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 partnership between Ripple and Coinone is spreading quite impressively and controlling a large part of the Korean international remittance market.
Ripple’s partner Moneygram will work with Google Cloud and Amazon Web Services to enhance its opportunities and increase customer satisfaction.
The partnership between Ripple and Bitso is proving fruitful as millions of Latin Americans can use the service to send cross-border payments and enjoy cheap, fast and efficient transactions.
The UAE-based National Bank of Fujairah PJSC (NBF) said that it will use the RippleNet platform for facilitating instant payment and settlement solutions to its customers. The NBF bank has also partnered with India’s IndusInd Bank to use this facility for its Indian customers.
According to Ripple CTO, the new exciting features are coming from the Ripple developers. They will allow third-party tokens to work on top of the system. Also, XRP Ledger will soon have the ability to eliminate accounts of possible network spammers.
Ripple’s partner, SBI Remit will closely work with Fukushima Bank, which is one of the major Japanese financial institutions, to enable the fast transfer of money.
Within its new partnership with Ripple, Azimo will use Ripple’s On-Demand Liquidity service for fast payments into the Philippines.
Though Ripple hoped that it would manage to stop its class-action lawsuit, the legal battle seems to continue.
Joining the Libra Association, Tagomi will contribute at least $10 million to spend on the developing cryptocurrency. It will also support Libra, providing the necessary technical and policy assistance.
MoneyGram is one of the major partners of Ripple. And it received good investments from it. In the last half-year, it got a sum of another $11 million.
Revolut raised over $500 million in a funding round and saw its valuation achieve $5.5 billion. The company was also named as one of the most valuable fintech start-ups in Europe together with Klarna.
MoneyGram International Inc, which is one of the major Ripple’s partners, has revealed that it had a bad fourth quarter of 2019, especially if compared to results in Q4 2018. The stock is in red.
Ripple’s XRP price may be on the road to the next big move, as the company is actively expanding the scales of its activities and joined the Top 100 Remittance Companies list being the only crypto-related company there.
Ripple has been included in the list of the top 100 cross-border payment firms by FXC Intelligence. It is ranked with top giants in that field like PayPal and also UBS.
Bank of America (BoA) is the second-largest bank in the U.S. It reportedly will join RippleNet for fast and cheap cross-border payments and exclusive infrastructure. But there is still no official confirmation.