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!
Banks Plan on Tripling their Use of Cloud by 2025 (Fintech News)
Though cloud adoption in the banking industry has increased steadily over the past years, adoption is projected to accelerate significantly as bank seek to automate processes, apply advanced analytics to data, and enhance their ability to embed partners like fintechs. These are the findings of a study conducted in 2021 by digital consulting company Publicis Sapient, in collaboration with Google Cloud. The study, which polled 250 senior banking leaders around the world to better understand where they are on their cloud and business transformation journeys, found that over two thirds of the banks surveyed want at least 31% of their applications and data to be in the cloud in three years’ time. Read more.
Rize Publishes New Whitepaper Covering the Future of Fintech 3.0 (Yahoo Finance)
Rize Money Inc., a fintech infrastructure platform, today released a sequel to their original industry insight whitepaper in which they outline how the industry has developed from Banking as a Service (BaaS) 1.0 to where it is today and what current trends are for the future of Fintech 3.0. The key insight that is driven throughout the whitepaper is that standalone products that provided direct-to-consumer offerings through independent companies or partnerships with larger financial institutions are now going to be replaced by tied-in embedded finance products. While the “as-a-service” is far from going away, the fintech-as-a-service age of Fintech 3.0 will provide a leap in technology with regards to reliability, increased ability to scale, and embedded compliance protocols that are beneficial to businesses of all sizes looking to avoid costly fines. Read more.
Mambu: Malaysians Want Their Banks to Become More Sustainable in the Future (Fintech News)
More than three quarters (77%) of Malaysian consumers want their bank or financial institution to become more sustainable in the future, according to a new report from cloud banking platform Mambu. “Is the grass greener on the sustainable side?” report also found that 65% of respondents would consider switching to a bank with a stronger commitment to sustainability. The report surveyed over 6,000 consumers globally, and over 500 from Malaysia, on their attitudes to green finance globally. Read more.
Ghana to use fintech as engine for inclusive growth (NewsGhana)
Israel, a global leader in innovation and financial technology (fintech), is supporting Ghana through collaboration with startups to scale up and provide creative solutions to drive financial inclusiveness and development. The two countries are holding a two-day Ghana-Israel fintech summit in Accra on the theme: “Innovations in financial services delivery,” to strengthen relationships in the fintech ecosystem. The summit will create a platform for businesses in the two countries to share knowledge and tap into experiences and opportunities in the fintech ecosystem, particularly in Ghana. Read more.
SPAC Bubble Ready to Burst, Market Researcher Audit Analytics Says (PYMNTS)
Less than 18 months ago, special purpose acquisition companies (SPACs) were the hottest thing that everyone touted, with former NBA star Shaquille O’Neal having one, as well as tennis professional Serena Williams and ex-MLB great Alex Rodriguez, among others. But the shiny stars lighting up SPACs — also known as blank check or shell companies — have dimmed, with many of these companies cautioning those halcyon days are over, according to the Wall Street Journal on Friday (May 27). Read more.
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