There is too much news flying around to keep tabs on every single one of them. Not all of them are interesting enough, not all of them important for your business. As always, we deliver only the most interesting ones right at your doorstep. Let’s dive in!
A week in FinTech: 3—9 November 2020
What an interesting week! The presidential election in America impacts not only politics but business as well. It turns out it can also influence the FinTech industry, acting as a stabilising factor. This is our leading topic but the last seven days were sprawling with news. Let’s start!
Biden’s win could be good for the FinTech industry
Democrats pushing for financial inclusion. Does this mean a golden era for FinTechs?
There is a high number of underserved and unbanked people in the world, even in rich and established countries. The Democratic party urges the nation to provide them with financial services. The more financially inclusive the society is, the broader the spectrum of the market. More customers in the system can also act like an additional stimulus for the economy, heavily impacted by the COVID-19 pandemic.
Read more about innovation through digital transformation
Brazil enters a new stage of innovation
New regulations can spawn brand new products and services
The National Monetary Council (CMN) and Banco Central do Brasil (BCB) have officially launched a regulatory sandbox, adding the country to a constantly growing list of jurisdictions offering a regulatory safe space for testing financial innovations. The Regulatory Sandbox will be operated through cycles, which are limited to one year. There is, however, the possibility to extend the cycle for the same period. The first cycle will be the year 2021.
Read more about FinTech innovations improving the customer experience
Facebook launches WhatsApp in-app payments feature in India
A long overdue move from the tech giant can create more customers in a vibrant market
Facebook’s WhatsApp launched an in-app payments functionality in India in a move aimed at tapping into one of the fastest-growing markets in the world. In order to use the service, WhatsApp users must first have a bank account and an Indian debit card. The payments functionality is available on devices with both iOS and Android operating systems.
Read more about custom mobile app development for financial services
HSBC has launched the Global Money Account
Can this move help the bank to compete with juggernauts like TransferWise or Revolut?
HSBC has launched the Global Money Account to rival household names like Revolut. This free and mobile-based service is aimed at customers who want to manage and send funds in multiple currencies. The new service allows money transfers in over 20 markets, 24/7, without any fees. The ultimate goal is to attract customers that like to pay bills and make financial operations wherever they go, with no attachments to physical location. As mobility is a priority for a lot of people, this service can generate additional revenue for the giant.
Read more about mobility and performance gains through Progressive Web Apps
Ripple has opened a regional headquarters in Dubai
The company is moving due to legal uncertainty
A US crypto-payments company Ripple has announced the opening of its regional office in Dubai. Ripple is seriously considering leaving the U.S. amid significant legal uncertainty. The firm had picked the Dubai International Financial Centre (DIFC). Major reasons were regulations, expansive network and reputation as a leading global financial centre. The company puts a strong emphasis on common goals shared by their team and the DIFC.
Read more about software development for peer-to-peer technologies
Lloyds Bank creates a supply chain finance platform
The Open Account Platform will simplify financial operations for bank’s customers
Lloyds Bank has partnered with Demica, a UK-based FinTech company to create a new service for business customers. The aim here is to offer the option to receive and make purchases swiftly, with the use of the new platform. Everything will be fully automated, saving time and optimising operations.
Read more about web software development services
More news from FinTech Wire coming soon…
And that would be all for this week. Come back next week for more disruptions and recent developments in FinTech, PayTech, BankingTech and absolutely everything in between. As always, subscribe to the #FinTechWire hashtag on our LinkedIn and Twitter to receive updates straight to your news feed!
