The UK economy could secure a £31bn boost from the widespread adoption of generative Aim according to new research from KPMG.

The UK’s struggling economy could benefit from a much-needed £31bn boost from the widespread adoption of generative AI, says the report. According to the ‘Big Four’ firm, generative AI is set to increase UK productivity by 1.2 per cent, the equivalent of an extra output of £31bn a year in the UK economy.

Bahamas-based Capital Union Bank has gone live with Avaloq’s Web Banking and is upgrading its core banking system with new modules and features based on joint innovation with Avaloq, a leading provider of wealth management technology.

Murex, the global leader in trading, risk management and processing solutions for capital markets, has put the MX.3 for Collateral Management extension in place at DZ BANK.

The move represents the expansion of one of the largest MX.3 platforms in the EMEA region at Germany’s second-largest financial institution by assets.

The UK’s largest independent invoice finance provider, Bibby Financial Services (“BFS”), has acquired Aldermore’s Working Capital Finance division as it continues to grow its support for UK SMEs.

The move will see Working Capital Finance clients and colleagues integrate into BFS operations over the coming weeks. 

Today, Fireblocks, an enterprise platform to manage digital asset operations and build innovative businesses on the blockchain, expands its highly secure MPC-CMP wallet and key management technology to include support for HSMs and public and private cloud, including Thales, Securosys, AWS, GCP, and Alibaba Cloud.

Spanish FinTech firm Embat, a disruptor in the financial planning and treasury management space for businesses, is taking a significant leap forward.

The company, established by former J.P. Morgan executives Antonio Berga and Carlos Serrano, is recognised for its robust platform dedicated to digitising the entire accounting and financial planning procedures for businesses.

It has been announced that Neem, an innovative Pakistani FinTech startup, has entered into a strategic partnership with DNI Group.

Neem is renowned for its commitment towards revolutionising financial accessibility and inclusivity across emerging markets, particularly in Pakistan.

Metatime, a blockchain technology company operating at the intersection of blockchain technology, product development, and cryptocurrency, has successfully developed a diverse portfolio of over 70 products. Leveraging its expertise, Metatime has created its own blockchain network called MetaChain and is preparing to list its ecosystem token, Metatime Coin (MTC), on the top-20 leading cryptocurrency exchanges from June 2023.

Raincoat, a startup developing scalable climate insurance solutions that enable instantly processed individual claims, today announced the closing of an additional $6.5 million seed round bringing its total raised to date to $11 million. The funding round was led by TwoSigma Ventures – along with European-based VC firm Mundi Ventures, Revolution’s Rise of the Rest Seed Fund and EleFund.