3 Big Moves in FinTech That Are Dominating News Headlines

Financial Technology, also known as “FinTech” is evolving at a lightning speed, reshaping the way people manage, invest, and transact with money. FinTech companies are not just keeping up with the curve; they are pushing the boundaries of what's possible – from overhauling payment systems and lending platforms, and streamlining digital banks to introducing robo-advisors. In fact, a research study shows that the FinTech-as-a-Service market is projected to achieve a valuation of USD 995.9 billion by the year 2032.

What’s driving this evolution?

Consumer demand is a key catalyst behind the rapid FinTech revolution. Today, consumers expect financial services that are convenient, accessible, and efficient, driven in part by the proliferation of smartphones and increasing tech-savviness. Simultaneously, regulatory bodies globally have recognized FinTech's potential to enhance financial inclusion and innovation, resulting in the introduction of supportive regulations that encourage experimentation and growth within the sector. 

Investor confidence has also played a pivotal role, with billions of dollars flowing into FinTech companies, a testament to the disruptive promise they hold. This financial influx has enabled startups to rapidly expand and diversify their services, catering to a broader customer base and fostering customer loyalty. 

These bold moves are vital for FinTech firms seeking to stay competitive in a dynamic environment, encompassing everything from embracing AI advancements to enhance customer experiences and optimize operations to global expansion strategies that transcend national borders. Through partnerships with local financial institutions and compliance with regional regulations, these companies are setting the pace for innovation in the financial technology arena.

Here are 3 big moves in the FinTech industry that are currently dominating news headlines:

Abaxx Chooses Exberry To Power Their Full Suite of Futures Contracts

Just recently, Abaxx Technologies Inc., a financial software and market infrastructure company, announced its partnership with Exberry, a leading independent technology vendor that specializes in providing state-of-the-art technologies for exchanges, to power their initial suite of LNG, Carbon, and Nickel Sulphate futures contracts and subsequent futures contracts post-launch.

Exberry's cloud-native SaaS trading engine provides exceptional price discovery capabilities, offering Abaxx a flexible, scalable, and easily accessible solution that empowers market participants to efficiently manage and enhance their futures positions within the Exchange and Clearinghouse. Leveraging Exberry's technical and development expertise, Abaxx Exchange can introduce pioneering centrally-cleared, physically-delivered futures contracts and derivatives to the market, marking a significant innovation in the industry.

Citi Makes Substantial Investment to FinTech Startup Rextie

FinTech is notorious for overhauling traditional banking’s obsolete practices, but in a surprising turn of events, top world bank Citi announced its funding participation in FinTech startup Rextie, Peru’s leading online exchange company. Citi's investment distinguishes Rextie as one of the pioneering FX fintech companies in Latin America to secure funding from a leading global bank.

Rextie's currency exchange offerings will incorporate cutting-edge FX technology provided by Citi. Rextie's clients will gain access to a solution distinguished by its automation, real-time payment capabilities, enhanced liquidity, and competitive rates through CitiFX Pulse and Instant Payments. This partnership serves as a prime example of how banks and FinTech firms can collaborate to reimagine and transform financial services in the region.

Mastercard Launches CBDC Partner Programme to Collaborate With Blockchain and PSP Key Players

Mastercard, a prominent player in the payments industry, has established the Central Bank Digital Currency (CBDC) Partner Programme to encourage collaboration within the sector. This initiative aims to unite key participants, including blockchain technology providers and payment service providers (PSPs), under a single platform. The primary goal is to enhance comprehension of the potential benefits and drawbacks of CBDCs while exploring safe, efficient, and practical implementation methods.

The CBDC Partner Programme's inaugural members consist of a diverse group of companies. These include Ripple, a CBDC platform; Consensys, a blockchain and Web3 software company; Fluency, a provider of multi-CBDC and tokenized assets solutions; Idemia, a digital ID technology firm; Consult Hyperion, a digital identity consulting company; Giesecke+Devrient, a security technology group; and Fireblocks, a digital asset operations platform.