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Hello.
In FintechFT this week, Silvia Sciorilli Borrelli writes about the Italian financial officer’s warning about cryptocurrencies, interviews the CEO of Wahed’s well-regulated and licensed program and examines the reasons why Amazon lifted its ban on UK Visa credit cards.
Italian crypto regulator warning
Consob, Italy’s financial services director, has warned of the dangers posed by the growing number of uneducated Italian financial professionals investing in cryptocurrencies.
His annual survey of the Italian financial system shows a jump in the interest of investors in online trading and cryptocurrencies, which regulators connect with people forced to work at home due to epidemic restrictions – Italy is not alone here because millions around the world have converted retail brokerages during lockdowns.
Paolo Savona, Consob’s chief executive, has already highlighted the dangers of illegal cryptocurrencies in Italy, where cryptocurrencies are low and accounting is low. More than € 1.4tn live in Italian bank accounts so the investment opportunity is huge.
But of the 2,700 people surveyed by Consob, only half were able to answer important financial questions, raising concerns about whether their finances were in line with their risk. In addition, about 40 percent of those surveyed said that they received advice from friends and relatives instead of relying on professional counselors.
Some observers have noted the volatility of cryptocurrencies on the flow of cryptocurrencies. Last September, Charles Randell, chairman of the UK’s Financial Conduct Authority, he warned that vulnerable people risked their financial future by focusing on digital economy.
The Federal Reserve said November ended that US regulatory agencies should regulate the validity of cryptocurrencies. for the entire year 2022.
Italian officials have called for better EU legislation. However, he also urged the Italian parliament to intervene if international efforts to curb crypto-currencies were delayed. The risk is greater in Italy.
Corrado Passera, co-founder and CEO of Illimity Bank, told the Huffington Post that it was “very important” for Europe to build its digital currency.
“We need a digital euro to find new opportunities, and because without it it will be very difficult for us to protect our financial control, which is why politics and the economy,” he said.
Passera added that it was not possible to understand the meaning of the controversy without understanding the growing globalization in cryptocurrencies, which is already causing confusion and confusion. Although declining by the end of 2021, the total cryptocurrency market share is close to $ 2.2tn, up from about $ 750bn last year.
(Silvia Sciorilli Borrelli)
Quickfire Q&A
Each week we ask the founders of the fast-growing fintech to showcase themselves and explain what makes them so popular in the industry. Our conversations, lightly modified, are shown below.
I chatted with Junaid Wahedna, founder and CEO of Wahed Invest, which operates the world’s first halal fundraising platform. Established in 2017, the program does not include fixed categories such as alcohol consumption and uses a number of debt and other items to determine whether stocks are operating. To date, it has raised $ 40m in Seeds and Series A, with Saudi Aramco Entrepreneurship Ventures, Rasameel Investment Company, Cue Ball, Dubai Cultiv8 and BECO Capital among major owners. In 2021, it launched its program in the UK market.
Where did Wahed’s idea come from? The idea was created in New York City in 2015, where I work as a banker on Wall Street. I was in the back of a yellow cabin, and the driver asked me where I could put the money. At that time there was no way he could get the financial guidance he needed to invest in a fair and just manner, so he inquired there. I have where to put his money. The I have told him that Apple stock had agreed so the driver was about to put all his retirement money in one store. This made me think that people needed an easy, accessible and affordable way to make halal money.
What are the challenges to running a halal Investment platform? The biggest challenge is to ensure that the companies you are targeting meet the requirements of sharia while they are in an economy that has no requirements. For example, illicit industries such as pornography and gambling may be considered immoral but illegal in most lands. In addition, due to the many financial policies that are predetermined in interest rates, it is difficult to avoid or reduce them, which makes it difficult to obtain assets and shares in use.
In general, how do you get to investing fairly? Some of the challenges come with the way companies are created and the amount of work they do, which can lead to the job not meeting the ethical requirements of the highest quality. Because businesses are created based on what most people know, reports can be created on a regular basis to reflect what companies want to see. Analyzing all of this while reporting remains childish and problematic.
Wahed uses integrated systems to help us manage our finances, from debt to misalignment and to focus on companies that offer profits. The use of mixed methods enables us to ensure that we are of good character as we select companies with a well-known reputation.
What ideas did they come up with in the UK based on the current competition and new customers? The UK is still underfunded and there are many unprotected areas, such as Muslims, who want to invest their money fairly and equitably. But Wahed’s goal goes further – we want to create an alternative credit system that is better and more sustainable for everyone.
Fintech Fascination
Amazon suspends Visa ban – Just a few days before it is completed. The story that the seller and paymaster are working on a solution that seems to reassure industry experts that they have predicted that it is a negotiation process. Visa, which accounts for one-third of Britain’s credit card market, is the only major player that does not issue an identity card with Amazon in the UK.
Cryptoland saga continues – Jemima Kelly reports on what is going on in the strange story of the promised crypto paradise island in which the promotional video was so widely distributed (for the wrong reasons) that they were removed from their official YouTube channel. Defendants were sent to drop off and leave letters – or “leave and die” as one tweet stated – without a defendant’s lawyer and questions were asked about the property used in the video.
Signal payments are being monitored – Lex they monitor the latest digital payment tracking program. Even the youngest player on the market, Signal’s search for anonymous digital payments is unlikely to win over regulators with the opportunity to pay rewards in a way that would undermine government control.
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