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☆ Beyond Big Tech: Alternative ways to invest in A.I., according to two ETF experts
▼ + stars: | 2023-08-05 | by ( Lina Hassen | ) www.cnbc.com time to read: +2 min

For those who want to ride the AI rally while still diversifying their portfolio beyond the tech sector, there are other fields benefiting indirectly from the AI craze, two ETF experts say. Baird's head of ETF trading, Rich Lee, and VettaFi's head of research, Todd Rosenbluth, both said there is a wider choice of industries seeing AI gains than investors may initially think. "We're seeing trends towards health care, we're seeing eCommerce companies," Rosenbluth told CNBC's Bob Pisani on "ETF Edge" on Monday. "It's going to help advisors do their jobs better, it's going to help investors sort through information better, it's going to help processing." "So, we're going to see AI creep into other sectors and industries we may not traditionally associate with tech or AI," Lee said.

Persons: Rich Lee, Todd Rosenbluth, Rosenbluth, CNBC's Bob Pisani, we've, BOTZ, Lee Organizations: Microsoft, Tesla, Big Tech, Global Robotics, Automation, Global, Robotics, Intelligence

☆ Amazon set to launch credit card in Brazil with Bradesco
▼ + stars: | 2023-08-04 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Christian HartmannSAO PAULO, Aug 4 (Reuters) - Amazon.com (AMZN.O) will launch a credit card offering in Brazil, in a partnership with Brazilian lender Banco Bradesco SA (BBDC4.SA), the bank's chief executive said on Friday, as the ecommerce giant pushes to expand its fintech offering. The launch is set for next Tuesday, according to CEO Octavio de Lazari Junior, adding that the bank will manage the card's credit risk, and the card will be powered by Mastercard (MA.N). Amazon's Brazil Country Manager, Daniel Mazini, said in a note that the company is always "looking for opportunities" to improve the shopping experience of customers in Brazil. The credit card offers comes at a time the country sees its interest rate starting a downward cycle and government programs to boost consumption. Amazon also has a credit card offering in the U.S., where it partners with JPMorgan Chase.

Persons: Christian Hartmann, Octavio de Lazari, Daniel Mazini, Alberto Alerigi Jr, Isabel Woodford, Carolina Pulice, Sandra Maler Organizations: REUTERS, Christian, Christian Hartmann SAO PAULO, Banco Bradesco SA, Mastercard, Brazil, JPMorgan Chase, Thomson Locations: Boves, Amiens, France, Brazil, U.S

☆ Revolut to stop crypto services for U.S. customers
▼ + stars: | 2023-08-04 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Dado Ruvic/Illustration/File PhotoLONDON, Aug 4 (Reuters) - British fintech Revolut will stop allowing U.S. customers to access cryptocurrencies, the company said in a statement on Friday, citing the regulatory environment and crypto market uncertainty there. "As a result of the evolving regulatory environment and the uncertainties around the crypto market in the U.S., we’ve taken the difficult decision, together with our U.S. banking partner, to suspend access to cryptocurrencies through Revolut in the U.S.," a Revolut spokesperson said via email. From Sept. 2, U.S. customers will no longer be able to buy cryptocurrencies on Revolut. From Oct. 3, buying, selling and holding will be disabled altogether for U.S. customers. Revolut said the move impacts less than 1% of Revolut's crypto customers globally.

Persons: Dado Ruvic, we’ve, Revolut, Elizabeth Howcroft, Jason Neely Organizations: REUTERS, Thomson Locations: U.S, Revolut

☆ Investing platform eToro is bullish on generative AI. The US CEO breaks down its areas of experimentation, like making disclosures more fun to read and translating marketing material.
▼ + stars: | 2023-08-04 | by ( Bianca Chan | ) www.businessinsider.com time to read: +5 min

Since ChatGPT's splashy debut in November 2022, generative AI has captured people's and corporations' imaginations. Generative AI is a subset of AI designed to ingest copious amounts of information and create new content. Finance, an industry that runs on data, has been exploring ways to leverage generative AI. At the retail-investing fintech eToro, work is underway to see how generative AI can be deployed to employees and customers. Using generative AI with guardrailsAs the company thinks about opportunities that come with generative AI, it can't ignore the risks.

