Scammers Targeting Aussies—But New Plan To Fight.

What we’ll cover today:

🕵️‍♂️ Scammers Are Targeting Aussies.

💡 Dr. Twinemanzi: The Future of Fintech.

🔍 The Fintech Crash No One Saw Coming.

🔗 The Event Roundup 

Scammers Are Targeting Aussies.

Scammers took a massive A$2.74 billion from Australians last year.

But guess what?

A new government plan could be about to turn the tables.

The Scams Prevention Network (SPN) aims to make Australia a difficult place for scammers to operate.

Here’s how it works:

• Banks, telcos, and social media platforms will face new rules to prevent scams.

• They’ll be required to pay back victims when scams slip through.

• Social media platforms must verify advertiser identities to stop fake investment schemes.

Fintech Australia supports the plan but has extra suggestions:

• Test the measures in real-world "regulatory sandboxes."

• Define what counts as a scam.

• Ensure the rules align with other laws, like privacy and anti-money laundering regulations.

Here’s the whole article

1. Dr. Twinemanzi: The Future of Fintech.

Dr. Twinemanzi is the Executive Director of National Payments at the Bank of Uganda.

“Fintechs have an ample market, which can only be exploited satisfactorily if they change their focus beyond their current income streams,” he stated at a recent conference. 

In his opinion, if fintech companies partner and move away from siloed perspectives, they will all contribute to fostering a better and more inclusive financial ecosystem.

Here’s the whole Article

2. The Fintech Crash No One Saw Coming.

On this podcast of Fintech Insider Insights, host David Barton-Grimley delves into the crisis that has gripped Banking-as-a-Service for much of 2024. 

Alongside an expert panel of BaaS specialists, we look at how the collapse of two fintechs set in motion a domino effect that cost customers millions and rocked confidence in the industry. 

Here’s the whole podcast.

1. Fabrick and TerraPay forge new paths in cross-border payments across Europe.

Fabrick, a pioneer in Open Finance and Banking-as-a-Service has entered into a strategic partnership with TerraPay, a leader in the global money movement.

Based in Italy and extending its influence across Spain and the United Kingdom, Fabrick has made significant strides in the digital payments sector, especially following its recent acquisition of finAPI.

2. Logik.io bags $25m Series B for AI-driven CPQ platform.

Logik.io, a US-based fintech specialising in configure, price and quote (CPQ) solutions, has secured $25 million in Series B funding.

Existing backers GoBig, Emergence Capital, High Alpha, ServiceNow Ventures and Salesforce Ventures supported the round after previously leading the fintech’s $16 million Series A in May 2023.

3. DeFi Technologies snaps up Stillman Digital in $5m share deal.

DeFi Technologies, a fintech based in Toronto, Canada, has completed its acquisition of Stillman Digital, including its Bermudian subsidiary, Stillman Digital Bermuda, for around $5 million.