From Puerto Rico to the UK, fintech is spurring innovation and making its mark on the world. While the economic outlook for Puerto Rico may look bleak to some, experts believe there is an answer for sparking economic growth and bringing jobs back to the island: fintech. And across the pond in the UK, the Bank of England revealed its 2017 bank stress test results and what changes in the economy could mean for fintech. Continue reading our latest global news roundup for the latest in fintech news.
Banking Stress Test?
What scenarios would major financial institutions be able to adapt to in a changing economy? That’s what the Bank of England revealed last week in its 2017 bank stress test results. With fintech companies relying on banks to operate and thrive, they will also be impacted when the economy takes a turn. What do the bank stress results mean for the fintech industry? Find out here.
Fintech and Puerto Rico’s Recovery
There is no doubt Puerto Rico has a long road ahead as they recover from the devastation of the 2017 hurricane season. In addition to infrastructure challenges, the island has economic hurdles to overcome, and some believe fintech may be the answer at Puerto Rico looks to rebuild. Read the full story here.
Fintech Growth in the UK
Last week, several announcements with regards to the UK Budget were delivered, addressing concerns with housing and taxation, among others. The Budget was provided to the House of Commons with a focus on financing growth in innovative firms and an action plan to unlock over £20 billion ($27 billion) for financial innovation over the next ten years. Read the full story here.
AI and Fintech
As traditional financial institutions decrease in popularity, fintech firms are rising throughout the United States, Europe, and China. And while these regions are using fintech in very different ways, there is one thing they have in common: artificial intelligence. Read the full story here.