Estonian Cryptocurrency Exchange charged for concealing hack

Estonian Cryptocurrency Exchange charged for concealing hack

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Crex24, an Estonian cryptocurrency exchange, is accused of hiding a hack from its customers after terminating trade for altcoin pairings. There has yet been no explanation provided regarding the suspension by the exchange. The deposit and withdrawal services have also been discontinued.

Kohei Kurihara tweeted regarding the news:

Despite the issues and concerns of the people, the exchange has been primarily focusing on highlighting new listings on social media, rather than addressing the concerns of its users.

According to a report by the Brazilian crypto press, Livecoin, an anonymous Crex24 user claims to have noticed suspicious activities of the alternative cryptocurrency Htmlcoin, which points to cheating on the part of the exchange. The user had to face a loss of $32,000 in cryptocurrency in mid-February, as the exchange froze his reserves.

Crex24 later announced that 200 million Htmlcoins, worth $11,200, were stolen from its wallets and that they plan on collaborating with the Htmlcoin team to recompense the investors. 

However, it was identified that on Feb 12, 1.3 billion Htmlcoins were taken out from Crex42’s wallet, worth $72,800. The funds were transferred to the Hitbtc exchange. Htmlcoin, which holds a large Brazilian customer base, was added to the exchange at the beginning of the year. In less than two months, its pairings are offline. 

Following the circulation of allegations regarding Crex24, the exchange has enhanced its KYC (Know Your Customer) requirements for processing transactions, further obstructing the customers’ ability to remove funds from the platform. 

Coin360 stated that Crex24 hosted roughly $2.62 million in trade over the past 24 hours, ranking it 137th by daily volume.

Bonorum joined hands with Shufti Pro to run a secure trade platform

Bonorum joined hands with Shufti Pro to run a secure trade platform

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London, UK – (January 2020) Shufti Pro partnered with Bonorum to help them perform efficient KYC/AML screening on their community of businesses and investors. 

Shufti Pro proved yet again that its solutions hold the potential to serve a diverse clientele. It partnered with Bonorum, a next-generation DLT-based trade finance platform focused on serving corporates and SMEs. Bonorum will align contributors with enterprises by providing a more efficient alternative to traditional trade finance. In this way, Bono will help businesses secure the financing they need while offering contributors access to the trade finance sector. 

Whenever such a diverse community is developed online, the need for strict due diligence measures is necessary. Bonorum’s business model requires onboarding corporates and investors to their digital platform, so it is critical that they implement effective fraud prevention measures. They also have to ensure that their customers are who they claim to be. To achieve this transparency, Bonorum knew that traditional manual KYC/AML measures were too slow and unreliable for their business model to succeed. 

Shufti Pro proved to be the best solution for their need. It provides global coverage in its identity verification services and helps businesses attain a global risk cover. Shufti Pro can verify the individuals, as well as businesses with high accuracy and the customers of Bonorum include both. Shufti Pro will be providing document verification services to Bonorum. It will verify the identity documents in real-time assisting the company in onboarding customers swiftly and safely. 

Expressing the confidence towards this partnership, the founder of Bonorum, Bunty Agarwal said, 

We turned to Shufti Pro to provide Bonorum with the capability of doing automated KYC/AML checks for our users in over 150 countries using multiple types of identification documents. Shufti Pro’s new business KYC service will help us with enterprise verification as we continue to grow our business and expand our services.”

Shufti Pro has proved time and again that it has the potential for businesses with different business models. Its solutions are designed keeping in view the global need for KYC/AML compliance and risk prevention. 

Victor Fredung, CEO of Shufti Pro expressed his excitement towards this partnership and said, “Shufti Pro is very enthusiastic to onboard yet another great customer. We aim to maintain this partnership for a longer period by providing them our best services. Working with diverse businesses such as Bonorum is always a great experience.”

