Fintech August 2021 Market Overview
The fintech industry constantly brings new solutions and challenges to the market. The trends arise and gain a foothold, as it has been with cryptocurrencies or automated trading software that have changed a lot of approaches in the finance world.
By: GBKSOFT Fintech Software Development
NEW YORK - Aug. 11, 2021 - PRLog -- The fintech industry constantly brings new solutions and challenges to the market. The trends arise and gain a foothold, as it has been with cryptocurrencies or automated trading software that have changed a lot of approaches in the finance world. GBKSOFT LLC gathered the hottest July news in the fintech domain to overview the latest events.
#1 Revolut, a UK banking app, has become the biggest fintech company in the country
A six-year-old company reached an impressive number of $33 billion USD after the latest round of funding. Revolut has increased this year's investments by six times if compared with the previous one. At the moment, the company works in 35 countries and provides its services to 15 million customers. The rise of Revolut may signal that the UK fintech market looks promising and appealing to potential investors.
#2 Visa implements advanced AI to prevent fraud
Fraud is a big thread for any financial institution, considering that it is constantly changing. To fight this more efficiently, Visa incorporated artificial intelligence to detect abnormal changes in data. Self-learning technologies operate to notice big deviations in model distributions to notice fraud activities and highlight bottlenecks that need to be updated.
#3 Banks from all over the world launch carbon offset marketplace
As eco-awareness raises among the corporates, more and more companies are buying carbon offsets to balance their negative impact on the environment. Four banks, Australian NAB, Brazilian ITAU, Canadian CIBC, and UK's NatWest have created a marketplace where businesses can buy or sell carbon offsets. The marketplace will work on a blockchain basis.
To sum it up
The fintech market is a promising niche that stays in demand, as the world is still in the ongoing process of digitalizing. The latest news can give useful pointers for those who look for ways to enter this domain.