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Banking Sector Profits Potentially Facing Major Hit from AI Adoption, Report Claims
Banking industry profit margins are potentially facing a significant $170 billion hit from the rise of AI, according a report from McKinsey. And failure to adapt to consumers’ growing usage of artif...

Insurance Industry Under Pressure to Boost Operational Efficiency and Improve Agility : Research
The insurance sector is said to be undergoing a significant transformation. KPMG Ireland noted that as market dynamics continue to shift and new challenges present themselves, insurance industry profe...

LinkedIn Co-Founder Announces Acquisition of CryptoPunk NFT
Reid Hoffman, the co-founder at LinkedIn, has announced the acquisition of CryptoPunk NFT. He also recently updated his profile picture in order to showcase the digital collectible from one of web3 ...

Aave Labs Announces Acquisition of San Francisco based Fintech Stable Finance
Aave Labs has acquired Stable Finance, a San Francisco-based fintech company. This acquisition will help Aave Labs develop more consumer-focused products for decentralized finance (DeFi). As part of t...

Tether Releases QVAC Genesis I, the Synthetic Data Set to Train STEM-Focused AI Models
Tether Data’s AI research division, QVAC, released what it claims is the largest synthetic dataset created for artificial intelligence training under a new initiative called QVAC Genesis. This initi...

Egypt–Saudi Tie-Up Launches Platform to Back PropTech Startups
An Egyptian–Saudi partnership has launched a platform in Cairo to back property technology startups, aiming to speed digital adoption across Egypt’s real estate sector as the market undergoes majo...

JPMorgan Plans to Accept Bitcoin and Ethereum as Collateral for Loans
JPMorgan Chase & Co. (NYSE:JPM) recently noted that it will be allowing institutional customers to use their Bitcoin (BTC) and Ethereum (ETH) as a form of collateral for loans, marking a significant ...

Paytech Clerq Secures $21M
Clerq, a payments platform for high-ticket transactions, has secured $21 million in capital to power the future of payments. The funding includes a $12 million Series A round led by 645 Ventures,...

Generative AI Is Improving How Credit Risk Is Being Assessed : Research
Generative artificial intelligence is now said to be reshaping the financial sector, emerging as a sophisticated tool in transforming how credit risk is being assessed. This, according to a report fro...

Nigeria’s Central Bank Courts Fintechs at IMF–World Bank Meetings
Nigeria’s central bank convened a strategic fintech roundtable on the sidelines of the IMF–World Bank Annual Meetings in Washington this week, reaffirming a collaborative, innovation-driven approa...