About Bonorum 

Bonorum is a technology platform that assists businesses in secure trade finance. Bonorum aligns Contributors with Enterprises by providing a low-cost alternative to traditional Trade Finance. The Bonorum platform enables contributors to share in the commercial success of Enterprises. Transactions are fully securitized on the blockchain to provide Contributors with transparency and a permanent record of operations and to digitize paper-based processes such as KYC, document authentication, file storage, credit histories, and even payments.

About Shufti Pro

Shufti Pro is an identity verification service provider that offers KYC and AML solutions to worldwide clients. Using a hybrid approach of AI and HI technology, Shufti Pro delivers results within 30 seconds with accuracy as high as 98.67%. Having verified users in over 232 countries, Shufti Pro is a pioneer in IDV services to cover a large number of countries.

Contact [email protected] to get on board!

Failure to Join FATF Will Increase Economic Pressure

Failure to Join FATF Will Increase Economic Pressure

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According to a top diplomat, Iran’s refusal to comply with the requirements of the Financial Action Task Force will result in more economic pressure on the country which is already suffering from a number of American sanctions. 

The Foreign Ministry Spokesman Abbas Mousavi said on Monday in a regular press briefing in Tehran, 

“We see the adoption of conventions that FATF has urged all countries and banks of the world [to ratify] as beneficial, not harmful.” 

FATF has urged Iran to implement legal reforms to meet its global standards and has extended its deadline numerous times. In mid-October, FATF gave Iran a final deadline to implement international reforms by February 2020 otherwise FATF would advise all its members to apply countermeasures. 

Iran has already made amendments to its counter-terrorist financing (CFT) and anti-money laundering (AML) acts. But the bills to ratify the Convention Against Transnational Organized Crime (aka Palermo) and Terrorist Financing Convention have been passed by the parliament but not yet endorsed by higher legislative authorities. 

It is crucial for Iran to maintain ties with other countries at present because its economic relations have been restricted by the sanctions imposed by the US. The sanctions were placed after the US withdrew from the 2015 nuclear agreement last year. 

The US has threatened to impose penalties on countries that conduct business with Iran. 

Under these circumstances, non-compliance with international norms will further hinder the countries’ trade with the world. 

According to Mehdi Mohtarnia, a political analyst, it is imperative for Iran to comply with FATF guidelines. 

‘Currently, North Korea has been blacklisted and Iran will be the second country if it is also blacklisted. If so, the first consequence will be an international consensus against Iran in the area of economic activities.’ 

Back in October, President Hassan Rouhani called on the Expediency Council to approve the FATF related bills. 

‘It is our pride that we fight terrorists and counter corruption, therefore we should not allow allegations of money laundering against our banking system. This hurts our country,’ the President stated. 

Ukraine Issues 14 Million Biometric Passports

Ukraine Issues 14 Million Biometric Passports

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According to Ukrinform, more than 14 million biometric passports have been issued in Ukraine so far. The Head of the State Migration Service of Ukraine, Maksym Sokoliuk, told in an interview that 14 million 200 thousand biometric passports have been issued up to date. 

According to Sokoliuk, 

‘However, one person has the right to hold two passports; pages in passports of some people also end too fast; and the children, who were issued passports in 2015, already have their passports expired. Therefore, we approximately use the coefficient that the number of holders is 25% lower than the number of issued documents.’ 

Till June, 42.6 million trips had been made to the EU countries as a result of the liberalized regime between Ukraine and the EU from 2017 as reported by Ukraine’s State Border Guard Service. Due to this regime, Ukrainians are allowed to travel to EU member states other than Ireland and the UK (for now) without a visa for up to 90 days during any 180-day period. 

In 2018, Ukraine issued more than three million biometric passports and about 75000 ID cards during the year. Earlier this month, the Cabinet of Ukraine launched a pilot project which aimed to introduce a national digital ID system for online identity verification. 

Bank of England fines Citigroup £44m Over Poor Financial Information

Bank of England fines Citigroup £44m Over Poor Financial Information

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The Bank of England has fined the UK branch of the US bank, Citigroup, a record £44m because the bank submitted incomplete and fallacious regulatory information to the Bank between 2014 and 2018.