Persons: Lule, ChatGPT's, Demmissie, hadn't, eToro, ChatGPT Organizations: Morning, Finance, Financial Industry, guardrails Locations: bitcoin

☆ Stocks making the biggest moves midday: Amazon, Apple, Block, Tupperware and more
▼ + stars: | 2023-08-04 | by ( Alex Harring | ) www.cnbc.com time to read: +6 min

Apple reported earnings per share for the fiscal third quarter of $1.26, 7 cents more than expected by analysts polled by Refinitiv. The company posted adjusted earnings of $37.62 per share on revenue of $5.46 billion in the second quarter. Fortinet posted 38 cents in adjusted earnings per share, while analysts polled by Refinitiv expected 34 cents per share. Dropbox posted 51 cents in adjusted earnings per share, while analysts surveyed by Refinitiv anticipated 46 cents. The company reported adjusted earnings per share of 18 cents Thursday, topping the 10 cents expected from analysts polled by StreetAccount.

Persons: Tupperware, Carl Icahn's, Hindenburg, Jack Dorsey, Nikola —, Nikola, Fortinet, Refinitiv, Opendoor, DraftKings, Dropbox, Sprout, Raymond James, —, Samantha Subin, Hakyung Kim, Pia Singh, Michelle Fox, Yun Li Organizations: Apple, Refinitiv, Revenue, Holdings, Icahn, Fortinet, Technologies, Refinitiv . Revenue, Tagger Media, Exchange, Citi, StreetAccount, Petrobras —, JPMorgan Locations: U.S, Canada

☆ We're seeing strong growth in Latin America e-commerce 'across the board': MercadoLibre CEO Galperin
▼ + stars: | 2023-08-04 | 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 EmailWe're seeing strong growth in Latin America e-commerce 'across the board': MercadoLibre CEO GalperinMarcos Galperin, MercadoLibre CEO, jons 'Closing Bell Overtime' to talk the Latin American consumer, fintech and more.

Persons: Galperin Marcos Galperin, jons Locations: America

☆ Indonesia's GoPay has 130 million potential users, GoTo says
▼ + stars: | 2023-08-04 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIndonesia's GoPay has 130 million potential users, GoTo saysHans Patuwo, president of fintech at GoTo, says that's an opportunity that's "really what we're trying to go after."

Persons: GoPay, GoTo, Hans Patuwo, that's

☆ Alphabet dumps more than 90% of its stake in Robinhood
▼ + stars: | 2023-08-04 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +1 min

Google parent Alphabet has pared back large positions in multiple publicly traded firms, including the trading platform Robinhood , the gene testing company 23andMe and language learning startup Duolingo . The company dumped nearly 90% of its stake in Robinhood, according to SEC filings. The company sold off more than 4.3 million shares of the fintech stock during the period ending June 30. Robinhood posted its first profit as a publicly traded company on Aug. 2. Alphabet still held about 612,000 shares of Robinhood as of June 30.

Persons: Robinhood, Anne Wojcicki, Sergey Brin Organizations: SEC, Wall, Google Locations: Robinhood, Duolingo, 23andMe

☆ Dorsey-led Block raises 2023 earnings outlook after Q2 beats estimates
▼ + stars: | 2023-08-03 | by ( Nupur Anand | ) www.reuters.com time to read: +1 min

The company reported net revenue of $5.53 billion in the three months ended June, compared with $4.4 billion a year ago, beating Refinitiv estimates. The fintech, which offers merchant payment services and an app that lets people trade cryptocurrency, said gross profit in the quarter rose 27% to come in at $1.87 billion. It also revised its earnings before interest, taxes, depreciation and amortization outlook for 2023 to $1.5 billion up from an earlier forecast of $1.3 billion. Cash App, the company’s mainstay online payments service, increased gross profit by 37% to $968 million, while its Square business reported gross profit of $888 million, up 18% from last year. On an adjusted basis, Block earned 39 cents in the second-quarter, beating analysts' estimates of 36 cents, according to Refinitiv IBES data.

