The word “fintech” is derived from “financial technology” which means the integration of technological tools and innovations into financial operations in order to enhance and automate the financial processes. Fintech is used to assist financial institutions, businesses in the management of their operations to provide better services to their customers. As the industry of fintech is actively evolving, there is no surprise at all that the news from this sphere can attract wide attention.
Adoption of fintech by a company would mean a significant change to their mode of operations as it involves the use of specialized algorithmic models, mobile applications and dedicated computer software packages.
At its initial introduction stage, companies from a range of industries including banking, education, fundraising, health, venture management, etc. only used fintech for back end systems where they get absolute and full control. Nowadays, most industries have started using the innovation for consumer-oriented services in an attempt to serve their clients better while increasing the transparency in their operations.
As we move towards a significantly digitized world, from the introduction of the internet to social media, smartphone evolution and now blockchain technology, the need for adoption of cryptocurrency cannot be overemphasized. As the underlying framework of pioneer cryptocurrency bitcoin, the blockchain is a vital part of fintech. We’ve seen a number of blockchain-powered fintech apps being employed by banking industries and data inclined platforms.
Fintech has become a major part of the finance space in recent years, this points to the fact that major conglomerates have identified and prioritized its importance in growing their businesses. Fintech works closely with other new technologies such as data-driven analytics and marketing, machine learning, artificial intelligence, etc.
Coinspeaker presents the best and latest Fintech news, ranging from its use in cross border payments, startup business fundraisers, venture management, credit application, to remote banking, as investors and stakeholders’ awareness about the innovation continues to rise daily.
Budding firms selected for this sponsorship are invited to Mastercard’s fintech network, where they are offered growth-essential prospects to cooperate and gain mentorship.
Chime says that the layoffs that the company just carried out are in line with its priorities at the time.
Amid the crypto market fall, Visa, PayPal, and Western Union filed new trademark applications involving crypto and Web3 products and services this month.
Additionally, the filings also implied that the credit card corporation may be considering a foray into the metaverse, where its name would be used in “virtual spaces in which users can interact for recreational, leisure, or entertainment purposes.”
Customers would stand a chance of earning 1% cashback on all their crypto balance spent.
Asides from creating its digital currency, JCB has been making forays into the world of blockchain, crypto, and Web3.
Based on a survey, Mastercard has discovered that a number of prospective crypto investors will be more willing to accelerate their engagements in the space if the financial services are being offered by their banking institutions.
The new update would enable Apple Card users to directly set up and manage savings in their wallets.
BVNK is also working with other local regulators and is committed to expanding its business into more markets around the world.
Under the deal between JPMorgan and Visa, Visa B2B Connect will use a new tool provided by Liink known as Confirm.
MinePlex says its new funding will be channeled toward steepening its operational endeavors and growing its visibility globally.
The partnership with Lemonway and Xbaht will open a new path for the firm to enjoy what may turn out as a significant benefit in the long run.
Citi hopes to use the innovation to further establishes itself as a major payments and trade solution.
Visa and FTX are partnering to promote mainstream crypto spending via the issuance of dedicated crypto debit cards.
For the important role that the SWIFT network has played thus far in keeping global financial integrity, it is confident in being able to develop a functional system that will make CBDCs a globally liquid legal tender as it is currently doing for fiat.