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Nexo Wraps Up Strategic Investment in Yield Inc, Signals Vocal Support for DeFi Ecosystem



[PRESS RELEASE – London, United Kingdom, 12th July 2021]

Nexo, the leading regulated institution for digital assets, has completed a strategic investment in Yield Inc, a company leading efforts to build the Yield Protocol – an Ethereum protocol that enables fixed-rate borrowing and lending by fostering the nascent DeFi bond market – as part of the company’s $10-million Series A funding round. Nexo aims to not only provide necessary funding but also to help Yield’s efforts to build DeFi native versions of traditional finance products.

Nexo’s investment represents another important milestone on its strategic agenda. As the largest, retail-oriented lender in the digital asset space, Nexo pursues optimal operating and investment returns, but of equal importance to the company is the responsibility to invest in young and prospective Blockchain projects in order to help shape the ecosystem of tomorrow and influence the future generation of crypto visionaries.

The raised funding will further bolster Yield’s mission to make fixed-rate borrowing and lending a fundamental building block of decentralized finance. Yield recently began sharing details regarding version 2 of Yield Protocol’s core borrowing and lending platform, slated for release later this year. Nexo’s seasoned team of financial professionals and technology experts will be available to support Yield’s growth and development, and both teams will join efforts to contribute new standards of professionalism and institutionalization to the nascent DeFi industry.

“Nexo and Yield could form the perfect symbiosis in the industry’s efforts to transform digital assets into a new asset class. While Nexo is a dominant factor in the traditional crypto-backed CeFi space, new business niches could be unlocked by Yield’s zero-coupon fixed-income instruments, dynamic interest rate determination across maturities, and innovative risk management” commented Tatiana Metodieva, CFA, Head of Corporate Finance at Nexo, who led the buy-side mandate.

“Nexo brings a unique perspective to Yield’s incredible team of investors and advisors. Nexo understands both traditional crypto-backed CeFi, but also understands what it means to be a DeFi power user. We are thrilled to have their help as we launch version 2 of the Yield Protocol and begin to build a community around fixed-rate, fixed-term borrowing and lending products,” commented Allan Niemerg, CEO of Yield, Inc.

About Nexo

Nexo is the world’s leading regulated digital assets institution. The company’s mission is to maximize the value and utility of cryptocurrencies by offering tax-efficient Instant Crypto Credit Lines™, a high-yield Earn on Crypto & Fiat suite, an instant Exchange service, and sophisticated trading and OTC capabilities, while providing the top-tier custodial insurance and military-grade security of the Nexo Wallet. Nexo has processed $30+ billion for 1,500,000+ users across more than 200 jurisdictions.

About Yield

Yield is on a mission to make fixed-rate borrowing and lending a fundamental building block of decentralized finance. Yield was the first to launch fixed-rate, fixed-term borrowing and lending on Ethereum, and has pushed forward the state of the art in on-chain financial products and automated market makers. Founded in 2020, Yield is a global, remote-first team committed to building decentralized protocols that empower users to control their financial future.


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Artificial Intelligence

Wealthech: Fabrick and Prometeia Partner on Wealth Management Solution Incorporating Open Banking, AI



Fabrick, an Open Banking Fintech and Prometia, a company offering wealth management solutions, have joined to launch the Global Investment Portfolio, a digital wealth management solution that utilizes artificial intelligence (AI) as well as Open Banking tech.

According to a release, the two companies have pooled assets and skills in open banking and AI to develop the Global Investment Portfolio that puts together an investor’s overall financial portfolio through the aggregate analysis of the bank accounts held by them across various institutions. The Wealthtech leverages AI to spot information generated by asset management activities run by other banks without the need for direct access to all of an investor’s separate investment accounts.

Global Investment Portfolio uses Fabrick’s PSD2 Gateway that allows access to comprehensive bank data through the account aggregation service which provides analysis of all current accounts. The service provides a multi-bank experience that allows customers to view all information from a single touch point. The service is designed to allow investors to monitor all their investments from a single platform while providing real-time comparisons of investments and the ability to easily see which are performing and which are not.

