Fazzaco Weekly Digest: FSCA Warning List Updates; How Will ChatGPT Revolutionize Finance; OANDA to Exit Malta

1. FSCA Warns Against 6 Unauthorized Companies or Individuals​

The Financial Sector Conduct Authority (FSCA) last week warned the public to be cautious when conducting financial services related business with 6 new firms or individuals that are soliciting customers in South Africa jurisdiction without any licenses or are false authorized companies.

2. Listen to the Article: #ChatGPT, How Will It Revolutionize Finance?

If you are one of those who keep tabs on what's viral today, you gotta know ChatGPT is one of them trending memes right now. The AI conversational model developed by OpenAI is creating a buzz. Meanwhile, we are seeing its competitors, Google's Bard and Baidu's Ernie bot, getting eager to jump in, with Google's set to be officially launched in weeks and Baidu's set to begin beta test in March.

In the financial sector, AI is no longer a new concept and has been applied in both retail-end (e.g. investment portfolios) and institutional-end (e.g. trade monitoring, CRM, and plug-ins etc.) for a long time. This article will explore the impact of such AI applications on financial services/fintech firms, by taking a look into the reason behind the #ChatGPT first.

3. Robinhood Posts Financial Results for Q4 and Full Year 2022​

Robinhood Markets, Inc. ("Robinhood") announced financial results for the fourth quarter and full year of 2022, which ended December 31, 2022.

Total net revenues increased 5% sequentially to $380 million.

4. 39 Brokers & Fintechs: Executive Moves Since Janaury 2023

Fazzaco has totaled all stories covering the turnover of senior positions and executives of multiple FX brokers and fintechs since 2023 (as of February 8). According to the statistics, we have seen multiple facets of executive moves and possible trends they suggest. In this article, we will start from the statistics and explore the characteristics of executive moves in the financial sector and possible future trends.

5. OvalX Sells Client Assets to Capital.com as Jump Capital Stops Support​

OvalX, a leading spread-betting and CFD provider based in London, reportedly is selling its client assets to Capital.com, a Forex and CFD broker. Details of the transaction hasn't been disclosed.

In a meeting held recently with OvalX employees, Luca Merolla, CEO of OvalX, informed employees that the company's controlling shareholder, an American venture capital firm Jump Capital, had decided to stop funding OvalX, which has been experiencing declining performance, potentially leading to the end of OvalX's operations.

6. Niamh Byrne Leaves IG Group After 14 Years for Capital.com as Head of UK & Ireland

Fazzaco learned that Capital.com, the Forex and CFD broker, has tapped IG Group's long-time employee Niamh Byrne to assume the role of Head of UK & Ireland.

Niamh has been part of IG Group, a global online trading company providing CFDs and Forex, for fourteen years in London. During this period, she served as Senior Institutional Sales & Client Manager first, then rose to Head of UK B2B2C Sales after around twelve years.

7. OANDA Reveals Change in Its Retail Trading Operations in Europe, Plans to Exit Malta in March​

OANDA, a global leader in online multi-asset trading services, currency data and analytics, is planning to shut down its operations in Malta on March 17, 2023, and consolidate its European business under a regulated entity registered in Warsaw, Poland.

With this strategic adjustment, OEML "will cease to provide services currently provided on the basis of OANDA Europe Markets Limited Retail and Professional Clients Terms of Business ('ToB')". Meanwhile, OANDA will consolidate and transfer its European business to OANDA TMS