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☆ OpenAI launches ChatGPT Enterprise for
▼ + stars: | 2023-08-28 | by ( Catherine Thorbecke | ) edition.cnn.com time to read: +3 min

OpenAI unveiled the new service, dubbed “ChatGPT Enterprise,” in a company blog post and said it will be available to business clients for purchase as of Monday. Before the launch of ChatGPT Enterprise, a number of prominent companies including JPMorgan Chase had implemented temporary restrictions on workplace use of ChatGPT. ChatGPT Enterprise, however, addresses one of the core issues that led to the workplace clampdowns: privacy and security concerns. OpenAI’s announcement blog post for ChatGPT Enterprise, meanwhile, states that it does “not train on your business data or conversations, and our models don’t learn from your usage.”OpenAI did not publicly disclose the pricing levels for ChatGPT Enterprise, instead asking potential business clients to contact its sales team. “We look forward to sharing an even more detailed roadmap with prospective customers and continuing to evolve ChatGPT Enterprise based on your feedback,” the company said.

Persons: OpenAI, JPMorgan Chase, “ We’re onboarding, ”, It’s Organizations: CNN, ChatGPT Enterprise, Companies, Fortune, ChatGPT, JPMorgan, Microsoft, Bing Locations: America, ChatGPT, OpenAI

☆ The Real Problem With China’s Economy: Xi Jinping’s Government - The New York Times
▼ + stars: | 2023-08-26 | by ( Eswar Prasad | ) www.nytimes.com time to read: +2 min

The numbers portray a stalling economy, but there is a far more profound concern. Chinese consumers and businesses are losing confidence that their government has the ability to recognize and fix the economy’s deep-seated problems. If President Xi Jinping’s government doesn’t tackle this fundamental issue, any other measures will have little impact in arresting the downward spiral. This confidence problem is apparent in the tepid private investment and weak household consumption over the past year. The worrying cognitive dissonance between the government and entrepreneurs became apparent during a recent trip I took to China.

Persons: Xi Organizations: Chinese Communist Party, Technology, Ant, Entrepreneurs Locations: China, United States, Beijing

☆ Lending startup Captain raised $107 million in the boom times. Now it's up for sale amid layoffs and a capital drought.
▼ + stars: | 2023-08-25 | by ( Melia Russell | Rob Price | ) www.businessinsider.com time to read: +6 min

Captain, a startup that aimed to quicken home repairs after natural disasters, is winding down. The Louisville-based company had previously raised $107 million across venture and debt equity. CartaMany early-stage startups such as Captain, which had raised $107 million across equity and debt capital, have struggled to raise new funding as a drought in venture capital spreads through Silicon Valley. Liabilities pile upThe company relies on debt financing to pay contractors upfront for materials, supplies, and labor costs. In his email, Gray said prospective buyers were aware of the outstanding liabilities and the sale price would be used to satisfy those liabilities, "with wages being the most paramount," he said.

Persons: Demetrius Gray, Gray, Captain, Red Swan, Pete Flint, Flint, PATRICK T, FALLON, Talent, Melia Russell, Rob Price Organizations: quicken, Carta, TechCrunch, GGV, fintech, Munich Re, San Francisco Superior Court Locations: The Louisville, Silicon Valley, Carta, Louisville , Kentucky, NFX, CoVenture, Munich, Maui

☆ Mizuho's Dan Dolev ranks his top FinTech picks
▼ + stars: | 2023-08-25 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMizuho's Dan Dolev ranks his top FinTech picksDan Dolev, Mizuho Securities analyst, joins 'Taking Stock' to rank all the FinTech stocks he covers.

