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.
The company wants to extend the same kind of security and trust to the virtual asset space as in the digital commerce transaction industry.
The Proof-of-Concept will utilize Chainlink’s Cross-Chain Interoperability Protocol (CCIP) while allowing SWIFT messages to instruct token transfers across every blockchain network.
JPEX is building an ecosystem for its digital currency offerings, one that will only be complemented by the cards it is launching with Simplex by Nuvei and Visa.
Robinhood noted that users of the new web3 wallet would be able to trade and swap crypto and also enjoy no network fees.
Mastercard continues to pursue its mission to support an inclusive, digital economy powered by innovation.
Freelancers with Braintrust will now be able to receive payments in their crypto wallets in a matter of minutes.
FV bank integrates traditional banking with digital asset custody services and has products ranging from depository accounts and payment services to digital asset custody.
Over time, Revolut will integrate full-scale staking service as it looks to position itself as one of the primary crypto hubs serving customers in the United States.
Revolut is communicating with specific customers who are victims of the attack as it launched an investigation into the breach.
SWIFT shall be working with blockchain solutions provider Symbiant to bring innovation in the financial payments market.
Abra is also planning to introduce Abra Boost, a product that will let qualified investors deposit and earn interest on digital assets.
Under the leadership of CEO Jamie Dimon, JPMorgan has acquired over five startups. The company’s current acquisition decision stems from a trial it ran with Renovite last fall.
Bolt said that they will continue with their commercial partnership with Wyre while putting greater focus on their key areas of competence.
Given the FRC report, BDO may have to take a more rigorous approach to audit Revolut.
For now, Cash App Pay is available only in the United States. Retailers like Romwe, Savage x Fenty, SHEIN, thredUP, and Wish are expected to join in the coming months.