According to the Bank of England, Citigroup didn’t come up to the expected standards between the above mentioned years and the problems were ‘serious and widespread in nature and the bank hadn’t presented an authentic picture of its monetary position. 

The Bank’s Prudential Regulatory Authority (PRA) fined the Citibank, which is responsible for monitoring the financial stability of about 1500 banks, building societies, credit unions, large investment firms and insurers in the UK. This is the biggest fine ever imposed by the Bank of England. 

According to the PRA, the bank’s systems were incompetent and Citi didn’t have enough people working for the regulatory accuracy, there was no proper documentation and that Citi’s failure and governance fell significantly below the standards expected’. The errors and oversights included ‘six substantive matters’, which is the reason for notable errors.

Citibank is a New-York based bank and is the third biggest bank in the US which has $2tn in assets and operations in 100 countries. It is considered as a global systematically important bank’

According to the PRA, 

“The pervasiveness of the errors and misstatements identified in the firm’s returns raised fundamental concerns about the effectiveness of Citi’s UK regulatory reporting control framework.”

Citibank would have faced a fine of £62.7m but since the bank cooperated with the PRA, it was given a 30% discount. It should be pointed out that Citi has better liquidity and capital requirements than the Bank demands at all times. 

Sam Woods, deputy governor for prudential regulation and chief executive of the PRA said,

“Accurate regulatory returns from firms are vital for the PRA in fulfilling our role. Citi failed to deliver accurate returns and failed to meet the standards of governance and oversight of regulatory reporting which we expect of a systemically important bank.”

Citibank has been extremely compliant with the PRA and the spokeswoman for Citi said, 

“Citi has fully remediated the past regulatory reporting issues identified by the PRA and settled this matter at the earliest possible opportunity.” 

FinTech Market Gaining Traction in Asia, Slowing Down in US

FinTech Market Gaining Traction in Asia, Slowing Down in US

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The Financial Technology (FinTech) market is booming in Asia, especially in China according to a New York-based data firm, CB insights. Investments in China fell into a slump earlier this year and now they are seeing a new surge.

Until now, FinTech has raised $25.6 billion which is already huge compared to 2017’s total of $18.8 billion. According to the report, the market is not so hot in the US where FinTech deals have fallen to an 11-quarter low. Asia saw investments spike and nearly surpasses the US investments in the third quarter. The US suffered the falls of the deals as the result of a withdrawal in early-stage deals which is also the reason for the overall drop in global deals in 2019 in the third quarter. 


FinTech Market Gaining Traction


In the third quarter, India and China continued to battle over the title of Asia’s top fin-tech hub. India remained behind with 33 deals while China saw deals surge to 55 in the third quarter. China had $661 million of funding narrowly lagging behind India’s $674 million. China has reclaimed the lead from India as Asia’s top deal hub for the third quarter.  

Source: (Twitter)

The FinTech market in Southeast Asia topped new heights with $701 million raised across 87 deals through the third quarter. The third quarter of 2019 also saw the top two deals since 2015; a $100 million Series B to Singapore-based Deskera and a $100 million Series C to Vietnam-based MoMo. 



Initial CCPA Compliance Costs Could Hit $55 Billion: Report

Initial CCPA Compliance Costs Could Hit $55 Billion: Report

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According to an economic impact assessment prepared for the state attorney general’s office by an independent research firm, California’s new privacy law could cost companies a total of $55 billion to get in compliance. Total CCPA compliance costs are likely to vary considerably based on the type of company, the maturity of the businesses’ current privacy compliance system, the number of California consumers they provide goods and services to, and how personal information is currently used in the business.

CCPA provides sweeping privacy protection to California’s residents. It includes a provision that will allow consumers to know what data companies are collecting on them. The bill grants rights to California residents to be informed about how companies collect and use their data, and allows them to request their personal data be deleted, among other protections. It represents the start of a new era of privacy laws designed to protect personal data, says Kelsey Finch of the Future of Privacy Forum. CCPA’s section gives consumers the right to delete personal information from the company’s database. 

