpet looks from the 2023 CFDA Awards
▼ + stars: | 2023-11-07 | by ( Manav Tanneeru | Leah Dolan | ) edition.cnn.com time to read: +5 min

Taylor Hill/FilmMagic/Getty Images Hari Nef arrived in hot-off-the-runway JW Anderson. Taylor Hill/FilmMagic/Getty Images Molly Ringwald stepped out in a scarlet red Zac Posen number. Taylor Hill/FilmMagic/Getty Images Jenna Lyons opted for a classic back suit with a fitted waist. Taylor Hill/FilmMagic/Getty ImagesSerena Williams, who became the first athlete to be honored as a CFDA Fashion Icon, similarly opted for an all-American designer. Taylor Hill/FilmMagic/Getty ImagesKim Kardashian and Law Roach, meanwhile, broke from the ranks and chose to amplify smaller US designers in two equally eye-catching looks.

Persons: Willy Chavarria, Catherine Holstein —, —, Olsen, Anne Hathaway, Dimitrios Kambouris, Demi Moore, Carolina Herrera sequined, Taylor, Devon Lee Carlson, Jeremy O, Harris, Chloe Sevigny, Gwyneth Paltrow, Hari Nef, Molly Ringwald, Zac Posen, Jenna Lyons, Greta Lee, Emma Chamberlain, Thom Browne, Ashley Graham, Anne, Ralph Lauren’s, jean, Britney Spears, it’s, Ralph Lauren, Vanessa Hudgens, Vera Wang, Anne Hathaway's, Serena Williams, Williams, Thom Browne —, “, ” Williams, Hudgens, Wang, Wang —, Kim Kardashian, Law Roach, Roach Organizations: CNN, of Fashion Designers of America, American Museum of, Getty, Anderson, Housewives, New York, U.S ., York Locations: New York City, New York, Carolina, Los Angeles, Brooklyn

☆ An AI just negotiated a contract for the first time ever — and no human was involved
▼ + stars: | 2023-11-07 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

In a world first, artificial intelligence demonstrated the ability to negotiate a contract autonomously with another artificial intelligence without any human involvement. British AI firm Luminance developed an AI system based on its own proprietary large language model (LLM) to automatically analyze and make changes to contracts. LLMs are a type of AI algorithm that can achieve general-purpose language processing and generation. "This is just AI negotiating with AI, right from opening a contract in Word all the way through to negotiating terms and then sending it to DocuSign," she told CNBC in an interview. Clauses were analyzed, changes were made, and the contract was finalized in a matter of minutes.

Persons: Jaeger Glucina, that's, we've, Luminance's Organizations: CNBC Locations: British, Word

☆ WeWork has a massive footprint in London. Its bankruptcy could shake up the city's office market
▼ + stars: | 2023-11-07 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

TikTok's London office is based out of a WeWork building in Holborn called Aviation House. WeWorkWeWork , the U.S. office rental startup, filed for Chapter 11 bankruptcy, threatening office closures across the U.S. where it has become a major destination for tech firms. The company's restructuring may also have implications for its London operations, where it is one of the biggest tenants. According to CoStar, the commercial real estate data company, the company has 36 offices in London, spanning more than 2.89 million square feet. "We've actually got an agreement with them for another seven months," Tailor, who is based in London, told CNBC.

Persons: WeWork WeWork, WeWork, Deepak Tailor, We've Organizations: Aviation, WeWork, CNBC, Lease Locations: London, Holborn, U.S, Canada, Waterloo, WeWork

☆ Bosch, SAP and others back Europe's answer to OpenAI with $500 million of fresh funds
▼ + stars: | 2023-11-06 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

GPT-4 sign on website displayed on a laptop screen and OpenAI logo displayed on a phone screen are seen in this illustration photo taken in Poland on March 14, 2023. Aleph Alpha, a German startup taking on Microsoft-backed artificial intelligence firm OpenAI, said Monday it had raised $500 million in a funding round backed by the likes of Bosch, SAP and Hewlett Packard Enterprise. The company, which has built its own large language models, raised the fresh cash in a series B round, the company's second major funding round. It is an unusually large sum of cash for a series B investment round. Aleph Alpha will use the fresh funds to invest in research on foundation models, advanced product capabilities and commercialization of its software, the company said in a statement Monday.

