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FIS (NYSE: FIS) has launched a fintech platform toenable financial institutions, businesses, and software developers to integratefinancial services into their products and processes. Dubbed Atelio, the newplatform provides users with access to a range of financial services, includingdeposit collection, fund transfers, card issuance, invoicing, fraud prevention,cash flow forecasting, and customer behavior analysis.Targeting Financial Institutions and BusinessesAccording to thepress release, companies can simplify the process of offering financialservices and customer support through Atelio. The platform enables financial institutions and businessesto embed financial services into their products and processes.Tarun Bhatnagar, the President of Platform andEnterprise Products at FIS, mentioned: "Atelio by FIS is our vision to leadwhere fintech is going, which is outside the boundaries of how businessesenable, and their customers consume financial services today. More than just anew solution, Atelio is built to lend the expertise, tools, and distribution sothat our users and clients can focus on creating."Announcing Atelio by FIS → Learn more about how we’re building the future of fintech - https://t.co/gapbTM8DHv pic.twitter.com/LyCUibEoJX— Atelio (@ateliobyfis) May 7, 2024KeyBank, College Ave, and RoyalPay Inc. are some ofthe companies that have embraced Atelio. The launch comes at a time when embeddedfinance is poised for exponential growth, with modern software solutionsenhancing financial services. By making FIS’ fintech capabilities accessible innew ways, Atelio aims to facilitate greater participation in this growingspace.In February, FIS partnered with Banked, a provider ofopen banking solutions, for direct payments within the banking sector. Byleveraging open banking, APIs, and real-time payment services, thiscollaboration aims to enable fund transfers directly from users' accounts,bypassing traditional methods like card details or account numbers.Innovation in Digital PaymentsWith open banking gaining momentum in the UnitedStates, FIS is set to integrate this new feature across various sectors,including insurance, higher education, utilities, and governmental agencies.Seamus Smith, the Group President for Global Business-to-Business Payments atFIS, highlighted that the partnership with Banked marks FIS' dedication toproviding payment services across critical industries.Additionally, FIS partnered with Stratyfy to bolster its card fraud detection capabilities. This collaboration aims to address the growing concerns surrounding fraudulent activities that pose significant risks to businesses and consumers alike. Central to this collaboration is Stratyfy's machine learning approach, which promises better outcomes in fraud detection. FIS and Stratyfy aim to prevent unnecessary disruptions and delays in transactions caused by fraudulent activities.This article was written by Jared Kirui at www.financemagnates.com.
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As the digital dawn of gaming rises, the visionary minds behind DECIMATED are ecstatic to unveil their groundbreaking foray into the desolate yet captivating future of online gaming. DECIMATED, a novel 3rd person PvP and PvE online game experience, invites players to an unprecedented journey through a vast dystopian landscape. Offering freedom for players to explore this post-apocalyptic playground, DECIMATED opens up a realm where players craft their own fate as human citizens struggling for survival or cyborg cops enforcing order in a world where nature and technology collide in chaos.A New World Awaits: Immersive Gameplay and Unparalleled AdventureAt the heart of DECIMATED lies a richly designed, immersive world that tests each player’s survival instincts at every turn. Players engage in a relentless battle for existence against the apocalyptic aftermath, populated by mutated creatures, environmental hazards, and rival survivors. This rich narrative is further enhanced by offering players the opportunity to salvage advanced technology, uncover hidden treasures, and navigate the perils of a fractured society on the brink of rebirth.DECIMATED stands as a testament to survival, strategy, and resilience, offering a sandbox of endless possibilities. Whether patching up a battle-scarred vehicle, building impenetrable bases, to navigating the treacherous markets of this new world, players can embrace the lawless land, facing off against deranged robots, monstrous bio-entities, and other mutants, all while forging alliances or rivalries with other players to carve out a semblance of civilization amid chaos.Backed by 46 Investors and a Growing CommunityDecimated received an Epic Mega Grant and was backed by 46 investors in December 2021 after the studio was self-funded as an indie start-up for 3 years. Developers Fracture Labs were offered $34M from 180 investors and accepted $3.5M from VC’s including Mechanism Capital, Spartan Capital, Polygon Ventures, Good Games Guild, Israel Blockchain Association, Dutch Crypto Investors and Metavest Capital to name a few. Since then, the Decimated community has grown to 60k followers on Twitter and 23k members in Discord, many of whom are participating in the closed alpha testing.A Quest for Dominance in the Wasteland: The DIO TokenEconomic gameplay takes a revolutionary turn in DECIMATED with the DIO token, integrated into the game using the Solana chain, and with interoperability between all of Fracture Labs' planned games. This creates a real-time digital economy within DECIMATED, incentivizing players for each and every decision made, as well as their efforts within the game itself. Every transaction, trade, and treasure found within this desolate world is valued in DIO, bridging the game to real-world economic principles, making the thrill of loot discovery and trading exponentially more engaging.The ways to earn in DECIMATED are as varied as the wasteland itself. Players can venture into the unknown, salvaging cargo and lost technology, engaging in both legal and illicit commerce to claim their fortune. Whether it's ambushing convoys for loot, undertaking dangerous missions, or trading valuable finds on the virtual market, success in the desolate landscape of DECIMATED demands wit, bravery, and a keen sense of strategy. Decimated features a leaderboard system that rewards the best performing players, whether they play solo, in guilds or clans.A Game Forged for the Future at Token2049 DubaiIn a recent announcement, DECIMATED confirmed its official sponsorship of Token2049 Dubai, underscoring its commitment to innovation, blockchain technology, and the burgeoning digital economy, demonstrating their potential for the future from the lens of immersive gaming. This sponsorship accentuates DECIMATED’s commitment to forging a future where gaming transcends mere entertainment to become a cornerstone of digital economies in virtual worlds, allowing players to earn real rewards through tournaments.The community buzzed with excitement for DECIMATED…
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London-based digital banking firm Revolut has introducedRevolut X, a cryptocurrency exchange tailored for professional traders, markingthe institution as the pioneer in developing a dedicated platform forcryptocurrency trading within the banking sector.Crypto Offerings with New Exchange PlatformWith a user base of 40 million worldwide, Revolut hasalready facilitated cryptocurrency transactions through its Revolut App.However, the decision to unveil a separate crypto exchange was disclosed inFebruary, aiming to provide a more specialized trading experience.The newly launched exchange offers customers the advantageof trading directly from the platform, ensuring lower transaction fees. Feestructures have been delineated, with makers incurring zero charges and takersfacing a nominal fee of 0.09%.Revolut’s Head of Crypto Exchange Product, Leonid Bashlykov,said: “We are excited by the introduction of our new crypto product and believethis top-tier trading platform will change the game for experienced cryptotraders, providing them with a safe and accessible place to trade.”Integration for UK Customers into Crypto TradingThe platform, now available on desktops for UKcustomers holding Revolut retail accounts, features digital assets alreadypresent on the Revolut retail app, including Bitcoin, Ethereum, and XRP, withplans for further expansion.Revolut launches its new exchange, #RevolutX, designed for experienced traders with 0% maker fees and powerful analytical tools 📊 These tools are far more advanced than their traditional app, tailoring Revolut X for high-volume trading strategies 💧📈 pic.twitter.com/U7y0SuLpdR— BrotherHood (@BHVenture) May 7, 2024Customers with existing UK Revolut retail accounts can accessthe new crypto exchange using their current credentials. Additionally, they canexecute crypto-to-fiat and vice versa transactions between Revolut X andRevolut at no extra cost. Educational resources integrated within the Revolutapp further promote responsible trading practices among users.Prior to this launch, Revolut had been enhancing itsplatform, including the recent introduction of Revolut Ramp in collaborationwith MetaMask. This integration, unveiled in March, streamlines the process ofpurchasing cryptocurrency for Revolut clients, accessible through MetaMask'smobile app, browser extension, or portfolio.Revolut users can now expand their MetaMask self-custodywallet with minimal fees using their Revolut account or Visa/Mastercard creditor debit cards, as outlined in the release on the company's blog page.This article was written by Tareq Sikder at www.financemagnates.com.
