News Nuggets | 12 October: CySEC Launches Instagram; OpenAI to Introduce Updates for Devs

CySEC Launches Instagram Page for Financial Literacy

The Cyprus Securities and Exchange Commission (CySEC) has launched an official Instagram page to promote financial literacy. The new social media presence aims to engage younger generations and provide valuable insight into financial literacy and investor protection. CySEC plans to use this platform to empower investors to make informed financial decisions.

“As the world becomes increasingly interconnected through digital platforms, it is crucial for regulators to engage with younger generations on the channels they use most. Instagram, as one of the most popular social media platforms, provides an excellent opportunity to interact with young people and investors on financial literacy, personal financial well-being and investor protection,” a CYSEC spokesperson commented.

OpenAI to Introduce Major Updates for Developers

Reuters reported that OpenAI plans to introduce significant updates to make it cheaper and faster for developers to build software applications based on its AI models. The updates include the addition of memory storage to its developer tools and new vision capabilities. These changes aim to attract more companies to use OpenAI's technology and build sustainable businesses.

The upcoming features are slated for unveiling at OpenAI's inaugural developer conference in San Francisco, scheduled for 6 November, according to insiders who requested anonymity. These enhancements aim to incentivize businesses to leverage OpenAI's technology for creating AI-driven chatbots and self-sufficient agents capable of executing functions without human oversight.

Marex Joins ASX as Newest Futures Clearing Participant

Global financial services platform Marex has become the newest Australian Securities Exchange (ASX) member for futures clearing and trading. This move aims to diversify the currently concentrated futures clearing market on the ASX, offering more choices for wholesale investors in Australia.

Marex's entry is part of its global strategy to expand its clearing services and connect clients to global markets. The company, which opened its Australian office in December 2021, has reported a growth of 89% in net revenue in the Asia Pacific for the first half of 2023 compared to the same period last year.

Cboe Global Markets Announces Leadership Changes

Cboe Global Markets has made new appointments to its senior leadership team to support its global growth strategy. Catherine Clay has been appointed as the Global Head of Derivatives, and Adam Inzirillo has been promoted to Global Head of Data and Access Solutions.

These changes aim to strengthen Cboe's global footprint and offer world-class products and services to its clients. Clay will oversee the global derivatives business, while Inzirillo will manage market data and access services.

xpate Partners with Currencycloud for Global Payments

UK-based e-commerce payments platform xpate has partnered with Currencycloud to offer multi-currency payment methods and competitive foreign exchange rates.

This partnership aims to help xpate's customers (primarily micro, small, and medium-sized businesses) tap into new global markets and manage their cash flow more effectively. xpate's integrated platform combines card acquiring, payment processing, and banking services, reducing the administrative burden for merchants.

Leverate Introduces AI-Powered Chatbot Assistant

The Financial technology company Leverate has launched an AI-driven Chatbot Assistant designed to improve broker-trader interactions. The Chatbot Assistant aims to respond quickly and accurately to customer queries, offer multilingual support, and enhance trader satisfaction. This innovation is part of Leverate's strategy to meet the demands of the fast-paced financial markets and promote business growth.

“The Chatbot Assistant is a state-of-the-art digital tool that allows brokers to communicate naturally with their clients. Powered by advanced artificial intelligence, this virtual assistant offers instant answers to queries and performs essential tasks, creating a seamless and personalized customer service experience,” the company commented.

Fiserv Acquires Skytef to Expand in Brazil

Fiserv has acquired Skytef, a primary distributor of Software Express's SiTef, to strengthen its distribution network in Brazil. The acquisition has added more than 600 ISV partners and about 27,000 merchants to Fiserv's network.

This move aims to enhance operational efficiency and expand the range of products and services offered to businesses. The acquisition also has allowed Fiserv to support large clients with complex after-sales demands better.

"We want to add even more value to our clients and partners, expanding our current and future portfolio of solutions with a highly qualified team that values relationships," said Jorge Valdivia, the General Manager for Brazil at Fiserv.

Kiwibank Fined for Misleading Customers

Kiwibank has been ordered to pay a civil penalty of $812,500 for making false and misleading representations to customers. The High Court in Wellington imposed the penalty following proceedings brought by the Financial Markets Authority (FMA).

The bank admitted to breaching the Fair Dealing provisions of the Financial Markets Conduct Act 2013. The court noted that the bank's negligence had potentially significant market consequences.

“The relevant conduct here involved negligence, and no intention to deprive customers of their entitlements. Once identified Kiwibank also brought the contraventions to the FMA’s attention, and embarked upon a process of remedying their error, and addressing its systemic failures,” Justice Francis Cooke commented.

SIX Expands Cloud Connectivity with Megaport

SIX, the global financial information provider, has expanded its cloud connectivity offering through a partnership with Megaport. The new service, SIX Connect, provides customers with secure and rapid access to SIX's suite of data services via any major public cloud provider. This move is part of SIX's broader strategy to offer clients unparalleled flexibility in data access.

“This represents a leap forward, not just for SIX but for the entire financial community we serve. Customers continue to explore and adopt cloud to accelerate development cycles and optimize workflows. They prefer to partner with an information provider who can offer seamless and instant access to financial information, irrespective of their choice of cloud provider or region,” Henk D’Hoore from SIX commented.

Worldline Introduces FlexCommissions for Partners

Worldline has launched FlexCommissions, a new flexible payout feature for its e-commerce solution in North America. The feature allows partners to choose the frequency of their revenue-sharing profits, providing them with increased cash flow and growth opportunities. FlexCommissions additionally offers tailored allocation options based on factors like region, industry, or department.

“We built FlexCommissions based on requests from several of our key partners who were looking to receive more frequent payouts than the standard industry revenue sharing timing so that they could better control cash flow and operationalize their payment profits sooner,” said Anthony Chalhoub, the Managing Director of Wordline.