Persons: Dan Dolev Organizations: Mizuho Securities

☆ Citi buys stake in Peruvian foreign exchange fintech
▼ + stars: | 2023-08-24 | by ( Tatiana Bautzer | ) www.reuters.com time to read: +1 min

NEW YORK, Aug 24 (Reuters) - Citigroup has acquired a stake in Peruvian foreign exchange startup Rextie, its first fintech investment in Latin America. Terms of the deal were not disclosed, but Citi and Rextie executives said the bank is injecting cash into the company to finance its growth. Rextie, founded in 2016, has closed so far $4.5 billion in forex transactions and expects to reach $7 billion by the end of next year. Rextie provides forex transactions through digital channels to 12,000 mid-sized and small companies in Peru and 170,000 individuals. Aldo Alvarez, Head of Institutional Strategic and Fintech Investments for LATAM at Citi, said the deal creates opportunities to offer the bank's products to Rextie clients.

Persons: Rextie, Aldo Alvarez, Mateu Batle, Tatiana Bautzer, Miral Organizations: Citigroup, Citi, Institutional, Fintech Investments, LATAM, Thomson Locations: Latin America, Peru

☆ JPMorgan says AI's 'democratization' could put these 2 U.S.-listed Asian stocks at risk
▼ + stars: | 2023-08-24 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

JPMorgan warned that rapid growth in artificial intelligence is no guarantee of sustained earnings increase — and could leave many companies at risk. However, this does not guarantee sustained earnings growth and [return on equity] expansion," JPMorgan analysts led by Ranjan Sharma wrote in a note to clients on Aug. 9. According to JPMorgan, AI costs are also expected to continue dropping in light of lower computing costs and the development of more open-source AI models. The company owns the e-commerce platform Shopee, the fintech platform SeaMoney and the game development studio Garena. "In our view, SE's gaming business could face increased competitive risks as GenAI reduces barriers for entry in game development.

Persons: OpenAI's ChatGPT, Ranjan Sharma, TDCX, CNBC's Naman Tandon Organizations: JPMorgan, Sea Ltd, NYSE Locations: New York, Singapore

☆ Investor who studied at Harvard's 'Happiness Lab' shares the No. 1 thing that 'actually drives happiness'—it isn't money
▼ + stars: | 2023-08-23 | by ( Tom Huddleston Jr. | ) www.cnbc.com time to read: +3 min

Alexa von Tobel learned at Harvard University that money doesn't buy happiness. But despite her own financial success, von Tobel, 39, says she's derived the most happiness throughout her career from "the intangibles that money can't buy." "Through my time at Harvard's Happiness Lab during my undergrad years, I really gained a new perspective on what drives happiness," von Tobel tells CNBC Make It, adding: "What actually drives happiness are the simple routines and the daily rituals in our lives that create community and connectedness." In college, von Tobel earned Magna Cum Laude honors for a senior thesis on happiness in the small country of Bhutan, according to her LinkedIn profile. "The daily effort drives happiness, not the outcome," says von Tobel.

Persons: Alexa von Tobel, She's, von Tobel, she's, Von Tobel, Tal Ben, Shahar, Shawn Achor, It's, Warren Buffett Organizations: Harvard University, Northwestern Mutual, Harvard, CNBC, Magna Cum Laude Locations: Bhutan, LearnVest

☆ Fin Capital has become the most prolific fintech investor in the world. Behind the scenes, there's been a phishing attack, whistleblower complaints, and a wave of exits.
▼ + stars: | 2023-08-23 | by ( Ben Bergman | ) www.businessinsider.com time to read: +12 min

It was August 2021, during the waning months of the frothy startup bull market, and Fin Capital was on the ascent. The message was a phishing attack — Fin Capital had been hacked. But there is dispute over how Fin Capital handled the attack and its aftermath. Still, as other firms have sharply pulled back on investing in the downturn, Fin Capital has done the opposite. It's unclear whether the whistleblower complaints that former Fin Capital employees filed with the SEC are being investigated.

