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Metro Bank UK: 2023's Next Bank Collapse? | Samsung's Trackable Card Unveiled | UBS Tests Tokenized Fund on Public Blockchain

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This week’s must-know stories:

Metro Bank’s Financial Struggles: Will Metro Bank in the UK be 2023’s next banking collapse?

UK’s Metro Bank shares plummeted by 31% following reports of its urgent need to raise funds to stabilize its finances. The bank is in discussions to raise £250 million in equity and £350 million in debt. Since its establishment in 2010 as a challenger to major UK banks, Metro Bank’s shares have dropped nearly 66% since mid-September. This decline was exacerbated when UK regulators denied its request to modify capital requirements calculations for its residential mortgages. The bank’s challenges have been ongoing, with significant losses reported in recent years and fines imposed for understating the risk of certain loans. Source

Samsung’s IoT-Trackable Credit Card: Samsung unveils revolutionary card that can be physically tracked

Samsung has unveiled a unique credit card in South Korea that can be tracked using its SmartThings Find service. This integration offers users real-time card location via Bluetooth Low Energy technology, enhancing security and aiding in locating misplaced cards. Currently exclusive to South Korea, this card reflects the growing integration of IoT in everyday payment tools. Source

UBS’s Tokenized Fund on Ethereum: UBS pilots tokenized money market fund on public blockchain

UBS Asset Management has piloted a tokenized money market fund on the Ethereum public blockchain as part of the Monetary Authority of Singapore’s Project Guardian. Tokenizing funds can enhance liquidity and market access. UBS executed fund subscriptions and redemptions using smart contracts and aims to expand its tokenization efforts with more partners. Source

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