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Fintech

Fintech

Thanks to a solution developed by the Society for Worldwide Interbank and Financial Telecommunication (SWIFT), an online purchase payment from another country or service charges provided by an SME to an international client can be made faster. BBVA is the only Spanish bank to participate in the launch of SWIFT Go and has successfully carried out its first pilot testing of the system as well.

Decentralized finance is a blockchain-based set of applications that, in principle, need no intermediaries to work. These financial products have similar characteristics to traditional services and their boom period could, to some extent, change the financial sector and give rise to both opportunities and challenges.

BBVA-Onur-CEO-Foro Fintech Koç 2021

BBVA´s CEO was invited to speak at the third edition of an annual meeting organized by the students of the Koç School in Istanbul. The event analyzed opportunities in fintech as well as technology and digitization´s contribution to the banking sector.

Azlo, a provider of digital banking and business services for small businesses, is seeing a surge in new account openings in 2020 in the midst of the “Covid Economy” that is spurring new entrepreneurs into action. The digital business banking service—built from day one to serve the needs of small business owners—today announced it has doubled its customer count, year-to-date, and is launching a new subscription service, Azlo Pro, designed to further meet the needs of entrepreneurs around the U.S. by saving them time and money.

Neither Google, Samsung, nor Amazon are banks. Yet they all provide financial services, specifically in the areas of payments and money transfers. Even Facebook is making plans for its own currency, Libra. Financial regulation needs to respond to the challenges of a changing landscape: fintech startups are paving the way for digital ecosystems while the Big Tech are taking steps to penetrate what has traditionally been banking territory.

Collaboration between banks and financial technology startups could be key for finding solutions in the new environment that the COVID-19 pandemic has brought about. The digital event ‘BBVA Open Talks Global: Fintech Post-Covid’ included how the innovation ecosystem is reacting in the various countries where BBVA is present. Where Spain is concerned, innovation has accelerated and there are already tech solutions on the table to build a post-pandemic future.