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Mastercard's recentleadership shakeup signals a potential shift in their strategic vision. Theappointments of Jorn Lambert, Raj Seshadri, and Craig Vosburg to newly definedC-suite roles highlight Mastercard's focus on three key areas: core payments, commercialexpansion, and data-driven services. This strategic realignment could positionMastercard to compete more effectively in a rapidly evolving payments industry.DoublingDown on Core Payments: Jorn Lambert's move to Chief ProductOfficer signifies the continued importance of Mastercard's traditional business– facilitating secure and efficient card transactions. This focus ensures theystay competitive against rivals like Visa and emerging players in the globalpayments network.Expandingthe Commercial Landscape: Raj Seshadri's appointment as ChiefCommercial Payments Officer reflects Mastercard's ambition to broaden its reachbeyond consumer credit cards. By placing a dedicated leader in charge of B2Bpayments, bill payments, and remittances, Mastercard signals its intent tocapture a larger share of the commercial payments market. This focus onbusiness-to-business transactions could be a significant growth driver in thecoming years.Dataand AI Take Center Stage: The creation of a new data and AIorganization under Craig Vosburg, the Chief Services Officer, is a strongindicator of Mastercard's strategic direction. By placing data and AI at theheart of its service offerings, Mastercard is well-positioned to leverage itsvast transaction data to provide valuable insights and solutions for itspartners and customers. This focus on data-driven services could unlock newrevenue streams and differentiate Mastercard in a crowded marketplace.Mastercard'sLong Game: CEO Michael Miebach's comments about "long-termgrowth" and "diversifying revenue streams" suggest Mastercard isplaying the long game. The leadership changes and corporate restructuring aimto position the company for sustained success in a dynamic financialenvironment. Whether this strategic shift proves successful remains to be seen,but Mastercard's focus on core payments, commercial expansion, and data-drivenservices provides a clear roadmap for the future.OpenQuestions: While the realignment appears well-defined, some questionsremain. How will Mastercard balance its traditional focus on consumer paymentswith its push into the commercial space? Can the company successfully integratedata and AI into its services to create real value for its customers? Theanswers to these questions will ultimately determine the success ofMastercard's strategic vision.One thing is certain:Mastercard is making a bold move. The coming months and years will revealwhether this leadership shuffle and strategic realignment propel Mastercard toa position of dominance in the world of payments.This article was written by Pedro Ferreira at www.financemagnates.com.
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Lugano, a picturesqueSwiss town nestled amidst dramatic mountains and glistening lakes, <a href="https://www.financemagnates.com/cryptocurrency/with-lugano-joinin-the-crypto-revolution-is-mass-adoption-imminent/">is on thecusp of a financial revolution</a>. Forget quaint cafes and charming cobblestonestreets; the real buzz surrounds something far more disruptive: cryptocurrency.This once fringe technology is shedding its shadowy reputation and steppinginto the bright lights of everyday transactions, not just in Lugano, but withthe potential to transform our global financial landscape.Lugano isn't justdipping its toes in the crypto pool; <a href="https://www.forbes.com/sites/martinrivers/2022/04/19/could-luganos-plan-b-bring-bitcoin-to-the-masses/">it's diving headfirst</a>. The city hasembraced cryptocurrencies like a long-lost friend, allowing residents to payfor everything from lattes to taxes using digital tokens. This isn't some pilotprogram cobbled together with duct tape and optimism. Lugano has partnered withcryptocurrency exchange Bitfinex to create a robust infrastructure thatsupports payments in Bitcoin, Tether, and even their very own local token,LVGA. The early results are promising – over 15% of Lugano's citizens havealready incorporated crypto into their daily routines.But why Lugano? Why now?The answer lies in a perfect storm of necessity and opportunity. Switzerland,with its reputation for innovation and a progressive approach to finance,provided fertile ground for the seeds of crypto adoption to take root. Lugano,a city eager to boost its economy and attract new residents, saw crypto as agolden ticket. By embracing this new financial frontier, they've positionedthemselves at the forefront of a movement that could redefine how we pay foreverything.Convenience, thecornerstone of successful payment methods, is a hurdle crypto needs to clear.While tech-savvy early adopters scoff at the clunky interfaces and slowtransaction times of traditional banking, the average citizen craves a seamlessexperience. Lugano's success hinges on making crypto as effortless to use asswiping a debit card. Here, the city's partnership with Bitfinex provescrucial. The exchange has developed a user-friendly platform that streamlinespayments, allowing residents to pay with a simple QR code scan. This eliminatesthe complexities often associated with crypto transactions, making it a morepalatable option for the everyday user.The fear of the unknownis another hurdle crypto must overcome. Decentralized currencies, free from theoversight of traditional financial institutions, can feel unsettling to some.Lugano's approach directly addresses this concern. By partnering with a reputableexchange like Bitfinex, they've instilled a sense of trust and legitimacy inthe system. Residents know their hard-earned crypto is in safe hands, pavingthe way for wider acceptance.Of course, Lugano isn'tthe only place where crypto is making inroads into the mainstream. Cryptocredit cards are gaining traction, allowing users to spend their digitalcurrency at any store that accepts traditional cards. Forward-thinkingcompanies like Microsoft and even Wikipedia are now welcoming Bitcoin payments.These baby steps, coupled with the success story unfolding in Lugano, paint acompelling picture of a future where crypto becomes a familiar face at thecheckout counter.But crypto's ascent tofinancial stardom won't be without its share of drama. Regulation, the bane ofmany an innovation's existence, will undoubtedly play a role. Governments willgrapple with how to integrate this disruptive technology into the existingfinancial framework. Finding the right balance between fostering innovation andprotecting consumers will be a delicate dance.The road ahead forcrypto is paved with both promise and peril. Challenges abound, but thepotential rewards are undeniable. Cities like Lugano are proving that cryptocan be more than just a speculative asset class; it can become a practical toolthat transforms how we manage our money. As…
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Revolut India has recently announced that it has received anin-principle authorization from the Reserve Bank of India (RBI) to issuePrepaid Payment Instruments, including prepaid cards and wallets. Thisdevelopment adds to the company's existing authorization to operate as an ADII,with permissions granted by the RBI for issuing multi-currency forex cards andproviding cross-border remittances.Revolut India Achieves Authorization from RBIThis authorization marks a milestone for Revolut India, asit enables the company to offer both international and domestic paymentsolutions to Indian consumers through a single platform. Expressing gratitudetowards the RBI for the opportunity to operate in India, Revolut India's CEO, ParomaChatterjee, noted the honour of being selected among the 17 entities grantedthis license.“Over the last two years, we have been tirelessly buildingthe Revolut experience - for India, in India. Being fully compliant with allregulatory requirements is our top priority. India is the only market whereRevolut has therefore undertaken the massive task of localising the globaltech-stack, in order to comply with local regulations,” she added.Anticipating the introduction of its services to Indiancustomers, Revolut India aims to bring the global Revolut experience to theIndian market gradually. With over 175,000 prospective customers already on thewaitlist, the company looks forward to catering to the needs of Indianconsumers.Revolut Expands with Banking License Approval in MexicoRevoluthas expanded its operations by obtaining a banking license in Mexico,allowing it to establish itself as a bank in Latin America, as reported by Finance Magnates. The approval fromComisión Nacional Bancaria y de Valores enables Revolut to offer a wide rangeof financial products and services to Mexican users. The company plans to focus on cross-border remittances,leveraging Mexico's lucrative market, where remittances reached a record $63.3billion in 2023, predominantly from the United States. Additionally, Revolutholds a banking license in the European Economic Area, granted by the centralbank of Lithuania, while operating with a payments institution license in theUK as it awaits processing of its banking license application there.This article was written by Tareq Sikder at www.financemagnates.com.
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The online trading firm XTX Markets plans to build asubstantial data center in Finland. This decision marks a significant departurefrom the prevailing trend among financial institutions, which typically opt tooutsource their IT needs to major technology firms in Silicon Valley. According to the Financial Times, The London-basedmarket maker will construct a data center with a 250-megawatt capacity inFinland's Kajaani District. The first phase of this facility will be equippedwith computing capabilities totaling 22.5MW. Strategic Nordic LocationXTX's decision to establish its data center in theNordic country is due to the affordable electricity and the cool climaticconditions in the region. The Nordic countries have emerged as favorable destinations forhosting data because there is less need for extensive cooling systems.XTX's move to build its own data center reflectsthe firm's decision to maintain autonomy over its technological infrastructure.This approach contrasts with competitors like Citadel Securities, which haveopted to use the cloud services of companies like Google for data storage andalgorithm testing.https://t.co/5YALU6qrQK— XTX Markets (@xtxmarkets) April 12, 2024XTX Markets relies heavily on processing power toexecute its algorithmic trading strategies. The company reportedly uses 25,000graphics processing units (GPUs) computational resources to drive itsoperations.Joshua Leahy, XTX's Chief Technology Officer, told the FT that the company secured the Kajaani site to boost its computing capacity. In Europe, data center space is limited, with demand surpassing supply. The market maker already operates a supercomputer based in Iceland.Exploring New TechnologyIn February, XTX Markets unveiled an AI program aimed atadvancing research in algorithmic trading by merging finance with AI technology. The initiative, situated in New York City, promised to be a hub forthe exploration of opportunities at the intersection of finance and machinelearning.The AI Residency Program, spearheaded by XTY Labs, offerstwo categories: Junior AI Residents and Senior AI Residents. These residentsundertake research projects spanning 6 to 12 months. The focus of theprogram is to develop machine learning algorithms for the financial sector.This article was written by Jared Kirui at www.financemagnates.com.
