The fintech industry has grown leaps and bounds over the past few years. There have been uncountable instances of incredible innovations that have completely disrupted traditional financial systems. Currently, there are many thousands of fintech companies operating in this sector. America alone boasts more than 12,000 fintechs, making it the highest fintech number in the world. EMEA has reported close to 10,000, and the Asia Pacific region has around 7,000 companies successfully operating in the fintech space. The numbers are increasing continually by bringing newer advancements and innovations to the incredible fintech league. 

The fintech industry has led to a massive revolution worldwide, owing to its tremendous scope. With such an astronomical increase in valuation and numbers, the level of competition has shot up like never before. New startups are readily challenging the banking behemoths. The upheaval has led to many companies forming alliances to build on each others’ strengths and to cut down on the competition.  

There have been some massive merger and acquisition deals in the fintech industry. 2021 saw tremendous changes, and contrary to general expectations, the year saw the highest number of fintech exits. With such close-neck, intense competition, companies globally have borne the brunt, resulting in cross-border mergers and acquisitions. 

Some of the biggest mergers and acquisitions are mentioned below. 

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Square and Afterpay

In August 2021, Square announced its plans to acquire Afterpay in an all-stock deal set at $29 billion. Afterpay is an Australian Buy Now, Pay Later (BNPL) firm. The BNPL sector in fintech is one of the most successful sectors that has disrupted the credit market. Square is an American payment tech company headquartered in San Francisco that has closed the deal intending to acquire Afterpay, whose sales crossed $4 billion at the beginning of 2021. 

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PayPal and Paidy

PayPal is one of the leading fintechs in the world that has achieved a native status in many countries. Paidy is a Japanese BNPL service provider valued at over $1 billion. BNPL has been a lucrative sector in the fintech space that has earned immense attention. With its massive growth in 2021 alone, it is no wonder that fintech leaders like PayPal are eyeing already established BNPL providers to expand their businesses. The deal between the two companies was agreed at $2.7 billion.

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Visa and Tink

Visa is one of the oldest fintech leaders in the world. Tink is a European open-banking platform that has provided its cloud-based technologies to almost 3,400 banks. In March 2022, Visa completed Tink’s acquisition by paying $2.5 billion. 

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Mastercard and Aiia

In September 2021, MasterCard signed an agreement with Aiia. MasterCard is a well-known fintech giant, and Aiia is an open banking service provider based in Denmark, catering to the European market. MasterCard aims to expand into open banking by tying up with Aiia. 

Bill.com and Divvy

Bill.com is a cloud-based money management platform that necessitates easy creation of bills, completion of e-payments, and receipt of invoices and payments. Divvy provides expense management services to businesses. Bill.com’s acquisition of Divvy has strategically reinforced its position as the leading expense management provider.

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PayU and BillDesk

BillDesk, an Indian fintech leader, has been acquired by PayU, the payments, and fintech provider of the parent, Prosus. The acquisition amounted to $4.7 billion. Prosus’s aim in acquiring BillDesk is to combine the fintech services of PayU and BillDesk and pave the way to reach BillDesk’s humungous customer base.

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Klarna and Stocard

Going against the currents, the leading BNPL provider Klarna has acquired Stocard, a German fintech that offers payment aggregation and payment services. Stocard’s customer base is over 60 million consumers giving Klarna a strategic edge over other mobile e-wallets, payments, and BNPL service providers. 

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Broadridge Financial Solutions and Itiviti

In May 2021, the leading financial services provider Broadbridge acquired Itiviti. Itiviti is a leading technology provider based out of Stockholm that aims to promote connectivity and related solutions across the global capital markets. The acquisition deal was agreed at $2.5 billion.

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NatWest and RoosterMoney

One of the leading banks NatWest acquired RoosterMoney, a British fintech. RoosterMoney caters to a slightly different clientele which comprises children and their parents. The application provides e-wallets that allow parents to allocate allowances to their children based on the chores they complete. The focus of RoosterMoney is to help children gain essential monetary lessons at a young age by providing an incredible platform. NatWest’s acquisition of RoosterMoney has been one of the wisest decisions.

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NCR and Cardtronics

NCR Corporation won the bid for the acquisition of Cardtronics, a non-bank ATM provider that has more than 285,000 ATMs in 10 countries. NCR is one of the biggest technology providers for different enterprises, such as banks, retailers, restaurants, etc. NCR’s move to acquire Cardtronics’ technological capabilities has provided strategic leverage in the fintech sector.

