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.
Apple Pay continues its European expansion and Samsung delays the next launch of its mobile payment service.
One of the leading consulting services companies has developed a new platform that will enable digital assets to be used for a range of services, including everyday commerce, banking, and other personal currency and asset related services.
Experts predict that the campaign of Donald Trump can result in the reduction of fintech investment in the near future.
On Wednesday, Swiss finance minister, Ueli Maurer, unveiled the government’s project to drive innovation in the country by easing regulation for fintech startups.
Samsung may soon roll out its mobile payment system in Canada, according to a Twitter user who contacted a customer service rep with the company.
Radar is Stripe’s fraud detection service that is now available for customers including international ones.
Tim Cook has revealed many future plans for Asia, intention to capitalize on artificial intelligence and desire to create a cashless society during a recent interview.
The current investment is an important step Payoneer takes to outperform companies increasingly digitizing operations.
Reportedly, LG has encountered certain problems while testing its mobile payment service LG Pay and had to cancel the scheduled launch.
Since today marketplaces using Stripe Connect will be able to send instant payouts to sellers.
Bankchain offers to reduce risk exposure and increase operational efficiency by delivering instantaneous transaction settlement.
On Monday, the social networking giant unveiled several new Messenger updates that will let customers to make payments without leaving the app.
The initiatives enable Hong Kong to compete for the financial leadership on Chinese market.
Mi Pay is launched in collaboration with China UnionPay.
The federation will include financial technology groups from more than 20 cities across the world.