Data Science Salon, the most diverse data science and machine learning community in the US, is excited to be back in New York City to host Data Science Salon NYC on December 7th, 2022; a one-day conference focused on AI and machine learning applications in finance and technology, held at The Theater Center in Hell’s Kitchen District.

The intimate event will feature speakers from S&P Global, Capital One, Freddie Mac, PayPal, Point72, Morgan Stanley, Sofi, Federal Reserve Bank of NY and many others. These data science sessions will bring industry leaders and specialists face-to-face to educate each other on innovative new solutions in artificial intelligence, machine learning, predictive analytics and acceptance around best practices in finance and technology. Data Science Salon attendees consist of executives, senior data science practitioners, data science managers, analysts, and engineering professionals. The format includes a combination of talks and panels with an optional expo and lots of time for networking in a casual environment with unique entertainment. “Our vision is to build local data science communities that really bring long-term value to our members. Besides the incredible knowledge shared at the events it is a great opportunity for data science managers to amplify their network and create personal connections. Everyone is hiring in the industry and this network is key to finding the right people.” says Esther Rietmann, Director of Content and Programming at Data Science Salon.

Data science approaches in the finance sector are some of the most sophisticated in the practice. Data Science Salon NYC is set to explore and discuss the core impacts of those practices. This conference series is designed to be not only informative, but also entertaining. “Over the years Data Science Salon has grown into an amazing community of likeminded practitioners across multiple domains.” Said Moody Hadi, Head of Credit Analytics New Product Development at S&P Global “We learn from each other different applications and techniques that normally we would not have seen within our own industry. Such a strong community of smart applied data scientists within an open and collaborative setting!” Past attendees have pointed to the tightly curated content and the ease of networking in such a unique and intimate setting.

Data Science Salon NYC provides a common framework for thinking about what machine learning and AI mean to the finance sector and what applied methods are actually successful for those practising in the field. Attendees will see a mix of use cases, technical talks and panels, and they will walk away with actionable insights from those working on the frontlines of machine learning in finance and technology. Every major application of machine learning in finance and technology will be covered; 200+ attendees, 15 speakers; the most cutting-edge research.

For more information on the Data Science Salon NYC visit the event website here.

The female-owned and operated Data Science Salon (DSS) was launched six years ago and is headquartered in the heart of Miami, FL near the Design District. The Data Science Salon community is an in-person and virtual hub for senior data science, machine learning and other technical specialists to educate each other, illuminate best practices and innovate new solutions in a casual atmosphere. Members can also tune into data science webinars, events, and podcasts. Learn more about Data Science Salon on the company website.

Blnk, a fintech startup that enables instant consumer credit in Egypt, raises $23.7 million in equity and debt funding, and $8.3 million in securitized bond issuance to accelerate financial inclusion within underserved communities across the country.

The funds will support the further development of Blnk’s Artificial Intelligence-powered lending infrastructure and the financing of the company’s fast-growing portfolio of customers.

The combined pre-seed and seed funding rounds of $12.5 million were led by Abu Dhabi’s Emirates International Investment Company (EIIC) and Egypt-based, leading venture capital firm Sawari Ventures, with participation from several prominent local and international angel investors. The $11.2 million debt funding was secured from a number of leading local banks. The $8.3 million securitised bond issuance was underwritten by National Bank of Egypt and Banque du Caire, making Blnk the youngest Egyptian startup to securitize its loan book.

Launched in October 2021, Blnk has developed a digital lending platform that empowers merchants of all sizes to instantly underwrite and finance their customers’ purchases at the point of sale. With only a National ID and in as little as 3 minutes, consumers can access financing to purchase a wide range of products or services, including electronics, furniture and automotive services, paying over instalments ranging from 6 to 36 months. Leveraging its vast base of merchant branches across Egypt, Blnk has disbursed more than $20 million in loans to date. Merchants are also boosting their profitability via the transaction commission that Blnk provides.

According to the International Monetary Fund, Egypt is expected to become the second-largest Arab and African economy by the end of 2022. However, limited consumer credit penetration - only 4 per cent of Egyptians have credit cards - means consumers and businesses across the country are unable to take full advantage of opportunities to trade and maximise the country’s full economic potential. By providing inclusive access to financing for consumers across the country, Blnk is supporting further growth and development in the Egyptian economy.

Speaking about the new funding, Amr Sultan, Co-founder and CEO of Blnk said, “Our mission is to make it easier for more Egyptians to purchase the products and services they desire by offering inclusive and convenient consumer credit at the point of sale. We are delighted to have the backing of a great cohort of investors at an early stage in our journey. With their support, we believe we can drive financial inclusion in Egypt, as well as the wider Middle East and North Africa region”.