Persons: Alpha, Jonas Andrulis Organizations: Microsoft, Bosch, SAP, Hewlett Packard Enterprise, Schwarz Group, Christ & Company Consulting, Artificial Intelligence, Investments, Aleph, Alpha Locations: Poland

☆ Klarna, Europe's $6.7 billion buy now, pay later firm, sets wheels in motion for eventual IPO
▼ + stars: | 2023-11-06 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

Buy now, pay later firm Klarna has established a holding company in the U.K. that will sit at the top of its corporate structure, in a symbolic move that paves the path for an eventual listing. A Klarna spokesperson confirmed to CNBC that the Stockholm-based business, which lets shoppers defer payments over a period of instalments, has begun a legal entity restructuring to set up the holding company. "Klarna Holding will continue to be the regulated financial holding company under the direct supervision of the SFSA and we will continue to hold a Swedish banking license." It differs from these competitors in its flexible payment plans, known as buy now, pay later. WATCH: Klarna's buy now pay later losses are 30% below industry standard, says CEO Sebastian Siemiatkowski

Persons: Klarna, hasn't, Sebastian Siemiatkowski Organizations: CNBC, Heartland, PayPal, Sequoia Locations: Stockholm, Sequoia, Swedish, Silver, Britain, Sweden

NEW YORK (AP) — Serena Williams will be honored at Monday’s Council of Fashion Designers of America awards for her career and contributions to American fashion. Williams, who retired from tennis last year, is the first athlete to win the CFDA's Fashion Icon award. Adira River Ohanian is the second child — and second daughter — for Williams and her husband, Reddit co-founder Alexis Ohanian. In 2018, she launched her “S by Serena” clothing line, and in 2019, a jewelry line. ___This story corrects the age of Serena Williams.

Persons: — Serena Williams, Williams, Anne Hathaway, —, Reddit, Alexis Ohanian, Serena ”, Thom Browne, Browne, “ I’ve, Serena, I’ve, Kim Kardashian, Serena Williams Organizations: Monday’s Council of Fashion Designers of America, American Museum of, Amazon Fashion Locations: Manhattan, Olympia

☆ Deutsche Bank and UniCredit back $4.5 billion insurance startup Wefox with $55 million in fresh funds
▼ + stars: | 2023-11-03 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

Wefox, the $4.5 billion German insurance technology group, has raised $55 million of fresh funding from Deutsche Bank and UniCredit , two anonymous sources familiar with the deal told CNBC. The deal was structured as a convertible debt agreement, meaning that the debt will be converted into equity when Wefox next raises cash, the sources told CNBC. The fresh funding follows on from a $55 million debt round Wefox raised from JPMorgan and Barclays and a $55 million internal fundraise earlier this year. As Wefox didn't raise equity, its valuation remains unchanged at $4.5 billion. Wefox is also pushing into a new model of selling insurance called "affinity" distribution.

Persons: Wefox, Goldman Sachs Organizations: Deutsche Bank, CNBC, JPMorgan, Barclays, VC, Salesforce Ventures, Target, Horizon Ventures, UBS, Mubadala Capital Ventures, Jupiter Asset Locations: U.S, Germany, Paris, Barcelona, Milan

☆ Tesla boss Elon Musk says AI will create situation where no job is needed
▼ + stars: | 2023-11-02 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

Elon Musk, chief executive officer of Tesla Inc., at the AI Safety Summit 2023 at Bletchley Park in Bletchley, UK, on Wednesday, Nov. 1, 2023. LONDON — Elon Musk thinks that artificial intelligence could eventually put everyone out of a job. "It's hard to say exactly what that moment is, but there will come a point where no job is needed," Musk continued, speaking alongside British Prime Minister Rishi Sunak. "You can have a job if you wanted to have a job for personal satisfaction. "I don't know if that makes people comfortable or uncomfortable," Musk joked, to which the audience laughed.

