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.
In a statement, Ant Group said it would be involved in further trials and research surrounding the digital yuan.
By teaming up with Visa, Tala will allow all its customers using its native digital wallet to spend Circle’s USDC stablecoin across 70 million Visa-registered merchants.
According to the Mastercard survey, 4 in 10 people across Latin America and the Caribbean, North America, Asia Pacific, Middle East, and Africa are planning to turn to crypto payments within the next year.
Mastercard would provide the adequate assets and resources needed to help fintech innovators develop.
PayPal may likely collaborate with an existing stablecoin company instead of creating “something themselves”.
The alleged plans by Revolut to enable Bitcoin withdrawals may serve as a reference point for other firms to trail the same path.
SEBA bank offers a seamless, secure, and accessible bridge between digital assets and traditional or real-world assets.
The coronavirus pandemic has significantly fueled the adoption of digital payments and pushed banking services away from the traditional system.
By linking the PayPal accounts to the Coinbase wallets, users can seamlessly purchase crypto without having the need to add their bank accounts and card info.
The new initiative is not a surprise for many as JPMorgan Chase, DBS, and Temasek are not new players in the blockchain and digital currency ecosystem.
Gemini credit cardholders will earn up to 3% back on dining, 2% back on groceries, and 1% back on other purchases.
In the press release, Venmo said that all crypto transactions are managed in the Venmo app.
PayPal has revealed its plans to set up a local wallet for cross-border payments in China. The company said it would not be competing with the dominant players in the country.
According to Ramp, the raised funds will go into more hiring and bolster its marketing efforts.
Citi and IDB Bank leveraged the EOSIO-based LACChain Blockchain Network to test cross-border payments between the US and Latin America.