Financial technology – FinTech (here you can find a complete definition) – is favoring, as we say often, the creation of innovative solutions to solve global issues. The focus on ESG results not only on higher investments across the globe, but also on new partnerships that nourish themselves with general increased awareness and, at the same time, enhance this awareness all over the world. Alternative payment methods, decentralized solutions, Internet of Things, inclusive marketing strategies – all this is focused on making life a little easier and more sustainable. Fintech businesses are leading this revolution – despite some occasional drawbacks.
Alternative payment methods create competition between banks and fintech businesses focused on favoring people to use both debit and credit cards and to easily manage their finances. Top banks are working on digital wallets to create digital payment methods but, according to Ron Shevlin, their move is delusional on announcement.
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ESG and global warming are two of the most discussed topics today, and for sure, fintech firms and the modern economy in general need to work to solve global issues. That’s why these topics also populated the World Economic Forum (WEF).
The Porsche NFT collection hasn’t met expectations. After the launch, the price of the non-fungible tokens produced by the German carmaker fell below the minting price. But in general, the NFT market is making headlines and Ethereum is benefiting from successful collections in terms of inflation.
Fintech and blockchain are strictly correlated, but sometimes it happens that something goes wrong. The Cardano blockchain, one of the top Ethereum competitors and the technology used by developers to build decentralized applications, experienced a shutdown after half of nodes went offline. The reasons behind this shutdown are under investigation.
The fintech startup Wahed, which is backed by the popular player Paul Pogba and the oil giant Saudi Aramco, launches a new bank branch in London to help almost 4 million Muslims to get investment advice in compliance with Sharia law.
The seed investment round of Coverdash, an insurtech startup focused on providing insurance to businesses of all sizes, was so successful to be oversubscribed. The fintech business is based in New York, and takes into account even gigs to allow them to facilitate the purchase and management of business insurances.
Fintech and fintech businesses, driven by the intention to solve global issues and to be inclusive, focus on topics like ESG. For what concerns the Indian fintech industry, there are some trends you should be aware of.
The fintech firm Stripe signed a deal with Amazon to become a strategic payment partner of the giant founded by Jeff Bezos. The result of this deal is that Stripe will process more payments for Amazon.
ESG investing constantly increases, and 2022 proved to be a successful year for this type of investments. In fact, climate fintech companies reached an all-time high since they received almost $3 billion worth investments.
Home automation is one of the trends of these years, and fintech meets IoT to deliver products that improve automation and make life a little easier.