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.
Mastercard is a leading force in today’s digital payment ecosystem as the firm helps to drive the development of CBDCs beyond the issuance of prepaid cards.
The Paypolitan IEO will allow Bitforex users to join Paypolitan staking and yield farming programs.
The intermediaries and wallets that will have direct involvement in issuing the digital yuan will be highly regulated, giving an extra level of confidence to users.
BitPay is joining forces with Apple Pay as more institutions are inclining toward cryptocurrencies, influenced by Tesla’s $1.5B investment in Bitcoin.
With PayPal being a CBDC distributor, more customers would be interested in its products, especially those related to crypto.
CEO Dan Schulman noted that the volume of crypto transactions on PayPal exceeded expectations.
The announcement from the European fintech giant comes as a surprise to many as Adyen once allowed its clients to accept bitcoin as a payment option but has now revealed they longer support the cryptocurrency.
One of the hallmarks of the achievement of the cLabs, the development arm of Celo, is the launch of the Valora app, the first mobile peer-to-peer payments and remittance app built on the Celo platform.
It is not yet clear which currencies the payments giant will add to its network. By now, Mastercard bets on stablecoins.
The recent application will first go for public comments for a 30-day period and later will move towards OCC approval. Metal Pay expects a decision from the OCC within the next four months.
Revealing plans for 2021, PayPal said its “Buy, Hold, and Sell cryptocurrencies” initiative would be expanded to “Venmo and select international markets.”
The president and CEO of First Boulevard Donald Hawkins expressed his excitement over the partnership with Visa.
As part of the agreement, the Ant Group will club all of its financial wings including blockchain and fintech arms in one holding company. Analysts note that this will, however, slow down the growth of the company.
The new crypto card by Uphold will also include some of its supported assets like the US equities, carbon credits, and precious metals.
The Binance Pay, according to the report currently supports five currencies which are Binance Coin (BNB), Bitcoin (BTC), Ethereum (ETH), Binance USD (BUSD), and SXP.