Fintech PR

Future FinTech Plans to Enter the Challenger Bank and Digital Payment Sector

Published

5 years ago

August 17, 2020

Future FinTech Group Inc. (NASDAQ: FTFT) (“Future FinTech”, “FTFT” or “the Company”), a leading blockchain e-commerce and financial technology company, today announced it plans to enter the challenger bank and digital payment sector.

Challenger banks are small, recently created retail banks that compete directly with the longer-established banks, sometimes by specializing in areas under served by the big traditional banks. The challenger banks distinguish themselves from the historic banks by modern financial technology practices, such as online-only operations without physical retail stores, which reduce the banking costs and avoid the complexities of traditional banking. In order to be defined as a “bank”, it must be regulated by the banking regulatory authorities.

In recent years, challenger banks and third-party payment systems have grown rapidly worldwide, rising to the top of the financial services industry, with personalized banking services that have reinvented the customer experience. Countries around the globe have enforced lockdowns recently and have advised their citizens to socially distance during the COVID-19 pandemic leading to traditional physical banking services declining due to health and safety concerns. This has expedited innovation in financial banking industries.

FTFT has already recruited professionals from this industry, and has been in frequent contact with companies in this sector in Southeast Asia and Europe, in order to find M&A targets.

The countries of the Association of Southeast Asian Nations (“ASEAN”) are the main target markets of FTFT, as half of the more than 300 million Internet users in ASEAN countries have not yet used online financial services. The annual digital payment in ASEAN is around RMB 5 trillion (approximately $714 billion)(Source:The Future of Southeast Asia’s Digital Financial Services Industry), which is much smaller compared to nearly RMB300 trillion in mainland China (approximately $42.85 trillion)(Source:2019 China Mobile Payment Development Report). Economic and trade cooperation between China and ASEAN countries has accelerated recently with increasing trade volumes and progress being made in regional economic integration. The market for cross-border payments and other financial services have huge potential. FTFT plans to open up cross-border payment channels between China and ASEAN countries through merger and acquisition with companies that have existing challenger banking and digital payment technologies and through cooperation with China’s WeChat and Alipay.

Mr. Shanchun Huang , CEO of FTFT, said, “ASEAN is a huge potential market for challenger banks. Under the leadership of our board of directors and management, we will build our competitive technology and business advantage in challenger banking and digital payment sector through our M&A strategy. Our goal is to turn FTFT into one of the leading financial technology companies in Asia, not only bringing a better banking experience to customers, but also bringing significant returns to our shareholders.”

Related Topics:COVID-19 fintech Future FinTech latest-news Mr. Shanchun Huang

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Fintech PR

VIVATECH 2025 EXPLORES THE NEW FRONTIERS OF INNOVATION

Published

9 minutes ago

April 3, 2025

CISION (PR Newswire)

vivatech-2025-explores-the-new-frontiers-of-innovation

PARIS, April 3, 2025 /PRNewswire/ — The 9th edition of VivaTech, Europe’s largest startup and tech event, will take place in Paris Porte de Versailles from 11 to 14 June 2025.

SPANNING A DECADE OF TECHNOLOGICAL TRANSFORMATION

With over 4,000 partners and 300 global innovations, VivaTech will bring together thought leaders, entrepreneurs, investors, and key industry players to explore new technological frontiers and their impact on business, geopolitics, and society.

Technology: Featuring AI, quantum computing, blockchain, and other disruptive technologies, along with a new prize dedicated to innovation and over 14,000 startups and tech champions, VivaTech offers a comprehensive view of the future of technology.
Business: More than 30 business sectors will be represented at VivaTech
Geopolitics: While some countries are strengthening their presence, notably China, other countries will be present at VivaTech for the first time: the United States, Poland, Lebanon, Saudi Arabia, El Salvador and Nigeria. Canada, VivaTech’s Country of the Year, is bringing a delegation of more than 100 Canadian AI startups.
Responsibility: VivaTech 2025 is reaffirming its commitment to a more sustainable and ethical Tech, with the second edition of the Impact Bridge in partnership with EDF, and the inauguration of the Tech for Change Award, in partnership with Axionable, dedicated to innovations with social and environmental impact.

THE MAIN THEMES AT THIS NINTH EDITION OF VIVATECH

The AI Revolution in Action

According to the VivaTech barometer, 85% of companies plan to increase their investments in AI in the coming year. VivaTech will highlight advancements in robotics, the fight against misinformation, and environmental protection, with startups like Unitree (China), Trusting Pixels (Canada), Ocean Eyes (Japan).

