JUNE 6, 2021
5 min read
Yeah, we have a happy occasion today while collecting the latest fintech news of the week 06.14 - 06.18. And we’re even more excited about taking a part in your financial literacy and versatile outlook formation by showing you the banking world of 2021 as it is. Will you share our joy with us? Just read the hot news selection below and enjoy your time!
Shocking Fintech News in the Video Format — Have Fun!
Novavax and Square: What Unites These 2 Different Businesses?
Bloomberg Markets and Finance inform us about the breakthroughs of the week — Novavax’s close to 12% rise in popularity of COVID vaccines and Square’s bitcoin price slightly move up to 3.68 rates. As for the former, it can become another vaccine global market provider alongside Pfizer and J&J, while its rivals Moderna Inc. and Lordstown Motors Corp are almost disappearing from the stock, showing the serious recess tendency. At the same time, the latter manifests the surprising boost of bitcoin with Nigeria as the newly appeared nourishing soil for crypto adoption in the developing world. Is the similarity between these two evident now?
HSBC Shares Top 3 Fintech Transformations of Today
According to Akshat Saharia, the head of European FIG Product Management at HSBC, the key 3 fintech changes in the industry include infrastructure, innovations, and real-time and cross-border payments. The positive #1 outcome of them is the faster integration between service providers and clients, which is the prerequisite for further fintech well-being. However, the process of bringing these transformations into action isn’t so trouble-free: a variety of tools that complicates the choice, regtech standards distinction on the geo basis, and the limited budget on innovations in general. To combat these challenges, a dialogue between regulators to harmonize the overall result is paramount; otherwise, the expectations’ mismatch is to come next.
Banks’ Path to Digital Transformation: European Mindset
Cloud technology and tech stack cannot exist without each other anymore! Let’s listen to the experience of Lunar (Denmark), Dell’s Boomi (UK), and KBC Group (The Benelux Union) to grasp how this trend is circulating within the European borders. In Flemming Laugesen’s opinion, API is more than an engineering tool, but the widespread mediator between systems in terms of data and function exchange. Mike Kiersey considers it important too, confirming the innovative banks’ competitive advantage in creating the harmonized products with the help of open API. Nobody is satisfied with the mere receipt of functionality, right? Tom De Witte also sees technology as the running water of better customer experience, cut to minutes and hours instead of days. And what does digital transformation signify for you?
Banking Challenges & Wins to Reflect on
NFT Is Almost Swept Aways from the Market
This May brought out the tremendous shifts in the NFT value at the market, and later on, the same tendency was confirmed in crypto-art and sports. Specifically, the NFT active and considerable sales within one day — May 3, 2021 — happened for a reason. And now, among the NFTs, CryptoPunks and Hashmasks still remain afloat as the most powerful and the most resilient ones. So, what does this abrupt bubble explosion mean? And is it reasonable to invest in any of the NFT types these days?
Credit Invisibility: What’s the Pain Beyond in the USA?
The task of the disruption-oriented fintech companies is to identify the banks’ Achilles heel and transform this vulnerable spot into the functional part of the whole infrastructure. A vivid example of this principle in action is Ally Bank’s elimination of overdraft fees. Now the next problem to be solved is the credit invisibility of the American consumers: their number is enormous — from 45 to 60m. For this aim, the transfer from dependence on the credit bureaus to a more lenient approach to credit invisible clients is required. Currently, the 2 promising solutions are shown by Nova Credit and Petal who aim at creating an alternative underwriting system based on the customers’ capacity to repay instead of the traditional borrower’s assessment. Eager to know about it?
Marqeta’s Valuation Increased to $17.3bn — Could You Imagine This?
Does the unique business model determine the project’s success? If yes, that’s exactly the case with Marqeta. Being the first world card issuer on the open API technology ground, the company has pioneered the market in 2010 and is now characterized by the growing demand and the corresponding share price. Namely, its stock cost has quickly jumped from the $3.52 initial offer to $32.75 — ten times! As a result, Marqeta is valued at $17.3bn at the present moment and its further income growth seems undoubtful. If you’re interested in learning the full company’s history, resort to our blog article and then back to the news!
Startups & New Collaborations in Fintech
Ramp’s Crypto Power Will Be Safe and Sound with $10m Funding
In reply to the existing skepticism, there’s always a large group of devoted enthusiasts who strongly believe in the future of crypto payments. That’s why we often hear about the new investment and collaboration cases in this branch of fintech, and one of the latest ones relates to Ramp. The company is now supported by investors from Wise, ComplyAdvantage, Plaid, and TrueLayer, and though they aren’t the only ‘giving hands’ in this funding, their common $10,1m bunch of seed money is solid enough to keep the lights on for Ramp.
Bud & Enfuce Partnership: What Does It Hold for Open Banking?
As green finance already occupies a solid market position, its unity with fintech is natural, if not unavoidable. In part, we’re speaking about Bud’s recent collaboration with Enfuce, which hones in on the ‘My Carbon Action’ product entrance to the UK market. The new technological solution will allow the users to experience the interplay between their eco-payments and carbon footprint control. Is such environmental sustainability to your liking?
US Immigrants Are Forming a Long Queue for B9 Startup’s Offer
Serving underserved is always a smart idea, and B9’s decision to create the 0% APR, free Visa debit card, and ability to transfer assets within the US and globally is the perfect illustration of this approach. The target audience of the banking option is terribly excited with such a generous gesture and shows the 15% conversion rate. Isn’t magic for the America-landed startup? And accounting for the symbolic and more than affordable monthly subscription cost, B9 will confidently rock for a long time! Unless the better solution appears, of course.
Have you read it till the very end? Then you’ve drunk the full glass of joy together with the DashDevs team! Do you need some professional consulting for your project or the ready-to-go technological solution? We’re always waiting for your Contact Us requests! Meanwhile, if you prefer just reading our fintech digest, that’s all right too. Will be back in a week!