Persons: Logan Allin, Fin Capital, Allin, you've, Gene Price, Frost Brown Todd, who'd, It's, fiduciaries, Capital, Tom Allin, Obama, Forbes, you'll, he'd, Peter Thiel ., Henry Kravis, Roelof Botha, Thiel, Kravis, Botha, fintech, Pipe's cofounders, Peter Ackerson, Ackerson, Andreessen Horowitz, fundraisings, Ben Bergman, bbergman Organizations: Fin, Sequoia, SEC, Securities and Exchange Commission, Fin Capital, Francis Yacht Club, Constellation, titans, KKR, Sequoia Capital, Caplight, FT Partners, LinkedIn, Twitter, Facebook Locations: York, Los Angeles, Fin, Silicon Valley, San Francisco, fintech, Sequoia

☆ Argentina is already dollarizing - these businesses have switched to greenbacks as the peso is worth a fraction of a penny
▼ + stars: | 2023-08-23 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

And more businesses are accepting dollars as payment as the peso crashes. AdvertisementAdvertisementE-commerce giant MercadoLibre, consulting firm Accenture, software developer Globant, and fintech firm Ualá offer partial pay in greenbacks, according to reports. In addition to staff salaries, the private sector is increasingly accepting dollars as a form of payment as well. For example, US website firm GoDaddy stopped accepting Argentinian peso payments in June, changing to dollars. He also suggested Argentina would be better off pegging its currency to the Brazilian real instead of the greenback.

Persons: Javier Milei, fintech's, GoDaddy, ZonaProp, Robin Brooks Organizations: Service, Bloomberg, Accenture Locations: Wall, Silicon, greenbacks, Buenos Aires, Argentina

☆ Teen hacked Uber, Revolut and Grand Theft Auto maker, London jury finds
▼ + stars: | 2023-08-23 | by ( ) www.reuters.com time to read: +1 min

LONDON, Aug 23 (Reuters) - A teenage member of the Lapsus$ hacking group was on Wednesday found to have hacked Uber (UBER.N) and fintech firm Revolut then blackmailed the developers of best-selling videogame Grand Theft Auto after a trial at a London court. Arion Kurtaj, 18, embarked on a solo cyber crime spree in September 2022, first targeting Revolut before hacking Uber two days later. The teen then hacked Rockstar Games and threatened to release the planned Grand Theft Auto sequel's source code in a Slack message sent to all Rockstar staff. Kurtaj had previously hacked and blackmailed Britain's biggest broadband provider BT Group (BT.L) and mobile operator EE in 2021 and later chip maker Nvidia Corp (NVDA.O) in February 2022. The jury on Wednesday found Kurtaj committed 12 offences, including three counts of blackmail, two counts of fraud and six charges under the Computer Misuse Act.

Persons: Revolut, Arion Kurtaj, Kurtaj, Sam Tobin, William James Our Organizations: Rockstar Games, Rockstar, Southwark Crown, BT Group, Nvidia Corp, Computer, Thomson Locations: London, Southwark

Signage is seen at the Consumer Financial Protection Bureau (CFPB) headquarters in Washington, D.C., U.S., May 14, 2021. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsCompanies CURO Group Holdings Corp FollowAug 22 (Reuters) - A U.S. consumer finance regulator sued a subsidiary of fintech lender Curo Group Holdings Corp. (CURO.N) on Tuesday, alleging it pushed struggling borrowers to refinance short-term loans to keep them in debt and reap fees. Curo acquired Heights Finance for $360 million in late 2021 from private equity firm Milestone Partners. The agency said Heights Finance generated 40% of its net revenue from repeated refinances. The case is CFPB v. Heights Finance Holding Co. et al., No.

Persons: Andrew Kelly, Rohit Chopra, Curo, refi, Jody Godoy, Mark Potter Organizations: Consumer Financial Protection Bureau, Washington , D.C, REUTERS, CURO Group Holdings, Curo Group Holdings Corp, U.S, Finance Holding Co, Heights Finance, Milestone Partners, Finance, Heights Finance Holding, District of, Thomson Locations: Washington ,, U.S, Greenville , South Carolina, Texas , Oklahoma , Alabama, Georgia , Tennessee, South Carolina, District of South Carolina, New York

☆ Coinbase takes stake in stablecoin firm Circle, shuts down joint venture as it sees 'regulatory clarity'
▼ + stars: | 2023-08-22 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