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eToro (UK) Limited has terminated the appointment of one ofits directors, Shalom Berkovitz. The termination notice was received for filingin electronic format on April 11, 2024, with the termination itself takingeffect on March 31, 2024.Questions Loom as eToro Maintains SilenceStakeholders, including employees, investors, and clients,may have questions regarding this development. However, eToro (UK) Limited hasnot released official statements regarding Berkovitz's termination. It isanticipated that the company will address this matter transparently in duecourse, providing insights into its implications for the company's futuredirection and operations.Expanding Reach with Key Appointments and ApprovalseToro has made strategic moves to bolster its operations inkey regions, appointing seasoned professionals to key positions and securing regulatory approval.In France, Inèsde Dinechin has joined eToro as a Special Adviser, leveraging her extensiveboardroom experience from roles at Quintet Private Bank and Bank of AmericaEurope DAC. Dinechin will collaborate closely with eToro's management and thelocal French team, led by Emmanuel Sackman, to drive the company's growthstrategy forward.Meanwhile, eTorois strengthening its presence in Italy by promoting Massimo Citoni to therole of Regional Manager. With a background that includes starting as anAccount Manager in 2015 and rising to Head of the Italian Desk in 2023, Citoniis well-equipped to fortify eToro's position in Italy. His focus will be onbuilding strategic partnerships, overseeing marketing efforts, and enhancingcustomer retention to elevate the experience for Italian clients and eToro Clubmembers.On the regulatory front, eTorohas received approval from the Abu Dhabi Global Market to operate asa broker dealing in securities, derivatives, and crypto assets in the UnitedArab Emirates. This approval marks a significant milestone in eToro's globalexpansion efforts, with the CEO, Yoni Assia, expressing enthusiasm about Abu Dhabi'sburgeoning reputation as a fintech hub.This article was written by Tareq Sikder at www.financemagnates.com.
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Australia-headquartered Axi has seen the value in sports sponsorship and has extended its existing deal with the Brazilian football club Esporte Clube Bahia. Announced today (Friday), the renewal will extend the partnership between the two for the 2024 season.Axi Sees Value in Football DealsThe forex and contracts for differences (CFDs) broker first secured its sponsorship deal with the Brazilian football club in May last year. Under the agreement, the broker has gained the status of an Official Online Trading Partner of the football club, a standard title for such sports deals.Additionally, the Axi branding appears on several physical and digital infrastructures of the football club. However, neither the broker nor the football club disclosed the financial details of the deal.View this post on InstagramA post shared by Esporte Clube Bahia (@ecbahia)“We are very excited about this renewal, which has been in development for some time,” said Hanah Hill, Axi’s Head of Brand and Sponsorship. “When we initiated this collaboration in 2023, we had no idea how receptive the Bahia fans would be. As we move forward into a new season, our commitment to bringing the worlds of trading and football closer together remains unchanged.”A Top Brazilian Football ClubEsporte Clube Bahia, founded in 1991 in the capital of the Brazilian state of Bahia, plays in the top domestic league, Campeonato Brasileiro Série A. The club's home stadium, Arena Fonte Nova, has a capacity of about 48,000.The club also has a substantial reach on social media, with 1.5 million followers on Instagram, 1.6 million followers on X (formerly Twitter), and 1.1 million followers on Facebook. In comparison, Axi's official Instagram handle has about 29,800 followers.Sponsoring Bahia was an extremely strategic business decision for Axi. The broker is also a sponsor of English football club giant Manchester City, which owns 90 percent of Bahia. Additionally, the Aussie broker's focus on sports marketing channels became highlighted when it secured a third sports deal with the Spanish football club Girona FC.“Helping our traders and clients unlock their trading potential is fundamental to us, and through our collaboration with Bahia, we hope to continue growing awareness in the LATAM region, while continuing to offer unforgettable football moments to our traders and partners,” added Hill.Meanwhile, the cryptocurrency CFDs trading volume on Axi reached $16.7 billion in March, a 60 percent increase from the previous month, Finance Magnates reported exclusively. The demand soared as about 25 percent of the broker’s active client base traded crypto CFDs last month.This article was written by Arnab Shome at www.financemagnates.com.
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OPZ Token ($OPZ) is an all-in-one solution that integrates a wallet on iOS & Android, decentralized exchange, advanced AI trading, and NFC technology. It offers 1,000,000,000 tokens for traders. Employing ERC-20, this token utilizes sophisticated AI trading technology to manage users' trades efficiently. Traders buy and hold the tokens, allowing the AI system to continuously trade across 10,000+ cryptocurrencies, including Bitcoin, Ethereum, Solana, etc.OPZ-AI: AI AnalysisOPZ Token leverages blockchain technology and advanced Artificial Intelligence (AI) to expedite and secure transactions. The team champions the fusion of AI with cryptocurrency, emphasizing its capacity to analyze data, anticipate trends, and autonomously execute buy or sell decisions based on market patterns and price predictions.The synergy between AI and blockchain in cryptocurrencies forms a formidable alliance. Blockchain ensures security and transparency, while AI aids consumers in making educated decisions regarding cryptocurrency trading. Together, they boost the efficiency and risk awareness in trading.OPZ-AI revolutionizes cryptocurrency analysis by delivering exhaustive, real-time insights and trend analyses for over 10,000 coins.Participating in the OPZ Token Presale is simple. Prices start at $0.028, with the launch price at $0.1.OPZ WalletThe OPZ Wallet meets the increasing demand for an intuitive and secure self-custodial solution in the cryptocurrency domain. Utilizing the innovative KeyFusion protocol, a Multi-Party Computation (MPC) technology variant, the OPZ Wallet merges top-notch security features with intelligent, AI-powered insights, providing a self-custody experience.OPZ-DEX: Revolutionizing Bitcoin DeFiOPZ-DEX introduces a pioneering platform for decentralized trading that capitalizes on the robustness of Bitcoin's Layer 2. It integrates the Chronicle Matching Engine for high-performance, low-latency trading and adopts Zero-Knowledge Rollups to boost transaction throughput and privacy.OPZ Token: Revolutionizing DeFi with Advanced AI IntegrationOPZ Token marks a significant advancement in cryptocurrency. It combines a supercharged wallet and exchange with advanced AI technology. OPZ is well-positioned to gain a substantial share of the rapidly growing DeFi market.Moving forward, OPZ Token aims to push the boundaries of technological innovation while empowering users and driving positive transformations.About OPZOPZ's (https://www.opz.com) mission is to accelerate the transition to self-ownership of assets by bridging the gap between the cryptocurrency industry and the traditional financial world.This article was written by FM Contributors at www.financemagnates.com.
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In Australia, a massive cryptocurrency investment scheme involving approximately US$41 million and over 450 investors has collapsed. The country’s financial market regulator successfully obtained a court order to appoint receivers for the digital currency assets held by a group of three crypto mining companies, collectively known as NGS Companies, and their sole directors.Bust of a Crypto Investment SchemeThe court order, issued on Wednesday, was part of the civil proceedings initiated by the Australian Securities and Investments Commission (ASIC) against NGS Crypto Pty Ltd, NGS Digital Pty Ltd, and NGS Group Ltd, along with their respective sole directors Brett Mendham, Ryan Brown, and Mark Ten Caten.Additionally, the court has restricted Mendham from traveling outside Australia.NGS Companies offered investment packages supported by their cryptocurrency mining activities. These packages guaranteed fixed-rate returns as high as 16 percent annually, according to the company's website, with a minimum fixed return promised at 6 percent.The regulator highlighted that the schemes particularly encouraged investors to transfer funds from regulated superannuation funds to self-managed super funds (SMSFs), which were then converted into cryptocurrency. The promotional material on the company’s website, including “testimonials” and “stories,” seemed to specifically target elderly investors.Regulator Gets WaryASIC's action was prompted by concerns that the invested funds in these cryptocurrency schemes were at risk of dissipation. Notably, none of the three implicated companies possessed the necessary financial services licenses to operate legally in Australia. ASIC is now holding them accountable for illegally marketing crypto mining-backed investment products.“Australians who choose to self-manage their superannuation should carefully consider the risks before using their SMSF to invest in crypto-related investment products such as blockchain mining,” advised Joe Longo, the Chair of ASIC. “These proceedings should also serve as a warning to the crypto industry that ASIC will continue to scrutinize products to ensure compliance with regulatory obligations and to protect consumers.”Earlier this year, the Australian regulator dismantled similar crypto-backed schemes that promised astronomical profits and banned a director of a crypto fund for dishonest operations.This article was written by Arnab Shome at www.financemagnates.com.