Joseph Iskander, Head of Investment at EIIC, said, “we are convinced that the Egyptian market and its startup ecosystem present a compelling opportunity for regional and international investors and we are committed to identifying and investing in value accretive businesses. We are pleased to partner with Blnk to drive financial inclusion and economic development in Egypt and we look forward to working with the team to achieve their goals”.

Hany Al Sonbaty, Managing Partner at Sawari Ventures, stated: “we are thrilled to have Blnk in our portfolio and backing them to deliver innovative solutions to tackle the urgent challenge of financial inclusion in Egypt. The company has the right combination of a seasoned team and a scalable business model, with a clear path to profitability”.

Goldman Sachs, PayPal, American Express and Citi have joined in a $70 million funding round in blockchain intelligence firm TRM Labs.

The latest investment, an extension to the company's $60 million Series B round in December, was led by Thoma Bravo, with participation from first-time investor Goldman Sachs and previous TRM investors including PayPal Ventures, Amex Ventures, Citi Ventures.

Other big-ticket investors in previous rounds include Visa and JPMorgan.

TRM Labs' platform combines cross-chain data with threat intelligence, advanced analytics, and intuitive visualisations to help organisations - including FIs, crypto firms and regulators - detect crypto fraud and financial crime.

From launch in 2018, TRM has grown revenue by 490% year-over-year and expanded its team from four people to more than 150, with significant personnel growth across the United Kingdom, Singapore, Australia, Brazil and the UAE over the last two quarters.

The firm's private sector clients include some of the most prominent organizations in the crypto and financial services space, including businesses like Circle, Shopify, MoonPay, OpenSea, Uniswap and others.

Since the initial Series B round in December 2021, the company has acquired the UK-based investigations and training firm CSITech, and launched Chainabuse, a free community-powered scam reporting platform that empowers anyone in the crypto economy to warn others about scams, hacks or other fraudulent activity as they encounter it.

“Demand has never been stronger for solutions that help protect crypto users, impede illicit actors, and support blockchain-based innovation,” says Esteban Castaño, co-founder and CEO of TRM. “As the industry continues to mature, TRM is setting the standard for data, products, and training that equip enterprises and governments to combat fraud and financial crime, even as new threats emerge.”

FinTech Connect 2022, Europe’s only dedicated fintech event for the entire ecosystem, today released its 2022 Industry Benchmark Report, Fintech in Flux: Thriving in the Age of Uncertainty, showing that customers remain the biggest focus, with 86 per cent of respondents investing in AI to stay competitive.

As the fintech arms race continues, the report shows that institutions of all sizes continue to embrace technologies in a bid to meet the demands of modern consumers and drive greater efficiency and insight – with 86.6% of respondents believing that investing in tech is necessary for the winning edge.

AI is the technology favoured by most, with countless applications, such as fraud detection, credit risk analysis, and automating customer support, continuing to set the industry abuzz.

Harnessing technology to improve the consumer experience and drive efficiency has long been the hallmark of this most disruptive of sectors, however, as we emerge from the tail end of the global pandemic and into the fresh tumult of cost-of-living crises and looming recessions, a massive 76% of institutions say that understanding the changing nature of consumers is also a prime concern.

Driven by these same pressures to keep up with the pace of change, identifying new trends and technologies is a major preoccupation for 60 per cent of FS players, with a similar proportion (62.6 per cent of respondents) planning to delve into decentralised systems, suggesting that understanding the impact of DeFi and blockchain could hold the key to their futures.

Other key findings include:

·       Automation is on the move, with over 50 per cent of respondents already automating recurring tasks

·       Over 70 per cent of FS players cite market volatility and monetary policies as the key factors keeping them awake at night

·       Central Bank Digital Currencies (CBDC) are getting closer, with more than 50 per cent of respondents believing they have the potential to completely change consumer payments

·       30 per cent of respondents see Scandinavia and Benelux as the trailblazers, as payment innovation continues across Europe

·       Only 28.6 per cent of respondents are clear on how the Metaverse will affect their organisation

·       Cybersecurity risk continues to grow, with 60 per cent of respondents citing it as a key focus

·       The Crypto Winter hasn’t harmed adoption, with over 40 per cent of respondents stating that they will return if regulated, and 20 per cent confident they will bounce back either way.

