Currency is moving toward a digitized model. Cryptocurrencies, as they’re dubbed, have quickly become a multimillion-dollar industry, with droves of users, uses and formats that stand to upend the current financial industry.
In terms of financial innovation, the banking sector is one of the most active. Banking, insurance and asset management are the three sectors that encompass the most numerous and innovative projects in Europe.
More and more players, banks and fintechs, are interested in the commercial exploitation of bank customers’ personal data. With a new European law entering into force in May 2018, regulators are getting prepared to check whether the data uses are authorized or not.
SWIFT, Society for Worldwide Interbank Financial Telecommunication, has executed 28 million payment messages per day, as published in their May 2017 report. SWIFT connects more than 11,000 banks and financial corporations worldwide.
Blockchain technology, initially used for the bitcoin-exchange market, is now spreading into many other industries. Blockchain is a transparent and secure information storage-and-transmission technology that operates without a central control body.
During the three-month period ending in March, Alibaba’s net-income group share was 10.65 billion yuan (US$1.55 billion), a 98-percent jump over one year. The group’s total revenue was $5.59 billion. Revenue from Alibaba’s core business, retail, amounted to $4.59 billion, while entertainment revenue was $571 million.
2015 was the year of explosion in the amounts invested by venture capital funds in the startups of financial services, according to KPMG; around $46.7 billion was invested that year in the startups of the sector. However, in 2016, a sudden 50-percent decrease arose after two exceptional years.
India’s growth was estimated at 7.2 percent for 2017 by the International Monetary Fund (IMF), while its last estimate of Chinese growth was 6.6 percent.
Information-technology (IT) outsourcing is being applied increasingly in all areas of business—in particular it is growing in application in the banking and financial-services sector. IT outsourcing provides many benefits, in particular significant cost-cutting.
In one East African country, an idea that is taking the developing world by storm was born. The concept of mobile money was introduced in Kenya in 2007 by two mobile network operators, Safaricom and Vodafone.