 These are some of the biggest acquisitions that have taken place over the last year. There has been an immense rise in the number of acquisitions and mergers taking place in the fintech spectrum in recent years. 

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Fintech has become one of the hottest industries in the last few years. Thanks to technology’s mammoth scope and potential, fintech has successfully disrupted traditional processes and paved the way for novelty and innovation. With countless fintech startups and companies emerging globally, the regulation and compliance landscape within fintech has been compelled to increase its agility. New technologies, ideas, and innovations are continuously evolving, keeping regulatory bodies, agencies, and governments on their toes.

Fintech has branched out to include a diverse stream of financial services, ranging from customer service, cryptocurrencies, and remittance to insurance, digital assets, and digital investments. Although fintech has gained immense ground worldwide as more countries actively turn their wheels toward digital innovation, a massive area remains unexplored, making it mandatory for the world to gear up for more fintech dependency. 

The regulatory environment of fintech has remarkably kept up with the perennial developments disrupting the financial sector. But with such immense changes taking place at domestic and international levels, the race for monitoring regulatory practices among all fintech organizations has only grown more intense.

Fintech supplements fewer boundaries, broader connectivity, data collection and analysis, and quicker transactions, making it highly vulnerable to financial risks. Data has become one of the most valuable assets any entity can own. With companies continuously storing personal data, the risk of data manipulation, cyber threats, and attacks become even graver in the financial spectrum. Such threats and risks demand streamlined systems, up-to-date regulations, futuristic protocols, and extensive monitoring of all fintech activities.

Challenges Faced by Regulations and Compliance

Nothing good comes without challenges. Regulations are hindered continuously from overpowering the fintech landscape. Some of these challenges are:

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High-Cost

Compliance and regulations are expensive. Exploring and adhering to all the different standards and regulations that could impact the business potentially can become painstaking tasks for most, resulting in lag from startups and other fintech organizations to fulfill these requirements.

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Continuous Development

No road reaches the end of fintech completion, implying that developments and innovations in this stream of technology remain endless. With a colossal potential for growth, the compliance sector within fintech can never rest. Regulations and compliances are obligated to stay ahead of novel ideas and innovations, which could potentially disrupt the system.

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Endless Risks

The riskiness of venturing into fintech increases as financial data gains importance. Data breaches, manipulation, cyber attacks, etc., continuously hang in front of regulatory agencies, compelling them to relentlessly strive towards tackling such crimes.

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 Exposure to Technology

There is immense exposure to top-rated technology worldwide, which equips cyber criminals with better vantage to manipulate data for their benefit. Pausing or reducing such exposure to innovative technology would significantly impact the positive side of fintech novelty.

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Continuous Investment

Regulations and compliance are a continuous investment, requiring companies to keep track of new and updated regulations. Expecting all fintechs to persistently invest their time and money into adhering to new standards and protocols can result in considerable gaps. 

Here is where the need for compliance to be strategically agile comes into play. 

To produce the most effective results and remain actively agile in these times of constant fintech development, the prioritization of the following areas in the regulatory spectrum of fintech becomes important: 

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Data Privacy

As data gains more value, the need to protect data from breaches and manipulation becomes critical. Financial data breaches can cause monumental damage, making it one of the most vital sectors for regulations to focus on. By employing technology or developing standards that strictly regulate or mandate certain activities, regulations can attain the upper hand.  

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Initial Phase of Development

Compliances should also focus on regulating business activities from their onset or developmental stage. Once the initial phase has been monitored, assessed, and cleared, only then should businesses be allowed to expand. Such monitoring can also include “sandboxes” which would help analyze new technologies and increase overall security and safety. 

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Blockchain Technologies

Blockchain technology has proven to be immensely secure as it increases transparency and removes power from the hands of a few by making data available to everyone. Such transparency and decentralization can positively affect the workings of the fintech industry. By expanding the application of blockchain technology, data and financial security can be increased substantially.

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Final Notes

Regulations and compliance are integral parts of the fintech world, which would crumble down if not for these standards and protocols. Not only do regulations make the fintech environment secure and safe, but they also act as guiding principles for companies. Increasing transparency and the strategic agility of regulations and compliances can reinforce this protection shield. The future of fintech is unimaginable, making it obligatory for regulatory bodies to increase their effectiveness.

