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UK Fintech Job Market Soars: Discover Exciting Opportunities in a Thriving Industry
In 2024, the fintech industry saw a notable increase in job vacancies, reaching 12,519 compared to 8,672 in 2023, driven by venture capital funding, AI adoption, and market fragmentation. Leading companies like Wise and Ebury Partners experienced significant growth in openings, particularly in business development and sales. Conversely, the traditional banking sector faced an 11% decline in vacancies, totaling 37,901 due to restructuring and reduced regulatory activity. Major banks like NatWest and Barclays reported substantial job reductions. Meanwhile, the accountancy sector rebounded with a 29% increase in vacancies, marking the highest demand in five years.
Marlin Acquires Majority Stake in Napier AI: A Game-Changing Investment in AI Technology
Napier AI, a London-based provider of AI-driven financial crime compliance software, is making notable advancements in the banking and asset management industries since its 2015 inception. Specializing in AML screening, the company has partnered with over 100 financial institutions, including HSBC and State Street, to enhance monitoring and regulatory reporting. Recently, Napier AI secured £45 million in funding from Crestline Investors and completed a majority investment from Marlin Equity Partners to boost its market presence through research, development, and global expansion. CEO Greg Watson highlights the necessity of modern solutions in combating evolving financial crime threats.
Union Takes Action: Lawsuit Filed Against CFPB Shutdown
The Consumer Financial Protection Bureau (CFPB) is halting operations following new director Vought’s directives, which order a stop to supervision, investigations, and stakeholder engagement. The National Treasury Employees Union (NTEU) has filed a lawsuit against these orders, citing risks to employee status and the agency’s ability to fulfill its responsibilities. Additionally, the NTEU has raised concerns over employee privacy after Vought allowed access to sensitive information by a team affiliated with Elon Musk. Vought has also announced the CFPB won’t request its next funding draw, raising alarm about potential oversight gaps for consumers, as noted by Senator Elizabeth Warren.
FDIC Confirms Banks Can Engage in Crypto Activities Without Prior Approval
The Federal Deposit Insurance Corporation (FDIC) has announced a shift in its regulatory stance, allowing banks to engage in crypto-related activities, provided they manage associated risks effectively. This updated policy replaces prior strict regulations requiring banks to obtain clearance for such activities. FDIC Chairman Travis Hill emphasized this change as a move towards a more flexible approach to cryptocurrencies and blockchain. The decision reflects a broader trend of loosening restrictions on digital assets within the financial sector, seen in recent actions by the Office of the Comptroller of the Currency and the Commodity Futures Trading Commission, signaling increased acceptance of digital currencies.