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Australia-headquartered Axi has seen the value in sports sponsorship and has extended its existing deal with the Brazilian football club Esporte Clube Bahia. Announced today (Friday), the renewal will extend the partnership between the two for the 2024 season.Axi Sees Value in Football DealsThe forex and contracts for differences (CFDs) broker first secured its sponsorship deal with the Brazilian football club in May last year. Under the agreement, the broker has gained the status of an Official Online Trading Partner of the football club, a standard title for such sports deals.Additionally, the Axi branding appears on several physical and digital infrastructures of the football club. However, neither the broker nor the football club disclosed the financial details of the deal.View this post on InstagramA post shared by Esporte Clube Bahia (@ecbahia)“We are very excited about this renewal, which has been in development for some time,” said Hanah Hill, Axi’s Head of Brand and Sponsorship. “When we initiated this collaboration in 2023, we had no idea how receptive the Bahia fans would be. As we move forward into a new season, our commitment to bringing the worlds of trading and football closer together remains unchanged.”A Top Brazilian Football ClubEsporte Clube Bahia, founded in 1991 in the capital of the Brazilian state of Bahia, plays in the top domestic league, Campeonato Brasileiro Série A. The club's home stadium, Arena Fonte Nova, has a capacity of about 48,000.The club also has a substantial reach on social media, with 1.5 million followers on Instagram, 1.6 million followers on X (formerly Twitter), and 1.1 million followers on Facebook. In comparison, Axi's official Instagram handle has about 29,800 followers.Sponsoring Bahia was a very strategic business decision for Axi. The broker is also a sponsor of English football club giant Manchester City, which owns 90 percent of Bahia. Additionally, the Aussie broker's focus on sports marketing channels became highlighted when it secured a third sports deal with the Spanish football club Girona FC.“Helping our traders and clients unlock their trading potential is fundamental to us, and through our collaboration with Bahia, we hope to continue growing awareness in the LATAM region, while continuing to offer unforgettable football moments to our traders and partners,” added Hill.Meanwhile, the cryptocurrency CFDs trading volume on Axi reached $16.7 billion in March, a 60 percent increase from the previous month, Finance Magnates reported exclusively. The demand soared as about 25 percent of the broker’s active client base traded crypto CFDs last month.This article was written by Arnab Shome at www.financemagnates.com.
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Charles Schwab has integrated futures and forex trading intoits thinkorswim platform. This expansion marks the debut of forex tradingwithin Schwab's ecosystem with the aim of boosting the platform's derivatives trading.With these new offerings, Schwab aims to provide traders with a range ofinvestment opportunities and risk management tools.James Kostulias, the Managing Director and Head ofTrading Services at Charles Schwab mentioned: "Adding these capabilitiesbuilds upon an already strong offer for traders, and in particular,derivatives traders, which includes the thinkorswim platforms, Schwab'strading capabilities on Schwab.com, and Schwab Mobile."Schwab Unveils New OpportunitiesPreviously available only through its StreetSmartplatforms, futures trading enables traders to speculate on the future pricemovements of commodities or indices. With access to a variety of futurescontracts, traders can now diversify their portfolios and capitalize onopportunities around the clock, the company mentioned.The introduction of forex trading at Schwab is asignificant milestone for the company. With over 65 tradable currency pairsavailable on the thinkorswim platform, the new offering allows traders to hedgeagainst currency and interest rate risks, as well as geopolitical events.Schwab clients are already deeply engaged with thinkorswim since it became available to them last fall, and with futures and forex trading along with portfolio margin now available on the platforms, we are ideally positioned to welcome the final group... https://t.co/BVRCmjJgWT— Jared Kirui (@JaredLopta79285) April 11, 2024Schwab has committed to providing support from forexspecialists 24/5, with commission-free trading and built-in educationalresources. Another key addition to Schwab's thinkorswim platform is portfoliomargin.According to the press release, portfolio margin is analternative calculation method for determining margin requirements. Unliketraditional margin calculations, this method considers the risk of an entireportfolio rather than individual positions.Enhancing Retail TradingLast year, Charles Schwab and TD Ameritrade partnered to launch a retail trading platform named "Schwab Trading Poweredby Ameritrade." This platform features educational resources andspecialized services for retail traders.Speaking about the launch, Kostulias said: "Schwab Trading Powered by Ameritrade ismuch more than just the merging of great trading functionality that alreadyexisted at Schwab and TD Ameritrade. It's a super-charged, holistic retailtrading experience that surpasses its predecessors and makes Schwab the cleardestination for trading."This article was written by Jared Kirui at www.financemagnates.com.
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Charles Schwab has integrated futures and forex trading intoits thinkorswim platform suite. This expansion marks the debut of forex tradingwithin Schwab's ecosystem with the aim of boosting the platform's derivatives trading.With these new offerings, Schwab aims to provide traders with a range ofinvestment opportunities and risk management tools.James Kostulias, the Managing Director and Head ofTrading Services at Charles Schwab mentioned: "Adding these capabilitiesbuilds upon an already strong offer for traders – and in particular,derivatives traders – which includes the thinkorswim platforms, Schwab'strading capabilities on Schwab.com and Schwab Mobile"Schwab Unveils New OpportunitiesPreviously available only through its StreetSmartplatforms, futures trading enables traders to speculate on the future pricemovements of commodities or indices. With access to a variety of futurescontracts, traders can now diversify their portfolios and capitalize onopportunities around the clock, the company mentioned.The introduction of forex trading at Schwab is asignificant milestone for the company. With over 65 tradable currency pairsavailable on the thinkorswim platform, the new offering allows traders to hedgeagainst currency and interest rate risks, as well as geopolitical events.Schwab clients are already deeply engaged with thinkorswim since it became available to them last fall, and with futures and forex trading along with portfolio margin now available on the platforms, we are ideally positioned to welcome the final group... https://t.co/BVRCmjJgWT— Jared Kirui (@JaredLopta79285) April 11, 2024Schwab has committed to providing support from forexspecialists 24/5, with commission-free trading and built-in educationalresources. Another key addition to Schwab's thinkorswim platform is portfoliomargin.According to the press release, portfolio margin is analternative calculation method for determining margin requirements. Unliketraditional margin calculations, this method considers the risk of an entireportfolio rather than individual positions.Enhancing Retail TradingLast year, Charles Schwab and TD Ameritrade partnered to launch a retail trading platform aptly named "Schwab Trading Poweredby Ameritrade." This platform features educational resources andspecialized services for retail traders.Speaking about the launch, James Kostulias, theManaging Director and Head of Trading Services at Charles Schwab, said: "Schwab Trading Powered by Ameritrade ismuch more than just the merging of great trading functionality that alreadyexisted at Schwab and TD Ameritrade. It's a super-charged, holistic retailtrading experience that surpasses its predecessors and makes Schwab the cleardestination for trading.This article was written by Jared Kirui at www.financemagnates.com.
