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.
Will Christine Lagarde manage to position Europe as a leader in the field of crypto and fintech?
It has been recently confirmed that Vietnamese TPBank is a new member that has taken a decision to join RippleNet.
Banco Santander is to pay £350 million for a 50.1% majority stake in Ebury, a provider of corporate banking services to SMEs that trade internationally.
According to the recently revealed information, Google Pay transactions can now be authenticated with just a fingerprint or face.
Paidy, a Japanese fintech startup that provides instant credit to consumers, has raised $143 million in funding from investors.
Ripple insists that XRP is 10 times safer for making international payments that fiat currencies that today are still a more popular option.
Walmart and Green Dot have created a new fintech accelerator called Tailfin to encourage startups to join this industry.
China has introduced a new body that will be responsible for regulating digital payments, blockchain products and fintech services.
Tron became the fourth coin available on the Blockchain Keystore, following Ethereum (ETH), Bitcoin (BTC) and Klaytn (KLAY).
MasterCard announced that it will use Envisible’s new Wholechain traceability infrastructure to create a blockchain-based supply chain to trace the origin of seafood sold at Topco Associates.
Uber has unveiled a new division called Uber Money which will offer its drivers bank accounts along with digital wallets, credit and debit cards, to receive instant payments.
PayPal has released its quarterly report for the third quarter of 2019. The company has exceeded all analysts’ expectations.
Revolut, the UK fintech bank, is now available for customers in Singapore. It has 30,000 customers in the country already.
Within the partnership, TBCASoft, IBM and SoftBank will do their best to let carriers exploit blockchain technology through the Carrier Blockchain Study Group.
Tencent has concerns that Facebook’s Libra success may represent a real direct threat to Chinese payment service providers.