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.
From October 3, customers in the US will no longer be able to use Revolut to buy, sell, or hold any cryptocurrencies.
Securing this license would mean that TikTok would be directly competing with big e-commerce companies like Shopee and Lazada in Southeast Asia.
Elon Musk aims to make the X platform “the biggest financial institution in the world”. Therefore, his focus now is on integrating financial services inside the X app.
The company reported record-breaking new member additions, surpassing the 584,000 mark.
Robinhood may soon be ready to launch a UK business as it recruits a CEO and publishes vacancies for other roles.
Raisin has ambitious expansion plans to add 25-30 new banks to its platform this year, with a particular focus on the United States.
Public aims to reduce the overall costs for investors, making its platform more appealing to UK users.
GTCR has also committed an equity capital investment of up to $1.25 billion in order to pursue inorganic growth opportunities in Worldpay.
TSB, one of the nine banks, said the Mastercard AI tool has increased its APP fraud detection ability by 20%.
Innoviti processes over $10 billion in transactions annually across more than 2,000 cities in India.
The latest announcement means that Tencent and Ant want to allow visitors to make payments with different vendors in China.
Despite a few headwinds Wise has recently faced, the company’s stock jumped after revealing a spike in profits and revenue.
According to reports, problems began at Wyre when it set withdrawal limits for user accounts, claiming the community’s best interests.
Zepz CEO revealed that the company is preparing to introduce its first digital wallet, with a focus on meeting the requirements of migrant communities that frequently send money home.
For Adenza, the acquisition represents a significant milestone in the company’s growth trajectory.