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Innovation is a crucial part of growth and evolution. The innovative capabilities of technology have caused a ripple effect on all other industries that are associated with them. Fintech is the outcome of one such coalescence between finance and technology. Most of us would agree that finance is one of the key elements that drive our world. With finance attaining technological supplements, there is little doubt about how far this industry can go. 

However, with the world expanding because of the growing technology and human population, the sharp edge of the sword continuously falls on nature and our environment, shortening the life of our planet. Extensive forested areas have been shaved off to make space for colonies and residences. Nature has lost its capacity to accommodate more trash and garbage that we humans are relentlessly creating.

As climate change overpowers most of our conversations and discussions, the search for sustainable solutions in prime industries like fintech has shot up like never before.

In today’s article, we explore how fintech can help create sustainable “greener” solutions, which would help the industry and the entire planet.

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Sustainability and Fintech

Sustainability has become of our key targets when it comes to world functions and systems. Fintech’s boundless scope can help create many sustainable solutions, like the following:

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Paperless Transactions

Going paperless has been fintech’s biggest strength ever since its onset. The financial industry’s digitization was based on the idea of doing away with paper. Of course, at that time, the focus was more on efficiency and technological benefits than sustainability.

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Greener Technologies

Fintech has newer, better technologies, like artificial intelligence, machine learning, big data, etc., rendering it a powerful position in the world. Through these technologies, the fintech industry can create greener supply chains, increase transparency, and liquidate the involvement of more middle members, thus helping build a more sustainable setup that reduces waste.

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Measure Carbon Footprints

Companies are gradually getting compelled to be more environment-oriented. The dealings and systems of fintech companies are digitized, which can help them monitor and track their carbon footprints. By monitoring their carbon footprints, fintech firms can identify which activities create larger carbon footprints, thus guiding them to more sustainable futures. 

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Switch the USP

As more customers grow conscious about climate change and sustainability, there is a growing need for more sustainable brands. Not only in fintech, but companies in all industries can make sustainability their USP by employing more sustainable choices.

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Top Sustainable Fintech Companies

Numerous fintech companies are changing their business models to accommodate more sustainable choices and ideas. While most of these sustainable fintech organizations are newer companies starting to build their business on the futuristic concept of sustainability, some older companies too, are trying to pave the way to include more sustainable solutions in their businesses. The companies mentioned below are some of the most influential fintech companies in terms of sustainability.

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TreeCard

As its name suggests, TreeCard has come up with a brilliant idea of doing away with plastic cards and creating cards out of recycled waste. The company currently caters to the European market, where it makes its cards out of waste plastic and wood. TreeCard gives almost 80% of its profits to reforestation agencies and organizations to help reverse deforestation by planting more trees. Apart from recycling and reforestation, the company is also involved in many other activities focused on sustainability.

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Aspiration

Aspiration is an American bank with two core missions; one of funding environmental projects worldwide and the second of tackling big oil corporations to curb them from ruining our planet. The company also rounds up and diverts the small change earned from customer transactions to plant trees.  

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Starling Bank

This British bank has become one of the most sustainable companies by going 100% paperless and digital. The prime quality of the Starling Bank is that it runs on renewable energy. The bank has actively championed recycling plastic to produce their debit cards and reforestation to cut carbon emissions.  

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Triodos Bank

The Triodos Bank is another British bank that has also set a stellar record in sustainability. The bank only partners and associates with sustainable and environment-friendly businesses and goes on to publish its data, which reinforces its commitment to sustainability.  

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Clim8

Clim8 is a London-based company committed to bringing sustainable investments to its clients. The company enables environment-focused investments that not only give good monetary returns but also save and nurture the environment.

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Final Thoughts

The ideas behind each of these businesses are incredible and inspiring. The world is in immense danger with rising sea levels, global warming, climate changes, etc. Most of us are aware of the environment being in grave danger. With industries like fintech stepping up to the challenge of improving our environment’s health, an instant hope rises in our hearts, speaking of a brighter future. Sustainability is crucial for our future, and fintech realizes it like no other.

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Fintech, short for financial technology, is the industry most of our internet-dependent generation has come across in one way or another. From e-payments to cryptocurrencies, fintech has brought a revolution within the financial industry because of its digitized alternatives to traditional financial and banking processes. 

