FinTech Innovation Valuable for Growing Number of Industries

FinTech has asserted itself as an essential technology within the financial services, payment services, human capital and a growing number of sectors for various reasons. According to a report recently issued by PwC, over 77% of companies globally intend to expand their efforts to innovate their fintech approach within the next three to five years. Prominent areas of various industries that are poised to be disrupted by fintech applications include human capital services, workforce applications, banking & financial, insurance, digital transactions and payment services. The World Economic Forum has led the creation of an industry consortium focused on improving the cybersecurity of a increasing number of technology companies, as collaboration between fintechs and financial institutions as a heightened need for companies to implement sturdy cybersecurity measures. FinTech Innovation coupled with Blockchain technology has the potential to universally reshape the way business transacts across nearly every industry in the global economy for companies such as: ShiftPixy, Inc. (NASDAQ: PIXY), PayPal Holdings Inc. (NASDAQ: PYPL), Starbucks Corporation (NASDAQ: SBUX), Square Inc. (NYSE: SQ), American Express Company (NYSE: AXP).

ShiftPixy, Inc. (NASDAQ: PIXY) BREAKING NEWS: Shiftpixy, amidst all the talk about the fintech boom, is developing a unique financial and insurance transaction and metering platform.

ShiftPixy’s technology platform leverages a “micro-metering” approach to incremental financial and payment transactions and related insurance coverages based on real-time use and exposures. In his discussion regarding ShiftPixy’s underlying technology in the midst of the fintech frenzy, ShiftPixy’s CEO Scott Absher stated, “We are preparing to operate at the level at which many fintech companies are endeavoring to attain. In connecting a workforce with business, ShiftPixy will be leveraging two critical technology functionalities. The first is what we call ‘micro metering’ of essential commercial insurance coverages required by our operator clients-namely workers’ compensation and auto coverages on a delivery-by-delivery basis. The second is using ShiftPixy’s blockchain ledger to process and record our critical P2P connections.” Read this and more news for ShiftPixy athttp://www.marketnewsupdates.com/news/pixy.html

Mr. Absher went on to say, “The ShiftPixy mobile ecosystem’s success requires technical precision in managing sometimes relatively small yet frequent transactions that are growing in volume. Our ‘micro metering’ technology has caught the attention of the insurance community with its real time data visibility and its ability to scale at a rapid rate. Our blockchain technology assures that with rapid growth and scale, our essential security is keeping pace with the growth.”

ShiftPixy’s technology is engineered to allow the Company’s business operator clients to liberate and accelerate their business and thrive despite the gig economy changes affecting their businesses. ShiftPixy is allowing traditional retail and restaurant operators to connect and compete with ease in the part-time labor markets without technology investments.

Additional industry related developments from around the markets: 

Village Capital and PayPal Holdings Inc. (NASDAQ: PYPL) have chosen 12 startups to take part in their first fintech accelerator in Sub-Saharan Africa, which will provide three months of training and offer US$50,000 investment in the best two companies. A cohort of 12 early-stage fintech startups has now been chosen from 165 applicants, each of which has developed an innovative technology or business model that has improved financial health for consumers or businesses. The cohort includes four startups from Kenya, namely tech platform for small scale producers Annona, foreign exchange service FPESA, insurtech startup GrassRoots Bima, and agriculture marketplace Tulaa, which is also active in Ghana.

Starbucks Corporation (NASDAQ: SBUX) recently addressed the company’s future intentions to become more involved in the fintech landscape through blockchain. “I think Blockchain technology is probably the rails in which an integrated app at Starbucks will be sitting on top of,” he said. For Starbucks to be considering how to incorporate Blockchain into its payment processes isn’t that much of a surprise. That’ because the coffee behemoth has a reputation for being willing to step into unchartered waters when it comes to technology. For example, it was one of the first major retailers to employ technology that allows customers to make their purchases with their mobile phones. It rolled out what it called the “nation’s largest mobile payment program” in 2010. A year later, it boasted that its mobile transactions topped 26 million within the first year.

Square Inc. (NYSE: SQ) is reportedly supporting direct deposits for paychecks, which means it’s one step closer to becoming a fully functional bank account, without actually being a bank account. Users just need to give their employer their account and routing number (found in Cash settings), and the app will notify them when a deposit hits their account. The funds are added to their regular Cash balance and can be spent via debit card, sent to a friend, put into another account or even used to buy bitcoin. This is a big step forward for Cash app — and the financial services sector in general. As long as you don’t need to deposit a cheque or wire a transfer (and who in this day and age does?) it’s now entirely possible to rely on the app in lieu of a traditional bank account, which is helpful for younger users entering their first job, those in underserved areas, or anyone reluctant to pay fees at more mainstream institutions. It’s not so straightforward for Square itself, though, as it doesn’t yet have its own bank charter, so it’s had to figure out quite a few workarounds to adhere to legislation. But as more and more fintech companies pioneer these kinds of services and see large-scale take-up, it might not be too long before at least some of the rules are reformed.  Source: engadget

American Express Company (NYSE: AXP) recently joined the financial funding round of Even Financial, a technology platform powering financial services online. “Even Financial helps financial services providers and fintech partners programmatically deliver products and services in real time to the right customers when and where it’s most effective,” said Harshul Sanghi, Managing Partner of American Express Ventures. “By providing the underlying technology for more efficient customer acquisition, Even’s platform is enabling financial institutions to broaden their reach while connecting fintech partners with a greater supply of financial institutions and their products. We’re pleased to support Even in its efforts to expand its capabilities and grow its client base.”

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