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.
Klarna now has over 90 million active users spread across more than 17 countries and processes 2 million transactions daily.
In a bid to advance the nationwide adoption of its Central Bank Digital Currency (CBDC), the Digital Yuan, about 35 commercial banks in China have integrated support for the new legal tender in their mobile apps.
The large community of Thailand nationals in South Korea can now remit funds through the platform powered by the GME and RippleNet.
Venmo credit cardholders can now buy crypto including BTC, LTC, ETH, and BCH, using cashback from other purchases, depending on purchase category.
The Alchemy Virtual crypto-linked cards are currently under beta testing. The full-fledged launch will happen by the end of this year or early 2022.
Adopting capabilities in both regulatory compliance and financial technological innovation, Ramp wants everyone to enjoy the benefits of a decentralized financial set ecosystem.
The partnership between Alchemy Pay and Binance is not just limited to digital currency transactions.
Coinjar will be facilitating crypto transactions through digital and physical cards supporting approximately 30 cryptocurrencies available for processing versatile payments.
According to the executive chairman, the recent Snoop funding would be used to expand the company’s global reach with the US already identified as a target.
The global payment company Paypal is now venturing into crypto-based operations and is said to have implemented new posts and positions to amplify their work scale in Ireland.
PayPal is assessing ways to introduce digital wallets to deliver stimulus payments.
According to the regulatory filing of California-based San Jose company, the agency is also investigating how PayPal reports marketing fees it earns from its branded-card program. Notably, PayPal is cooperating with the investigation.
In line with the move, Lloyds increased its net new money target to around £40 billion in 2023.
The Super App will provide early and direct access to deposit funds while also enabling messaging features and some additional crypto functionalities.
The availability of the Ripple ODL option in Japan means customers of RippleNet can leverage the digital asset XRP to eliminate pre-funding and reduce operational costs.