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.
According to FCC, with their Project Kuiper, Amazon wants to put 3,236 broadband satellites into orbit. There are almost 4B people in the world who don’t have access to reliable broadband internet and with this project, they intend to fill that gap.
It seems that big companies as Facebook, Amazon and Google might be forbidden to launch their digital assets. If the Congress’s Bill pass – they could face with paying $1K penalties per day. Even though it’s not likely for bill to pass, it presents another obstacle for Facebook’s Libra.
In recent news, Tyler and Cameron Winklevoss have admitted that they might soon join the Libra Association. This is considered as a surprise taking into consideration their previous disagreements with Mark Zuckerberg about the idea behind Facebook.
Federal Reserve Chairman Jerome Powell said that Libra raises serious concerns regarding privacy, money laundering, consumer protection, financial stability, adding that the project “cannot go forward” until Facebook’s answers to regulators’ questions.
Facebook blockchain lead David Marcus sent a letter to U.S. lawmakers in which he addressed multiple questions asked by the government. Facebook says it will respect consumer privacy and is willing to work together with regulators.
When the U.S. sneezes the rest of the world catches a cold, and this time around the cold has caught up with China. The technology powerhouse is shivering over the threat that Facebook’s Libra could pose on her national cryptocurrency.
Just recently the European Central Bank (ECB) has yet again commented on the Facebook Libra project and now they are saying that “it’s too dangerous” and regulators need to improve the way they work.
Eroded privacy, including mobile one, is the stumbling block of today’s all-around interconnected society. Here’s how blockchain can help create a safer and better environment around the use of mobile phones and the privacy they can provide.
In another attack on the Libra developments, 33 lawmakers have requested Congress to ask Facebook to stop further development on Libra before they answer all their concerns and questions.
Facebook has applied for a cryptocurrency business license. This is done in order for Facebook to operate within the state of New York with their new crypto project – Libra.
Experts say that Facebook’s Libra will probably not reach the billions they claim, and it won’t affect the financial world and stability in general. However, while everyone is talking about Libra, banks are developing their own digital currencies.
The early-access code for Facebook’s Libra cryptocurrency hit GitHub two weeks ago and critics and trollers have taken their aim at the project that has been saved or “starred” by close to 10,000 users.
![Libra: Cryptocurrency By Facebook [Infographics]](https://www.coinspeaker.com/wp-content/uploads/2019/06/libra-cryptocurrency-by-facebook-infographics.jpg)
Libra cryptocurrency announced by Facebook on June 18 may become a fresh breath in the global financial system. Let’s puzzle out the details of the innovative project with the infographics by MrBTC.org.
Judging by recent news, it appears that Binance is in talks with Facebook about either listing Libra or joining the Libra Association. Binance’s CSO, Gin Chao, confirmed that the exchange has had discussions with Facebook about a listing process.
Mark Zuckerberg commented on the newly-launched Facebook’s Libra crypto. He says that Libra Association is an independent organization and Facebook only has one vote in it. That way he emphasizes the trustworthiness of Libra.