Persons: Dado Ruvic, Jack Dorsey, Dorsey, Block, Nupur Anand, Jonathan Oatis, Susan Heavey, Sonali Paul Organizations: REUTERS, Thomson Locations: New York

☆ Dorsey-led Block reports rise in second-quarter revenue
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: 1 min

Block Inc logo is seen displayed in this illustration taken, April 10, 2023. REUTERS/Dado Ruvic/IllustrationNEW YORK, Aug 3 (Reuters) - Block Inc (SQ.N) reported a rise in second-quarter revenue on Thursday as payment volumes at the fintech giant led by Jack Dorsey held up against a tough economic backdrop. The company reported net revenue of $5.53 billion in the three months ended June, compared with $4.4 billion a year ago. Reporting by Nupur Anand in New York; editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Jack Dorsey, Nupur Anand, Jonathan Oatis Organizations: REUTERS, Thomson Locations: New York

☆ This 30-year-old got $15K more when she negotiated her salary—here's the exact script she used
▼ + stars: | 2023-08-03 | by ( Morgan Smith | ) www.cnbc.com time to read: +3 min

This wasn't her first experience negotiating a job offer: She's managed to increase her salary by as much as $75,000 in past jobs. Instead, Doe used that question as an opportunity to first find out where the company stood on its hiring budget. But may I ask what salary range you have budgeted for this position?" Doe suggests the following script, which she's used in past interviews: "I'm currently interviewing for roles that range from XXX to XXX annually." "agreeNegotiating your salary after receiving a job offer

Persons: Brianna Doe, Doe, Weeks, She's, Here's, she's, I'm, It's Locations: Phoenix

☆ China's Tencent says it is expanding testing of 'Hunyuan' AI model
▼ + stars: | 2023-08-03 | by ( Josh Ye | ) www.reuters.com time to read: +1 min

REUTERS/Aly SongHONG KONG, Aug 3 (Reuters) - China's Tencent Holdings (0700.HK) said on Thursday that it has started internal testing of its self-developed artificial intelligence (AI) model, which is now being integrated with a number of internal services and products. In a statement sent to Reuters on Thursday, Tencent said its foundation AI model named "Hunyuan" has been integrated with a range of products such as Tencent Cloud, Tencent Meeting and Tencent Docs. "The Tencent Hunyuan large model, completely developed by ourselves from scratch, has now entered the application testing phase within the company," the company said. Reuters first reported the company's effort to develop the Hunyuan model in February. On Thursday, Tencent also listed Tencent Games, Tencent Advertising, QQ Browser, WeChat Search and Tencent Fintech as lines of business that have been testing the Hunyuan model recently.

Persons: Aly, HONG KONG, Tencent, Josh Ye, Jason Neely, Kim Coghill Organizations: Artificial Intelligence, REUTERS, Tencent Holdings, HK, Reuters, Thomson Locations: Shanghai, China, Shenzhen

☆ CNBC and Statista announce top 200 global fintech companies
▼ + stars: | 2023-08-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCNBC and Statista announce top 200 global fintech companiesCNBC and Statista have announced the top 200 fintech companies globally. Statista assessed over 1,500 companies across nine different categories, from neobanking to digital payments, and analyzed more than 10,000 data points. CNBC's Ryan Browne, one of the authors of the report, outlines the top findings.

Persons: Statista, CNBC's Ryan Browne Organizations: CNBC Locations: neobanking

☆ CNBC's top 200 global fintech companies: The complete list
▼ + stars: | 2023-08-02 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

From China's Ant Group to Sweden's Klarna, here is the complete list of the world's top 200 fintech companies. CNBC partnered with independent research firm Statista to establish a transparent overview of the top fintech companies. Statista analyzed over 1,500 firms across nine different market segments, evaluating each one against a set of key performance indicators, including revenue, user numbers, and total funding raised. The final list includes some of the biggest companies in the sector — Ant Group, Tencent, PayPal, Stripe, Klarna and Revolut — as well as several up-and-coming startups seeking to mold the future of financial services. The categories include:NeobankingDigital paymentsDigital assetsDigital financial planningDigital wealth managementAlternate financingAlternate lendingDigital banking solutionsDigital business solutionsYou can search by country, category, or company name to see which firms made the cut.

Persons: Statista, Revolut — Organizations: CNBC, Tencent, PayPal, Neobanking, Digital

☆ From banking giants to lending up-and-comers — here are the world's top 200 fintech companies
▼ + stars: | 2023-08-02 | by ( Ryan Browne | ) www.cnbc.com time to read: +11 min

Statista identified 40 firms as top digital payments companies. While digital payments is often the area that draws most investor buzz, lending generates more money in financial services. Statista identified 25 fintech companies that fall into the category of top alternate lending firms. They include American small business lending firm Biz2Credit, Irish e-commerce lending company Wayflyer, and Latvian loan refinancing startup Mintos. Digital business solutions

Persons: Monzo, there's, Statista, Afterpay, It's, Binance, eToro, Equity crowdfunding, hasn't, Peter Hazlehurst Organizations: JPMorgan —, Orange, Digital, U.S, SEC, European, Education, Equity, Republic, Tech, Federal Reserve, Bank of England, CNBC, Solaris Locations: fintech, Europe, Nigeria, Orange, Africa, Terra, U.S, Cayman Islands, American, Latvian, U.K

☆ SEON CEO discusses acquisition and IPO plans
▼ + stars: | 2023-08-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSEON CEO discusses acquisition and IPO plansTamas Kadar, CEO of Budapest-based fraud prevention fintech SEON, discusses the company's consolidation strategy and long-term aims.

