FinTech News

fintech news on coinspeaker

On Fintech news, aims at bringing crypto-news from across the globe to your doorsteps. We understand that the price for the bitcoin rose above $15,000 on Thursday. In this year alone, it has risen by more than 1400%, and the market capitalization is almost at $246bn. Investors have been crazy for the cryptocurrency, and there are certain speculations about how much higher it can go.

The Blockchain is a technology that runs cryptocurrencies such as bitcoin. The technology makes it possible to share any encrypted data between many groups of people, companies, and institutions while protecting the data from fraud. Blockchain has the potential to reduce the cost of transacting in a financial system.

Fintech news has influenced many areas of financial services including fundraising, borrowing and lending, risk management, and trading insurance by providing up to date information on these sectors. The growth potential of FINTECH is encouragingly high, and this provides nearly endless opportunities for innovation. Speculation has been made that fintech will change the way we live and do business. Currently, a couple of fintech firms have grown in value to staggering billions of dollars. China’s Lufax is reportedly worth above $10 billion.

Fintech firms offer entrepreneurial energy, and fast-paced technological advantage to businesses, as opposed to the traditional methods of financial transaction and services, are hence urged to be friends with the fintech firms. There has been a rapid demand for computing power which has risen along with the overwhelming growth of cryptocurrencies. Using the mining process, computers will be able to solve math problems to make more bitcoins. The difficulty of these problems increases as bitcoin grows and more electricity is being pulled from electrical grids across the globe. This energy could be better used for industries and charging electric vehicles and in worse cases; rogue mining operations are now regular thereby causing blackouts.

The chief executive of Goldman Sachs has stated in an interview on Bloomberg television that the bank has not put a bitcoin strategy in place for lack of need. He said he is unconvinced about the use of cryptocurrency as it is “A vehicle to perpetrate fraud.”

There is a fintech revolution in India and fintech firms like PayTM and PhonePe with wallet features to enable their users easily synchronize their bank accounts as well as their credit or debit cards for use in everyday transactions which are now being accepted by drivers, street vendors, among others. India’s digital payments process is expected to increase from 5% to 20% and the e-commerce market is also expected to reach $200 billion by the end of 2017. Tencent which has over one billion users in China, have also invested in India.

Analysis from Citigroup in 2016 has it that between 2 to 6 million jobs are at risk of being lost in the banking industry all over Europe and the United States within the next 10 years. This fintech news is made up of financial professionals taking financial technology courses to fend off competition and stay ahead of segmentation. The bolster in uptake is owing to the fact that the financial technology has recquired a turning point in its evolution.

The European mobile banking service has declared the launch of N26 Metal, which happens to be the company’s premium MasterCard-affiliated debit card tailored to meet the needs of the digital consumers. This is the very first metal card in Europe that supports contactless payments. Its offers comprise of worldwide travel insurance, zero foreign withdrawal fees, and reasonable exchange rate.

The various financial regulators of Dubai and Australia have signed a mutually beneficial agreement to cooperate on and promote financial technologies in each other’s market. According to the agreement, Australian Securities and Investment Commission (ASIC) and the Dubai Financial Services Authority (DFSA) will have to work together on a framework for FinTech innovation. It aims to lower the burden for industry startups and businesses to enter each other’s market. The contracts direct both parties to exchange information on innovative developments in each other’s market. The ASIC has also revealed a Regulatory Technology as an area of focus.

RAK Bank, a retail bank in the UAE has partnered blockchain startup Ripple to effect instant payment across borders to its customers in India.

A London based company ‘The London Block Exchange (LBX)’ has opined that it has strategic plans to launch a sterling-to-cryptocurrency exchange in addition to the Card. Bitcoins, Ethereum, Ripple, Litecoin, and Monero, will be available for exchange when the card launches.

Fintech news is poised to bringing you the most crypto-news from all over the world.

MarketInvoice Will Raise $67M from Investec Asset Finance to Provide Online Loans
December 14th, 2017

Finance platform MarketInvoice will provide business loans for customers of Investec Asset Finance. To fund these loans, the banking group will render £50 million to the platform.

NAGA Group Deploys a Robotized System to Help Traders
December 13th, 2017

German FinTech company NAGA Group AG is working on a sophisticated robo-advisor called ‘CYBO’ that provides traders with crowd data indexing and market stats.

Mobile Banking App Revolut Adds Cryptocurrency Trading
December 6th, 2017

Mobile banking app Revolut adds Ether and Litecoin trading to its application-based service.

After Successful ICO, VR Startup Decentraland Plans First Land Sale
November 8th, 2017

On the eve of Virtual Revolution: VR platform Decentraland creates new universe announcing its first land auction to take place in December.

Fintech Startup MarketInvoice Getting into Small Business Lending
November 1st, 2017

MarketInvoice has expanded its mission in the field of business financing by launching business loans today. This will complement their set of financial decisions for invoices, which will enable them to better serve the needs of the British business in working capital.

Berlin-based Mobile Bank N26 Plans to Enter the U.S Market by Mid-2018
October 24th, 2017

During the Money20/20 Conference in Las Vegas, mobile bank N26 announced plans to enter the U.S. Market by Mid-2018.

JPMorgan Chase to Buy Payments Startup WePay in Rare FinTech Acquisition
October 19th, 2017

One of the largest banking institutions in the United States is to acquire California-based fintech startup WePay.

Money Forward Launches $500M IPO, Gets Investors Excited
October 5th, 2017

The company has successfully completed the first day of trading, what demonstrates the growing investor interest in Japan’s fintech industry

Fintech Startup Curve Partners with Accounting Software Xero to Automate Expenses
October 2nd, 2017

London fintech start-up Curve adds New Zealand accounting software Xero to its app to make online payments easier.

Kakao Affiliate to Launch Largest Cryptoсurrency Exchange in South Korea
September 26th, 2017

The platform is expected to become the largest digital currency exchange in South Korea, allowing investors to trade in more than 110 cryptocurrencies.

European Central Bank is Working on Licensing Rules for FinTech Companies
September 7th, 2017

The European Central Bank plans to create licensing guidelines for financial technology firms.

Fintech Startup AutoFi Raises $10 million in Series A Funding
August 25th, 2017

AutoFi Inc, a Fintech startup specialized in auto industry, announced that it raised $10 million in Series A funding.

New South Korean Digital Bank ‘Kakao Bank’ Signs Up 1M Users in Five Days
August 1st, 2017

One of South Korea’s first digital-only banks signs up more than one million account holders in its first few days surpassing another online-only K-Bank.