Matteo Necci, a Partner at Prometeia, explained:

“Global Investment Portfolio is a cutting-edge solution with respect to the main trends in Digital Finance and is proposed as a distinctive element in the automation and digitisation of customer advisory processes. The combination of our know-how in artificial intelligence solutions for wealth management with Fabrick’s open banking expertise and ecosystem allows intermediaries to have in-depth knowledge of the investor’s financial portfolio, fully developing the potential of PSD2”.

Paolo Zaccardi, CEO of Fabrick, said that wealth management is a sector that is proving to be very active in exploiting the benefits of Open Finance to develop new digital services that meet the needs of the public and end consumers:

“Fabrick is an active part of this process and the partnership with Prometeia demonstrates how access to current account data represents only the tip of the iceberg of the numerous opportunities presented by our ecosystem and the collaborative approach we promote. You just have to look at the Global Investment Portfolio solution to understand the great value that the combination of account aggregation and data categorisation brings to all the players involved, tangibly enabling a new and more complete and personalised offer model.”

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U.S. Issues Warning Advisory on Travel for the UK Over Rising COVID-19 Cases



Americans should not travel to the United Kingdom – including England, Scotland, Wales, and Northern Ireland – because of the rise in Covid-19 cases caused by the virus in the Delta variant. Both the U.S. Centers for Disease Control and Prevention (CDC) and the U.S. Department of State have given the UK their very high warning levels.

Yesterday the CDC raised travel advisory in the United Kingdom to level 4, which means “the highest level of Covid-19.” They issued a notice that reads “If you must travel to the UK make sure that you are vaccinated”. “Due to the current situation in the United Kingdom, even fully vaccinated travelers may be at risk of receiving and distributing COVID-19,” the CDC notice said.

Covid-19 cases grew by more than 50,000 a day in the UK and hundreds of thousands of Britons were asked to go for self-isolation for ten days. In the U.K. the warning level previously was at level 3, indicating a “high” level of Covid-19 and warns that only fully vaccinated travelers should travel.

The U.S. Department of State raised its United Kingdom tourism warning to Level 4, which means “don’t visit the Uk.”The United Kingdom is currently recording an average of 65 new Covid-19 cases per 100,000 people, from the data issued by the Brown School of Public Health. That level of exposure puts the country “tipping point,” according to Brown’s Covid-19 risk assessment map.

U.S. Warnings were issued last Monday just after England abandoned the last of its epidemic restrictions and celebrated festive events to celebrate “Freedom Day”. This raised eyebrows for many countries including the US. However, Scotland, Wales, and Northern Ireland keep certain restrictions such as compulsory masks and social distances in public places.

Covid-19 is also rapidly spreading in the United States. Delta’s variant of Covid-19 exacerbates an increase in the number of deaths nationwide, say U.S. health officials. The United States currently records 12 new cases every day for every 100,000 people. The American epidemic epicenter is the state of Florida, currently recording 49.3 new cases a day out of 100,000. “This has become a pandemic for the uninitiated,” said Dr. Rochelle Walensky, director of the CDC.

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Praemium’s machine learning takes platform accuracy to a new level



Praemium has expanded its machine learning and artificial intelligence capabilities to benefit users of its non-custodial Virtual Managed Account solution, by reducing human errors in data entry and improving data integrity.

Using machine learning across a range of data sets, Praemium has been able to identify transactions that may have been incorrectly entered or categorised by administrators.

Praemium’s Chief Technology Officer, Adam Pointon said, “When managing large volumes of data, human errors happen. Through machine learning we have been able to identify which transactions may be incorrect and predict the correct classification. For example, a buy transaction might be incorrectly entered as a withdrawal, or income as a deposit. These errors could provide incorrect portfolio performance information or have tax implications for investors.”

“This functionality allows for errors to be detected at scale and rectified quickly and is already being used successfully with several of Praemium’s institutional clients,” Pointon added.

The functionality expands upon Praemium’s existing machine learning capability Insights, launched in 2019, that is able to provide highly accurate predictive analytics that a client is demonstrating behaviours that indicate they are needing advice.

“Praemium’s non-custodial solution is recognised as the market-leader and we continue to enhance our technology with these exciting innovations.” Pointon continues.

Recent research undertaken by Praemium with Investment Trends showed that almost 60% of advisers are managing non-custodial client assets off-platform. Typically, these assets are managed manually via spreadsheets, consuming two extra hours of adviser resource per client.

