??? Everything You Need to Know About ChatGPT This Week

Good morning, crunchers!

Welcome to today’s edition of our newsletter, where you will get the latest updates and insights on the world of fintech and beyond.

Today, we have a special feature piece that focuses on ChatGPT, a topic that has been the craze lately.

Whether you're a tech enthusiast or just looking to expand your knowledge, this feature piece is not to be missed.

If you’re reading this and haven’t signed up yet, make sure you join 10,816 others by subscribing here .

So, sit back, relax, and let's dive into the world of fintech, payments, and ChatGPT.

?? What’s New in Fintech & Payments

• Cash App has introduced Cash App Savings, a new savings tool that simplifies the savings process for those just starting out.

• Tencent is growing its numbers in overseas fintech investments with a focus on big tech companies.

• Innoviti Technologies has partnered with Reliance Retail, ICICI Bank, and Kotak Mahindra Bank to launch in-store payments using Digital Rupee-Retail.

• The U.S. credit card debt has reached a record high of $930.6 billion, which is an increase of 18.5%.

• JPMorgan is expanding its digital banking presence to Germany , capitalizing on the success of its digital bank in the UK.

?? The World of Web3

• The Dubai International Financial Centre has unveiled the DIFC Metaverse Platform , fulfilling the Higher Committee for Future Technology and Digital Economy's goal of drawing tech pioneers globally to Dubai.

?? Crypto & Defi

• Crypto-friendly Silvergate Capital Corp. is currently under investigation for its dealings with the bankrupt FTX and Alameda firms.

• Kraken, a cryptocurrency exchange, will shut down its Abu Dhabi office.

?? The State of Investment

• On the opening day of LEAP 2023, investments worth over $9 billion were announced to support the growth of emerging technologies and digital entrepreneurship, further solidifying Saudi Arabia's position as the leading digital economy in the region.

• Holo, a fintech based in the UAE, has secured a seven-figure Seed funding round, led by Saudi Arabia's Watheeq Proptech Venture and Hambro Perks Oryx Fund.

• Google has invested $300 million in the AI start-up Anthropic, joining the ranks of tech giants investing in the thriving "generative AI" sector.

?? Everything You Need to Know About ChatGPT

ChatGPT, the large language model tool created by OpenAI, has been creating quite a buzz lately . This tool can mimic human speech and respond to almost any question you ask. But is ChatGPT really capable of "thinking" like a human? Will AI take over the world?

Some people have been having fun with ChatGPT, but the results can be a bit concerning. This recent report highlights how kids are using the tool as a replacement for their parents and that's not a good thing.

On the other hand, researchers are taking a more cautious approach by experimenting with ChatGPT in controlled environments. OpenAI has also admitted that the tool isn't perfect and sometimes provides answers that are incorrect or nonsensical. Despite these limitations, people are still excited about the potential of ChatGPT and other AI tools.

But not everyone is as optimistic. In this report, This second report has raised some red flags about the potential dangers of relying too heavily on AI tools like ChatGPT. While the report recognizes the benefits of the technology, it also warns of the consequences of blindly trusting AI systems without fully understanding their limitations. This serves as a reminder that we should be responsible and ethical when using these tools and approach them with a critical eye.

?? Report of the Week

Impact on Venture Capital and Private Equity Ecosystem in the Kingdom of Saudi Arabia: The Saudi Venture Capital (SVC) organization strives to promote and maintain financing for big businesses and SMEs, ranging from pre-Seed to pre-IPO stages. This report comprises multiple aspects, including the evolution of venture capital investment in Saudi Arabia since SVC's inception, Saudi Arabia's ranking within the MENA region, a comprehensive overview of SVC's ramifications through quantitative data, and more. With the launch of the LEAP Conference, Saudi Arabia is getting closer to its ambitious goal of becoming a global leader in technology.?

?? Books I’m Reading

The Burnout Challenge: Managing People's Relationships with Their Jobs by Christina Maslach and Michael P. Leiter

Check out more of my favorite reads here .

?? In Other News…

• Healthcare: Daniel Ek, the CEO and founder of Spotify, is introducing a new venture that plans to revolutionize a massive industry – healthcare.

• AI: AI systems are transitioning from research demos to practical tools and commercial products for public use. The sudden shift begs the question, why now ?

• OpenAI: Microsoft is integrating OpenAI's AI capabilities into Viva Sales, its customer-relationship app, to compete with Salesforce and generate email replies to clients.

• Chatbots: ChatGPT may soon replace these jobs . This is a common outcome during technological advancements, where some positions may become obsolete due to AI – but new job opportunities will arise as well.

?? The Podcast for Fintech Enthusiasts

In this episode, I talk to Dominic Longman , Senior Executive Officer at Binance Abu Dhabi, and Nadeem Ladki , Executive Director, Head of BD & Partnerships - Europe & MENA, about the impact of running the world's leading cryptocurrency exchange. They discuss how cryptocurrency has become a viable investment opportunity and how Binance, with over 150 million users, is at the forefront of this evolution. It's an episode packed with lots of insight which I highly recommend you listen to.

??? And that brings us to the end of today’s Crunch

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And thank you to our sponsors Adyen , ToYou | ???? , Visa , geidea , and M2P Fintech for making today's edition possible.