CCPA Affecting Businesses :

CCPA will affect three types of businesses based in California:

  • Companies that have gross revenue of at least $25 million.
  • Companies that buy, sell and share the personal information of 50,000 or more consumers, households or devices.
  • Companies that get 50 percent or more of their annual revenue from selling consumers’ personal information.

By estimates, companies with less than 20 employees have to pay $50,000 for compliance. Large companies having more than 500 employees will have to pay an average amount of $42 million. This will make up for 1.8% of California Gross State Product. According to a report, total compliance costs for the companies subject to the law could range from $467 million to more than $16 billion over the next decade.  Researchers estimated that as many as 75% of California businesses earning less than $25 million in revenue would be impacted by the legislation. States have begun to take efforts for privacy legislation. Facebook CEO Mark Zuckerberg advocated for creating a nationwide policy in this regard. Cost and complications will be lessened by setting one legal standard for tech firms than a piecemeal approach to compliance. 

Since many businesses in California that operate in Europe had to make changes to comply with the GDPR which went into effect last year, CCPA has taken some elements from GDPR. The research suggests that the compliance costs for California’s law will be reduced this way. The EU estimated average incremental compliance costs for the GDPR would total about 5,700 Euros a year (nearly $6,300), according to the report, though there is also evident that the regulation lost productivity in sectors that rely heavily on data. Smaller firms are likely to take on a disproportionately larger share of compliance costs compared to larger firms with GDPR.

CCPA- An Inherit Part of GDPR:

Over a year after the introduction of the GDPR, concerns regarding its impact on larger firms appear to have been overstated, while many smaller firms have struggled to meet compliance costs. Resources explain this dichotomy as large technology companies are often several steps ahead of both competitors and regulators. In the long term, however, it is believed that the differential impact will likely shrink, driven in part by competition among third-party services that will help small businesses comply with the legislation. 

Economic Impact on Companies:

Companies are going to face an economic impact due to CCPA. As smaller companies with less than 20 employees are expected to spend about $50,000 in initial CCPA compliance costs, while mid-sized firms with between 20 and 100 employees could incur costs of $100,000 to start, according to the study.

The expenses come at a time when companies are reaping big rewards from the buying and selling of personal consumer data. The use of personal data in online advertising is a $12 billion annual business in California. When combined with the buying and selling of information from data brokers, the number rises to $20 billion annually.

California businesses could spend an additional $16 billion over the next decade after initial compliance expenses to keep up with changes and other expenses, according to the report. Those expenses could include hefty fines for those who violate the law.

A recent report from the International Association of Privacy Professionals found that as of this summer, only 2 percent of affected businesses were fully compliant with the law.

Meanwhile, some other state legislators are using California law as a model. In Nevada, for instance, a new privacy law went into effect on Oct. 1. That law, known as Senate Bill 220, will give consumers more ways to keep websites from selling personal data.

 Businesses that need to comply with CCPA:

Following are some businesses that have huge private data that needs to be protected by CCPA:


  • E-Commerce:


Online businesses have a huge private date of which they are taking advantage. The user surfing through the internet is analyzed by AI-based products and products of their interest are shown to get him attracted. This means that user data is being used to get more sales of their desired products by advertising it. So CCPA will enhance the privacy policies of businesses across the globe. The so-called rights over consumer data will be exploited by CCPA.


  • AI-based Verification Services:


As the regulations regarding KYC and AML are becoming more stringent businesses are adopting identity verification services for their customers and for other businesses. For this, they have huge data of clients that they have to verify. Identity verification service providers have the most confidential data on hand, hence they must follow the provisions of the California Consumer Privacy Act.


  • Social media:


Social media plays a vital role in their shopping decisions. Its a platform to target audience of interest. According to a study, 87% of shoppers are satisfied with the shopping experience through social media. There are many social media marketing tools that are employed to get to the audience of interest and to improve the sales of a particular product. Businesses are aware of these tools and deploying them well. The use of these marketing products employe available information on social media platforms. Social media sites have to change their practices of selling the personal information of users to third parties. The consent of the user must be required for selling this data to a third party business.

