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.
Later this year, Samsung Pay will be available at hundreds of thousands of merchants around the world where Visa Checkout is accepted.
LG must have solved the problems it encounted during testing in 2016 and is preparing to launch LG Pay in June.
The new Galaxy S8 may become the first device to use facial-recognition technology for mobile payments verification.
Buyers will no longer need to use their debit cards to pay for purchases as the credit card giant developed a new pair of glasses embedded with a tiny payment chip.
The UCITS fund will be the first-ever fund in Europe with the primary focus on fintech companies.
The countries have announced a new partnership that is expected to promote further development of the fintech ecosystem in Japan and Singapore.
GV, formerly known as Google Ventures, took part in a $25 million funding round together with Sapphire Ventures, Anthemis and other investors.
South Korean electronics giant is officially launching its mobile payment platform in India, following a successful trial of the platform last month.
![The Fantastic Flowering Field of FinTech [Infographic]](https://www.coinspeaker.com/wp-content/uploads/2017/03/fantastic-flowering-field-fintech-infographic-thumb-01.jpg)
In today’s world, Fintech companies almost compete directly with in most areas of the financial sector to sell financial services to customers across the globe.
Android Pay is expanding its support in the United States, while South Korean electronics giant Samsung is preparing to launch its mobile payment platform in India.
Royal Bank of Scotland’s National Westminster Bank is launching a new platform that will offer quick loans decision and almost instant funding.
There is no more need to queue in the forecourt shop – Jaguar and Shell have developed a simple and secure way to pay for fuel without leaving a car.
The Republic of Georgia is expanding the use of blockchain-based land-titling services, following a successful trial of land title registrations in the second half of 2016.
The Federal Council of the country initiated the consultation on amendments to the Banking Act and Banking Ordinance in the fintech area.
A robo-advisor for peer-to-peer lending is launching an automated investment tool based on the blockchain technology and machine learning.