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.
Global assets custodian State Street has decided to cut down its Decentralized Ledger Technologies (DLT) team and to focus on digital assets.
FinAccel plans to use the raised funds to expand its Kredivo service across the region and reach 10 million users.
The fintech market is still far from being named mature. In this article, we have gathered some of the trends that are likely to take place in 2020.
Singaporean government-backed blockchain accelerator Tribe has raised about $16 million for startups. In total it has already raised $28 million to support startups.
SoftBank has introduced a new debit card that comprises a built-in hot and cold crypto wallet known as SBC Wallet Card enabling users to check balances instantly and easily switch from fiat to crypto.
Decentralized сryptocurrency trading platform Waves has stopped its activity as a DEX and is starting to operate as a hybrid exchange.
SoFi founder Mike Cagney’s Figure Technologies is reportedly aiming to raise an additional sum of $100 million through a Series C funding.
Huobi, along with many other local Chinese companies from the banking and telecom sector, joined the state-backed popular blockchain consortium Blockchain Services Network (BSN).
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Klarna emerges as the leading fintech startup in Europe. It has more than 190,000 merchants from all over the world as its partners.
Robinhood has announced a voluntary withdrawal of its application for a bank charter, to become a proper bank in the U.S.
Revolut has introduced the direct debit feature for its UK users in addition to EUR direct debits that were introduced last year.
Fintech is fluid and as it continues to grow, certain trends begin to form. In this article, we will have a look at 5 of them.
TransferGo, which was already a part of RippleNet, will now start to use Ripple’s ODL for its cross-border transactions.
MiddleGame Ventures has announced a new fund for early-stage lead investments in startups from Europe and North America.