Laurence Coldicott, Senior Content Director of Fintech Connect 2022, says: “It is clear that 2022 has provided an unexpected crossroads. Incumbent financial institutions have had to put their digital transformations in warp drive, with new technologies – that were previously only being looked at – now in the process of being adopted and rapidly deployed.

“Many FIs are focussed on building frameworks that will allow them to better embrace FinTech and thrive in an age of increasing uncertainty, while partnering with FinTechs for a seamless banking system, or managing a hybrid or remote workforce, are other significant drivers for 2023.

“FinTech is avoiding the trough of disillusionment and at a place of real excitement; and this survey seeks to address where we go next”.

Surveying 150 CXOs, CEOs, Founders and FinTech Leads from across the UK & Ireland, Benelux, the Nordics, and the Rest of Europe, FinTech Connect utilised their exceptional database of contacts to engage with the digital leaders at the centre of the global fintech paradigm.

Now in its ninth year, FinTech Connect 2022 is taking place between 30^th November and 1^st of December 2022, at the ExCel centre in London’s bustling docklands, and is set to welcome more than 3,000 attendees, who, over the course of two days, will hear from and meet the global fintech industry C-suite leaders and start-up innovators defining the course of the industry – all under one roof. 

Based in Tallinn, Estonia, Kriptomat is a leading European platform for buying, selling, and holding cryptocurrencies. The growing enterprise chose IXOPAY to manage its worldwide payment transactions.

Founded in 2018, Kriptomat has become a leading innovator in the field of cryptocurrencies. The platform has served as an introduction to the world of crypto investing for hundreds of thousands of customers who had previously been stymied by the complexity of blockchain technology, cryptocurrency, and investing strategies. By choosing IXOPAY, the company joins renowned brands such as Crypto.com, eToro and Wefox, which rely on the leading orchestrator to manage their payments.

“Our worldwide customers rely on us when they want to purchase, store, send, and receive cryptocurrencies safely and efficiently,” says Kriptomat co-founder Srdjan Mahmutovic. “Choosing the right partners has helped us offer low fees, multiple payment methods such as credit cards and bank transfer, and a multi-currency crypto-to-fiat wallet on our state-of-the-art platform.”

Kriptomat selected IXOPAY as its trusted partner to help quickly and efficiently add a broad list of payment providers, maximize authorization rates while minimizing fraud risks, and provide fallback processing during times of peak load.

“IXOPAY is the leading independent payment orchestration platform and offers a full suite of capabilities which enable our clients to reach their targets in the payments domain,” says Rene Siegl, founder and executive chairman of the IXOLIT Group, the parent organization of IXOPAY. “Kriptomat’s need for a centralized, scalable platform for payments is perfectly addressed by IXOPAY. Its functionalities coupled with the know-how of our team have earned us a high reputation in the payments industry, including in the growing crypto vertical. We are honoured that Kriptomat selected IXOPAY, further underlining our expertise in this space.”

“IXOPAY has helped us deliver the benefits of crypto to customers in Europe and around the world with an approachable platform, reliable and easy-to-use payment interfaces, and a suite of accessible investing tools,” Mahmutovic says.

The IXOPAY SaaS platform quickly connects enterprises to various PSPs, acquirers, and local payment methods. Kriptomat benefits from features such as IXOPAY’s Smart Routing Engine, which enables individual transactions to be forwarded to the best-suited payment service provider, PCI-DSS Level 1 tokenization for independent storage and automatic updates of customer’s payments instruments, and the highly capable IXOPAY Risk Management Engine, which implements fraud prevention and compliance strategies.

Today, UK BaaS (Banking as a Service) fintech firm Griffin and global FS OS (Financial Services Operating System) 11:FS Foundry announced a new partnership to help businesses actualise the benefits of embedded finance - the process of building new fintech products and embedding financial services directly into non-financial applications. The partnership will expand 11:FS Foundry’s current integrations, adding Griffin’s BaaS products. The two companies will also leverage their collective capabilities to shape the industry’s thinking and understanding of embedded finance through helpful content, allowing those looking to embed financial products to understand revenue opportunities, and how to serve their customers better. 

David M. Brear, Group CEO of 11:FS said: “11:FS and Griffin share a common passion for bridging the gap between modern technology and both legacy and challenger brands wanting to go to market quickly. The power of embedded finance opens up new and exciting opportunities for companies globally, and with this partnership, together, we can integrate, orchestrate and now create financial instruments in a truly digital way.

“I like businesses and products but I believe in people. The team at Griffin and 11:FS share a common view both in terms of what we do and the way in which we operate as a business.” 

