Global Scans · Financial Services · Weekly Summary

• In the US, the Financial Stability Oversight Council has for the first time identified the use of AI in financial services as a vulnerability in the financial system. Passle
• The banking, financial services, and insurance sectors are predicted to experience profound benefits from AI applications, leading the charge for adoption across industries, with widespread adoption expected by 2026. hollandfintech
• As financial services, supply chains, and businesses globally will be up against a wide range of challenges, Africa will continue to look increasingly inwards for products, services, and markets. How we made it in Africa
• Travel, digital media, food and transport, e-commerce and digital financial services will continue to evolve in the coming years. The Straits Times
• Recent developments regarding the European Commission's legislation to update and refine regulations for digital IDs have further illuminated the potential impacts that digital wallet applications could have on banking and financial services. UK Finance
• Regulators, international bodies and industry will continue to work hand-in-hand to drive change from different angles and ensure the financial services industry moves towards supporting net zero objectives globally. CUBE global
• Many financial institutions - which are tightly regulated and perhaps best equipped to appreciate and manage risk - are still struggling to obtain and digest information related to the risks associated with cloud services. Carnegie Endowment for International Peace
• The New York State Department of Financial Services has raised significant concerns over the potential for insurance AI and external consumer data use to result in discrimination and set out that guidance is needed to ensure the technology does not drive unfair outcomes. Insurance Business
• Digital wallets and payment programs offering a wider array of investment services will attract retail investors in emerging markets, narrowing the digital divide and fostering a globally equitable financial landscape. Newskhabar24
• Take a look at other opportunities that Africa has: mobile money services, financial services - there's tremendous growth. The Guardian
• Most notably, the UK government is further developing its general policy approach towards AI, the financial services regulators are setting the specific approach in the financial services sector, and firms are deciding how they are going to use (and manage the use of) AI. JD Supra
• In the coming year, we can expect to see initiatives from platforms that make it as easy as possible for any firm providing financial services to migrate to using cloud services. Know Your Customer Limited
• Global agricultural output and food security could increase by 20-30% if women had access to land, technology and financial services in rural areas. ThePrint
• Emerging disruptive technologies, including artificial intelligence, have continued to rise on the agenda for C-suite executives in the UK in the financial services industry over the last two years; according to a new study from Accenture, the IT services and consulting firm. The Fintech Times
• New York State Department of Financial Services adopts climate risk guidance. Sullivan and Cromwell LLC
• While generative AI will not be ready for consumer facing applications in financial services by 2024, it can help institutions make sense of their large amounts of data. FinExtra
• Diversions around the Cape of Good Hope can lengthen tanker voyages to Europe by up to three weeks, leading to higher freight costs and potentially supply disruption. www.euractiv.com
• Companies within Europe will need to rethink their supply chains as the Corporate Sustainability Reporting Directive comes into force. I by IMD
• The Biden administration will likely find ways to keep funding Kiev as will the EU; the US and Europe are still immensely rich and reserves can be found when push comes to shove. Brussels Signal
• There will be over 300,000 connections accessing 5G satellite networks in 2024, with regions such as North America, Western Europe and Far East and China accounting for approximately 80% of all major satellites in operation today. it World Canada
• Weather in most of Europe is expected to remain mild into early January, meaning lower demand for gas in heating. Energy Connects
• Growth forecasts for 2024 and 2025 indicate a favourable outlook for APAC compared to Western Europe and North America, with APAC emerging markets leading globally. Times of India
• High potential with lower capital needs: compared to B2B markets in developed economies like the US and Europe, Brazilian startups often require less capital to achieve significant growth and scale. The Fintech Times

Last updated: 05 February 2024