Persons: Elon Musk, Musk, Rishi Sunak Organizations: Tesla Inc, AI, Bletchley, LONDON, SpaceX, Twitter, Lancaster House, British Locations: Bletchley, UK

☆ Fintech giant Revolut appoints new UK boss amid struggles to get banking license
▼ + stars: | 2023-11-02 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

European fintech firm Revolut on Thursday said it appointed former Barclays executive Francesca Carlesi as its new U.K. CEO. A spokesperson for Revolut told CNBC that the move was not linked to its application for a banking license. Carlesi would be in charge of the company's U.K. operation — which, once it receives a banking license, would manage the Revolut banking division. The appointment comes at a time when Revolut is beefing up its local operation amid a long wait to obtain a coveted British banking license. Revolut was late to file its accounts earlier this year, which exposed the company to criticisms over whether it is ready to become a fully licensed bank.

Persons: Revolut, Francesca Carlesi, Carlesi Organizations: Barclays, Deutsche Bank, Molo Finance, Revolut, CNBC, Bank of England, Financial, Authority Locations: U.K, British

☆ Elon Musk is in the UK for a pivotal summit on AI — here's who's going
▼ + stars: | 2023-11-01 | by ( Ryan Browne | ) www.cnbc.com time to read: +4 min

Here's who's goingMajor names in the technology and political world will be there. They range from Tesla CEO Elon Musk, whose private jet landed in the U.K. late Tuesday, to U.S. Vice President Kamala Harris. What the summit seeks to addressThe main objective of the U.K. AI summit is to find some level of international coordination when it comes to agreeing some principles on the ethical and responsible development of AI models. The summit is squarely focused on so-called "frontier AI" models — in other words, the advanced large language models, or LLMs, like those developed by companies such as OpenAI, Anthropic, and Cohere. Loss of control risks refer to a situation in which the AI that humans create could be turned against them.

Persons: Elon Musk, Mandel Ngan, Rishi Sunak's, ChatGPT, Here's who's, Kamala Harris, Musk, Elon, Brad Smith, Demis, Yann LeCun, Global Affairs Nick Clegg, Adam Selipsky, Sam Altman, Dario, Jensen Huang, Rene Haas, Dario Gil Darktrace, Poppy Gustaffson Databricks, Ali Ghodsi, Marc Benioff, Cheun Kyung, Alex Karp, Emmanuel Macron, Joe Biden, Justin Trudeau, Olaf Scholz, Sunak, Will Organizations: Senate, Intelligence, U.S, Capitol, Washington , D.C, Afp, Getty, Bletchley, Microsoft, Tesla, CNBC, Global Affairs, Web, Rene Haas IBM, Marc Benioff Samsung, Technology, South, Sony, Joe Biden Canadian Locations: U.S, Washington ,, China, U.K, South Korean, Chesnot

☆ China says it will back global consensus on AI amid tech clash with U.S.
▼ + stars: | 2023-11-01 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

The UK Government are hosting the AI Safety Summit bringing together international governments, leading AI companies, civil society groups and experts in research to consider the risks of AI, especially at the frontier of development, and discuss how they can be mitigated through internationally coordinated action. His comments were delivered at the U.K.'s AI safety summit, which officially kicked off Wednesday at Bletchley Park, England. Wu Zhaohui, China's vice minister of science and technology, said the country was willing to "enhance dialogue and communication in AI safety with all sides." That has placed significant pressure on China's generative AI developers, many of which rely on Nvidia's chips. Raimondo also said the U.S. would look to launch an AI safety institute, hot on the heels of the U.K announcing its own intentions for a similar initiative last week.

