European Commission Considers Passporting Rights for FinTech Services

Uncategorized
By Rebecca Campbell As Britain puts into motion its exit plan from the EU, the European Commission could threaten London’s fintech position by introducing EU passporting rights and lower regulatory requirements for fintech firms. In a report...
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Ley Fintech de México podría motivar la adopción estatal de Bitcoin

Uncategorized
Posted by Luis Esparragoza Bitcoin podría obtener la autorización del Banco de México para convertirse en un activo digital en ese país, según fue publicado en redes sociales y medios de comunicación de manera extraoficial. Las...
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Ley Fintech busca afianzar al sistema, dice Hacienda

Ley Fintech busca afianzar al sistema, dice Hacienda

Legal Tech
By Jeanette Levya La propuesta de Ley de Tecnología Financiera tiene como entre sus objetivos primordiales avanzar en la inclusión y educación financiera, además de que busca asegurar la estabilidad del sistema financiero, promover la...
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El MTBIT Fintech Innovation Forum llega a Madrid el 4 de Abril

El MTBIT Fintech Innovation Forum llega a Madrid el 4 de Abril

Fintech
Por Fintech Move Nadie duda que la tecnología está cambiando la forma en que pagamos, enviamos o recibimos dinero, especialmente a través de las fronteras, un mercado que sólo teniendo en cuanta las remesas familiares...
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6 reasons why millennials adopt consumer end fintech solutions

6 reasons why millennials adopt consumer end fintech solutions

Insurtech
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 vacations and in recent few years the digital technologies that...
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La revolución de las finanzas y el Fintech

La revolución de las finanzas y el Fintech

Fintech
 By Jacobo Ferrando La revolución aún no ha llegado al sector financiero. Las soluciones propuestas por la digitalización de los servicios financieros han traído como disruptivo el cambio de costumbre en la relación con la...
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Fintechs: Banks can't live with 'em, can't live without 'em

Fintechs: Banks can’t live with ’em, can’t live without ’em

Big Data
By Penny Crosman Bankers have increasingly come to accept that they need to work with fintechs — most financial institutions can't build technology as quickly and creatively as a startup can, with top developer talent, agile...
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Para evitar el lavado de dinero, el gobierno alista la Ley Fintech

Para evitar el lavado de dinero, el gobierno alista la Ley Fintech

Legal Tech
  Acapulco, Guerrero, marzo 26.- El gobierno federal alista la creación de un consejo para regular a las empresas de tecnologías de la información vinculadas a servicios financieros (conocidas como Fintech) y evitar el lavado...
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Fintech, vulnerables al lavado de dinero

Fintech, vulnerables al lavado de dinero

Legal Tech
Las empresas de servicios financieros que utilizan la última tecnología, también conocidas como fintech, son las que presentan mayor vulnerabilidad en el blanqueo de capitales, ya que no cuentan con una ley que regule...
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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

Insurtech
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 actualizarla, al tiempo que lanza un plan de acción para...
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