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American consumers,accustomed to cruising down the well-paved highway of credit card payments,enjoy a smooth ride filled with loyalty program points and convenient one-clickpurchases. But <a href="https://www.capgemini.com/insights/research-library/payments-top-trends-2024/">new on-ramps are emerging</a> and Open Banking, a seemingly unchartedroad, is promising a more direct and potentially more efficient journey.Open Banking, much likea high-speed rail system bypassing congested tollbooths, <a href="https://www.mckinsey.com/industries/financial-services/our-insights/the-role-of-us-open-banking-in-catalyzing-the-adoption-of-a2a-payments">facilitatesAccount-to-Account (A2A) payments</a>. Consumers can transfer funds directly fromtheir bank accounts to a merchant's account, bypassing the card networks andtheir associated fees. This holds the potential for a smoother ride for bothmerchants, who can potentially reduce their transaction costs, and consumers,who may benefit from lower prices or special A2A-only discounts.However, the Americanconsumer, comfortable in their high-occupancy vehicles (credit cards) andaccustomed to the familiar rewards program exits, may not be easily persuadedto switch lanes.Insights from the Worldpay Global Payments Report 2024:Sponsored by the WorldBank and other key players, <a href="https://corporate.worldpay.com/news-releases/news-release-details/worldpay-global-payments-report-2024-digital-wallet-maturity">the Worldpay Global Payments Report 2024</a> highlights the growing popularity of A2A payments.Back in 2022, only half of the jury members predicted A2A networks and mobilemoney would compete with cards within five years. However, just two years later,the picture has changed dramatically. Over two-thirds of jurors now believe A2Aand mobile money will be the fastest-growing retail payment methods in theirhome markets. This trend is particularly pronounced in the Global South(Africa, Middle East, South America, Asia Pacific), where card networks haven'testablished a dominant position. Here, only 13% see cards holding sway, while54% predict A2A or mobile money taking the lead. Existing examples likeBrazil's PIX, which surpassed credit and debit card market share in 2023,showcase this trend's potency.The Global Northpresents a more nuanced picture. Here, <a href="https://www.forbes.com/sites/davidbirch/2024/04/10/the-verdict-a2a-payments-will-be-huge-in-the-global-north-and-south/">expert opinions are divided</a> betweencards and the A2A/mobile money combination. While A2A payments have gainedtraction in Europe (Poland's Blik, Netherlands' IDEAL, Sweden's Swish), someexperts believe cards will retain dominance. However, a third of jurors foreseeongoing competition with no clear winner.TheDriving Forces:Several factors arefueling the rise of A2A payments:Open Banking: Open Banking regulations allow third-party providers to access customer financial data with consent, facilitating A2A transactions.Instant Payments: The rise of instant payment networks enables faster and more efficient A2A transfers.Strong Authentication: Improved authentication methods enhance security and consumer trust in A2A transactions.PotentialBenefits:Lower Transaction Costs: A2A payments generally involve lower fees compared to card transactions, potentially benefiting both businesses and consumers.Improved Customer Journeys: Streamlined checkout processes and in-app payments can enhance the customer experience.Greater Consumer Choice: A2A payments offer consumers an alternative to traditional payment methods, fostering competition and innovation.IndustryResponse:The rise of A2A hasspurred action from key players. Even in North America, where cards reignsupreme, <a href="https://b2b.mastercard.com/news-and-insights/blog/a2a-payment-trends-risks-and-fraud-solutions/">companies are taking notice</a>. McKinsey highlights the potential for A2Ato offer banks a "more competitive way of making payments" whileproviding consumers and merchants with more options. Visa and Mastercard…
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The digital era has transformed many aspects of our lives, including how we manage our finances. Online loans have emerged as a convenient alternative to traditional banking, offering quick access to funds with minimal hassle. This article delves into the nuances of online loans, helping you understand what they are, how they work, and what to consider before applying for one.Understanding Online LoansOnline loans are financial transactions that are initiated and completed over the internet. These loans are provided by various lenders, including traditional banks, credit unions, and exclusively online entities. The primary allure of online loans is convenience; applicants can complete the entire loan process—from application to disbursement—without ever visiting a bank branch.These loans can be used for a variety of purposes, such as debt consolidation, home improvement, or emergency expenses. They often come in different forms, including personal loans, payday loans, and lines of credit, each with its own set of terms and conditions.The Application Process and RequirementsApplying for an online loan is typically straightforward. The first step is to find a reputable lender. Once a suitable lender is identified, the next step involves filling out an online application form. This form requires basic personal and financial information, such as your name, address, income, and employment details.Most online lenders also require proof of identity, income, and bank account details. Some may conduct a credit check to assess your creditworthiness. The better your credit score, the more favorable the loan terms you might receive.Advantages of Online LoansOne of the biggest advantages of online loans is the speed of processing. Many online lenders offer quick approvals and can deposit funds into your account within a day or two. This is particularly beneficial inemergency situations where immediate access to money is crucial.Moreover, online loans are often more accessible to people with less-than-perfect credit. Some online lenders specialize in bad credit loans, offering financing options that might not be available through traditional banks.MoneyKey Features of Online LoansOne of the most appealing features of online loans is their accessibility. Lenders like MoneyKey offer services directly through their websites, enabling you to apply from the comfort of your home at any time. Another significant advantage is speed. Many online loan applications can be completed in minutes, and if approved, funds may be deposited into your bank account as quickly as the next business day. This efficiency is particularly crucial in emergencies where immediate access to funds can be a lifesaver.Conclusion: Is an Online Loan Right for You?Online loans offer a convenient and accessible means to obtain financial assistance. However, they are not without risks. It's essential to understand the terms and conditions, as well as any associated fees, before committing to an online loan. Always ensure that you can comfortably meet the repayment terms without compromising your financial health.By being well-informed and cautious, you can make the most of the benefits that online loans have to offer, while avoiding potential pitfalls. Whether for an urgent financial need or a planned expense, online loans can be a valuable financial tool if used wisely.This article was written by FM Contributors at www.financemagnates.com.
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Fintech summits bring together key stakeholders, including industry leaders, policymakers, investors, and innovators, to discuss the latest trends, challenges, and opportunities in fintech. In 2024, these events have proven crucial not only for the trajectory of the industry but for bringing to light the latest trends and talking points. Looking ahead in 2024, the future of fintech summits is promising, with continued innovation providing an avenue for growth. As technology continues to advance at a rapid pace, fintech summits provide a vital platform for showcasing cutting-edge solutions and fostering collaboration among industry players. These summits serve as incubators for new ideas and initiatives that have the potential to reshape the financial services space.What Role Do Fintech Summits Play?Fintech summits play an integral role in facilitating dialogue and knowledge-sharing across different sectors of the financial services industry. By bringing together diverse perspectives and expertise, these events enable participants to gain valuable insights into emerging trends and best practices. This cross-pollination of ideas fosters innovation and accelerates the pace of change in the fintech ecosystem.Furthermore, the future of fintech summits is likely to be shaped by key trends such as artificial intelligence (AI), blockchain technology, and digital payments. These technologies are transforming the way financial services are delivered and consumed, and fintech summits provide a platform for exploring their potential applications and implications. Participants can learn about the latest developments in AI-driven analytics, blockchain-based solutions, and mobile payment technologies, and their impact on banking, insurance, investment, and other areas of finance.These summits are expected to embrace virtual and hybrid formats to adapt to changing circumstances and preferences. The aftermath of the COVID-19 pandemic has accelerated the shift towards virtual events, prompting organizers to explore innovative ways to deliver engaging and interactive experiences online. Virtual fintech summits offer advantages such as increased accessibility, reduced costs, and expanded reach, allowing participants from around the world to connect and collaborate without the need for travel.Ultimately, the future of fintech summits will be characterized by a greater emphasis on sustainability, diversity, and inclusion. As the financial services industry grapples with environmental, social, and governance (ESG) issues, fintech summits can serve as platforms for promoting responsible and ethical innovation. Organizers are increasingly incorporating ESG themes into their agendas, addressing topics such as climate change, social impact investing, and diversity in fintech leadership.FMAS:24 in FocusIn terms of notable upcoming fintech summits, the Finance Magnates Africa Summit (FMAS:24) will be taking place this May in Sandton City, South Africa. Held on May 20-22, this <a href="https://events.financemagnates.com/event/aad8d48a-17e5-426c-8e9f-8faedd80b023/summary?tm=RCclhU2zWsVFdIEcKIc6WVivOz5CNdL2hXUunGPDt2o&locale=en-US">premium event</a> will look to bridge all elements of the fintech industry. This includes notable speakers, experts, companies, and other attendees as part of a three-day celebration of the industry in Africa. Interested participants can still sign up for a limited time remains and reserve their seat online for FMAS:24. Head on over to the registration page for FMAS:24 and <a href="https://events.financemagnates.com/event/aad8d48a-17e5-426c-8e9f-8faedd80b023/regProcessStep1">sign-up today</a>! Registering online ensures you can skip the wait and queue on-site.ConclusionIn conclusion, the future of fintech summits is bright, with continued growth, innovation, and evolution on the horizon. These events will play an increasingly important role in driving collaboration, innovation, and progress in the financial services industry. By embracing new technologies, formats, and themes…
