Banca Sella, Lloyd's and Mastercard Are Testing The Waters of Fintech
TechnologyBit News Today2 min read
Banca Sella, Lloyd's and Mastercard are all venturing into the fintech world, testing the waters as the sector continues to grow and evolve.
Banca Sella recently launched an "open banking platform" in Italy, making it the country's first bank to do so. The platform will offer businesses and startups access to the institution's technological infrastructure, thought to be previously exclusively accessible by the bank itself.
The development of Fabrick, an ecosystem for open banking by the Sella Group, adds to this initiative. This move positions Banca Sella and the broader financial sector in Europe at the forefront of fintech innovation.
Meanwhile, Mastercard was granted a U.S. patent last month for a method that would expedite cryptocurrency payments, despite notable challenges in this space. This has the potential to streamline Bitcoin use on credit cards, although it seems early in the process.
There's evidence of progress in insurance coverage for digital currencies, as well.
This follows Kingdom Trust's announcement as an independent custodian that provides security, accounting, reporting and insurance for digital currencies. Kingdom Trust serves over 100,000 clients, who collectively have over $12 billion in assets under custody.
Despite this, there is still undefined territory in fintech. In Switzerland, the Swiss Bankers Association wants to establish minimum standards for ICO-funded startups, claiming this could "simplify the account opening process".
The available statistics concur with these barriers: SWI swissinfo.ch reported on July 3 that blockchain companies in Zug alone may require foreign bank accounts, rendering their domestic financial options limited.
This is a striking concentration of fintech operations.
Twenty blockchain companies were recently selected from 200 applications, submitted from 36 countries, according to Ledger Insights. This signals the integrity of the initiative, while the global scope reveals the international character of the blockchain enterprise.
These forays into the increasingly viable field of blockchain detach from mainstream banking's traditional practices. Critics worry that while it has considerable long-term promise, early developments expose blockchain to inherent risks. Still, in recent months, we've seen tech-major-level industry actors and governments adopt the new technologies' language and invest their resources.
