Fintech Market Projected to Grow Thanks to Continuous Technological Innovations
NEW YORK, February 1, 2018 /PRNewswire/ --
According to a report from PWC, funding of FinTech startups has increased at a compound annual growth rate (CAGR) of 41% over the last four years, with over US$40 billion in cumulative investment. Mobile payment service is one of the fastest growth segments in the fintech market. The report indicated that mobile money services could have the opportunity to grow into a US$3 trillion payments volume market. Key indicators from the report also include the fact that 82 percent of financial institutions expect to increase FinTech partnerships in the next three to five years and 77 percent of them are expect to increase internal innovations. Global Payout, Inc. (OTC: GOHE), Spindle, Inc. (OTC: SPDL), Ipsidy, Inc (OTC: IDTY), AppSwarm, Inc. (OTC: SWRM), Medical Cannabis Payment Solutions (OTC: REFG)
Fintech companies are now applying more technology innovations in the financial services segment. According to the report, startups that develop AI in financial services have been funded more extensively. Manoj Kashyap, Global FinTech Leader, Partner PwC US, said: "Innovation is happening outside of the organisation, with emergent technologies being leveraged by startups, and if Financial Institutions want to speed up their innovation they need to significantly increase their collaboration with FinTech companies"
Global Payout, Inc. (OTC: GOHE) yesterday announced breaking news that, "its majority owned subsidiary, MoneyTrac Technology, Inc. ("MTRAC", the "Company") is in final discussions for a Partnership with cutting-edge POS Company that is currently providing an end-to-end suite of technology services to enterprises operating across multiple industries.
To date, MTRAC has recognized and partnered with a number of pioneers in the Banking and Fintech space through its efforts to build and co-build a full suite of service offerings. MTRAC CEO Vanessa Luna, describes this potential partnership as "The final piece to a very robust puzzle offering a full suite of financial services to multiple high-risk credit industries."
The MTRAC Management Team has had several meetings over the course of the past month and is confident they will work successfully through the terms of the partnership. The identified Company is also putting in good faith efforts to solidify the terms of an agreement, that both companies believe will be lucrative and highly beneficial to the overall objectives of providing disruptive service solutions paving the way for businesses in dire need of this type of innovative technology.
MTRAC anticipates announcing additional details of this opportunity in the near future."
Spindle, Inc. (OTCQB: SPDL) is an innovator of merchant and consumer-facing commerce solutions focused on the Small and Medium-sized Business (SMB) market. It is focused on payment processing services and integrating value-added capabilities that enhance merchant revenue and increase consumer loyalty, experience, and stickiness. Earlier in October the company announced that it has entered into a binding letter of intent to acquire all of the shares of a privately held and profitable payments processing company. Dr. Jack Scott, Spindle Interim CEO, stated, "This letter of intent to the target company is a milestone for Spindle. It brings a management team experienced in the payments space and is profitable. This acquisition will put Spindle back on track to growth and the combined companies will result in synergies and scale that should ultimately fuel future growth opportunities. We look forward to working towards closing the transaction where the current CEO of the target company will assume the role of CEO of Spindle and join our Board of Directors."
Ipsidy, Inc (OTC: IDTY) is a provider of secure, biometric identification, identity management and electronic transaction processing services. Last November, the company along with GFS Software, a Brazilian technology company, announced they have entered into a distribution agreement for IdLok, Ipsidy's biometric multi-factor identity authentication suite of services, for Brazil. Philip Beck, Chairman and CEO of Ipsidy said "Our agreement with GFS furthers our goals of delivering solutions that provide a high level of transaction security, control and certainty operating in both physical and digital environments. Our identity platform supports a broad range of transactions and is language agnostic, thereby making the solution accessible to customers around the world."
AppSwarm, Inc. (OTC: SWRM) is a technology company specializing in the accelerated development and publishing of mobile apps and other software platforms for gaming and business applications and seeks to acquire symmetric business opportunities. On January 10th, the company announced the beta launch of its new Bitcoin tracking app 'BitChart'. Ron Brewer, CEO of AppSwarm, Inc. commented, "We are very excited about the beta launch of our new Bitchart app, and think going forward we have the potential to build a unique investors hub for crypto investors, while also helping bring some additional transparency to this rapidly growing market. Through our years of mobile development of games and different business applications, we look forward to adding a number of new features to our Bitchart app through the rest of 2018, and will be providing updates on this in the very near future."
Medical Cannabis Payment Solutions (OTC: REFG) specializes in state-of-the-art financial services structured to serve the medical cannabis and banking industry. On January 11, 2018, the company announced it will soon process payments in Bitcoin. The development goes beyond the current version of the merchant app, which is currently available to state-licensed marijuana establishments. Medical Cannabis Payment Solutions was developed to solve this major problem in state-sanctioned marijuana: banking and cashless payments. The company already has its payment processing technology, Green, available to cannabis locations across the nation. Green offers clients a cutting-edge payment solution that allows consumers to buy items using US currency and will soon allow Bitcoin. "Traditional banking systems do not allow state-sanctioned marijuana to access their payment systems," said Jeremy Roberts, CEO of Medical Cannabis Payment Solutions. "The feedback we have received indicates that the opportunity is bigger than just cashless electronic payments in US currency."
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