So, businesses need to comply with CCPA for the protection of private data of consumers. Since many California businesses had to comply with Europe’s General Data Protection Regulation last year, some of the compliance costs for the new state law will likely be reduced, according to the report’s authors. Many businesses need to comply with CCPA to mitigate the risk of a data breach. The law will go into effect on Jan. 1, 2020.

Fintech Trends – Unlocking the Unmapped Potential

Fintech Trends – Unlocking the Unmapped Potential

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Fintech, a blend of two words Finance and Technology, represents the collision of two worlds that how technology is revolutionizing the finance world. This industry has significantly evolved over the past few years. According to The Fintech Ecosystems report, it has reached to a new height in 2018 hitting the market value of $32.6 billion.

The investors are already in the race of reaching to the top by overcoming the gap between technology, incumbents, and ever-growing customer expectations and demands. They are continuously launching new products and services to diversify technology scores, eventually earning tremendous investments. Several studies and researches are being conducted to analyze the upcoming potentials associated with financial technology and how it would reshape the landscape. 

4 Segments of Fintech

Finance and technology are firmly gripping each other to come up with a strong market presence. The aggregate investment figures reported in 2018, encompasse different patterns of developments. The financial technology industry covers a range of industry models operating in different niches, segmented into four distinct variants. 

  • As new Entrants

Financial technology start-ups look forward to adopting the latest technologies and approaches to enter financial services. Such firms target a particular niche or product with an intent to develop an economic model similar to banks’.

  • As Incumbent Financial Institutions

These institutes significantly invest in technology to improve their performance, user experience, and meeting hostile threats. Moreover, the aim of these institutions is to capture competitive partnership and investment opportunities.

  • As Ecosystems

Financial Technology as ecosystems systemized by developed and large-scale companies offer financial services not just to enhance the existing platforms but also to monetize current user data and relationships. For example, “AliPay” supports Alibaba’s e-commerce platform. Leveraging robust user-engagement, such financial technology organizations offer relatively less customer acquisition cost as compared to other firms.

  • As Infrastructure Providers

These institutes offer/sell services to other financial institutions for digitizing their technology stacks and risk management and improving customer experience. 

Challenges for Fintech Variants

The future holds something big for these financial technology variants and of course, the hurdles are going to be there to reach their ultimate goals. For example, currently analyzing the market, the success of the infrastructure providers depends on the product and technical capabilities. Whereas, customer-oriented startups firmly focus on customer acquisition costs.

For Incumbents, the most challenging part is related to organizational skills and practice just like investing in technology. Convincing an employee, comfortable with traditional methods, to shift to digital can be agonizingly slow. The established technology businesses trying to enter the financial technology ecosystem may face regulatory challenges (KYC and AML compliance etc.). Unlike the advertising industries, the financial industries are quite timorous in adopting the “move fast and break things” approach. which makes them conscious about developing such integrated financial services.

Global Financial Technology Trends

Cloud-Based Solution to Settle the Fintech Market

Cloud computing is now helping financial institutions like banks to digitize their operations and become more accessible to customers, eventually reducing overhead costs. The main advantage is that it eliminates the need for specific and dedicated hardware and software and other resources required to maintain it, overcoming investment costs. As per the study, the cloud-based solutions are all set to lay foundations for how banks and other financial institutes are going to manage, conduct and grow their business in the future.

The organizations are now integrating and using cloud-based SaaS (software as a service) applications to enhance and innovate their non-core business processes e.g HR, CRM and accounting. Moreover, the cloud has paved its way into areas like KYC verification and AML screening for security analytics. In fact, according to digital trends 2018 report, the fast-paced financial institutions are three times more likely to invest in cloud-based solutions and technology. To say, cloud solutions are going to settle the financial technology market offering greater flexibility and efficiency won’t be an understatement.