Persons: Gina Raimondo, Michelle Donelan, China Wu Zhaohui, Leon Neal, Getty, Wu Zhaohui, Raimondo Organizations: State for Science, Innovation, Technology, Science, AI, Bletchley Park, Government, U.S, Bletchley, Union, U.S . Department of Commerce, U.K Locations: BLETCHLEY, ENGLAND, China, Bletchley , England, Beijing, Bletchley Park, England, U.S . China, U.S, Bletchley

☆ U.K. invests $273 million in AI supercomputer as it seeks to compete with U.S., China
▼ + stars: | 2023-11-01 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

The U.K. government said Wednesday that it will invest £225 million, or $273 million, into an artificial intelligence supercomputer, highlighting the country's ambition to lead in the technology as it races to catch up to the U.S. and China. The University of Bristol will build the supercomputer, called Isambard-AI after the 19th century British engineer Isambard Brunel. The announcement coincided with the first day of the U.K.'s AI safety summit, which is being held in Bletchley Park. The computer will pack 5,448 GH200 Grace Hopper Superchips, powerful AI chips made by U.S. semiconductor giant Nvidia , which specializes in high-performance computing applications. The U.K. government hopes the two combined supercomputers will achieve breakthroughs in fusion energy, health care and climate modeling.

Persons: Isambard Brunel, Grace Hopper Superchips, StackPC Organizations: The University of Bristol, Nvidia, Hewlett Packard Enterprise, American IT, Cambridge, Dell, Intel Locations: China, Bletchley Park, Britain, U.S, American, East Asia

☆ Google DeepMind boss hits back at Meta AI chief over ‘fearmongering’ claim
▼ + stars: | 2023-10-31 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

watch nowThe boss of Google DeepMind pushed back on a claim from Meta's artificial intelligence chief alleging the company is pushing worries about AI's existential threats to humanity to control the narrative on how best to regulate the technology. "If your fearmongering campaigns succeed, they will *inevitably* result in what you and I would identify as a catastrophe: a small number of companies will control AI," LeCun said on X, the platform formerly known as Twitter, on Sunday. I also know that producing AI systems that are safe and under our control is possible. "Then there's sort of the misuse of AI by bad actors repurposing technology, general-purpose technology for bad ends that they were not intended for. "And then finally, I think about the more longer-term risk, which is technical AGI [artificial general intelligence] risk," Hassabis said.

Persons: Google DeepMind, CNBC's Arjun Kharpal, Hassabis, DeepMind, Yan LeCun, Sam Altman, Dario Amodei, LeCun, Yan, That's, Meta Organizations: Google, CNBC, Cooperation, China

☆ The UK is gearing up for a pivotal summit on AI. Here's what you need to know
▼ + stars: | 2023-10-31 | by ( Ryan Browne | ) www.cnbc.com time to read: +10 min

Where it's being heldThe AI summit will be held in Bletchley Park, the historic landmark around 55 miles north of London. What it seeks to addressThe main objective of the U.K. AI summit is to find some level of international coordination when it comes to agreeing some principles on the ethical and responsible development of AI models. The British government wants the AI Summit to serve as a platform to shape the technology's future. They say that, by keeping the summit restricted to only frontier AI models, it is a missed opportunity to encourage contributions from members of the tech community beyond frontier AI. "By focusing only on companies that are currently building frontier models and are leading that development right now, we're also saying no one else can come and build the next generation of frontier models."

Persons: Rishi Sunak, Peter Nicholls, Rishi Sunak's, ChatGPT, Getty, codebreakers, Alan Turing, It's, Kamala Harris, Saul Loeb, Brad Smith, Sam Altman, Global Affairs Nick Clegg, Ursula von der, Emmanuel Macron, Joe Biden, Justin Trudeau, Olaf Scholz, Sunak, —, Xi Jinping, Biden, James Manyika, Manyika, Mostaque, we're, Sachin Dev Duggal, Carl Court Organizations: Royal Society, Carlton, Getty, U.S, Microsoft, Coppin State University, AFP, Meta, Global Affairs, Global Affairs Nick Clegg U.S, Ministry of Science, Technology European, Joe Biden Canadian, Britain, Afp, Getty Images Washington, U.S ., Google, CNBC, Big Tech Locations: London, China, Bletchley Park, British, America, Baltimore , Maryland, Chesnot, U.S, Nusa Dua, Indonesian, Bali, EU

