Fintech Ecosystem Report: Blockchain, the Trump Card for Financial Evolution
A recent report on the evolution of fintech calls Blockchain technology as the trump card with a potential to change the way financial systems work today. Since Bitcoin became popular, it has been hailed as the revolutionary technology that is going to change the financial landscape of the world. While it is true, the role of Bitcoin may not be any bigger than the contributions of ATMs and PayPal. The evolution of Fintech has been a gradual process starting as early as 1970’s. A recent report published by Business Insider Intelligence states that it is an ongoing process and the impact can....
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President-elect Donald Trump's victory has shaken the US political landscape, but what does that mean for blockchain policy? By all accounts, Trump scored a stunning upset in yesterday's US presidential vote, following a chaotic and controversial campaign. And though Trump and his campaign didn't weigh in on FinTech during the election, the future president will be the one to ultimately sign any legislation that would capture bitcoin and blockchain technology. Still, Trump offered peeks into his regulatory agenda over the course of the race. For example, he has expressed support for....
Financial Innovation Now (FIN) has called on President-elect Donald Trump to embrace FinTech to improve financial services for consumers and small businesses. Notably FIN, a tech coalition that includes Apple, Google, PayPal, Intuit, and Amazon, is urging Trump to appoint a Treasury Undersecretary who will be responsible for developing a national vision and coordinated strategy to ensure America wins the FinTech race. In its letter [PDF] to Trump, FIN states that the appointment of a Treasury Undersecretary would ‘work across all federal financial regulators to foster competition and....
Enthusiasts of financial innovation remain optimistic, though. Fintech is growing at an accelerated pace in some countries. Over the past few years, many people have wondered how Fintech will impact the economic ecosystem. Some people feel there will be a major shake-up, whereas most experts see things very differently. Similarly to blockchain technology, Fintech is subject to a lot of hype right now. Despite the lack of strict regulation, fintech startups are not expected to cause significant disruptions anytime soon. It is impossible to deny fintech startups are doing things very....
According to the 2016 Top Markets Report of Financial Technology produced by the U.S. International Trade Administration (ITA), Bitcoin is one of the top focuses of China’s FinTech market. The ITA is a bureau within the U.S. Department of Commerce, and this report is a market assessment tool for U.S. exporters. Why the ITA Pays Attention to China. The....
A new report from PwC claims that 83 percent of financial services companies believe specific aspects of their businesses are at risk to various fintech startups, with the number of worried management-level professionals reaching 95 percent in the banking sector. The PwC report is based on a survey of 544 CEOs, heads of innovation, chief information officers, and top management personnel in financial services companies from 46 countries around the world. While traditional financial services companies believe fintech startups could take hold of 23 percent of their business, the fintech....