Artificial Intelligence to Address Complex Issues

The buzz surrounding AI-powered applications and services in Financial Technology is intense. Traditional financial institutions are leveraging this advanced technology to enhance their operations. Approximately 20% of the organizations have already started utilizing AI, and more than 40% are looking forward to implementing it in the near future. Furthermore, up to 25% of the banking activities and operations are expected to be performed by AI-powered machines. One example of such a leading player is JPMorgan Chase. It is utilizing the COIN- Contract Intelligence machine learning program to automate the legal documentation reviews and reducing the human-effort and cost. 

Similarly, other institutions are also using AI-based identity verification and KYC services to speed up the onboarding process and eliminating frauds. AI is certainly a great influence on the customer’s experience and potentially reducing the cost of certain operations. Financial technology industries will see more usage of advanced machine learning and modeling techniques in upcoming years to deal with more complex business processes.

Investors are becoming more Selective

With the financial technology boom gaining ground, investors are becoming cautious and selective. Though there is no impact on overall funding, however, the investments in early-stage startups have significantly decreased by more than half between 2014 and 2017. The technology investors are looking for more reliable, later-stage financial technology institutes that can promise substantial scale and profits. This will give a tough time to startups and companies with no defined path for monetization, to meet with the rising funding demands.

Some institutions are no doubt, successful in raising sums but still, they are facing hurdles in monetizing their products. The reason is customer adoption of innovative business models takes time. For instance, blockchain start-ups are attracting customers and venture capital because of new payment infrastructure. However, because of being in prototype mode and leap to revenue-generation, the incumbents are cautious about blockchain startups. 

User Experience is not enough

The explosion of technology has pushed banks and financial institutes toward digitization. Looking back to the days of traditional banking, financial Technology captured the market by building a decent mobile application with great user experience (UX). But now it isn’t easy anymore since most organizations have transformed their user experience. Now every bank is offering a fully remote, mobile functionality with a classy design to win over customers. 

Customers now want more reasons to switch to new financial technology offers rather than great user experience.

The partnership between Global Banks and Fintech expected to grow

As technology is rapidly advancing, the thin line between financial technology and financial institutions is blurring due to their increasing partnerships. The increasing trend of financial technology has raised an unknown fear in global financial institutions. They could lose a significant market share to financial technology innovators. To cope up with competitive pressure, global banks are looking for ways to invest in financial technology companies. In fact, with direct collaboration, the partnership between global banks and fintech is expected to grow in the upcoming years.

Find more relevant resources:

Fintech Trends

AI a Blessing – AML compliance cost reduced by $217 billion

AI a Blessing – AML compliance cost reduced by $217 billion

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The U.S. financial firms spend approximately $25.3 Billion in terms of compliance, risk management and AML procedures. Europeans banks come close with $20 Billion annual AML expenditure.

The increasing territorial and regulatory gap between organisations and consumers has lead to a demand for digitisation of operations. Regulatory bodies owing to evolving nature of online fraud and monetary assets (cryptocurrency) are putting a safety check on every interaction between a business and its consumer. This results in a narrow gap between compliance management and profits. But fortunately technology has evolved enough to remove this barrier.

Leveraging Artificial Intelligence

RegTech has gained sure footing in the recent years. By using AI, Machine Learning and Data Analytics it gave a relatively new approach towards traditional compliance procedure. Being fairly a newer concept, it definitely faced a pushback from regulatory bodies.

However, the situation now has changed.

The Financial Crimes Enforcement Network (FINCEN) has announced its ascent for organisations to “responsibly” implement and use AI powered approach towards meeting BSA/AML requirements. U.S. regulators have given a nod to emerging technologies and their possible applications for risk management.


A joint statement by five (5) U.S. Agencies, The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, FinCEN, the National Credit Union Administration, and the Office of the Comptroller of the Currency stated that,

“private-sector innovation, including adopting new technologies and finding new ways to use existing tools, can help banks identify and report money laundering, terrorist financing, and other illicit financial activity.”