In this photo illustration, the Coinbase cryptocurrency exchange website is seen on the screen of a computer on October 05, 2018 in Paris, France. Cryptocurrency exchange Coinbase is taking a stake in Circle, the issuer of the USDC stablecoin, signifying a closer relationship between the two crypto heavyweights. "Reflecting Coinbase's belief in the fundamental importance of stablecoins to the broader crypto economy, Coinbase is taking an equity stake in Circle," Coinbase said in a blogpost Monday. "This means that Coinbase and Circle will now have even greater strategic and economic alignment on the future of the financial system. Coinbase is committed to the long term success of the stablecoin ecosystem and USDC, specifically."

Persons: Coinbase, USDC Organizations: Centre Consortium, Silicon Valley Bank Locations: Paris, France, Silicon

☆ Fintech firm Ramp raises $300 mln at lowered valuation of $5.8 bln
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +1 min

Aug 22 (Reuters) - Ramp, a developer of financial management software, has raised $300 million in its latest funding round to accelerate expansion in new categories, the company said on Tuesday, notching up a valuation of $5.8 billion. The new funding is at a lower valuation from the $8.1 billion achieved by the New-York based startup in a funding round last year, a spokesperson of the company confirmed. The latest funding round was co-led by Thrive Capital and Sands Capital along with existing investors Founder's Fund and General Catalyst among others. Previous investors in the fintech include Microsoft Corp (MSFT.O) CEO Satya Nadella, Goldman Sachs (GS.N), Redpoint Ventures and Thrive Capital. The financial management company intends to expand its software into adjacent categories in an attempt to make customer's businesses more "efficient", said Chief Executive Officer Eric Glyman.

Persons: Satya Nadella, Goldman Sachs, Eric Glyman, Pritam Biswas, Shailesh Organizations: New, Sands Capital, Founder's Fund, Catalyst, Microsoft Corp, Redpoint Ventures, Thomson Locations: York, Bengaluru

☆ Goldman Sachs weighs selling part of wealth business in broad strategy revamp
▼ + stars: | 2023-08-21 | by ( Saeed Azhar | ) www.reuters.com time to read: +3 min

The logo for Goldman Sachs is seen on the trading floor at the New York Stock Exchange (NYSE) in New York City, New York, U.S., November 17, 2021. The purchase was aimed at broadening Goldman's client list beyond the ultra-rich, but the unit has remained a small part of the bank's wealth business. High net worth individuals - who would fall within the business Goldman is considering selling - typically have about $1 million to $10 million to invest. Goldman's wealth business has lagged behind rivals, including Morgan Stanley (MS.N), where CEO James Gorman built the wealth management arm through a series of acquisitions that generate steady income from fees. The bank plans to grow its core wealth business serving ultra-high-net-worth clients, reiterating aspirations from its investor day in late February.

Persons: Goldman Sachs, Andrew Kelly, David Solomon, Goldman, Stephen Biggar, They've, Biggar, RIA, Morgan Stanley, James Gorman, Solomon, Marcus, Saeed Azhar, Lananh Nguyen, Tom Hogue, Sharon Singleton, Jonathan Oatis, Deepa Babington Organizations: New York Stock Exchange, REUTERS, Argus Research, RIA, United Capital Financial Partners, Thomson Locations: New York City , New York, U.S, Ayco

☆ Goldman Sachs weighs sale of part of its wealth business
▼ + stars: | 2023-08-21 | by ( Saeed Azhar | ) www.reuters.com time to read: +3 min

The purchase aimed to broaden Goldman's client list beyond the ultra-rich, but the unit has remained a small part of the bank's wealth business. The potential divestments come after CEO David Solomon reorganized the firm into three units last year and scaled back ambitions for its loss-making consumer business. Goldman's wealth business has lagged rivals, including Morgan Stanley (MS.N), where CEO James Gorman built the wealth management arm through a series of acquisitions that generate steady income from fees. The bank plans to grow its core wealth business serving ultra-high net worth clients, reiterating aspirations from its investor day in late February. Other core wealth businesses include workplace financial planning through Ayco, and Marcus savings, Goldman said.

