A Complete Beginners Guide To FinTech In 2017
You may have heard the relatively new term “FinTech” bandied about, but what actually is it? And why is it important for all entrepreneurs to know about and understand? FinTech stands for Financial Technologies, and in its broadest definition, that’s exactly what it is: technologies used and applied in the financial services sector, chiefly used by financial institutions themselves on the back end of their businesses. But more and more, FinTech is coming to represent technologies that are disrupting traditional financial services, including mobile payments, money transfers, loans, fundraising, and asset management. Don’t assume that FinTech is simply a fad or buzzword: Accenture recently released a report which found that […]
Alibaba’s Ant Financial to raise as much as $3 billion in debt
China’s most valuable online finance company, Ant Financial, is in early stage talks with banks to raise between $2 billion to $3 billion in debt to fund acquisitions and foreign investments, a person with direct knowledge of the matter told Reuters. Banks have made “soft pitches” to help Ant raise funds, most likely through loans, to be used by the company for acquisitions such as that of MoneyGram International Inc as well as for boosting existing investments, the person said. Ant, an affiliate of online shopping giant Alibaba Group, dominates China’s online payment market, but has been ramping up investment overseas amid fierce rivalry at home with peers like Tencent […]
Most banks to adopt blockchain by 2020
More than 80 per cent of global bankers expect to see commercial adoption of the blockchain by 2020, and over half of global financial institutions investing or planning to invest in the technology this year. This was a key finding of a survey of 100 financial services professionals conducted by Infosys Finacle and reported in “Blockchain Technology: From Hype to Reality”. The research also concluded that the average investment in blockchain projects this year is expected to be about USD$1 million with 51 per cent of CTOs and CIOs driving initiatives. Only four per cent of the survey respondents said they had spent more than US$10 million on their blockchain […]
Meniga launches ‘FitBit-inspired’ finance app improving saving & spending skills
A new ‘gamified’ digital personal finance app has been launched by Meniga, a European next-generation banking solutions provider that helps millions of banking customers across 18 countries engage with their finances through online and mobile tools. It touts “fun and social online incentives” to improve long-term financial habits of consumers. Showcased at this year’s Finovate Europe 2017 financial technology industry show today in London by Georg Ludviksson, co-founder and CEO of Meniga, the company’s new Challenges module is a digital offering designed to support banks in helping their customers manage their own finances using such incentives and assist banks retaining customers. As such it is claimed to “drive sustainable and […]
Japanese megabank Mizuho to develop Fintech payments platform for IoT devices
Mizuho Financial Group has announced the development of a secure FinTech payment platform to be used by connected IoT (internet of things) devices such as connected cars and vehicles, smart home devices, wearables and more. It is one of the earliest efforts by a bank to provide account access to customers through smart devices beyond mobile phones and tablets. Japanese banking giant Mizuho, in a recent announcement, has announced its intention to conduct research and development to connect IoT devices to the bank’s IT system, over secure communications protocols. The aim is to bring more convenience and accessibility for customers who are moving away from traditional banking at branches toward […]
Parisian bankers target fintech catch up
After years of lagging behind London on spawning financial technology startups, Paris this week hosted a show of force aimed at proving the French capital can catch up as more than 1,500 bankers, investors and entrepreneurs gathered. The Paris Fintech Forum, which took place recently in the old bourse’s temple-like building, tripled its turnout from last year. With the UK’s vote to leave the EU seen as an opportunity for Paris to raise its game, executives from Societe Generale, insurer Axa and Spain’s Banco Bilbao Vizcaya Argentaria among others showed up to talk about potential in France. Just as London is Europe’s banking and finance centre, it has been centre […]
South Africa to establish a strong foothold in Fintech Sector
The next fintech and blockchain revolution is waiting to happen in South Africa. The country is already home for some of the most innovative startups, and with the new fintech wave catching up, more startups are expected to raise their heads by the end of this year. According to a leading regional startup news platform, most of the innovations in the year 2017 will be focused on mobile payments, digital banking, Bitcoin, SME financing, data analytics, real estate and automation solutions. Incidentally, all these priority areas present an opportunity for the implementation of blockchain technology. The developing world is increasingly moving towards mobile payments. The rise of mobile wallet services […]
Wallet packed with loyalty cards? Solve the problem with Stocard digital wallet
Stocard, a leading mobile wallet app, has announced that it will use recently secured funding to expand its reach in the Australian market and launch a new mobile payment function. While digital wallets have been around in Australia for some time, what makes Stocard’s offering unique to existing mobile wallet apps, is the functionality that allows users to store all their loyalty cards easily in their smartphone, rather than in their wallets. Loyalty programs are becoming increasingly popular for Aussie shoppers, with 50% saying they’d be more likely to spend with a store that offers a loyalty program than with one that doesn’t, according to Nielson’s latest Global Loyalty Sentiment […]
