Artificial intelligence (AI) may cut costs, but financial services companies have reportedly been slow to embrace it. That’s according to a report Sunday (June 30) by the Financial Times (FT), which said that regulatory concerns and worries about job losses have kept banks from adopting AI products. “The big banks will definitely not adopt [the
The 2014 collapse of Mt. Gox served as one of the first, big crypto scandals. Over 100,000 creditors of the digital asset exchange lost over $9.4 billion worth of bitcoin — and now, nearly 10 years later, the exchange announced that it is (finally) set to start repaying its creditors in bitcoin (BTC) and bitcoin
Stripe and Coinbase have partnered to expand the global adoption of cryptocurrency and provide faster, cheaper financial infrastructure. This collaboration aims to serve businesses and people around the world, Coinbase said in a Thursday (June 27) blog post. With this partnership, Stripe will add USDC on Base to its crypto payouts product, according to the
Cryptocurrency firm Abra and its CEO and largest equity owner Bill Barhydt have reached a settlement with 25 state regulators. The settlement follows the states’ finding that Abra and Barhydt operated a mobile app for buying, selling, trading and investing in crypto without receiving the required state licenses, the Conference of State Bank Supervisors (CSBS)
The financial sector is among the “most exposed” to both the benefits and the risks of artificial intelligence (AI), the Bank for International Settlements (BIS) said Tuesday (June 24). The benefits of AI for the sector include improvements for lending and payments, while the risks include more sophisticated cyberattacks, the BIS said in a Monday press release.
Stability AI said Tuesday (June 25) that it secured “significant” new funding from an investment group and appointed a new CEO and a new executive chairman. The new capital and leadership will accelerate the company’s growth and ability to deliver generative artificial intelligence (AI) products, Stability AI said in a Tuesday press release. The firm’s
Banco Santander and Amazon are reportedly close to reaching a deal in which the bank would provide financing options for Amazon shoppers across the Europe Union (EU). The negotiations between the companies are at an advanced stage, Bloomberg reported Friday (June 21), citing unnamed sources. Reached by PYMNTS, Santander declined to comment on the report. Amazon did
“Just saying ‘AI’ 15 times is not going to cut it anymore.” So said Stuart Kaiser, head of U.S. equity trading strategy at Citi, speaking to the Financial Times (FT) Wednesday (June 19) about the state of artificial intelligence (AI) investments. As that report noted, most of the stocks that jumped amid last year’s AI
Which industry’s job market will be most impacted by artificial intelligence (AI)? According to a new report by Citi, a little more than half — 54% — of jobs in the banking sector have a higher potential for automation, while another 12% could be augmented by AI. “AI-powered clients could increase price competition in the
Nearly two years after its initial announcement, and about eight months after its nationwide debut, Apple Pay Later is being discontinued. In the wake of that announcement, the company is charting its wider path, outlined just last week, toward offering a range of pay-over-time lending products, which includes an integration with buy now, pay later