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This week marked a decline in executive appointments across the forex, crypto, and fintech sectors, suggesting a slight reduction in industry transitions.Recently, the financial industry has witnessed several noteworthy executive moves, including: John Coules has joined Appital; ATFX appointed Gary Fragoso as its Growth Manager for the Latin American market; Jan Strømme has assumed the role of Business Development Manager at Coral Reef Technologies; Nomura has welcomed Dr. David Seif as its Chief Economist for Developed Markets; Liquidnet has reinforced its global listed derivatives offering with Alex Grinfeld as the Co-Head of its futures business in the Americas; Ronnie d’Arienzo brings his extensive experience to Token.io as its Chief Commercial Officer. These appointments underscore the industry's ongoing evolution and strategic positioning amidst technological advancements and market dynamics.Explore the dynamic evolution of leadership changes in the forex, cryptocurrency, and fintech industries with our weekly overview. Immerse yourself in the continuously shifting landscape of executive transitions across the financial technology sector.Executive Moves of the WeekHSBC Veteran Ditches Banking Giant after 17 Years for This Fintech FirmAppital, a fintech firm specializing in peer-to-peer price discovery and liquidity sourcing for asset managers, has appointed John Coules to its business development team. Coules, with 17 years at HSBC and 13 at Lehman Brothers, brings extensive expertise in pan-European equities sales trading. His appointment coincides with Appital's rapid growth, reaching $4 billion of buy-side liquidity since launching its Appital Insights platform in September 2023. Brian Guckian, the Chief Business Development Officer at Appital, highlighted Coules' significance for global expansion. Coules praised Appital's unique technology, which transforms liquidity access and price discovery for buy-side firms. The Appital Insights platform, embraced by over 40 asset managers with $15 trillion AUM, offers discreet execution for large orders and tailored liquidity events. Moreover, Appital's collaboration with Virtu Financial's Triton Execution Management System enhances its book-building capabilities, amplifying its market impact.Explore Appital's groundbreaking liquidity sourcing approach and its collaboration with Virtu Financial's Triton Execution Management System, bolstering its platform for traders and portfolio managers, amidst <a href="https://www.financemagnates.com/executives/moves/hsbc-veteran-ditches-banking-giant-after-17-years-for-this-fintech-firm/">John Coules' departure from HSBC</a> after 17 years to join Appital's ranks.ATFX Targets Latin American Market, Announces New Growth ManagerATFX has continued its expansion in the Latin American (LATAM) market with the appointment of Gary Fragoso as its new Growth Manager. Fragoso, previously at companies like AT&T and GSK, brings diverse experience in sales and business development despite being new to the FX/CFD industry. ATFX expressed confidence in Fragoso's ability to drive innovation and development in the region.Significant personnel changes at ATFX include the hiring of Graham Morris as Head of Compliance for Australia and Drew Niv, the Co-Founder of FXCM, as the new Chief Strategy Officer. These appointments highlight ATFX's focus on strategic partnerships and delivering tailored services to global customers. Additionally, the expansion of the team with Aditya Singh as the Business Development Director for the Institutional segment in the MENA region underscores ATFX's dedication to growth and market expansion. Display more about <a href="https://www.financemagnates.com/executives/moves/atfx-targets-latin-american-market-announces-new-growth-manager/">ATFX's strategic personnel moves</a> and its expansion efforts in key markets worldwide.XTX Markets' Former Exec Jan Strømme to Lead FX Trading at Coral Reef TechnologiesJan Strømme, previously the Global Head of Distribution at XTX Markets, has…
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Forget plastic andforget cash. In the heart of India's digital payment revolution, a battlegroundis emerging – the war of the wallets. The Reserve Bank of India's (RBI) recentdecision to allow third-party UPI apps to access prepaid payment instruments(PPIs) has ignited a firestorm of potential, and the fight for customer loyaltyis about to get fierce.This isn't your typicalcorporate clash. The combatants here are a diverse bunch – established giantslike Paytm, scrappy fintech startups, and even brick-and-mortar retailers withtheir own loyalty programs. Until now, PPIs operated in closed gardens, forcingusers to stick to the app provided by the issuer. This fragmented landscapestifled competition and limited the reach of digital payments, especially forsmaller transactions.The RBI's movedismantles these walls, throwing the doors wide open for innovation. It's much like your local coffee shop's loyalty card morphing into your go-topayment method for online shopping. Or a small business owner seamlesslyintegrating their existing PPI system with a user-friendly UPI app, attracting awider customer base. Suddenly, the possibilities for seamless and convenientdigital payments explode.This isn't just aboutconvenience, it's about power. The dominance of giants like Paytm, with itsstaggering $19.1 billion GMV in FY23, is under threat. Smaller players now havea fighting chance, offering unique features and experiences to woo users. Competitionbreeds choice, and consumers stand to benefit with a wider array of options andpotentially lower fees.But the real prize liesin financial inclusion. By removing the restriction to a single app, the RBI ismaking digital payments more accessible for millions. Small businesses, oftenreliant on cash transactions, can now tap into the digital ecosystem with ease.Individuals new to the digital realm no longer face the hurdle of navigating aspecific PPI issuer's app. This inclusivity can be a game-changer, drivingfinancial empowerment and propelling India's ambition to become a digitalpayments powerhouse.However, the war won'tbe won without casualties. Security concerns need to be addressed to ensure asafe environment for transactions across different platforms. User experiencewill also be a battleground – clunky interfaces and a lack of interoperabilitycan quickly turn customers away.The RBI's decision is abold move, but the true test lies in execution. Can India create a robustinfrastructure that fosters healthy competition while prioritizing security anduser experience? The answer will determine the victor in the war of the wallets,but the ultimate winner will be India itself, paving the way for a future wheredigital payments become the norm, not the exception. This disruption has thepotential to not just reshape India's financial landscape, but act as ablueprint for other developing economies looking to embrace the future ofmoney. The war drums are beating, and the world is watching. The Great WalletWar has just begun.This article was written by Pedro Ferreira at www.financemagnates.com.
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OpenAI recently hosted hundreds of top executives fromFortune 500 companies in San Francisco, New York, and London to pitch AIservices, according to a report by Reuters. At the center of this pitch isChatGPT Enterprise, an enterprise-grade version of OpenAI's chatbot. Thisoffering aims to address specific needs across industries, including finance,healthcare, and energy. OpenAI is leveraging its expertise in AI to tap intothe corporate sector in a bid to diversify revenue streams. The latestmarketing efforts aim to expand the firm's services to new markets. OpenAI's Corporate PushNotably, OpenAI has assured corporate customers thattheir data remains secure and won't be used to train its models. The company isreportedly positioning ChatGPT Enterprise as a standalone offering despiteMicrosoft's prominent role as OpenAI's largest investor.While some executives questioned the need foradditional services from OpenAI, Altman and COO Brad Lightcap highlighted thevalue of customized solutions and direct engagement with the OpenAI team. With a valuation of $86 billion, OpenAI is on atrajectory to meet its ambitious revenue targets, fueled by the success ofChatGPT and strategic expansions into corporate markets. The company's enterprise offerings, including ChatGPTEnterprise and the Sora video creation tool, are poised to play a significantrole in driving future growth and market dominance. Beyond corporates, OpenAI is targeting Hollywood withvideo creation tools. However, despite the opportunities presented by the new technology, there are concerns regarding the reliability and copyright implications of AI.Expect ongoing updates as this story evolves. This article was written by Jared Kirui at www.financemagnates.com.
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Jeffrey Navarro, the Head of LATAM (Latin America) atTaurex, announced his departure from the company today (Friday). Navarro, whohas served in Taurex's operations in the Latin American region, conveyed his gratitudeto his colleagues and the company in a farewell message.Announcing Departure and Career TransitionExpressing his sentiments on LinkedIn, Navarro marked theoccasion as his final day at Taurex, indicating his transition to a newprofessional chapter. He shared: "Today marks my last day at Taurex. Iwill now be another member of the company's worldwide fans cheering fromafar." He expressed his gratitude to the entire Taurex team,emphasizing the exceptional resilience and excellence of the Taurex LATAM team,which he regarded as among the top performers in the region.Navarro held the position of Head of LATAM at Taurex forover 2 years. Prior to this role, he served as the Regional Manager for LATAM& Spain at Tickmill for approximately 3 years. Preceding his tenure atTickmill, he worked as an Account Manager for Spain & Latin America atAxiCorp for over 2 years. Additionally, Navarro gained valuable experience as aBusiness Development Manager at Fotrad LTD for approximately 3 years.Zenfinex Rebrands to Taurex, Closes $15M Series B FundingThe Zenfinex Group now rebranded its retail arm to Taurex, recentlyclosed its Series B funding round, securing $15 million led by Oscar HiltTatum IV, as reported by FinanceMagnates. Operating as Taurex for B2C and Zenfinex for B2B, the companyplans to bolster its proprietary technology with the investment, including amobile app and web platform slated for release in 2024. Besides technology, funds will support team expansion,regulatory compliance, and marketing efforts. This round follows a $5 millionSeries A led by Tatum IV. Originally a UK-based boutique brokerage, Taurex nowoperates across multiple jurisdictions, experiencing significant revenue growthbut remaining at a loss due to substantial technology investments.This article was written by Tareq Sikder at www.financemagnates.com.
