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.
N26 is competing established banks by introducing app-based checking accounts without the need to pay any additional fees.
Payment platform Strike says US users can now convert their salaries to Bitcoin. The new feature allows access regardless of the employer’s adoption.
SheeldMarket aims to attract institutional players from Europe while giving them exposure to several crypto derivative products and DeFi protocols.
The SumUp-acquired company Fivestars had previously raised a total of $115 million and seen support from investors, including Lightspeed Venture Partners and Menlo Ventures.
Stripe is looking for individuals who can offer contemporary solutions to such issues as, for example, the exchange between crypto and fiat currency.
The BitPay integration will boost sales for Wix merchants while offering broader crypto payment options to customers. BitPay will facilitate payments in 12 different cryptocurrencies.
The growth of the company is backed by the increasing demand for digital currency assets by retail investors in the past year.
The partnership will also see Bakkt leverage Google’s cloud infrastructure to host a variety of its proposed market solutions.
Hemson-Struthers also revealed that one of the immediate aims of BNKV is to build its product features and acquire operating licenses from regulatory bodies, across Europe.
The fintech solution will seek to create a simple familiar platform offering the highest yields to users or newbies who may not be used to the complex and numerous protocols out there.
One of the possible reasons cited has been the consistent loss made by Monzo in the past few years, despite having been in existence for six years.
The founder and CEO of Upgrade stated that the firm is currently working on a version of the Upgrade Card that will make it better suited for smaller expenses.
With UPC, one person in Peru will not have to worry about sending the Peruvian Sol to someone in Ghana. The design of the UPC is billed to make it feasible to easily convert the Sol to Cedes and be cashed easily by the recipient.
Affirm plans to soon enter into crypto buying and selling services, however, it hasn’t defined the timeline when it will start the process.
The new payment solution would allow customers to choose their crypto wallet on the Verifone terminal serving as a card reader.