Your identity is now the new security frontier & your most valuable currency 🛡️🪪; PayPal wants to be the Everything Payments App 👀💳; Estonia's Lightyear secures $23M to challenge Robinhood 😤💸

FinTech is Eating the World, 25 July

Hey Everyone,

Good morning & happy Friday! What an incredible week it was in FinTech - JPMorgan delivering yet another solid quarter & embracing stables, a perfect bank & crypto platform partnership, Wall St. giants tokenizing money market funds, etc. 🤯 But the good thing is that it’s not over yet as today we’re looking into your identity that’s now the new security frontier & your most valuable currency (the huge AI fraud risk in finance & FinTech, and what FIs and FinServ players should do + more bonus reads & dives inside), PayPal which now wants to be the Everything Payments App (what it’s all about & why it makes sense for PayPal + deep dive into the most compelling FinTech stock available today), and Estonia's Lightyear which just secured $23M to challenge Robinhood (what it’s all about & why you should be excited about Lightyear + bonus dives into Robinhood inside). Let’s just jump straight into the fascinating stuff 🌶️

Your identity is now the new security frontier and your most valuable currency 🛡️🪪

Following the trends 🤖 OpenAI CEO Sam Altman just delivered a stark warning to financial regulators, declaring that AI has fully defeated voice-based authentication systems still used by major banks.

Speaking at a Federal Reserve conference in Washington, Altman specifically targeted institutions that "will accept a voice print to move a lot of money," calling such practices a crazy thing to still be doing. And he’s right.

Let’s take a look at this, understand why it’s a huge problem (& an opportunity), and what should banks and FinTechs do to prepare for the AI-first age.