With the popularity of fintech reaching even the hidden corners of the planet, there has been a downpour of new fintech terminology that seems to be adding new jargon every day. 

Here is a list of 20 most commonly used fintech terms and abbreviations:

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AI

Artificial Intelligence is an advanced technology that uses data to create digital solutions. Inspired by the human brain, AI simulates the workings of the human brain into machines to build machinery that mimics human behavior, interprets decisions, solves problems, etc.

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AML

Anti Money Laundering encompasses everything associated with money laundering issues in the digital space like processes, regulations, institutions, etc. With the rising power of technology and digitized services, there has been an upsurge in data and cyber security issues, which has prompted the origination of terms like AML. 

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API

The Application Programming Interface can be defined as the language between applications, allowing communication and data transfer between different applications. Through this technology non-financial organizations can help provide fintech solutions to financial institutions, like online banking, e-payment portals, etc.  

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BigTech

BigTech comprises companies like Meta, Google, IBM, etc., that constitute immense power and influence over the global economy, data, etc.

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Blockchain

Blockchain is the decentralized ledger technology through which cryptocurrencies and decentralized finance work. Blockchain is the framework that supports the functionalities of cryptocurrencies and stores and documents all activities. 

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BNPL

Buy Now, Pay Later is an instant credit service offered by merchant websites, which allows people instant credit at the point of sale. When a person opts for the BNPL option, the third party pays the merchant on behalf of the buyer on the pre-set condition that the buyer pays the amount back in easy installments at a later stage.

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Cloud Computing

Cloud computing is the technology that provides digital storage and space for organizations and individuals to store, access, and work on different applications, computing tools, software, etc. 

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Crowdfunding

Crowdfunding is when several individuals fund a new startup or business in its initial phase. By using the applicability of the internet, new startups can seek small capital funding from a large mass, which would eventually make a big consolidated sum. 

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Cryptocurrency

Cryptocurrencies are decentralized virtual currencies based on blockchain technology that uses cryptography to monitor their security and creation. 

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DAM

Digital Asset Management is a set of ways, tools, processes, etc., used for managing, securing, buying, and selling digital assets. DAM technologies are gradually gaining ground with the growing popularity of cryptocurrencies.

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Embedded Finance

Embedded finance is the adjunction of financial services to non-financial platforms, which allows customers point-of-sale financial options, like e-payments for subscriptions, etc.

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FaaS

Fintech-as-a-Service is that stream of fintech which supplements the alliance of non-financial organizations, individuals, etc., to attain fintech capabilities. 

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IaaS

Infrastructure-as-a-Service is a cloud computing sub-division that enables companies to offer digital infrastructure and spaces to other companies to set up their online businesses and functions.

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InsurTech

Insurance Technology involves technological solutions surrounding the insurance industry. With countless insurance options and services now available in the market, it becomes impossible for consumers to identify and select the service most suitable to their requirements. InsurTech regulates the insurance industry to make it more efficient and feasible for the customers. 

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NeoBank

Neobanks are digital-only banks that have no brick-and-mortar branches. These banks have been created specifically for the new-age technologically-backed world where all banking and financial services are provided online through their websites and mobile applications, engaging minimal paperwork and offering secure banking services.

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P2P

Peer-to-peer is the term most commonly used for lending, where digital platforms allow individuals to ask for and lend money to each other. Such platforms, are independent of banks, providing more freedom to individual borrowers and lenders.

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RegTech

Regulation Technology is that branch of technology focused on the regulations, standards, and compliances involved in streamlining the fintech space. RegTech is rapidly gaining more importance in the international and national fintech markets to create securer and safer gateways for banking and financial activities. 

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SaaS

Software-as-a-Service is the service offered by companies providing digital software that can be stored, upgraded, or downgraded as per the consumers’ requirements. SaaS has been an effective digital alternative to conventional software.

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Virtual Cards

Following the lines of e-wallets, virtual cards are digital-only cards that contain card numbers, validity periods, and secret codes, similar to their physical counterparts. These cards can be stored in and linked to e-wallets for online transactions.

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Sandbox

Regulatory sandboxes are real-world simulation spaces that allow companies to test their new technology, ideas, and innovations with regular customers in a regulated environment, thus, allowing more efficient, safer tests. The concept of sandboxes is becoming more popular owing to their genuine results.