Harnessing the power of embedded finance for non-banks 

Over 90 percent of non-financial companies in Europe plan on introducing financial services products (such as digital wallets, mobile bank accounts, or BNPL payment schemes) in the next five years. This approach increases customer engagement, strengthens loyalty, and provides new revenue streams in a volatile economic environment. 

However, those that enable embedded finance are often unable to innovate quickly due to a lack of resources, outdated technology systems, and long processes that come with working directly with legacy financial institutions. 11:FS and Griffin's partnership will simplify the building and launching of financial products by allowing businesses to innovate faster without compromising security.

In light of this partnership, Griffin has also sponsored the Embedded FS Excellence category at the first-ever 11:FS Awards, to be held on 16th November 2022. The category celebrates businesses that are driving innovation by creatively solving real and novel customer problems with embedded finance. 

A powerful platform integration and future banking partner

Griffin’s ambitions to be the best banking partner for businesses will support customers that are often overlooked or underserved by incumbent banks.

Currently, Griffin has submitted its application to become a fully-licensed bank with the PRA and the FCA. Should it be successful, this partnership will enable Griffin to offer 11:FS Foundry customers the following: 

• Operational current bank accounts to run their business.

• Embedded customer accounts (specifically safeguarding and client money accounts) for regulated fintechs.

• Access to the UK’s payment rails (Faster Payments, BACS, Direct Debit and CHAPS).

• Access to Griffin’s first BaaS product, Verify, which helps fintechs manage risk, automate KYC and KYB checks, and streamline customer onboarding. 

David Jarvis, CEO of Griffin, said: “We are thrilled to be partnering with 11:FS to provide the BaaS backbone for a wide range of business models. While 11:FS is transforming fintechs and financial services from within and building truly digital financial services from scratch, our technology and this new partnership will bring the power of embedded finance to the companies that want it and the consumers that demand it.”

Griffin is developing the infrastructure to power the next wave of fintech innovation. Created by experienced Silicon Valley founder-engineers and led by a team of banking and technology experts, it recently closed a $15.5 million funding round led by Notion Capital. 

The Dubai Financial Services Authority (DFSA) has imposed a fine of USD 1,120,000 (AED 4,113,200) on the DIFC branch of Bank of Singapore Limited (the Bank) for a number of contraventions of DFSA legislation, including for having inadequate systems and controls including those relating to anti-money laundering (AML).

The amount of the fine was reduced because the Bank offered the DFSA an Enforceable Undertaking (EU) to remediate the failings and agreed to settle the matter, reducing the fine amount from USD 2,000,000 (AED 7,345,000).

The DFSA found deficiencies in the Bank’s:

·                AML business risk assessments;

·                assessment of the risks posed by its Clients;

·                Customer Due Diligence (CDD) and Enhanced CDD practices;

·                identification of its Clients’ sources of wealth and sources of funds; and

·                suspicious activity reporting.

The DFSA also found that the Bank had acted outside the scope of its DFSA Licence by Arranging Deals in Investments in relation to rights under Long-Term Insurance contracts, when not authorised to do so. The Bank has since applied to the DFSA for permission to do so.

The DFSA acknowledges that the Bank has also provided the DFSA with an EU in which the Bank agrees to:

·                remedy the deficiencies in its systems and controls; and

·                engage an external compliance expert to assist the Bank in complying with its obligations and to verify that the remediation has been completed.

Ian Johnston, Chief Executive of the DFSA, said: “The DFSA has a high degree of concern over any AML-related contraventions and will take appropriate action to make sure that the systems and controls implemented by Authorised Firms operating in the DIFC are robust.”

Arzooo (India’s fastest-growing Retail Tech Platform) partners with HDFC Bank (India’s largest Private sector Bank) to launch Purchase cards that have been exclusively designed for offline retailers. The aim is to roll out over one lakh such credit cards over the next 12 months.

Over 40,000 retail partners who are already on the Arzooo platform stand immensely benefited, as they will now be able to manage their working capital much more efficiently. The Purchase Card will play a pivotal role in mobilizing the economy by providing impetus to small and mid-sized retailers with easy access to capital.

The key feature of this card is that it offers interest-free credit for up to a month and a credit limit of up to Rs1 crore. Also, this card is integrated with the Arzooo mobile application for ease of use during checkout.

Arzooo believes there is a huge untapped market in tier II and below cities especially for the demand of white goods and the company has therefore made its mission to empower and digitize neighbourhood electronic stores. To unlock the opportunities, retailers would need easy access to credit, which Arzooo aims to provide with its collaboration with HDFC Bank.