☆ Standard Chartered-owned crypto firm Zodia launches in Hong Kong
▼ + stars: | 2023-10-30 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

Zodia Custody, the crypto security firm owned by British banking giant Standard Chartered, is launching its services in Hong Kong, the company told CNBC exclusively. "The Hong Kong government and the regulators see digital assets as the future and also want Hong Kong to be a hub," Sawyer said. Hong Kong has been increasingly warming to crypto assets despite a broader anti-crypto push from China, which banned bitcoin trading and mining in 2021. At first, it will seek to provide services for Hong Kong clients in a limit set of crypto assets. Zodia is also in discussions with both the SFC and Hong Kong Monetary Authority about becoming regulated in the financial district.

Persons: Julian Sawyer, Sawyer, Zodia Organizations: CNBC, Hong, Standard Chartered, Northern Trust, Japan's SBI Holdings ., Hong Kong Securities, Futures Commission, OSL, SFC, Hong Kong Monetary Authority Locations: Hong Kong, Asia, Pacific, Japan, Singapore, Australia, Japan's SBI Holdings . Hong Kong, China

☆ Factories are heading for a 'dark' future — and it's not what you think
▼ + stars: | 2023-10-30 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

Factories have been transformed by automation, with robots now taking on a considerable proportion of jobs once done by people – lifting heavy loads, assembling parts, and more. Some manufacturers are edging toward a future of factories focused on "lights out" or "dark" production. In such a setting, factories have near-total to full automation, with robots able to continue running overnight when humans are no longer there. The company is working to prepare and pack fruit with a lineup of robots that can operate with little to no supervision. Will the future of manufacturing truly be "dark"?

Persons: packer, Atif Syed, Syed, Helge Wundermann Organizations: CNBC, University College London Locations: England

☆ UK confirms plans to regulate crypto industry with formal legislation
▼ + stars: | 2023-10-30 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

The U.K. government on Monday confirmed plans to regulate the cryptocurrency industry, announcing in a consultation paper that it will look to bring in formal legislation for crypto activities by 2024. The government published its response to a consultation paper issued earlier this year, which outlined recommendations on regulating the crypto industry. The government aims to introduce laws for the crypto industry before Parliament by 2024, according to the paper. It is not immediately clear at this stage what U.K. laws on crypto will look like. Numerous bills are going through Congress, but the U.S. is far behind others when it comes to bringing about formal federal laws for the crypto industry.

Persons: Andrew Griffith Organizations: Government Locations: EU, Crypto, U.S

☆ With China playing catchup with the U.S., these 3 charts show the top countries for fintech in 2023
▼ + stars: | 2023-10-26 | by ( Ryan Browne | ) www.cnbc.com time to read: +7 min

UK has second-biggest number of top fintech firmsThe U.S. was home to 65 of the top fintech companies, according to CNBC's list of world's top 200 fintech companies. In the U.S., some of the top global fintech companies on Statista's list include names like Stripe, PayPal and Intuit . Stateside, meanwhile, the largest fintech unicorns are Stripe ($95 billion), Chime ($25 billion), Ripple ($15 billion), Plaid ($13.5 billion), Devoted Health ($12.6 billion, and Brex ($12.3 billion). Other leading ecosystems for fintech unicorns include India, on 17 unicorns, and China, on eight. Standing in 8th place is Mexico, with five fintech unicorns, Singapore, also with five, and the Netherlands, which has four in total.

Persons: Ed Jones, Starling, Tencent, Statista, Andreessen Horowitz, Wise, Vlad Tenev, Group's, —, Nick Parmenter Organizations: AFP, Getty, CNBC, Statista, Ant Group, Plaid, Visa, Mastercard, European Union, Apple, Google, Sequoia Capital, PayPal, Intuit, Financial, Authority, Consumers Locations: U.S, Beijing, China, Silicon, Europe, Ukraine, Covid, India, France, Brazil, Germany, Mexico, Singapore, Netherlands, Statista

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