Gifting you a bunch of columns, global happenings in the Financial Technology space, and some fantastic fintech facts from around the world.
Read on to know what we have in store for you this month, starting with the latest happenings at M2P.
Ever decided to buy clothes to upgrade your avatar's look? That's Gametech! It brings together the enjoyment of gaming and the intricacies of finance. Read more.
Get an overview of security in the payments industry and the penalties for missing it. Catch up with a self-assessment questionnaire and the way to PCI compliance. Read more.
Explore the beginning of decade-old Fintech and its categories like Paytech or Lendtech. See how it is transforming banking and financial services. Read more.
Have you heard of Fintech sandbox, P2P lending platforms, or payment processing APIs? They offer customer-centric products and fill the gaps of legacy banking. Read more.
82% of traditional financial companies plan to increase collaboration with fintechs in the next 3-5 years.
Chatbots will save banks $7.3 billion by 2023.
Artificial intelligence will save the insurance industry nearly $1.3 billion by 2023.
Almost half of consumers who do not use payment apps cite the ease of use of traditional payment meth-ods as the main reason for sticking with them.
Digital banking services are taking over: 46% of people exclusively use digital channels for their financial needs.
UK
After the Buy Now Pay Later pioneer, Klarna, bagged a hefty valuation of $10.65B, now the online payments firm Checkout has tripled its market value to $15B. Checkout is one of the world's top 4 highly valued private fintech firms, and interestingly Klarna is the customer of the former.
USA
Walmart tries to get a grip of the fintech landscape by getting into a successful alliance with Ribbit Capital. As a result, the retail giant's stock value increased by 1.5 points. Since Walmart already has a foothold in India through Flipkart, the next is to watch out for its e-commerce transaction dynamics.
CHINA
Facial payment platforms, big data analytics for credit ,and quick underwriting, these are happenings in the Chinese fintech ecosystem. More than 90% of China’s banking transaction occur online with 4 out of 5 payments occurring through mobile; the country is all set to boom and bounce back from the COVID pandemic with a GDP forecast of 8%
MENA
The central bank of the UAE, along with ADGM, has opened its new Fintech office and kicked off a wholesale central bank digital currency project called ABER. The initiative focuses on advanced cross-border payments and became popular partly because of the word’s origin. ‘Aber’ is an Arabic term which means wanderer, a perfect one to depict international money transfer.
That's it for now. See you again soon with all the need-to-know fintech updates!
Stay tuned. Stay curious.
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