Persons: Goldman Sachs, Andrew Kelly, Goldman, RIABiz, David Solomon, Stephen Biggar, They've, Biggar, Morgan Stanley, James Gorman, Solomon, Marcus, Saeed Azhar, Lananh Nguyen, Tom Hogue, Sharon Singleton Organizations: New York Stock Exchange, REUTERS, GreenSky, RIA, United Capital Financial Partners, Argus Research, Thomson Locations: New York City , New York, U.S, Ayco

☆ Goldman Sachs weighs sale for part of its wealth business
▼ + stars: | 2023-08-21 | by ( Saeed Azhar | ) www.reuters.com time to read: +2 min

The logo for Goldman Sachs is seen on the trading floor at the New York Stock Exchange (NYSE) in New York City, New York, U.S., November 17, 2021. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsNEW YORK, Aug 21 (Reuters) - Goldman Sachs (GS.N) is weighing the sale of a part of its wealth business catering to high net worth clients, it said on Monday, as it shifts its focus back to serving the ultra-rich. The purchase aimed to broaden Goldman's client list beyond the ultra-rich, but the unit has remained a small part of the bank's wealth business. Goldman's private wealth unit oversees $1 trillion in assets for ultra-high net worth clients. The bank plans to grow its core wealth business serving ultra-high net worth clients, reiterating aspirations from its investor day in late February.

Persons: Goldman Sachs, Andrew Kelly, Goldman, David Solomon, Solomon, Marcus, Saeed Azhar, Lananh Nguyen, Tom Hogue Organizations: New York Stock Exchange, REUTERS, United Capital Financial Partners, Thomson Locations: New York City , New York, U.S, Ayco

11 bank accounts paying 5.50% APY or moreOur list includes certificates of deposit and one high-yield savings account. The Betterment Cash Reserve Account account notably offers the best high-yield savings account rate right now. Forbright Bank 1 Year CD - 5.50% APYForbright Bank is an additional financial institution offering 5.50% APY on a 1-year CD. Limelight Bank 1 Year CD - 5.50% APYAnother online bank paying 5.50% APY on a 1-year CD is Limelight Bank, an online division of CCBank. Rising Bank 1 Year CD - 5.50% APYRising Bank, an online-only subsidiary of Midwest BankCentre, has a 1-year CD paying 5.50% APY.

Persons: you'll, Sallie Mae, Raisin Organizations: Connexus, Connexus Credit Union, Connexus Association, Connexus Credit, Dow Credit, Dow Credit Union, Midland Area Community Foundation, Dow, Virgin Islands, Sallie, Sallie Mae Bank, Federal, Federal Credit Union, Signature Federal Credit Union, American Consumer Council, Western Alliance Bank, Cash, Forbright, Limelight, Limelight Bank, CCBank, Popular, Rising, Bank, Products Locations: Florida , Puerto Rico, American Samoa, Guam, Northern Mariana Islands, Virgin, Midwest

☆ Europe's Stripe rival Adyen saw $20 billion wiped off its value in a single day. Here's what's going on
▼ + stars: | 2023-08-21 | by ( Ryan Browne | ) www.cnbc.com time to read: +6 min

Pavlo Gonchar | Sopa Images | Lightrocket | Getty ImagesSpirits were high when Dutch payments firm Adyen floated on the Amsterdam Stock Exchange in 2018. The company was riding a wave of growth in Europe's technology sector and snapping up competition from its mega U.S. rival PayPal. Since then, the company has weathered a turbulent ride, including a global pandemic that knocked volumes from travel clients significantly. Company shares plummeted 39% on Thursday, erasing 18 billion euros ($39 billion) from Adyen's market capitalization, as investors dumped the stock after the firm reported its slowest revenue growth on record. Adyen has typically been viewed as a growth stock, after consistently reporting revenue growth of 26% each half-year period since its 2018 stock market debut.

