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.
According to Fireblocks, Revolut will be leveraging its unique MPC-based wallet and network infrastructure to bring more innovative crypto services to its customers.
The move to launch the cryptocurrency lending service will go a long way in bringing the much revered DeFi product to thousands of BitMax customers.
Venmo credit card comes with a QR code unique to the cardholder and features personalized rewards systems based on the user’s spending habits. The Venmo mobile application allows users to control everything, right from the purchases to cashback.
Apart from blockchain technology, Thailand has also joined a growing number of countries currently exploring the cryptocurrency space.
The acquisition of Avaloq will help NEC to offer cloud-based digital financial services to government agencies along with its existing data analytics and biometrics products.
With all the benefits and options available, Dfinance has high chances to become one of the leading platforms in DeFi by 2021.
Pushing forward its development with digital currencies, the ECB has applied for a trademark of the “Digital Euro”. The central bank will soon release its assessment for the use of Digital Euro and its impact on the region’s economy.
The DeFi ecosystems are developing so fast that stakeholders can barely keep up with the rate at which projects are launching today.
The initiative by Swipe and Marqeta will attract a lot of customers which will pose a huge competition to the traditional financial institutions that are centralized and overcollateralized in the loaning business.
CFDs are really attractive to investors and traders on the crypto market as they allow to increase the profit by 100-fold. However, one should be careful because CFDs imply some risks.
DeFi-based projects are continuing to surge and their total value locked has reached about $11 billion. Therefore, Binance, the world’s leading crypto exchange, has decided to adjust its business model to tag with the DeFi ecosystem.
DeFi project Uniswap has reached a milestone of $2 billion in total value locked (TVL). The news is encouraging, considering that earlier in the month it launched its token UNI.
Cell Protocol, a decentralized oracle network working on blockchain, is looking forward to becoming a leader in the DeFi field.
The latest TransferWise’s valuation totaled $5 billion, after the secondary share sale that saw investors buy equity from employees and early backers. However, the company has not yet been listed on an exchange.
Previously, WealthSimple crypto exchange existed in private beta with a user waitlist. Today its digital exchange platform will be open to public.