Though Sitharaman said the fintech industry “depends on such experiments,” these would likely exist within a framework where India’s digital currency reigns supreme. Still, even with that assurance, uncertainty surrounding India’s proposed restrictions—especially regarding cryptomining—may leave blockchain companies and innovators feeling uneasy.

With strong digital money management tools, FIs can defuse a competitive advantage wielded by neobanks and personal finance management fintechs—and make customers more valuable over time. Many challenger banks and fintechs make improving customers’ financial health a key value proposition.

Neobanks should look to the crop of fintechs offering this service—like RentReporters or Rental Kharma—for inspiration in deploying the payment reporting feature. Requesting a small advance on the next paycheck without interest or credit check—another form of free short-term loan—also increases stickiness.

The Alibaba fintech affiliate’s IPO—the world’s largest—was originally slated for early November but has since been suspended. Still, the company is betting big at this year’s Singles' Day, offering shoppers special promotions and vouchers when they buy from small businesses—most of which suffered huge financial blows due to the pandemic. Entertainment, but Make It Virtual.

Eleni Digalaki, Managing Analyst, Fintech, Business Insider Intelligence. While the UK and the EU settled on a withdrawal agreement last week, negotiations for a free-trade deal are still ahead of us. Failure to secure it before year-end could bring trade restrictions in the form of tariffs, along with friction from new rules and processes.

Pivoting and diversifying are important future strategies in the fintech field, for example, according to June 2020 research from industry body Innovate Finance. It found that 32% of UK fintech companies were looking to diversify revenue streams to survive and grow, with 30% saying they placed emphasis on pivoting the business.

Revolut showcases online cash-back deals within its app, while Monzo and Starling offer similar deals through partnerships with rewards fintechs. But because users are redirected outside neobanks' apps to make a qualifying purchase or connect those fintechs to their accounts, none received credit for this tool.

Fintech giant Lufax reported that 54% of its platform’s active users were female in 2020, for example. These users transacted 55% more frequently and, on average, held 59.4% more in asset value than their male counterparts did. This could speak to the fact that women in China are often responsible for the household budget.

The fintech’s $100 million round shows growing confidence in the crypto sector, as regulations and new use cases increase and make solutions like Chainalysis’ more valuable.

Snapchat has benefited from increased time spent and engagement in apps, particularly in mobile gaming, fintech, fitness and wellness and streaming media.

It also raised $650 million in funding in September 2020 at a $10.65 billion valuation, making it the most valuable European fintech at the time and giving it ample funds to build out its business. Differentiating Factors. Klarna’s three distinct financing offerings and broad financial ambition could win over consumers.

Further, fintech companies, such as providers that enable early wage access and digital payment processing vendors, are driving up spend in this category. B2B digital ad spending growth in financial services outpaces the total digital ad market for this category, which will grow by 10.4% in 2020. B2B financial services digital ad spending will make up 11.2% of the sector’s overall digital ad market.

This, in turn, simplifies the issuing process for companies that want to delve into the card space directly, like gig economy firms and fintechs. Payment Networks. Payment networks act as hubs that enable funds to flow from the payer’s FI to the recipient’s. Most commonly, these networks are card brands, though other noncard networks are emerging and increasing their share of transactions.