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.
New French fintech startup incubator called The Garage will help out young people building their own blockchain startups.
The CEO and co-founder of BeeTech has announced that the company helps customers save millions of dollars via its payment remittance service, which is powered by Ripple.
Paxos Trust Company has introduced new solutions including Fiat Gateways and APIs. Binance will be the first to integrate this fiat solution.
The Facebook Pay will be a unified payment service available across all Facebook apps like Messenger, Instagram, and WhatsApp. This service will work independently from Facebook’s Calibra network and wallet.
Alibaba’s Ant Financial blockchain has been developed with an aim to provide support to small and medium-sized businesses.
Michael Novogratz warned that the United State’s reserve status might soon be undermined by the Chinese blockchain and crypto revolution.
The new Wirex Travel Card powered by VISA intended for the APAC region includes accessibility to 19 currencies, both fiat and crypto.
M-DAQ will be working with Samsung to bring its cross-border payments and currency trading solutions across South Kore and East Asia.
With Fintech Express, it will be even easier for fintechs to work with Mastercard. The first participant is Rapyd, a B2B Fintech-as-a-Service provider.
Under its Project Ubin, the Monetary Authority of Singapore is working on ways to bring seamless multi-currency payments on a blockchain network.
The increasing competition among borrowing/lending platforms, stablecoins, derivatives, and cross-chain CDPs indicates a new era in fintech innovation.
While some people may still feel uncomfortable about AI, wider adoption of AI-based solutions are inevitable in the banking industry.
The mobile application for trading shares called Robinhood has a dangerous exploit that allows traders to raise money out of thin air.
U.S. retail giant Walmart has entered in collaboration with Ripple’s partners Moneygram and Ria to expand its transfer services.
Cloud platform and CaaS banking provider Deserve helps corporations to develop customized cards and special loyalty programs.