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.
SpaceSwap is a DeFi aggregator with attractive features. It offers more opportunities for liquidity providers.
Based on the designed model, Ocean DeFi comprises 3 marketplaces and a stablecoin which will serve as the governance token for the ecosystem.
With the prior involvement of Australia with blockchain and cryptocurrencies, recommendations and probable impact of the formulated fintech and regtech industries will only complement the growth of the crypto sphere.
The Central Bank Digital Currency (CBDC) is the digital form of fiat. According to the president of Brazil’s Central Bank, Central Bank Digital Currency (CBDC) may be integrated into the financial system by 2022.
After a few years of operation, Revolut extended its services to residents in Australia in June 2020. Today, the company has announced that Australians can trade in cryptocurrency on the platform.
HSBC, SGX and Temasek have successfully issued a $294M digital bond, which is a 5.5-year corporate one, to Olam International.
The Binance Smart Chain promotes interoperability and programmability with the Binance Chain while enabling smart contracts on the platform. The Binance Smart Chain is also compatible with the Ethereum Virtual Machine (EVM).
Binance Card could soon enter the United States, thanks to a partnership of Swipe that will provide users in the U.S. with direct USD deposits.
The DeFi market continues to hit milestones as DeFi tokens are raging in the cryptocurrency market. DeFi has got many other crypto projects interested as they look to expand their platform capabilities for DeFi over the next few months.
Oasis Network’s privacy-preserving components will have the ability to collect data from multiple sources via Chainlink and use it as input for privacy-preserving computation models that only release the outputs while the data and the models are kept private.
Amid gains of other fintech companies, Square stock has now added nearly 150% in its year-to-date record, rising with other fintechs.
The biggest winners of Thursday were bank stocks, which saw positive results across the board. Big Tech stocks, meanwhile, fell considerably.
Klarna Bank released its interim report for the first half of 2020. The report indicated that the company experienced growth in some sectors despite a net loss of $59.8 million.
As the cryptocurrency ecosystem matures, liquidity bridges like RAMP will play an increasingly important role in enabling interoperability between different chains and native yields.
Ripple is facing a lawsuit from New Payments Platform Australia (NPPA). It is believed that the suit alleges intellectual property infringement concerning the branding of Ripple’s PayID payment standard.