Insurtech

Insurtech news: Technologies used to improve efficiency in the insurance industry based on KYC, big data, blockchain, cloud. Startups are the new agent.

FinTech: The Future Of Banking In Nigeria

FinTech: The Future Of Banking In Nigeria

By Boniface Chizea In making this presentation we would first of all highlight the major developments that have characterised the evolution of the Banking system in...
El impacto de la inteligencia artificial en la banca

El impacto de la inteligencia artificial en la banca

  John Cryan, CEO de Deutsche Bank, ha lanzado una advertencia muy clara a sus empleados sobre el impacto de la inteligencia artificial en la...
Fintech India: RenewBuy

Fintech India: RenewBuy

Fintech Asia reached out to Balachander Sekhar, co-founder and CEO of RenewBuy.com, to learn more about the RenewBuy story – how they started, the growth the company...
Entrevista a Alejandro Amicone de Accenture Perú

Entrevista a Alejandro Amicone de Accenture Perú

El desafío que hoy está en la mesa de los Gerentes Generales es hacer que sus organizaciones sean ágiles y no sólo lo sean...
Nurturing a FinTech ecosystem:

Nurturing a FinTech ecosystem: The case of a youth microloan startup in China

By Carmen Leong, Barney Tan, Xiao Xiao, Felix Ter Chian Tan, Yuan Sun Abstract Financial technology, or FinTech, involves the design and delivery of financial products...
6 reasons why millennials adopt consumer end fintech solutions

6 reasons why millennials adopt consumer end fintech solutions

By Artashes Vardanian The Fourth Industrial Revolution is bringing the convergence of the physical and digital worlds on how people communicate, shop, move, eat, go to...
The global digital payments market was valued at USD 3885.57 billion in 2019 and is expected to reach USD 8686.68 billion by 2025, recording a CAGR of 13.7 percent, during the forecast period of 2020 – 2025—according to various reports. In the last one decade or so, we saw rapid changes in the payments landscape, building on the accelerating growth in digital payments. The emerging markets have been at the forefront of this payment transformation. With the rise of innovative fintech players, the digital payment ecosystem, in recent years, witnessed unprecedented growth. In India alone, we have had many success stories of fintech players that literally transformed the payment ecosystem and the way India transacted. Most importantly, technology allowed us to build a payment infrastructure from the scratch, in a relatively short span of time, without the burden of legacy systems. Globally, the power dynamics in the payments industry are changing as businesses and consumers shift dollars from cash and checks to digital payment methods. Cards dominate the in-store retail channel, but mobile and other fintech are seeing a rapid uptick in usage. Back in 2019, WPR stated that mobility, connected homes, entertainment, and media are expected to boost non-cash transactions in the future. The rise of digitization at corporate B2B payment is affecting regional trends. In the Asia Pacific markets, large and medium scaled businesses are adopting digital invoicing, virtual cards, and cloud-based finance and accounting. In the emerging Asian markets, charge cards are popular among corporates to ease and secure supply-chain payments. Banks, fintechs and regulators embraced cashless payment, as it is cheaper, more effective and more transparent. Nandan Nilekani committee on digital payments had recommended that the Reserve Bank of India and the government must aim to maximize the volume of digital payments by a factor of 10 in three years, leading to double the value relative to gross domestic product. The committee also emphasized the need to expand the acceptance infrastructure across the country and also to reduce the interchange on card payments by 15 basis points. The panel also pushed for the removal of all charges on digital payment transactions for the convenience of customers. RELATED NEWS How RPA adoption ignites BFSI industry? How Fintechs can deal with the rising delinquency rates Cryptocurrencies open up new investment opportunity amid Covid-19 crisis Overall, the decline of traditional branch banking and ATMs will give way to digital financial services. That said, cash is an inevitable part of our economy and many developed economies which have seemingly become ‘cash-less’. Ironically, fintechs and cashless payment technologies who promise to ensure financial inclusion often achieve the opposite results in the process of cutting cash out—experts point out. Banking pundits underscore that cash is and will remain the most inclusive financial instrument across the globe. Cash distribution might incur huge costs and the new-age financial services users might prefer a completely digital money based system. But, cash is critical in ensuring true financial inclusion to cater to segments that can’t afford to be part of the modern financial system—senior citizens, less educated and less tech-savvy communities. In markets like India, where almost 80 percent of the transactions are still cash-based, going cash-less might not even be an option. That explains why the industry is now focusing on ‘cash-lite’ instead of cashless. In many markets though, industry stakeholders and banks are mindlessly pushing forward a paradigm of a cashless society. The era of ’20s will be the years of falling cash usage, but it is our responsibility as an industry, to ensure this process is smooth and painless, and no-one is left behind.

Bruselas se pone las pilas ante la irrupción de las fintech

By Luis Suárez La Comisión Europea pone en marcha una consulta pública sobre las fintech para evaluar si la regulación actual es adecuada o es necesaria...
En España, existen ya 238 compañías Fintech y 63 Insurtech

En España, existen ya 238 compañías Fintech y 63 Insurtech

Según los datos facilitados por la AEFI ayer, actualmente existen en España 238 compañías Fintech y 63 Insurtech, lo que representa un crecimiento exponencial...
Banca digital se intensifica; las fintech se aproximan

Banca digital se intensifica; las fintech se aproximan

By EDGAR JUÁREZ Ahí vienen las fintech y los bancos lo saben. De acuerdo con Bankia Fintech by Insomnia, en alrededor de 10 años esta industria...
How Blockchain will Change the Future of Financial Service Sector?

How Blockchain will Change the Future of Financial Service Sector?

By Toni Xhufi The technology that is likely to have an enormous impact on the future of the world economy has arrived and it is...

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Pecunpay, a fintech specialised in digital payments, offers Apple Pay and Google Pay as part of its payment processing solutions

Pecunpay, a fintech specialised in digital payments, offers Apple Pay and Google Pay as...

The institution, supervised by the Bank of Spain, has just launched the Xpays services for all its Visa and Mastercard programmes, thus enabling...
Stocard builds on success as it expands Stocard Pay to four more European countries

Stocard builds on success as it expands Stocard Pay to four more European countries

Stocard, the leading European mobile wallet with over 50 million users, launches its payment functionality, Stocard Pay, in Germany, France, Italy and the...
MiFinity offers post-Brexit payment solutions for UK & EEA

MiFinity offers post-Brexit payment solutions for UK & EEA

  The FCA announced on the 18th November 2020, that passporting of certain payment services for UK licenced institutions to European Economic Area (EEA) states will expire at the...