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 funding round which involved several institutional investors brought to Electric Capital $110 million.
Tap Global is authorized and regulated by the Gibraltar Financial Services Commission and insured up to €100 million USD by Lloyd’s of London.
Basler Kantonalbank is working on introducing cryptocurrency-related services that are set to be a new thing in the crypto space.
The experts believe that blockchain technology has a promising future and it may be integrated into a lot of industries. TimeCoinProtocol is designed to enable the creation of decentralized sharing economy apps.
Digital payment service provider TransferWise has increased its valuation to $5 billion and is now ranked among top European fintech companies.
Ripple Labs’ Japanese partner SBI Holdings has set up its new S coin token platform. The platform works on the Corda blockchain.
With blockchain solutions gaining a global traction, Israel’s Tel Aviv Stock Exchange (TASE) has launched a blockchain platform that will enhance peer-to-peer Securities Lending.
Director of product at Ripple, Craig DeWitt, unveiled the beta version of a new P2P payments platform Payburner that utilizes XRP for processing payment. Payburner users can now make PayID payments.
Travala.com partners with Swipe to allow its customers to utilize the Swipe’s Visa card in their hotel industry. Swipe has now listed AVA, while Travala will now accept SXP.
Opera users in the UK can now utilize their Opera built-in crypto wallets to trade Ethereum as more digital assets will be added in the near future.
Visa stated that digital currencies could help in offering better services and expansion of the networks that would support modern forms of trade and exchange.
BNP Paribas has committed to joining the IBM Cloud for Financial Services as its anchor client in Europe. It is the first step in creating an ecosystem for the platform on the European continent.
Masayoshi Amamiya, the Bank of Japan executive governor, said that a CBDC may play a central role in interoperability between many emerging digital assets in the country.
The Ant Financial management believes that their move to go for an IPO and become a public company will enhance transparency to their stakeholders.
Fintech giant app Paypal has partnered with Paxos to launch a new crypto service. This new venture will serve more than 300 million PayPal users.