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.
Cryptocurrency exchange WazirX is making its foray into the DeFi ecosystem with the launch of its Automated Money Maker on the Matic Network.
Powered by Curve, Samsung Pay Card is now available to customers in the UK. Users can earn 5% on purchases from Samsung’s website.
Tap Global lets users convert their crypto into some of the most used fiat currencies: USD, Euro, Pound Sterling, and AUD is coming soon. The conversion happens at the best rates too.
With the deal happening at a time when many businesses are struggling to survive due to the ongoing coronavirus pandemic, American Express is set to largely benefit financially from the acquisition of Kabbage.
The Nordics is a region that is trying to form a crypto-friendly society, therefore crypto and blockchain are being used there in a great variety of spheres. The government is not an exception.
The major aim of the DeFi alliance formed by Huobi is to establish universal DeFi protocols targeted towards a common and larger goal of the global financial community.
Chiliz.web and Socios.com, a serious trade tandem specializing in blockchain-based fan tokens, are rolling out their Visa debit card. The Socios.com Visa debit card permits world followers to “be greater than a fan”.
Binance CEO called DeFi one of the most innovative spaces in the FinTech market, however, added that it is relatively a very new sector and investors should weigh the risks as many DeFi projects are likely to fail.
China is set to expand its digital yuan testing to Beijing, Tianjin, and other acclaimed prosperous provinces in the country. No timeline has been set for this move.
Though South Korea is not a leading country in the crypto world, now it is moving fast to adopt crypto and blockchain technology to solve most of social challenges.
Ripple is keeping its longstanding dream of becoming the Amazon of the cryptocurrency world in 5 years to come. The firm is positive it will achieve this thanks to its unique products which can find uses in both government and privately-owned companies.
Facebook’s new Financial product division will aim to consolidate in-app payments and transactions, as well as Facebook’s other financial products, under one umbrella.
Swiss banking giant IBIS Management Associates Inc has announced its integration with RippleNet. Now the users will be able to have access to both SWIFT and RippleNet on the same platform.
The state-owned Sberbank’s stablecoin will be functional on its native blockchain built using the Hyperledger Fabric infrastructure. This blockchain will facilitate trade finance transactions involving the exchanging letters of credit.
In Q2 2020, over 28 mega deals took place with each valued at over $100 million a majority of them happening only in June. The massive growth of the e-commerce industry has also helped FinTech startups in the way.