And we’re kicking off the week with new details on crypto, money transfer, fintech funding, payment process, debt crisis and more. Dive into the latest fintech insights and have a great start of the week!
Binance founder says cryptocurrencies won’t help Russia evade sanctions (Guardian)
The founder of Binance, the cryptocurrency trading platform, has dismissed fears that virtual money could be used by the Kremlin to evade sanctions as he claimed that “crypto is too small for Russia”. Changpeng Zhao said cryptocurrencies also defeated attempts to work around sanctions by being too traceable, adding that more focus should be placed on banks. In a statement Zhao said the media and politicians should be focusing on conventional lenders and the oil and gas market. Read more.
Fintech Funding Boom Spurs Bank Fears and Tech Spending (The Financial Brand)
Despite declarations of a funding bubble, money flowing into fintechs from investors rose at a record pace in 2021. Traditional institutions are responding in several ways, including getting into the action themselves as well as investing in their own R&D to compete. Potential headwinds may slow the money flow, and lower valuations could impact acquisition activity. Predictions have been heard for years that the fintech funding bubble will burst. But so far it shows no signs of slowing down, at least through the beginning of 2022. Read more.
Can FinTech Help Solve America’s Student Debt Crisis? (Govtech)
With an end of the federal student loan repayment moratorium fast approaching, some in the financial space see technology playing a larger role when it comes to navigating the next steps in a convoluted process. According to the Brookings Institution, 40 percent of student loan borrowers are expected to fall behind on repayments after the U.S. Department of Education lifts the repayment moratorium enacted in response to COVID-19. Nearly 45 million Americans hold $1.7 trillion in student debt, and experts say many don’t understand the loans that were given to them or the refinancing options available. Read more.
How is FinTech changing the payment process? (Techaeris)
Financial technology (FinTech) has become the new normal in the finance industry, with 75% of modern consumers using some form of payment service. And that’s just a small portion of what FinTech covers, too. This article lists five ways these FinTech technologies are changing the payment process for consumers and businesses alike. Read more.
Money-transfer companies are getting swept into the Russian invasion of Ukraine (Protocol)
Crypto has been dominating the headlines, and it’s understandable, given the novelty of the first crypto war. But it’s a little early to write off fiat currency, which is going to play a far more decisive role in this conflict. That’s why I asked Tomio to take a look into how the traditional money-transfer business was responding to sanctions and other disruptions. Read on for more. There’s been a keen focus on the role of crypto in the war between Russia and Ukraine, both as a means of bypassing sanctions against Russia and potentially helping Ukraine. Lost in that discussion is how the conflict is affecting the far larger and, frankly, more important flows of fiat currency. Read more.
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