Fintech News Issue #296 December 24th, 2020

We wish all our readers a Merry Christmas and a few peaceful hours with their families.

Top Stories

    Many small businesses who tried to apply for a Paycheck Protection Program loan during the early days of the pandemic can tell you what a nightmare it was. I know, because it happened to my mother.

    Fintech may have shaken up the financial landscape, but in terms of diversity, there remains much to be done. Four leading women in the world of fintech share their views

    Traditional banking historically targets the rich. Banks compete for their business and profit off their balances and transactions.

FinTech Articles

    A Year in Fintech in 50 Words
    via Andreesen Horowitz

    This year, as “every company becomes a fintech company,” fintech surged into mainstream consciousness. The fallout from COVID-19 crippled the economy, depressed small businesses, and scrambled many people’s financial outlooks. But it also fueled a wave of innovation as fintech companies rose to the challenge.

    Citi is building a marketplace of third party fintech apps, signing data access agreements to customer-approved accounts with eight startups and data aggregators.

    China’s former finance minister Lou Jiwei suggested that China could restrict the number of banks a single fintech platform can partner with, to prevent any platform from gaining too much market share, state media reported on Sunday.

    The financial industry is undergoing rapid technological change. Traditional banks face competition from online start-ups with no physical branches. Social media and other digital platforms are expanding into payments and credit.

    Fintech, along with the rest of the world, has had an extraordinary 2020. Major scandals have rocked the industry, but at the same we’ve marked significant advances that will help to point the way to a better future of finance.

    This year has been a wild ride for anyone invested in, or even just watching, the bitcoin market. The world’s most valuable virtual currency in December traded at more than $23,000.

    Can investors see potential just by looking fintech founders in the eyes? Here’s what three of the world’s leading venture capital firms think

    The reason PPP has fallen short and many stimulus checks went unsent this year is that, when it comes to money, there is no direct connection between consumers and government.

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