Persons: Tamas Kadar, fintech SEON Locations: Budapest

☆ MercadoLibre's Q2 profit doubles on higher sales volume, user growth
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +2 min

The company, with presence in over 18 countries across Latin America, saw its net revenue rise 57.3% in constant currency to $3.4 billion. Over the quarter, MercadoLibre said it added 8.1 million new users across its operations, bringing its total active user base to 108.6 million. Total payment volume jumped 96.6% in constant currency to $42 billion. MercadoLibre said that a total of 318.5 million items were shipped across Latin America in the quarter, marking a 20.6% growth year-on-year. Gross merchandise volume (GMV), a key metric in the e-commerce industry, was up 47.2% in constant currency to hit $10.5 billion.

Persons: MercadoLibre, Mercado, Pedro Arnt, Arnt, Gross, Andre Romani, Carolina Pulice, Brendan O'Boyle Organizations: SAO PAULO, Mercado Pago, Thomson Locations: Latin America, Brazil, Mexico, America

☆ Here's the 14-page pitch deck that 40Seas, a fintech looking to bring "buy now pay later" to the trade industry, used to raise $16 million
▼ + stars: | 2023-08-02 | by ( Bianca Chan | ) www.businessinsider.com time to read: +3 min

It raised an $11 million seed round in January and raised an additional $6 million in an extension. Here's the pitch deck the startup used to fundraise, which attracted investors like QED Investors. Even though his startup 40Seas only launched seven months ago, for Eyal Moldovan, the business has been decades in the making. 40Seas raised its seed round in January as investors funneled $11 million into the fledgling startup. Here's the 14-page pitch deck 40Seas used to raise its seed and seed extension.

Persons: Eyal, Igor Zaks, Gil Shiff, Suki Gao, Camila, Saruhashim, 40Seas Organizations: QED, Eyal Moldovan, Moldovan, ZIM, Eminence Ventures Locations: Israel, China, India, Tel Aviv, Canada, Europe, Asia Pacific, Australia, New Zealand, Moldovan

☆ U.S. ranks first for top global fintechs in new report from Statista and CNBC
▼ + stars: | 2023-08-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailU.S. ranks first for top global fintechs in new report from Statista and CNBCCNBC's Ryan Browne outlines the key takeaways from the list of the world's top 200 global fintech companies — a report developed by CNBC in partnership with market research firm Statista.

Persons: CNBC CNBC's Ryan Browne Organizations: U.S, CNBC Locations: Statista

The National Bank of Canada logo is seen outside of a branch in Ottawa, Ontario, Canada, February 14, 2019. National Bank said in a statement it will acquire the C$1 billion ($752 million) loan portfolio made up of technology, life science and global fund banking sectors. National Bank already has made a number of bets in the tech space in Canada investing in fintech firms such as KOHO, Synctera and Flinks over the years. Veritas Investment Research analyst Nigel D'Souza said the deal does not restrict National Bank from acquiring Laurentian Bank (LB.TO), but that deal was now less likely. "We continue to view National Bank as the best fit among the Big Six banks for Laurentian," D'Souza said.

Persons: Chris Wattie, Michael Denham, Denham, Tuyen Vo, Nigel D'Souza, D'Souza, Jaiveer Singh, Will Dunham, Krishna Chandra Eluri, Shilpi Majumdar Organizations: National Bank of Canada, REUTERS, National Bank, National Bank's Technology, Innovation Banking, Bank, Veritas Investment Research, Laurentian Bank, Big, Thomson Locations: Ottawa , Ontario, Canada, U.S, Silicon, Bengaluru

☆ 'We want to explore regionally' if MOU with HSBC is successful: WeLab CEO
▼ + stars: | 2023-08-01 | 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 Email'We want to explore regionally' if MOU with HSBC is successful: WeLab CEOWeLab CEO Simon Loong says its fintech collaboration with HSBC will "start small and make it meaningful".