The first step towards engineering an AI based compliance procedure is to replace existing rule-based processes. This can be achieved by engaging transaction monitoring, and detection models with the help of Machine Learning. The inclusion of Artificial Intelligence reduces the cost of manual labour, time spent on monitoring, and inaccuracy of results with the help of intelligent solutions. These solutions are fed logic to their backend and are able to replicate a set of decisions based on past events. AI is not just a readymade solution. It gives an opportunity to organisations to train systems according to their requirements.

Banks, Payment processors and other FinTech institutes can identify relevant KYC and AML compliance processes and easily implement their AI based application. Owing to the nature of their operations financial institutions hold vast data banks. By using Big Data Analytics this data is easily divided and categorised into distinct chunks. These chunks are further assigned machine rules to “read” future transactions and apply processes based on that.

The traditional approach towards KYC and AML compliance may hinder practicality. With the help of innovative solutions organisations are now able to cut costs and reduce number of resources exhausted to secure compliant processes.

It is no surprise that the Global RegTech industry is expected is expected to grow to $12.3 Billion by 2023.


Read more on how RegTech makes AML Compliance effortless.

4 Fintech trends to look forward in 2019

4 Fintech trends to look forward in 2019

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FInTech has come a long way from being a mere futuristic technology and has achieved scalability by making strides towards large-scale public adoption. Investments are pouring in and new startups are mushrooming in every geographical region of the world, offering multiple financial technology trends that are enabling conventional finance world, introducing new banking technology innovations and creating a transparent environment to conduct online banking. Fintech companies were able to process $3.5 trillion in global transaction value by the end of 2017 and the safest projections estimate that the volume will swell to $8 trillion by 2022, showcasing an annual growth rate of 18%. The ability of Financial technology to tackle online fraud and help with compliance related issues has also pushed banks all over the world to force their regulators to approve integration of new FinTech with their banking operations.

Biggest Opportunities and challenges for Fintech                                                                                                                 Source:


Financial Technology has surely outlived the hype, unlike many other technologies that promised to deliver a new future but failed miserably in the end. Self-driving cars, we are looking at you. But enough about past, let’s talk about the future, the future of Fintech and some leading fintech trends that will be giving rise to new technology in financial services in 2019.

Big Money is Coming

FinTech has not only resolved the issues related to conventional banking and finance world but it was able to earn deep pockets for itself in recent years. Looking on year on year growth for Fintech investment,  it is expected that by 2020 Financial Technology startups will be able to more than double their investments from what they were in 2015. The biggest catch is that the largest spike in investment charts is expected in 2019.


Statista Stats

                                                                                                                  Stats courtesy: Satista


Expected ROI to jump

Fintech gurus took notice when they heard, “with great power comes great responsibilities”. So they are going to ensure that powered by great investments, Fintech sector was returning substantial ROI for the trust shown on their abilities to introduce new technology in financial services. In a recently released report, it has been estimated that fintech sector will be expected to offer 20% ROI to its investors. So whether it is remote account opening services or the ability to perform AML compliance in real-time, fintech trends in 2019 will not only be productive for their customers but for their investors as well.

Blockchain Adoption

Yes! You read it right, Fintech will be moving towards Blockchain as it is the way forward for the financial world if they want to fight with frequent data breaches exposing confidential and highly sensitive financial information of their customers. The best thing is that financial services, or more accurately, the fintech startups that will be working with the financial industry are very open to the idea. 77% of them expect that blockchain will be part of an in-production system process in the coming years.

Blockchain Adoption

Increased Regulations

2019 will see more financial regulators and banking watchdogs issuing guidelines to make FinTech compliant with national and international laws. It will assist in streamlining of various types of fintech and fine-tuning of scalable fintech products. New banking technology innovations will finally be able to integrate with multi-national banks.

Financial technology trends in 2019 will help fintech startups with even the most humble origins to become part of the big league in the financial world.  Financial compliance coupled with large investments will enable larger banks to either partner up or sign merger plans with fintech players with the most innovative players of the fintech industry.

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