Praemium’s Chief Commercial Officer Mat Walker also commented, “Praemium’s non-custodial solution has $140bn in assets under administration and offers advisers and wealth managers the benefit of managing both custodial and non-custodial assets on a single platform. Our research indicates that advisers are feeling the burden of administering these assets and our technology not only does this efficiently but also more accurately. We also offer the option to remove the administration burden completely by outsourcing to Praemium’s Administration Service who also utilise this functionality for large volume data processing.”

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Artificial Intelligence

Will AI Developments Help Open Banking Take Off?



Artificial intelligence has become a gamechanger in the banking industry in recent years. The global market for AI in Fintech was valued at nearly $8 billion last year. It is projected to be worth nearly $27 billion by 2026.

There are a number of reasons that AI is becoming an integral part of the banking industry. One reason is that it is driving process automation. However, AI is starting to show potential with even more complicated automation issues.

AI has made open banking possible. New advances in AI could help open banking become even more popular in the near future.

AI Drives the Future of Open Banking

Open banking is the technical process that allows financial providers to dip in and see the banking history and activity of a customer before they apply. It has been made possible through new developments in AI technology.

The process was recently introduced in the UK and many suggest that it could be the future of underwriting and eligibility for products such as credit cards, loans and mortgages. Antonio Tinto wrote an article about the evolution of open banking in the context of AI in fintech in his LinkedIn post Open Banking and AI – The Rise of Cognitive Banking.

Customers must agree for lenders to see their transactional history and financial information during the application process – but this should be able to provide lenders with a better understanding of the customer’s borrower spending, including highlighting any gambling or debt problems with machine learning algorithms. 

For lenders this offers a very insightful look into a customer’s spending habits and should provide much better decisions in terms of loan approvals, credit limits, loan amounts and more.

Budget planning programs and also fall under the umbrella of open banking. These machine learning programs compile data sourced from multiple locations such as credit cards and bank accounts, providing a full picture of spending habits. 

What Are the Benefits of Open Banking with AI?

Open banking gives lenders a better picture of a spender’s habits, allowing them to make an informed decision regarding potential loan and credit applications. Lenders use complex data-driven algorithms to make these analyses.

Currently, lenders rely heavily on customer credit scoring and other metrics including income checks and affordability checks, but for the average personal loan or credit card, there is no real delving into someone’s banking activity or machine learning analysis.

This allows lenders to find concrete information if there are recurring gambling issues, multiple loans taken out or huge overdrafts – something that typically goes unnoticed by lenders in basic checks.

Beyond this, lenders and credit providers can use these findings to improve their underwriting and build models to determine eligibility patterns – and thus approve better customers and increase their repayment rates.

What Are the Risks Associated with Online Banking?

Risks associated with online banking tend to include concerns about privacy policies and data protection. Financial data from various sources is merged in order to be analyzed in comparison with other datasets to create predictive algorithms. This can then forecast future spending habits.

This requires the access of private financial data, giving firms access to any transactions. Lenders are able to see any financial transactions taking place with customer consent, which could prevent them offering a loan.

The Difference Between Open Banking and Credit Scoring

Open banking can potentially offer more accurate reflections of a person’s financial situation and can also utilize existing credit scores to make decisions surrounding potential loans even stronger.

As open banking increases in popularity, different types of loans will be able to use it to provide lenders with clear insights of borrowers financial habits. Mortgages and other types of loans have the potential to operate in this manner, as open banking is adopted by more and more businesses.

Will Open Banking Take Off as AI Becomes More Widely Used in the Financial Sector?

AI technology has made open banking possible. Banking institutions are relying more heavily than ever on machine learning algorithms.

David Beard, founder of price comparison site, Lending Expert, commented:

“Open banking is certainly revolutionary and will definitely help lenders to better understand their applicants. Being able to see a customer’s bank statement history can highlight potential risks such as gambling debts or if they are starting with huge debts to begin with. This could help lenders steer clear of troubled customers or approve those that look more appealing.”

“The only challenge is that people have to opt into open banking, which not every customer will want to do – and ideally you need real volumes to make a difference to your bottom line and to build future models.”

“If lenders and providers can present this in a smart way that is data compliant and abides by regulation, open banking could be transformative.”

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