Persons: Pavlo Gonchar, Adyen, Pieter van der, Arnout Schuijff, Ethan Tandowsky, CNBC's, Tandowsky, EBITDA, Simon Taylor, Taylor Organizations: Amsterdam Stock Exchange, PayPal, Company, CNBC, Netflix, Meta, Spotify, Enterprise, Financial Locations: North America

☆ Uber and more: Bank of America names over 10 top stocks with ‘triple momentum’
▼ + stars: | 2023-08-21 | by ( Lucy Handley | ) www.cnbc.com time to read: +1 min

Analysts at Bank of America screened for "triple momentum" stocks based on their momentum in three areas: earnings, price and positive news. Price momentum concerns market sentiment, while news momentum refers to media coverage and corporate news releases. In health care, the top-performing "triple momentum" stocks are drug company Novo Nordisk , medical equipment firm Boston Scientific and robotics manufacturer Intuitive Surgical . For software, it picked Workday and Oracle as among the names with the "most positive" momentum across the three measures. "We screen for Triple Momentum stocks with above-average Earnings Momentum, above-average Price Momentum, top quintile by News Momentum, and above-average one-month change in News Momentum," BofA's analysts said.

Persons: BofA, Vinci, Safran, Berkshire Hathaway, — CNBC's Michael Bloom Organizations: Bank of America, Triple, Novo Nordisk, Boston Scientific, Netflix, Semiconductor, ON Semiconductor, AMD, Lam Research, Oracle, Triple Momentum, News Momentum Locations: industrials, BofA

SAO PAULO, Aug 21 (Reuters) - Latin American corporate card provider Clara has launched cross-border transactions, the company announced on Monday, expecting to move up to $100 million by the end of the year. Through the service, clients can now pay bills in major foreign currencies, Clara said in a statement. Earlier this month, Clara announced it was moving its headquarters from Mexico to Brazil, betting on the South American country becoming its largest market by 2024. Half of the company's leadership is already based in Brazil, Clara said on Monday. ($1 = 17.0143 Mexican pesos)Reporting by Kylie Madry; Editing by Conor Humphries and Cynthia OstermanOur Standards: The Thomson Reuters Trust Principles.

Persons: Clara, nearshoring, Clara said, Kylie Madry, Conor Humphries, Cynthia Osterman Organizations: SAO PAULO, Reuters, Thomson Locations: American, Mexico, Colombia, Brazil

NEW YORK, Aug 21 (Reuters) - Fintech investment adviser Titan Global Capital Management USA LLC agreed to pay over $1 million to settle charges from the U.S. Securities and Exchange Commission that it misled investors about performance metrics and custody of clients' crypto assets. Titan, a New York-based registered investment adviser, misled investors with statements made on its website about hypothetical returns from August 2021 to October 2022, the SEC said in a statement. That included touting annualized crypto performance results as high 2,700% without telling investors they were extrapolated from a "purely" hypothetical three-week period during which no trading occurred, the SEC said in a charging document. Reuters previously reported the SEC was investigating investment advisers over whether they are meeting rules around custody of client crypto assets. Titan agreed to pay a $850,000 civil penalty that will be distributed to affected clients and give back ill-gotten gains and interest of over $192,000, the SEC said.

Persons: Chris Prentice, Sharon Singleton Organizations: Titan Global Capital Management, U.S . Securities, Exchange Commission, SEC, Reuters, Titan, Thomson Locations: New York

A man carries an elderly man as they flee their neighbourhood Carrefour Feuilles after gangs took over, in Port-au-Prince, Haiti August 15, 2023. REUTERS/Ralph Tedy Erol/File Photo Acquire Licensing RightsAug 18 (Reuters) - The United Nations on Friday estimated that more than 350 people have been killed in Haiti by civilian vigilante groups since April, amid escalating gang violence that has in recent days has forced thousands to flee in parts of the capital. The report comes after fighting intensified late last week around the capital's heavily populated Carrefour Feuilles neighborhood, where attacks from the Grand Ravine gang prompted around 5,000 people to flee their homes. "We used to see clashes between gangs, now it's gangs against the population," said Serge Dalexis, the head of the International Rescue Committee's Haiti office. Reporting by Isabel Woodford and Sarah Morland; Editing by Mark Potter and Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

