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.
As China expands its pilot testing, the country plans to launch its digital yuan for use before the 2022 Winter Olympic Games.
Having rallied over 16% in the past 24 hours, Aave (LEND) is trading around $0.849. The rally is attributed to more than one fundamentals but notably, Aeve recently received an Electronic Money Institution license from the UK Financial Conduct Authority.
With JustSwap in place, TRON now has all the tools in place to provide a comprehensive decentralized finance solution for trading, speculating, gaming, lending, and borrowing.
The unveiling of Build for Bharat is one of the ways Binance CEO CZ intends to extend his presence in the new booming DeFi sector.
The People’s Bank of China (PBOC) has clarified the spreading rumors that the testing of its DCEP involves large cash transactions.
Radix is the first layer 1 blockchain network specifically designed for DeFi applications. It is capable of executing parallel transactions across shard chains without breaking the atomic composability requirement.
Sologenic deploys a specific algorithm to analyze the community feedback in different events and allows various levels of governance authority depending on the number of SOLO coins that they hold.
With advanced technologies hitting the market, the e-wallet industry is looking forward to new, interesting trends in the future.
Crypto Finance AG and 21 Analytics successfully completed a Bitcoin transaction in accordance with the standards of Financial Action Task Force (FATF).
The American delegate from Minnesota Tom Emmer hosted the first “Cryptocurrency Town Hall” where he said Ripple’s XRP is not a security urging lawmakers to make policies that support growth in the blockchain and cryptocurrency sectors.
Binance’s staking platform for DeFi will allow users to participate in different events by voting through a Proof-of-Stake model. Through staking, users get to earn passive rewards for locking their crypto.
Bitcoin and Libra may compete favourably in the global financial clime as several central banks plan to release their digital currencies.
Ripple executive explained that XRP is not a rival to stablecoins and CBDCs in international settlements.
Expobank has become the first bank in Russia to issue a loan with crypto as collateral. The loan was powered by WAVES tokens.
As the Defi sector grows, yEarn.finance hit a new high of almost $13,000 from its first trading price of $32. YFI has now spiked to over $10,000.