The list has been curated to explore the most commonly used terms and jargon. The world of fintech is ever-increasing, because of which, the list remains open-ended. 

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Fintech has caused positive disruptions in the financial world by bringing safer and quicker alternatives to traditional banking and financial services. Several sectors within the fintech industries have witnessed stellar advancements because of technologies like artificial intelligence, machine learning, data management, cloud computing, etc. One of these sectors is the remittance sector, which has recently undergone immense digitalization.

What is Digital Remittance?

Remittances are money transfers across international boundaries. The majority of money transfers are done for personal reasons, for example, people working outside of their home countries send money to their families. Such remittances have been a part of the global economy for many years. 

In traditional methods, people wanting to remit money were required to go through some paperwork and wait in queues before successfully sending money overseas. The receiving party was required to visit banks and financial institutions providing these remittance services before converting the amount received into cash. Thus, the remittance process involved complicated paperwork was slower, and required both parties, the sender and the receiver, to visit the institution to complete the transaction.

Fintech has given rise to the digitization of the remittance market, unleashing a huge scope and countless possibilities for easy overseas money transfers. Sending money back home from another country using digital means and channels is a digital remittance. Digital remittances employ several media and channels for money transfer, the most popular one being mobile applications. 

Digital remittance allows quicker, paperless transactions that are carried out anytime, anywhere. 

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The Digital Remittance Market

The digital remittance market crossed $17 billion in 2021 and has been estimated to grow with a CAGR of 15% between 2022 and 2030.

Migrant workers working outside of their home countries often send money back home. The digital facility of remitting has allowed them greater freedom and ease, prompting huge demand for streamlining and regulating the digital remittance market by governments and other regulatory bodies.

 The digital remittance market crossed $17 billion in 2021 and has been estimated to grow with a CAGR of 15% between 2022 and 2030.

Some of the biggest digital remittance players in the market currently are:

Wise

InstaReM Pvt. Ltd.

Xe

PayPal Holdings, Inc.

Western Union Holdings, Inc.

WorldRemit Ltd.

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Advantages of Digital Remittance

Digital remittance has proven advantageous for multiple reasons, some of which are:

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Quicker Transactions

Digital remittance allows much faster turnovers and transactions compared to the traditional processes. Earlier, the sender and the receiver would be required to stand in long queues to complete the transaction, however, with digital services, all sub-processes involved in the success of the money transfers, use minimal time, allowing quick turnovers.

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Lesser Fees

With fewer people involved and lesser paperwork, the transaction fee for digital remittances is much lesser compared to their traditional counterparts.

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Secure Gateways

Sending digital money through digital payment gateways is much more secure and safer than cash transactions. Not only do these gateways allow security, but the sender and receiver can also track each activity associated with their transactions, save records online, etc., making them much more viable in today’s fast world.

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No Time and Place Restrictions

When it comes to the time and place of transactions, there are no limitations in digital remittances, like all digital services. All the processes involved in the transaction take place online, allowing freedom of place and time. 

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The Future of the Digital Remittance Market

With the world rapidly inclining towards digitization, people have become more receptive to digital services than otherwise, opening doors to countless possibilities. Digital remittance is the outcome of such opportunities, which because of its viability, has become the choice for a large majority of the people availing of these services. Because of its growing demand and application, the digital remittance market is expected to completely take over the remittance market in another couple of years. 

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The practice of lending money, property, assets, etc., has been popular among us for many years. The evolution of lending has also been flowing alongside financial revolutions, like the one taking over today- digitization. 

Digitization of financial elements has proven advantageous for the global economy. With advanced technologies like artificial intelligence, machine learning, and cloud computing taking over the center stage, the digitalized financial domain is gradually becoming omnipotent in its way.

The digitalization of the numerous branches of the financial system has caused immense disruption in this world and its economy. Lending is one such tangent, which is undergoing a mandatory but relevant makeover with digitalization.

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What is Digital Lending?

Any lending, through online websites and mobile applications, from one entity to another for investment or financial falls into the category of digital lending. The processes involved in digital lending are remarkably simpler than traditional methods, without compromising on credit and data evaluation, security, and authenticity. Banks and financial institutions too have started pivoting around digital banking to improve customer experience and process efficiency.

