FinTech Can Help Banks Tap into $500 Billion Hole
Deutsche Bundesbank President Jens Weidmann recently said that FinTech requires more regulatory oversight because of its potential to threaten financial stability and the banking sector, but some believe this isn’t the case. In a report from PYMNTS, FI.SPAN’s founder and CEO, Lisa Shields, is reported as saying that the FinTech sector can help banks out and boost their commercial B2B business. According to the report, the business commercial banking segment is worth $1.85 trillion worldwide. However, banks are reported to have estimated that around $500 billion of that sum is expected to....
Related News
The Office of the Comptroller of the Currency (OCC) will consider applications from fintech companies to become special purpose national banks, Comptroller Thomas Curry announced Friday. Over the past year, no topic in banking and finance has drawn more interest than fintech, and for good reason, Curry noted in prepared remarks while speaking at the Georgetown University Law Center. The number of fintech companies in the United States and United Kingdom has grown to more than 4,000, he noted, and in the last five years investment in the sector has expanded from $1.8 billion to $24 billion....
Since 2015, an increasing number of multi-billion-dollar financial institutions such as Goldman Sachs have exhibited their interest in emerging innovative financial technologies and startups. Several major banks and financial organizations have established various investment funds for fintech and blockchain startups, to research the application of fintech and blockchain technologies in the financial market. Blockchain technology focused startups have been the main attraction of these banks. According to the Outlier Ventures research team, there are over 1,000 blockchain startups in....
A new report says that U.S. banks and corporations have outpaced every other country in global investments in FinTech over the past few years. Investments in the country have nearly tripled, supporting startups through the launch of competitions, accelerators and incubators, helping new businesses to seek potential partners and investments. According to the report released by Accenture and entitled “The Future of Fintech and Banking,” global investments in FinTech tripled to US$12.21 billion in 2014, as investments in financial technologies like Bitcoin and online lending platforms grew by....
It will take time until banks come around to the idea of embracing Bitcoin or Fintech, though. Banks need to innovate at an accelerated pace, yet are unable to do so on their own. Allowing third-party developers to work together with the bank through API access would be a significant step in the right direction, as there is valuable input to be gathered from the Bitcoin and Fintech industries. Banks and other established financial players have not taken a liking to Fintech and digital currency just yet, as they see both industries as major competitors to their offerings. While it is....
The Indian banks are increasingly collaborating with fintech startups in the country to develop banking solutions. India decided to do away with over 80 percent of its currency in circulation overnight. The move, almost brought the country’s economic machinery to a grinding halt as people flocked to the banks and post offices to exchange their old high-value banknotes for new ones. As experts debate about its potential impact on the country’s economy, Indian banking institutions have decided to upgrade their operations and infrastructure to match present day requirements. According to a....