A new busy week for the FinTech world. Top executives shared their ideas on the path of financial technology and their predictions for the new year. The future of FinTech looks bright, but there are still some issues that need solutions - the lack of regulation and fraud are two of these issues, but the benefits of FinTech are so strong that firms and governments’ efforts are worth it.
Also this week, we at Fintech Weekly collected the best news for you.
Wish you a couple of calm days
Rosalia (FTW Editor)
Fintech has the power to change the financial destiny of people and entire countries, but it also has its challenges: the lack of regulation is one of these challenges, and governments and entrepreneurs should focus on balancing challenges and benefits.
The Money20/20 event took place in Las Vegas this year: The Fintech Times interviewed many participants, and among these we find Michelle Baxter (Avanade) and Daragh Morrissey (Microsoft). They discuss the transformation of the banking system.
The virtual environment of the Metaverse is allowing entrepreneurs to create and test new business models: the blockchain technology is helping companies to reach a higher level of efficiency, showing another real-life use case of blockchains.
Even if Russia still doesn’t have a clear attitude towards cryptocurrencies: while the governor of the Bank of Russia Elvira Nabiullina said that the bank wants to prevent people from using cryptos, another executive specifies that cryptos are legal in Russia. But there is one condition: people can invest in cryptos only through foreign companies.
The Bulgarian fintech SEPA Cyber Technologies is partnering with Visa to provide customers with all the tools that will allow the digitalisation of financial means and businesses. The fintech firm is creating 1-click services via API.
Five executives of top fintech firms shares their predictions and possible fintech trends for 2022: Nigel Fellows (Kanopi), Mehwish Aslam (bSecure), Ben Polland (Cushon), Franki Hackett (Engine B) and Neville Roberts (Planxis).
The Consumer Finance Protection Bureau addressed LendUp Loans with a $100,000 penalty for repeatedly cheating customers. A big issue for a fintech firm that was funded by top companies like PayPal.
Fraud is still an important downside of fintech, and it seems that illegal activity is not going to decrease. One of the strategies that some firms are adopting is to ban transfers from specific digital banks to fight frauds.
The trading application announces a new feature before holidays: from December 22 users will be able to send crypto gifts - even $1 gifts.