Persons: Ralph Tedy Erol, Kale, Human Rights Ravina Shamdasani, Serge Dalexis, Prince, Dalexis, Shamdasani, Isabel Woodford, Sarah Morland, Mark Potter, Sandra Maler Organizations: Carrefour, REUTERS, United Nations, Human Rights, Carrefour Feuilles, Food, Thomson Locations: Carrefour Feuilles, Port, Prince, Haiti, Haiti's, Kenya

☆ Asia promotes crypto clarity amid regulatory uncertainty in the U.S.
▼ + stars: | 2023-08-17 | by ( Sheila Chiang | ) www.cnbc.com time to read: +4 min

Earlier this month, Hong Kong officially opened crypto trading to retail investors and upgraded licenses of two exchanges. "This will further boost investor confidence, making Hong Kong more attractive as a potential global virtual asset hub," said Lai. He concluded some crypto firms could leave the U.S. for more progressive jurisdictions as a result. Asia's regulatory clarityAcross the Pacific, Singapore and Hong Kong offer far more operational clarity for many industry players "Singapore has the first mover advantage in the Asia Pacific region, including being ahead of Hong Kong. watch nowSingapore's Payment Services Act — a framework for regulating payment services and the provision of crypto services to the public — came into effect in January 2020.

Persons: Ben Charoenwong, Lennix Lai, Lai, Ong Chengyi, Chainalysis, Hong, Blockchain.com, Ripple, Hong Kong, Janice Goh, Coinbase, Binance, Brad Garlinghouse, Goh Organizations: Getty, Nurphoto, National University of Singapore Business School, Monetary Authority of, Cavenagh, U.S . Securities, Exchange Commission, SEC, CNBC, MAS Locations: Victoria Harbour, Hong Kong, China, Asia, U.S, Hong Kong . Hong Kong, Singapore, Monetary Authority of Singapore, Thailand, Indonesia, Hong, Pacific

☆ Canadian fintech investment shrinks in first half of 2023 - report
▼ + stars: | 2023-08-17 | by ( Manya Saini | Thomson Reuters | Manya Saini Reports On Prominent Publicly Listed U.S. Financial Firms Including Wall Street S Biggest Banks | ) www.reuters.com time to read: +2 min

Aug 17 (Reuters) - Investment in Canada's financial technology sector was reduced to less than half in the first six months of 2023 from last year, according to a report from accounting firm KPMG on Thursday. Reuters GraphicsIn comparison, the first half of 2022 saw $834.1 million invested across 109 deals. In the second half, $1.09 billion was invested across 87 deals, the report said. "We could see some stability coming back to financing markets by the end of 2023 or early 2024. Reporting by Manya Saini in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: PitchBook, Geoff Rush, Georges Pigeon, Manya Saini, Krishna Chandra Organizations: KPMG, Reuters, Canada, Thomson Locations: Canada, Bengaluru

☆ Europe's Stripe rival Adyen dives 28% after slowest sales growth on record
▼ + stars: | 2023-08-17 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

Here's how the company performed:Revenue of 739.1 million euros ($804.3 million) over January to June 2023, up 21% from a year ago. This came in below analyst estimates of 853.6 million euros of revenue and 40% of year-on-year growth, according to Eikon data. EBITDA (earnings before interest, tax, depreciation and amortization) of 320 million euros, down 10% from 356.3 million euros in the first half of 2022. The first-half 2023 result matches an analyst prediction of 320 million euros profit. Adyen — and other payment companies — benefited heavily in previous years from the rise in demand for e-commerce and digital payment options resulting from the Covid-19 pandemic and ensuing lockdowns.

Persons: Ethan Tandowsky, CNBC's, Adyen — Organizations: Netflix, Meta, Microsoft, Spotify, PayPal, Investors, CNBC, Apple Locations: Europe, Russia, Ukraine

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