While financial services technology is certainly disrupting traditional banks, investment firms, and even insurance companies, there is something that traditional institutions have more capacity in than fintech companies – trust.
People have always trusted that their money, valuables, and their information are safe within a brick and mortar bank. Translating that to a fully digital operation is a big leap.
Nothing will kill a fintech initiative faster than a security breach. Already, there are examples of fintech and fintech-related startups that have exploded because of cyber attacks or failures in compliance. And, the interesting thing about these cyber-attacks is that they have not been highly sophisticated – they have occurred through social engineering (psychological manipulation of people for secure information) or by exploiting some basic security weakness.
Security in fintech has to be a top priority. And if you are considering the development of a fintech application, you have to bump this up to the top.
Getting that security and trust will involve understanding the fundamentals of security as you develop a fintech startup or app, mitigating the risks, and then demonstrating your successful security as a business asset.
In this blog, we going to explain the facts about blockchain and why it is the most preferable technology?
A Concise Overview of Blockchain
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Major Use Case of Blockchain in Banking
Issues Faced on Banking without Blockchain
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OneConnect Financial Technology Co. Ltd. (“OneConnect”, NYSE: OCFT), a leading TaaS company for financial institutions in China, has been appointed by Abu Dhabi Global Market (“ADGM”), the award winning International Financial Centre in Abu Dhabi, to support the development of the ADGM Digital Lab.
The ADGM Digital Lab is a digital platform where financial institutions (“FIs”) and FinTech firms can collaborate, test and develop innovative solutions for the financial services sector, with direct participation from ADGM’s Financial Services Regulatory Authority (“FSRA”).In recent years, digital innovation has become a focal point in Abu Dhabi’s plans and initiatives in building a knowledge-based economy to support economic growth and diversification.
Since its establishment in October 2015, ADGM has led significant efforts in accelerating the digital transformation of the financial services sector in the Middle East.
The Digital Lab is one such initiative to address the key challenges FIs and FinTechs encounter in their ability to deploy and scale innovation.
In particular:– FIs lack access to platforms to test and experiment with prospective FinTech solutions prior to procurement approvals and commercial agreement;– FIs encounter major difficulties and costs to integrate their legacy banking systems with FinTech solutions; and– FinTechs are overburdened with procurement processes and costs incurred each time they interact with the banks.Leveraging the ADGM Digital Lab, FIs such as banks can enable rapid prototyping by:– Replicating their operating systems within the testing environment of the Lab;– Choosing from an ecosystem of FinTech solutions to test new product offerings or replace legacy infrastructure; and– Developing new business models and picking and choosing components from different FinTech providers.Through collaboration between industry and regulators, the Digital Lab aims to create a trusted marketplace for experimentation to build the enablers for the smart financial centre of the future.OneConnect’s collaboration with ADGM on the Digital Lab is its first landing project in the Middle East.
As early as July 22, 2019, OneConnect signed a memorandum of understanding (MoU) with ADGM to jointly promote and develop FinTech innovation, ecosystems and market opportunities that will support and connect the economies in both the Belt-and Road corridor and the Middle East and North Africa region.
There are a number of best fintech app ideas introduced by fintech app development companies, who are helping the existing financial structures and larger financial corporations that are less into technology.
fintech application development trends It is a multi-billion-dollar industry, still dominated by a number of fintech startups.
For fintech domain, the rise of fintech startups, stress on building best fintech apps for any type of financial business also has some concrete reasons behind.
In the earlier days, there were only a few data which the underwriters have while assessing the risk.
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But what they lack is a collaborative environment for which they need to get into an effective partnership with the traditional institutions, as per the Capgemini Reports 2018.
Few businesses are interested in creating the best fintech app for auxiliary financial services, which includes :