During this year’s festive season, Arzooo disbursed Rs. 100 Crore worth of credit to retailers. There was a growth of 800% in the number of retailers that took credit this year through Arzooo Credit. Also, the sales on the platform grew by 400% due to access to capital headroom and an increase in demand.

Speaking on the launch, Mr. Tushar Deshpande, Vice-President of Arzooo said, “Arzooo has always been at the forefront of offering distinctive value propositions to its retailers. The availability of working capital is of prime importance to our retailers as it gives them headroom for growth. We are delighted to partner with HDFC Bank to launch exclusive purchase cards for our offline retail partners. This partnership marks a milestone in catering to the growing demand for digital solutions in the country. Through this partnership with HDFC Bank, we look forward to combining our platform and HDFC’s expertise to create a robust ecosystem for scaling offline retailers”.

The operations will be headed by Christopher May, with full responsibility for the expansion of Navian in the UK market. Christopher will play a key role in continuing the Navian journey of the digitalising property development industry. Christopher will also be instrumental in building on the company's outstanding reputation with professionals, partners, and clients.  

Christopher May has over 30 years of experience in finance, starting as a mortgage broker for a large American insurance company. He later launched his own mortgage packaging company, which became the country's largest originator of specialist mortgages and offered intermediary members access to its marketing, compliance, IT facilities, and a panel of lenders.

Today, his extensive experience has brought him to the Navian. Navian's goal is to digitalise, connect and reduce the complexity of funding and execution of development projects while delivering more security and sustainability of profits for developers and investors.

Christopher joins at a critical point in the company's growth, selected by PropTech Sweden as one of the hottest PropTech in Sweden, a testament to their contribution to the industry. 

"I am delighted that Christopher has joined us. His solid knowledge and experience will be vital as we continue our ambitious plans to grow and expand in the UK market. As our business continues to grow and as we expand the range of services we offer to clients, we will be investing in our employees to reflect our ambition", says Sergey Kazachenko, Navian CEO.

Christopher May added, "I am honoured to have been given the opportunity to lead a strong team of market specialists for professional services and for Navian in the UK to equal or exceed our parent division in Sweden."

Leading global intelligence and cyber security consultancy S-RM has today launched its 2022 Cyber Security Insights Report, which examines the specific cyber security challenges faced by C-suite leaders and senior IT decision-makers across the globe.

Drawing on data from 600 C-suite and IT budget holders from organisations with revenue over $500m, the report found that 75% of senior IT leaders report experienced a serious cyber-attack in the past three years, up from just 60% of respondents in 2021 – a 25% increase overall. US businesses were slightly more likely to experience a serious cyber-attack (77%) compared to their UK peers (73%), though both markets saw an increase in attacks in 2022.

Data source: S-RM Cyber Security Insights Report 2022

Jamie Smith, Board Director at S-RM said:

“Our latest report shows the sheer scale of serious cyber-attacks on businesses in the UK and the US, with three in four businesses affected in the last three years. This is a growing problem and one with serious ramifications for affected organisations. Instances of data theft, ransomware, fraud, cryptojacking, and other attacks all increased this year, causing significant financial damage.

The report also examined the damage caused by these attacks, which averaged nearly $3.4m (£3 million). Respondents reported an average direct loss from a serious cyber incident of $1.5m (£1.3m), a significant figure that doesn’t take into account an incident’s long-term fallout, which can cause businesses further financial damage. Indirect losses, such as reputation damage or ransoms paid by an insurer, were actually often more costly than the initial incident itself, averaging $1.87m (£1.5m). These indirect costs were slightly higher amongst UK IT leaders ($1.95m / £1.7m) than US senior IT leaders ($1.79m / £1.56m).

The most common impacts of cyber incidents across this period were the result of operational downtime (reported by 40% of respondents), increased insurance premiums (36%), reputational damage (34%), and legal costs (34%).

Jamie Smith, Board Director at S-RM added:

“Often businesses will focus on the direct financial impact of a cyber incident, but the indirect impact can be even higher and far more difficult for them to accurately quantify. This is part of the reason why an effective incident response plan and relevant training is so important. The right plan can minimise the secondary impact of attacks, help to limit reputational damage, aid recovery, and minimise costly downtime.

“As the cyber threat continues to grow, investment in the right planning and expertise will become an even more crucial risk management necessity.”

Data source: S-RM  Cyber Security Insights Report 2022