Issue #359 - Shaping A New Economy April 14th, 2022

The current economic landscape could be soon hit by some shocks that could lead to a widespread adoption of digital currencies – as well as to massive investments in crypto assets: that’s what Bank of America strategists predict, due to the increasing inflation and the slowing economy.

How does your bank’s blockchain performance compare to banks worldwide? Join the global blockchain banking study to find out!

As part of an upcoming report, we are asking our community to complete a quick 5 minute survey. The findings will reveal how financial services providers are prioritising their blockchain initiatives with a view to help banks around the world benchmark and adapt their blockchain strategies.

David M. Brear and Nicole Perry are joined by Dan Hardy (Crowdcube), Peter Renton (LendIt Fintech) and Prakash Pattni (IBM) to discuss the latest and more relevant fintech news – including the partnership between Qonto and Crowdcube.

Mastercard wants to expand its business to the Metaverse: the latest trademark applications filed by the company proves that, and Mastercard is not the only giant that wants to exploit the virtual economy.

Covid-19 forced us to reconsider traditional business models, and tourism makes no exception. The Metaverse could become the future of tourism, and museums are already taking the necessary steps to benefit from digital opportunities and events.

The fintech firm Zelle – backed by some giants like JPMorgan, Bank of America and Wells Fargo – experienced an impressive growth due to the pandemic. That’s why traditional banks might want to use it to compete with Mastercard and Visa.

The Korean fintech company BankSalad expanded its business to health technology: so far, the company has used data to provide financial services, but now it launches a new “smart health management” system based on genetic testing and people’s health data.

The US-based fintech firm Plaid is planning an “aggressive” expansion in Europe: to reach its goal, the company hired Booking’s former vice president Ripsy Bandourian.

The conflict between Russia and Ukraine is indirectly affecting companies around the world: FIBR Tech and ANNA Money, two UK-based fintech companies, started looking for buyers after their Russian shareholders were hit by sanctions.

Climate change is also an economic issue, and traditional systems might not be able to deal with the innovative solutions that this problem needs. That’s why green – or climate – fintech turns out to be necessary.

Today’s economy is experiencing major changes: new business and economic models are needed, especially to fight security and data-related risks. For this reason, blockchain is the most useful infrastructure to financial technology.