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5 emerging digital finance trends to watch

July 21, 2023 Coin Telegraph

Coin Telegraph

Explore five emerging digital finance trends shaping the financial landscape in the digital age.

The world of finance is rapidly evolving, driven by advancements in technology and changing consumer behaviors. As humanity moves further into the digital age, several emerging trends are reshaping the financial services landscape. This article will explore five key digital finance trends that readers should be aware of.

Open banking

The delivery of financial services is being revolutionized by the disruptive movement known as “open banking,” which involves securely transferring consumer financial data between financial organizations with customers’ permission.

Open banking makes it possible for outside developers to create cutting-edge programs and services that use this information to offer specialized financial services. It gives customers more control over their financial data and greater access to a broader choice of services from various suppliers, promoting competition and accelerating industry innovation.

If it's true that Open Banking will evolve toward Open Finance, then we will no longer have limits for wanting the Open Economy. The world of finance could be the forerunner of silo destroyers. RT @antgrasso #finserv #fintech #inclusion pic.twitter.com/iWTPcYlX8m
— Data Society TW (@DataSocietyTW) July 21, 2023

Digital wallets and contactless payments

Digital wallets and contactless payments are quickly gaining acceptance as quick, safe, convenient alternatives to conventional payment methods. Thanks to the proliferation of mobile payment apps like Apple Pay, Google Pay and Samsung Pay, consumers can safely save their payment card information on their smartphones and make purchases by simply tapping their phones on contactless payment terminals.

These digital wallets reduce the risk of fraud while increase ease and enhancing security by substituting sensitive card data with encrypted tokens.

Blockchain technology and cryptocurrencies

In recent years, cryptocurrencies such as Bitcoin (BTC) and Ether (ETH) have drawn a lot of attention. Blockchains — decentralized networks that offer transparency, security and immutability — power these digital assets. While the use of cryptocurrencies for regular transactions is still in its infancy, they have the ability to upend established financial systems by allowing peer-to-peer trades that are quicker, less expensive and borderless.

Aside from cryptocurrencies, blockchain technology is also being investigated for use in fields like supply chain management, identity verification and smart contracts. These applications promise to boost the efficiency and transparency of many financial operations.

Robo-advisers and AI-powered financial services

Robo-advisers are automated investment platforms that offer individualized financial planning and asset management services using algorithms and artificial intelligence (AI). These platforms build individualized investment portfolios for clients by analyzing a tremendous quantity of data, including risk tolerance, financial objectives and market patterns.

Robo-advisers appeal to tech-savvy investors who favor a digital-first strategy, and they charge lower fees than conventional human advisers. Other financial services such as fraud detection, credit scoring and chatbot-based customer care are now using AI-powered solutions to streamline operations and enhance consumer experiences.

Embedded finance

Embedded finance is the integration of financial services into software and systems that are not financial in nature. This development makes it possible for companies in a variety of sectors — including e-commerce, ride-sharing and retail — to provide their clients with financial goods and services.

For instance, a ride-sharing service might give users access to insurance or microloans directly within the app, while an e-commerce platform might provide choices for installment payments. By utilizing their current user populations and data, embedded finance enables businesses to strengthen their value offerings, increase consumer engagement and develop new revenue sources. It dissolves the distinctions between conventional financial institutions and other industries, spurring more innovation and competition.

Thailand’s XSpring Capital raises $225M to build integrated financial marketplace

June 17, 2021 Coin Telegraph

Thailand’s XSpring Capital raises 5M to build integrated financial marketplace

Coin Telegraph

Thai companies and millionaires have funded the firm which aims to bridge traditional and digital finance.

Investment management company XSpring Capital has secured a large funding round with partners in Thailand to accelerate the development of its financial marketplace that combines traditional and digital asset products.

It also hopes to bring an expanded platform to the United States.

According to an announcement, the $225 million has been raised through a partnership with Thai real estate firm Sansiri, local insurance company Viryah, and Thai private investor and multi-millionaire Mongkol Prakitchaiwattana.

Formerly known as Seamico Securities, XSpring Capital (not to be confused with Ripple’s Xpring project incubator), has a wide variety of trading licenses enabling it to operate across the traditional and digital finance markets.

The firm, which touts itself as an emerging leader in Asia's digital investment marketplace, provides financial and investment services including securities brokerage, investment advisory, and underwriting to clients in Thailand and Southeast Asia.

XSpring Capital is a portfolio asset of United States-based asset management firm Elevated Returns. The company specializes in digitizing traditional financial assets using blockchain technology. Founder and President of Elevated Returns, Stephane De Baets, commented about the possibility of developing a similar platform in the U.S.

“Through XSpring’s tremendous success in Thailand, we now have proof of concept that public desire for this type of platform is even stronger than expected; currently, we are working to obtain the necessary licenses to begin similar operations in the United States.”

In October 2020, crypto trading firm BlockFi signed an agreement with Elevated Returns to provide lending facilities against digital assets issued within the Elevated Returns group of companies.

Elevated Returns is the manager of Aspen Digital, a corporation formed with the purpose of indirectly owning a portion of the St. Regis Aspen Resort through tokenization.

The Thai government has made several moves in recent months to limit crypto trading activities for retail traders, such as imposing a strict “in-person” KYC procedure for those wanting to open a crypto trading account.

Earlier this month, Cointelegraph reported that Thailand’s Securities and Exchange Commission targeted DeFi in its latest clampdown, announcing that any related activities may require a license from the financial regulator.

Hong Kong includes central bank digital currency in fintech strategy

June 8, 2021 Coin Telegraph

CBDC

Research into central bank digital currencies will play a significant role in Hong Kong’s fintech development efforts.

The Hong Kong Monetary Authority (HKMA) has published its “Fintech 2025” strategy with central bank digital currencies (CBDC), both retail and wholesale, included in the digital finance innovation package.

Unveiling the fintech strategy via a release issued on Tuesday, CBDCs will reportedly play a part in the city administration’s goal of promoting comprehensive digital finance adoption by 2025.

Concerning its plans for central bank digital currencies, the HKMA revealed that it would increase its research efforts to ensure Hong Kong’s readiness to float both retail and wholesale CBDCs.

According to the announcement, the HKMA is collaborating with the Bank for International Settlement to research a retail digital Hong Kong dollar currency. This research is reportedly examining risks, benefits and potential use cases of an e-HKD currency.

The HKMA also stated that it will continue to work with China’s central bank on cross-border utilization of the latter’s digital currency electronic payment (DCEP) project. Indeed, Cointelegraph reported back in May that Hong Kong was looking to expand pilot studies for the PBoC’s digital yuan.

Meanwhile, the HKMA is also part of a consortium of Asian central banks working on a multiple central bank digital currency bridge. The project builds upon a similar collaboration between Hong Kong and Thailand to create cross-border CBDCs based on decentralized ledger technology.

The expanded CBDC research plan is one of five major focus points in Hong Kong’s fintech strategy. Other areas include ensuring the city’s banks embrace digital finance technology while creating a robust data infrastructure to support the planned fintech expansion.

Hong Kong also wants to support its comprehensive fintech overhaul with government-led policies while also laying the groundwork to develop a skilled workforce for the new digital finance paradigm.

Amid the backdrop of its expanded fintech focus, Hong Kong is also moving to restrict access to cryptocurrencies. The city’s Financial Services and Treasury Bureau issued a policy proposal back in May calling for the government to restrict crypto trading to qualified investors with portfolios worth at least $1 million.

Digital Finance