Persons: Simon Loong Organizations: HSBC

☆ Crypto firm DCG appoints M&A specialist Mark Shifke as CFO
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +1 min

July 31 (Reuters) - Digital Currency Group said on Monday it had appointed Mark Shifke, a former JPMorgan Chase (JPM.N) and Goldman Sachs executive, as its chief financial officer. Shifke has almost four decades of experience in the financial industry, specializing in mergers and acquisitions, the company said in a statement. The appointment comes at a time when DCG is facing legal battles with cryptocurrency exchange Gemini, the largest creditor of DCG's bankrupt crypto lending firm Genesis. DCG owns a portfolio of crypto companies in addition to Genesis, including crypto news and events site CoinDesk and New York-based Grayscale, a major digital asset manager. "Mark brings deep finance and fintech experience, strategic vision, and overall presence as a leader to the role," DCG founder and CEO Barry Silbert said.

Persons: Mark Shifke, JPMorgan Chase, Goldman Sachs, Shifke, DCG, Barry Silbert, Jaiveer Singh, Vinay Dwivedi Organizations: Currency, JPMorgan, Thomson Locations: New York, Bengaluru

Companies Standard Chartered PLC FollowJuly 31 (Reuters) - China's Ant Group and Standard Chartered (STAN.L) said on Monday they will work together in green finance and global fund management, broadening their existing partnership. The deal is the first high-profile tie-up between Ant and a major foreign bank since authorities cancelled a planned mega-IPO by the fintech giant in 2020. StanChart will help Ant build "an industry-leading global liquidity and foreign exchange management structure", they said in a joint statement. They also plan to enhance collaboration in environmental, social and governance, digital innovation and inclusive finance, the statement said. Ant also hired StanChart as one of the lead arrangers and book runners for the $6.5 billion sustainability-linked syndicated loan it took out last year.

Persons: StanChart, Ant, Roxanne Liu, Selena Li, Edwina Gibbs Organizations: Chartered, Standard Chartered, Thomson Locations: China

☆ Stocks making the biggest moves midday: SoFi, ON Semiconductor, Disney, Sweetgreen and more
▼ + stars: | 2023-07-31 | by ( Alex Harring | ) www.cnbc.com time to read: +4 min

SoFi Technologies – Shares of the fintech company popped more than 18% after it reported second-quarter results and lifted its full-year guidance. ON Semiconductor — The chipmaker's shares jumped 3.2% after it posted an earnings and revenue beat for the second quarter. New Relic — Shares jumped 13.4% after a private equity consortium announced it would take the software company private. Sweetgreen — The salad chain's shares jumped 11% Monday after an upgrade from Piper Sandler. Adobe — The software stock jumped 3.9% after Morgan Stanley upgraded the shares to overweight from equal weight.

Persons: FactSet, Disney, Kevin Mayer, Tom Staggs, Bob Iger, Spero, Sweetgreen, Piper Sandler, XPeng, Cowen, Morgan Stanley, Morgan Stanley's, Goldman Sachs, Wayfair, Salesforce's, — CNBC's Hakyung Kim, Yun Li, Sarah Min, Tanaya Macheel, Samantha Subin Organizations: SoFi Technologies, Disney, Financial Times, Food and Drug Administration, UBS, Hasbro, of, Bank of America, CVS, Adobe, Chevron, New York Community Bancorp, Deutsche Bank, CSX, RBC Locations: Bob Iger .

☆ Robinhood rival eToro agrees $120 million share sale at discounted valuation
▼ + stars: | 2023-07-31 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

Pedro Fiúza | Nurphoto | Getty ImagesStock trading platform eToro agreed to a $120 million secondary share sale, giving the company a slightly lower valuation than the $3.5 billion it was valued at in a primary funding round earlier this year. The round is a secondary share sale, meaning the company hasn't issued any new shares and won't net any income from the transaction. eToro is not raising money — rather it is a moment for some long standing shareholders and employees to take some liquidity. EToro most recently raised $250 million from investors at a $3.5 billion valuation, far lower than the $10 billion it was seeking in its bid to float via SPAC. EToro agreed it would convert the investment to equity on the condition that the SPAC deal doesn't go ahead — which it didn't.

Persons: Pedro Fiúza, hasn't, eToro, Fintech, doesn't Organizations: Nurphoto, Getty Images Stock, CNBC, Investors, Vision, ION Investment Group, Velvet Sea Ventures, Twitter Locations: Lisbon, Portugal, eToro

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