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The countdown to Finance Magnates Africa Summit (FMAS:24) is underway, with a little over one month to go until the premium event of the year. Now in its second year, FMAS:24 will once again be held in Sandton City, South Africa on May 20-22. Ahead of the event, prospective participants can familiarize themselves with some agenda highlights, featuring an extensive focus on the retail trading space.As the year’s largest and most anticipated event in Africa, FMAS:24 will be eying a record attendance and engagement. This means more traders, brokers, brands, and attendees than ever before, coupled with an expanded content track.Of particular note for attendees will be the launch of a second content stage, Trader Zone, dedicated to retail traders, a growing demographic at FMAS:24. This dynamic stage is the perfect hub for both new and existing traders, each of whom can learn from the industry’s most well-known talent, experts, and marquee traders.This includes the upcoming session Strategies for Trading Mastery: Pitfalls & Solutions. Prospective attendees are encouraged to explore the <a href="https://events.financemagnates.com/event/aad8d48a-17e5-426c-8e9f-8faedd80b023/websitePage:64aa44de-1e95-4947-b236-0f4f3191a96a">live agenda</a> as it takes shape.Whether this is your first FM event or you are a regular, attendees can expect to network, connect, and meet the following participants: Forex/CFD BrokersInstitutional BrokersAffiliates & IBsTraders & InvestorsEducators & Market ExpertsFintech & Payments Brands Crypto & Digital Assets Businesses Technology & Liquidity Providers Press/Media Regulators Start-ups Investors/VCsWith nearly one month to go, make sure to head on over to FMAS:24 registration page and <a href="https://events.financemagnates.com/event/aad8d48a-17e5-426c-8e9f-8faedd80b023/regProcessStep1">sign-up today</a>! Registering online ensures you can skip the wait and queues on-site, giving you more time to enjoy the event.Master Trading at FMAS:24Online trading is a huge area of focus in Africa in 2024, characterized by strong growth, a large pool of potential traders, and interest from brokers in the region. FMAS:24 will be examining the space throughout the event via big-name speakers, talent, and more.The event features an impressive lineup of panel sessions, workshops, seminars, and more, all devoted to this sphere, part of a two-day content track. This includes the notable session, Strategies for Trading Mastery: Pitfalls & Solutions, which will take place on May 22, 15:30-15:50 at the Trader Zone.Featuring Elsy Rayess, Chief Business Development Officer at FxPro, the session, will dive into the top mistakes that traders make. Additional consideration and emphasis will be spent on providing participants with actionable strategies to overcome them. <a href="https://events.financemagnates.com/event/aad8d48a-17e5-426c-8e9f-8faedd80b023/regProcessStep1">Register Today for the Biggest Event of the Year in Africa!</a>Whether just embarking on a trading journey or looking to refine any existing strategies, Ms. Rayess will go through the main pitfalls traders face and equip each of these individuals with essential know-hows and the mindset to excel.This session is geared for traders of all experience levels, helping set a nice baseline for success and what to avoid. Join Ms. Rayess as she empowers traders with key strategies moving forward, bringing actionable insight from one of the largest brokers in the region. Face-to-Face Networking Opportunities FMAS:24 is all about networking and engagement. This means all attendees can connect, interact, and speak face-to-face with other participants and the most reliable brands in the industry. For newer traders looking to make a splash, this is the <a href="https://www.financemagnates.com/fm-events/fmas24-session-spotlight-hfcopy-your-guide-to-copy-trading-success/">ideal opportunity</a> to build trust.Overall, the event looks to explore a total of four distinct tracks such as the online trading, blockchain & digital assets…
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In Australia, a massive cryptocurrency investment scheme involving approximately US$41 million and over 450 investors has collapsed. The country’s financial market regulator successfully obtained a court order to appoint receivers for the digital currency assets held by a group of three crypto mining companies, collectively known as NGS Companies, and their sole directors.Bust of a Crypto Investment SchemeThe court order, issued on Wednesday, was part of the civil proceedings initiated by the Australian Securities and Investments Commission (ASIC) against NGS Crypto Pty Ltd, NGS Digital Pty Ltd, and NGS Group Ltd, along with their respective sole directors Brett Mendham, Ryan Brown, and Mark Ten Caten.Additionally, the court has restricted Mendham from traveling outside Australia.NGS Companies offered investment packages supported by their cryptocurrency mining activities. These packages guaranteed fixed-rate returns as high as 16 percent annually, according to the company's website, with a minimum fixed return promised at 6 percent.The regulator highlighted that the schemes particularly encouraged investors to transfer funds from regulated superannuation funds to self-managed super funds (SMSFs), which were then converted into cryptocurrency. The promotional material on the company’s website, including “testimonials” and “stories,” seemed to specifically target elderly investors.Regulator Gets WaryASIC's action was prompted by concerns that the invested funds in these cryptocurrency schemes were at risk of dissipation. Notably, none of the three implicated companies possessed the necessary financial services licenses to operate legally in Australia. ASIC is now holding them accountable for illegally marketing crypto mining-backed investment products.“Australians who choose to self-manage their superannuation should carefully consider the risks before using their SMSF to invest in crypto-related investment products such as blockchain mining,” advised Joe Longo, the Chair of ASIC. “These proceedings should also serve as a warning to the crypto industry that ASIC will continue to scrutinize products to ensure compliance with regulatory obligations and to protect consumers.”Earlier this year, the Australian regulator dismantled similar crypto-backed schemes that promised astronomical profits and banned a director of a crypto fund for dishonest operations.This article was written by Arnab Shome at www.financemagnates.com.
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Sam Bankman-Fried, the Founder and former CEO of the collapsed FTX, has challenged his conviction and sentencing for conspiracy and fraud by filing an appeal in court yesterday (Thursday). The appeal was filed just hours before the deadline.SBF AppealedEarlier, the judge had ordered Bankman-Fried to be remanded to a low or medium-security prison in Northern California. This facility is near his parents’ house, and the judge cited concerns for his security at a maximum-security prison due to his autism. Interestingly, during his trial and while awaiting sentencing, Bankman-Fried had requested to be kept in the notorious Manhattan Detention Center. Previously, he was an inmate at the Metropolitan Detention Center in Brooklyn.The appeal came two weeks after a US court sentenced him to 25 years in prison, along with three years of supervised release. He is also required to forfeit $11 billion.Billionaire to ConvictBankman-Fried was once regarded as the messiah of the cryptocurrency world, known for his altruistic vision, signature T-shirt, and shorts outfit. He became one of the youngest self-made billionaires through his FTX empire, which collapsed overnight following the discovery of his dubious business practices.After a high-profile trial, Bankman-Fried was convicted last November on multiple charges, including wire fraud and conspiracy to commit wire fraud and money laundering. Although the total maximum prison time for all the convictions could amount to 115 years, the prosecutors were seeking 40 to 50 years. Bankman-Fried’s legal team requested six-and-a-half years, but the court ultimately sentenced him to 25 years.During the trial, several close associates of Bankman-Fried testified against him. They all pleaded guilty to their roles in the shady operations at FTX and are now awaiting sentencing.This article was written by Arnab Shome at www.financemagnates.com.
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eToro (UK) Limited has terminated the appointment of one ofits directors, Shalom Berkovitz. The termination notice was received for filingin electronic format on April 11, 2024, with the termination itself takingeffect on March 31, 2024.Questions Loom as eToro Maintains SilenceStakeholders, including employees, investors, and clients,may have questions regarding this development. However, eToro (UK) Limited hasnot released official statements regarding Berkovitz's termination. It isanticipated that the company will address this matter transparently in duecourse, providing insights into its implications for the company's futuredirection and operations.Expanding Reach with Key Appointments and ApprovalseToro has made strategic moves to bolster its operations inkey regions, appointing seasoned professionals to key positions and securingvital regulatory approvals.In France, Inèsde Dinechin has joined eToro as a Special Adviser, leveraging her extensiveboardroom experience from roles at Quintet Private Bank and Bank of AmericaEurope DAC. Dinechin will collaborate closely with eToro's management and thelocal French team, led by Emmanuel Sackman, to drive the company's growthstrategy forward.Meanwhile, eTorois strengthening its presence in Italy by promoting Massimo Citoni to therole of Regional Manager. With a background that includes starting as anAccount Manager in 2015 and rising to Head of the Italian Desk in 2023, Citoniis well-equipped to fortify eToro's position in Italy. His focus will be onbuilding strategic partnerships, overseeing marketing efforts, and enhancingcustomer retention to elevate the experience for Italian clients and eToro Clubmembers.On the regulatory front, eTorohas received approval from the Abu Dhabi Global Market (ADGM) to operate asa broker dealing in securities, derivatives, and crypto assets in the UnitedArab Emirates. This approval marks a significant milestone in eToro's globalexpansion efforts, with CEO Yoni Assia expressing enthusiasm about Abu Dhabi'sburgeoning reputation as a fintech hub. This article was written by Tareq Sikder at www.financemagnates.com.