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Advantages of Digital Lending

Digital lending is rapidly getting absorbed into the traditional banking system because of its numerous benefits. The prime advantages of digital lending are:

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Customer Experience

The biggest benefactor of customer satisfaction and improved customer experience is digitalization. Digital lending has immensely contributed to enhanced customer experiences because of several qualities that stem from digitalization, like efficiency, quickness, versatility, etc. In the present day and age, customer experience holds the highest value, making it one of the most important KPIs (Key Performance Index) in any business.

More Efficiency

Digitization provides the gateway to faster and simpler processes, making the overall system more efficient than earlier. In digital lending, the processes involved in turning over a successful transaction become quicker by engaging lesser paperwork, a better credit evaluation system, customized plans, etc. Such augmentations bring better efficiency compared to traditional methods.

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Cost Saving

The concept of digitalization has found extraordinary success because of two factors, process efficiency, and cost saving. In digital lending, because of less paperwork and documentation, and simpler streamlined processes, the cost of turnover is much lesser than in traditional methods. The costs involved in the process also include the time spent on successful turnovers. 

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Types of Digital Lending and Digital Lending Applications 

Like traditional methods, digital lending also has many types. The digitization of the lending process has enabled better accessibility and practicality by letting different entities connect with the lending parties, which, again, could be other types of entities, like individuals, businesses, banks, and financial institutions. Some of the different methods of digital lending and its various applications are:

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Loan Comparison

Many digital lending applications provide comparison services to users, where users can compare loans from different entities, their interest rates, and other deciding factors before making their final choice. Such services give more power and control to the users by enhancing the efficiency of the process and improving customer satisfaction. These digital lending platforms use algorithms that analyze and match lenders and borrowers according to their offerings and requirements.

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P2P Lending

Peer-to-peer lending, commonly referred to as P2P, is a lending method that allows borrowers and lenders to connect without the involvement of banks and financial institutions. Digital lending platforms that completely cut out the involvement of banks in the process of borrowing and lending make up P2P. Such methods are also known as crowd lending. In this, borrowers and lenders create an account on the P2P platforms or applications, updating all their details. The application then connects prospective lenders with borrowers by analyzing their requirements. P2P has gained immense popularity in the past few years because of its practicality.

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Supply Chain Lending

Under this method, Non-banking Financial Institutions fund merchants and businesses by providing credit for the products they sell to their buyers, in which the buyer can make the payment at a later date, thus allowing both buyers and suppliers financial cushioning. Supply Chain lending works similar to BNPL (Buy Now, Pay Later), where a third party gives instant credit to the buyer to execute the transaction and allows them to pay later. In BNPL too, the third party makes the payment to the seller instantly on the buyer’s behalf. 

The differences between Supply Chain Lending and BNPL are that Supply Chain is for businesses and merchants involving bigger amounts, while BNPL is for individuals and smaller sums. Another key difference is that Supply Chain reads into the credit worthiness of the buyer, whereas, in most BNPL services, the credit score is not taken into account.

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Line of Credit

In digital lending, the line of credit conceptualizes credit cards to offer similar services. Under this method, the user creates an account with their bank, which comes with a preset limit, and the user can avail of the allowed credit as and when they need it.

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SME Lending

SME lending entails bank loans and credits for small and medium enterprises. These are digitized versions of the traditional bank loans for SMEs.

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Crypto Lending

The finest augmentations of the financial domain are cryptocurrencies and blockchain technologies. Crypto lending allows crypto owners to lend their cryptocurrencies to borrowers for various purposes, to earn interest on the borrowed currency amount. The ideology behind crypto lending is similar to traditional loans, except for the currency and the platform.

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The Future of Digital Lending

Digital lending has emerged as an essential counterpart of traditional lending methods, where the accessibility, versatility, and practicality are increased considerably. There are diverse options available for users to choose from in the spectrum of digital lending. From companies, both big and small, to individuals and SMEs, everyone can benefit from digital lending, with comprises more than just the digitalization of lending services.  

The future of digital lending suggests vast possibilities for improved lending solutions. One of the critical areas for growth in digital lending is the unbanked and underbanked sectors. Although these sectors have already gained enormous focus from fintech owing to the endless opportunities, digital lending, particularly, can step up to accommodate unbanked and underbanked entities under its umbrella, which, otherwise, would lose out on efficient financial services.

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