For this week’s research article, we dive into new insights on fintech market, banking, insurance, payments, trends, diversity in fintech and more. Happy reading!
Survey: more banks are open to fintech partnerships (The PayPers)
Digital transformation technology provider WSO2 has commissioned a global survey of 300 C-suite banking industry executives. 54% say their financial institutions have faced greater competition over the past three years from digital alternatives. However, these executives also indicate that they are better positioned to compete. Notably, 84% of respondents reported that they have, to some extent or more, the necessary technological tools to create new digital products and services. The survey was conducted for a new report from Economist Impact, ‘Threat assessment 2022: digital competition in global finance’, which was commissioned by WSO2. Read more.
Vietnam fintech market to reach US$ 18 billion in 2024 (Techwire Asia)
The fintech industry in Southeast Asia continues to experience tremendous growth compared to other parts of the world. While the COVID-19 pandemic has led to an increase in demand for fintech services, the adoption of the technology has also surpassed expectations in most countries in the region. Currently, Singapore has the largest financing volume in Southeast Asia. However, other countries in the region are also catching up, especially with regulatory bodies also promoting the adoption of fintech. Among the most popular fintech solutions in the region include digital payments, digital wallets as well as digital financial services. Read more.
OPPORTUNITIES GALORE FOR FINTECH DEVELOPMENT IN ISLAMIC FINANCE (International Banker)
With our planet being home to almost two billion Muslims and Islam being one of the world’s fastest-growing religions, it should come as no surprise that Islamic finance has become a powerhouse sector in recent years. Indeed, at more than $2.7 trillion in assets, one recent estimate put the Islamic-finance market at 6 percent of the world’s total. And yet fintech (financial technology) solutions within this sector continue to lag in funding and innovation. As such, the next few years could see a multitude of opportunities for disruption dramatically transform the Islamic-finance space. Read more.
TRAVEL FINTECH MOMENTUM BUILDS AS INDUSTRY LOOKS TO BOOST REVENUE (Phocuswire)
Travel companies are looking to invest in fintech products and services to boost revenue streams and improve the customer experience. Research from Amadeus reveals most travel businesses see the area of fintech and payments as a high priority with 80% planning to match or invest more than they did in 2019. The news will be unsurprising to many who have already embarked on some sort of fintech strategy or have been observing companies who have. Headlines in the past week alone reveal the level of interest from travel companies in payment, insurance and other fintech product partnerships with established companies. Read more.
Behavox Research on Continual Learning Featured in International Conference on Acoustics, Speech and Signal Processing (ICASSP) (Fintech Futures)
Behavox, which provides a suite of security products that help compliance, HR, and security teams protect their company and colleagues from bad actors, announced that its academic research paper on artificial intelligence “Continual learning using lattice-free MMI for speech recognition” has been accepted by the International Conference on Acoustics, Speech, and Signal Processing (ICASSP). ICASSP is the world’s largest and most comprehensive technical conference focused on signal processing and its applications. Behavox presented this paper in Singapore for IEEE ICASSP 2022 on May 9, 2022. Read more.
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