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OPZ Token ($OPZ) is an all-in-one solution that integrates a wallet on iOS & Android, decentralized exchange, advanced AI trading, and NFC technology. It offers 1,000,000,000 tokens for traders. Employing ERC-20, this token utilizes sophisticated AI trading technology to manage users' trades efficiently. Traders buy and hold the tokens, allowing the AI system to continuously trade across 10,000+ cryptocurrencies, including Bitcoin, Ethereum, Solana, etc.OPZ-AI: AI AnalysisOPZ Token leverages blockchain technology and advanced Artificial Intelligence (AI) to expedite and secure transactions. The team champions the fusion of AI with cryptocurrency, emphasizing its capacity to analyze data, anticipate trends, and autonomously execute buy or sell decisions based on market patterns and price predictions.The synergy between AI and blockchain in cryptocurrencies forms a formidable alliance. Blockchain ensures security and transparency, while AI aids consumers in making educated decisions regarding cryptocurrency trading. Together, they boost the efficiency and risk awareness in trading.OPZ-AI revolutionizes cryptocurrency analysis by delivering exhaustive, real-time insights and trend analyses for over 10,000 coins.Participating in the OPZ Token Presale is simple. Prices start at $0.028, with the launch price at $0.1.OPZ WalletThe OPZ Wallet meets the increasing demand for an intuitive and secure self-custodial solution in the cryptocurrency domain. Utilizing the innovative KeyFusion protocol, a Multi-Party Computation (MPC) technology variant, the OPZ Wallet merges top-notch security features with intelligent, AI-powered insights, providing a self-custody experience.OPZ-DEX: Revolutionizing Bitcoin DeFiOPZ-DEX introduces a pioneering platform for decentralized trading that capitalizes on the robustness of Bitcoin's Layer 2. It integrates the Chronicle Matching Engine for high-performance, low-latency trading and adopts Zero-Knowledge Rollups to boost transaction throughput and privacy.OPZ Token: Revolutionizing DeFi with Advanced AI IntegrationOPZ Token marks a significant advancement in cryptocurrency. It combines a supercharged wallet and exchange with advanced AI technology. OPZ is well-positioned to gain a substantial share of the rapidly growing DeFi market.Moving forward, OPZ Token aims to push the boundaries of technological innovation while empowering users and driving positive transformations.About OPZOPZ's (https://www.opz.com) mission is to accelerate the transition to self-ownership of assets by bridging the gap between the cryptocurrency industry and the traditional financial world.This article was written by FM Contributors at www.financemagnates.com.
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Sam Bankman-Fried, the Founder and former CEO of the collapsed FTX, has challenged his conviction and sentencing for conspiracy and fraud by filing an appeal in court yesterday (Thursday). The appeal was filed just hours before the deadline.SBF AppealedEarlier, the judge had ordered Bankman-Fried to be remanded to a low or medium-security prison in Northern California. This facility is near his parents’ house, and the judge cited concerns for his security at a maximum-security prison due to his autism. Interestingly, during his trial and while awaiting sentencing, Bankman-Fried had requested to be kept in the notorious Manhattan Detention Center. Previously, he was an inmate at the Metropolitan Detention Center in Brooklyn.The appeal came two weeks after a US court sentenced him to 25 years in prison, along with three years of supervised release. He is also required to forfeit $11 billion.Billionaire to ConvictBankman-Fried was once regarded as the messiah of the cryptocurrency world, known for his altruistic vision, signature T-shirt, and shorts outfit. He became one of the youngest self-made billionaires through his FTX empire, which collapsed overnight following the discovery of his dubious business practices.After a high-profile trial, Bankman-Fried was convicted last November on multiple charges, including wire fraud and conspiracy to commit wire fraud and money laundering. Although the total maximum prison time for all the convictions could amount to 115 years, the prosecutors were seeking 40 to 50 years. Bankman-Fried’s legal team requested six-and-a-half years, but the court ultimately sentenced him to 25 years.During the trial, several close associates of Bankman-Fried testified against him. They all pleaded guilty to their roles in the shady operations at FTX and are now awaiting sentencing.This article was written by Arnab Shome at www.financemagnates.com.
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The prospect of the ECB starting its easing cycle before the Federal Reserve and the Bank of England and delivering more rate cuts than both institutions this year may put downward pressure on the euro against the U.S. dollar and sterling in the near term.
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The Wild West wasn'ttamed by pronouncements; it was wrangled by sheriffs with grit and asix-shooter. The online frontier, however, seems content with pronouncements,leaving the digital equivalent of tumbleweeds – authorized push payment (APP)fraud – to roll unchecked. Until now. New regulations in the UK aim to be theposse riding into town, but will they be enough to truly corral this cybercattle rustle?APP fraud thrives on asimple deception: tricking victims into authorizing payments to fraudsters.It's a confidence trick for the digital age, and just like their historicalcounterparts, these online swindlers prey on trust and exploit vulnerabilities.The fallout, however, transcends the individual. It erodes confidence in thevery systems that underpin our digital interactions.The UK's new regulationsare a response to this erosion. Previously, a voluntary code offered someprotection, but it was akin to a town marshal with a single-shot derringer –limited in scope and effectiveness. The new rules, coming into effect this October,are a legislative six-shooter. They mandate reimbursement for victims of APPfraud, placing the onus on payment service providers (PSPs) to act as digitalsheriffs, responsible for identifying and stopping the heist before it happens,or reimbursing the victim if they fail.This shift inresponsibility is significant. Previously, the onus often fell on the victim toprove they weren't somehow complicit in their own defrauding, much like in a WildWest scenario where the bank, upon discovering a stolen sack of gold, demandedthe depositor explain why they weren't more vigilant in guarding it. The newregulations dismantle this skewed logic. They recognize the inherent powerimbalance between a sophisticated fraudster and an unsuspecting victimnavigating the complexities of online transactions.The success of theseregulations hinges on two key factors: robust fraud detection by PSPs and aclear definition of "consumer standard of caution." The formerdemands a proactive approach from PSPs. Gone are the days of reactive measures– deploying technology and human expertise to identify and flag suspicioustransactions before the money leaves the victim's account. The latter, the"consumer standard of caution," is a delicate dance. It must bestringent enough to deter negligence while remaining flexible enough toacknowledge the realities of human fallibility, particularly when dealing withvulnerable customers.The UK's approach isn'ta silver bullet. Just as the Wild West still had its share of outlaws after thesheriffs arrived, online fraudsters will undoubtedly adapt their tactics.However, these regulations represent a critical step forward. They move the conversationfrom victim-blaming to proactive security. They incentivize PSPs to invest inrobust defenses, ultimately fostering a more secure online ecosystem foreveryone.This isn't just a UKstory. The rise of APP fraud is a global phenomenon. The UK's approach servesas a test case, a potential model for other countries grappling with the sameissue. Will it be enough? Only time will tell. But one thing is certain: the digitalfrontier demands a new kind of law enforcement, one that understands thecomplexities of online deception and is equipped to protect citizens in thisnew virtual landscape.This article was written by Pedro Ferreira at www.financemagnates.com.
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Interactive Brokers, a global electronic broker, hasannounced the launch of two new services, High Touch Prime Brokerage and GlobalOutsourced Trading, aimed at assisting select US hedge funds in managing andexpanding their operations. These services are designed to complementInteractive Brokers' existing suite of offerings tailored for active tradersand institutional investors, including a prime brokerage solution encompassingtrading, clearing, custody, reporting, and other features.Enhanced Support for Hedge FundsHigh Touch Prime Brokerage provides eligible hedge fundclients with personalized support, offering access to a dedicated RelationshipManager who serves as a central point of contact. This manager is equipped toaddress inquiries, resolve issues promptly, and facilitate special requests,drawing upon a deep understanding of the client's trading strategy andrequirements. “Hedge funds select Interactive Brokers for our automatedsystems and advanced trading technology, which can help keep costs low.However, we recognize that many hedge funds appreciate having a single contactfamiliar with their trading objectives and business strategies,” said MilanGalik, the Chief Executive Officer of Interactive Brokers. “High Touch PrimeBrokerage enables Interactive Brokers to compete with large prime brokers andremoves a potential barrier for hedge funds who want to move to a low-costplatform but are accustomed to personalized service.”Additionally, clients have access to Subject Matter Expertsacross various departments within Interactive Brokers, providing operational expertiseto enhance business management efficiency.Interactive Brokers Introduces High Touch Prime Brokerage Service and Global Outsourced Trading for US Hedge Funds https://t.co/BKFE3ghLvo pic.twitter.com/Gy3ZSI6O6O— Latest News from Business Wire (@NewsFromBW) April 11, 2024Extending Trading Reach with IBKR Outsourced Trading DesksFurthermore, clients availing of High Touch Prime Brokerageservice gain access to IBKR Outsourced Trading desks in Europe and Asia,extending high touch trading capabilities beyond North America. This expansionenables portfolio managers to collaborate with experienced IBKR traders aroundthe clock, crafting execution strategies and placing orders for a variety ofinstruments including domestic and international stocks, options, bonds, andmore.This article was written by Tareq Sikder at www.financemagnates.com.
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