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.
The Office of the Comptroller of Currency has announced that banks can now issue stablecoins in exchange for fiat currencies.
As Wirex joined the Visa network as a principal member in Europe, it will be able to offer additional services and products to its clients.
The Fintech sector will remain to expand and fine-tune in forthcoming years. To be more reliable and satisfy clients, this sector will develop at a much greater pace.
Users of Lydia can now spend money in their account directly using a Visa debit card as a result of an upgrade of the platform. The app also allows users to generate a virtual card that’s accepted by Google Pay and Apple Pay.
GoCardless LTD nears $1 billion valuations to earn the Unicorn status. Currently, the new funding takes the company’s valuation to around $970 million.
The EMTECH Modern Central Bank Sandbox™ will provide its innovative solutions with backing from the cloud services giant Microsoft Corporation in its attempt to deploy the pilots in the coming months.
The Revolut Plus plan is an affordable subscription plan for its users and specially focused on the current COVID-19 pandemic times. It strips off all the benefits associated with travel but introduces purchase protection plans.
In the announcement, the new Ripple executive commented on her new role in the company. She expressed her pleasure to work with Ripple on regulatory policies.
Banca Generali announced that in a bid to support the growth and development of Conio as well as the distribution of its digital products to its customers, they will acquire a $14 million minority stake in the crypto firm.
Evercore noted that PayPal’s crypto offering will “substantially” boost its consumer engagement as well as transaction margin. PayPal has already witnessed massive demand for its crypto services within weeks of going live.
According to SCB, the new cross-border payments services will satisfy the demand for better international fund transfers.
Tink’s valuation has jumped more than 60% in 2020. At the beginning of the year, the Swedish fintech startup’s valuation was €415 million.
Some of the firms included in the deal with Standard Chartered are UK-based financial technology company LMAX, crypto exchange ErisX, Switzerland-based custody provider METACO and UK-based trading technology provider Cobalt.
Moreover, the world’s largest producer of vaccines by volume, Serum Institute of India requested authorization for emergency use of the AstraZeneca vaccine in the country.
The decision to conduct the trial this weekend is strategic as it coincides with Double 12 (December 12th), a day when retailers offer steep discounts.