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.
American Express hopes to lure millennial and Gen Z users to use its first digital-checking account.
The permit is given in line with the Russian law on digital financial assets, which came into force early last year.
In 2021 Q4, PayPal onboarded new active accounts. This includes 3.2 million new users after it acquired Japan’s Paidy.
The Solana Pay payment protocol allows merchants to generate transaction requests with appropriate metadata.
Crypto payment infrastructure provider MoonPay has gone live with a first-of-its-kind card checkout initiative for NFT purchase.
With the new service, Santander will offer customers the opportunity of paying interest-free installments within seconds.
The new Klarna post-purchase payments UK card comes on the heels of similar offerings in Sweden and Germany, and is on course to also debut in the US.
This came after Google dialed back its plans to add bank accounts to its payment app. The company’s ambition to offer financial services has been in the works for years.
The launch of a Revolut stock trading service for US users directly competes with Robinhood and Cash App for some market share.
In addition to stating that its clients can leverage their Bitcoin to buy properties, the fintech added that they would also qualify for a low-interest rate 30-year crypto mortgage.
Experts at Visa believe that CBDCs can help facilitate the efficient distribution of stimulus packages in developed countries and aid financial inclusion in developing countries.
The partnership between Citadel, Sequoia, and Paradigm is expected to increase the rate of technological advancement, particularly in the Blockchain and financial sectors.
The decision by N26 to launch crypto and equities trading comes after the fintech discontinued operations in the United States.
The so-called “PayPal coin” is expected to be backed by the US dollar.
The People’s Bank of China is looking to leverage the massive user base that WeChat has for accelerated adoption of its digital yuan.