And we’re kicking off the week with new details on fintech, banking, fees, taxes, fintech revolution, partnerships, innovation and more. Dive into the latest fintech insights and have a great start of the week!
The Fintech Revolution in China: Opportunities and Threats (Fintech Magazine)
DERIN CAG, analyst at the Fintech Magazine, takes a look into the impact of financial technology in China, from economic development to mass surveillance. What will be the new normal for fintech in China? China has seen an incredible transformation over the past few decades. It’s gone from being one of the poorest countries in Asia to a thriving, industrialised nation that is now the second-largest economy in the world. Read more.
Want to be a hidden challenger and accelerate fintech partnerships? (Fintech Futures)
Fast-tracking innovation is every bank leader’s dream when it comes to fintech partnerships. How is this possible given the limitations of legacy cores? This article explores how new models of bank-fintech partnerships spell quick revenue for incumbent banks. New models of bank-fintech partnerships spell quick revenue for incumbent bank. The scale and speed of fintech’s growth means that banks have given up trying to outpace them and have instead begun to seek alliances. Banks, with their operational infrastructure and regulatory antecedence, are expected to form the backbone of the emerging financial world and become the power behind fintechs. Read more.
Fintech innovation, growth now giving Kenya wings to fly (Business Daily)
Financial technology (Fintech) has been a key driver of growth in the face of the ravages of Covid-19. As countries move past the economic downturn brought about by the pandemic, fintechs have improved access to financial services to the unbanked and underbanked. The pandemic exposed and perhaps exacerbated the financial inclusion gaps among the underprivileged who lack access to financial services, with statistics showing that close to two billion people worldwide do not have access to financial institutions. However, according to the International Finance Corporation (IFC), growth in digital financial services in sub-Saharan Africa has led to a sharp increase in the number of people enjoying access to digital financial services in the region — almost half of 700 million individual users worldwide. Read more.
Swift changes for guarantees – are banks ready to deliver a digital trade service? (Fintech Futures)
Jacco de Jong, global head, Bolero, shares the opinion on how pandemic put a break on the some fintech projects, taking Swift’s releases that were originally pencilled in for 2020, as an example. When the releases were pushed back to November 2021, it was a welcome deferment for banks and other financial institutions to ready themselves for the new changes to Trade Finance Category 7 for Guarantees and Standby Letters of Credit. The question is, will banks’ legacy trade client portal systems be able to handle these changes? Read more.
Finally, a fintech that gets it right? (Investor Intel)
DEAN BRISTOW, discusses banking fees in fintech. Everybody hates them, but generally speaking, everybody pays them. How does one combat that? Invest in the companies that charge all those fees because they are probably making a lot of money. In fact, so much money that a lot of them pay decent dividends. In Canada the banks are pretty much the anchor for the Toronto Stock Exchange representing 4 of the 8 largest companies traded on the TSX and all of those with dividend yields over 3%. With the Canadian financial regulator recently lifting certain pandemic restrictions that had been placed on the financial sector, it is anticipated that dividends will be going up for many of these large cap equities. Why? Because these blue chip organizations are making money hand over fist thanks in part to all those fees you and I fork over. Read more.
Do you have any news to share: please put email@example.com on your press list.
Curious to read and find out more from fintech? Then subscribe & read our full newsletters here: https://hollandfintech.com/featured/newsletters/. Stay tuned for more insights following up this week regarding news piece