Creative Industries: Tech Reinvents Arts and Entertainment

Music, film, fashion, design and gaming are entering a new era where technological innovation is redefining creation, distribution and consumer experience. VivaTech will honor the creative industries with major experiences: Runway’s AI Festival and a unique immersive show in partnership with LiveNation.

Tech Cares: Tech at the Service of Wellbeing

From AI for mental health (Emobot) to innovative algorithms accelerating drug discovery (Aqemia), VivaTech will showcase innovations transforming health and well-being.

FIRST KEY SPEAKERS ANNOUNCED

Joe TSAI, Alibaba Group, Vanessa WYCHE, NASA, Alain ASPECT, CNRS / Pasqal, Nobel Prize Winner, Zak BROWN, McLaren Racing, Paul HUDSON, Sanofi, Yann LE CUN, META and Arthur MENSCH, Mistral AI.

Photo: https://mma.prnewswire.com/media/2656700/VivaTech_2025_Press_Conference.jpg
Logo: https://mma.prnewswire.com/media/2656698/Viva_Technology_Logo.jpg

Contact: vivatech@publicisconsultants.com

View original content:https://www.prnewswire.co.uk/news-releases/vivatech-2025-explores-the-new-frontiers-of-innovation-302419022.html

Fintech PR

EY upgrades Nightfall, a zero-knowledge roll-up enabling private transactions on the Ethereum blockchain

Published

9 minutes ago

April 3, 2025

CISION (PR Newswire)

The new source code for Nightfall, renamed Nightfall_4, replaces the prior version.
This update provides the near-instant finality of layer-1 blockchain transactions without the need for a challenge period.
Nightfall enables enterprises to orchestrate private transactions efficiently on Ethereum without compromising its benefits of transparency, data immutability and security.

LONDON, April 3, 2025 /PRNewswire/ — The EY organization today announces it has updated the public domain source code for Nightfall¹, a layer-2 roll-up that enables private transactions on the public Ethereum blockchain and the development of privacy-focused enterprise blockchain solutions.

This updated version of Nightfall replaces the optimistic roll-up with a zero-knowledge version – enabling the near-instant finality of transactions on the blockchain without the need for a challenge period. Using Nightfall, enterprises can orchestrate private transactions efficiently on the Ethereum mainnet, without compromising the transparency, data immutability and security that Ethereum provides.

The replacement of a cryptoeconomic approach with a cryptographic approach simplifies Nightfall’s architecture because there is no need to accommodate challenging incorrect blocks, nor to provide liquidity services to avoid users having to wait out the challenge period to get their tokens. As soon as a Nightfall block is added to the chain, the transactions it contains are as final as any other blockchain transaction.

This simplifies the operating requirements for Nightfall, making privacy technology more accessible for enterprise users. Nightfall’s other features, such as access provision through x509 enterprise identity certificates and the enhanced scalability with privacy, have all been retained.

The source code for Nightfall, renamed Nightfall_4, and supporting tools are in the public domain and are available on Github. Nightfall remains in the public domain to facilitate the adoption of privacy-focused enterprise solutions among companies seeking to enter Ethereum and conduct meaningful business on the network.

The EY organization first contributed Nightfall to the public domain in 2019 as a set of protocols for enabling private transactions on the Ethereum blockchain, and Nightfall_4 is the fourth major update to the software. EY core software and service offerings in the global blockchain market, such as, EY OpsChain, use Nightfall, and both are delivered through EY Blockchain’s SaaS platform, Blockchain.ey.com.

Paul Brody, EY Global Blockchain Leader, says:

“This update to version 4 represents a major update to Nightfall, providing the same privacy and scaling that version 3 enabled, but now with near-instant finality and a simplified architecture. We believe we will see accelerating adoption of this technology in the coming year by enterprise users.”

For more information visit Blockchain.ey.com.

About EY
EY is building a better working world by creating new value for clients, people, society and the planet, while building trust in capital markets.

Enabled by data, AI and advanced technology, EY teams help clients shape the future with confidence and develop answers for the most pressing issues of today and tomorrow.

EY teams work across a full spectrum of services in assurance, consulting, tax, strategy and transactions. Fueled by sector insights, a globally connected, multi-disciplinary network and diverse ecosystem partners, EY teams can provide services in more than 150 countries and territories.

All in to shape the future with confidence.

EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation are available via ey.com/privacy. EY member firms do not practice law where prohibited by local laws. For more information about our organization, please visit ey.com.

This news release has been issued by EYGM Limited, a member of the global EY organization that also does not provide any services to clients. 

¹ Nightfall is an internal project name at the EY organization for code related to privacy on a blockchain. This code is not owned by the EY organization and the EY organization provides no warranty and disclaims any and all liability for use of this code. Users must conduct their own diligence with respect to use for their purposes, and any and all usage is on an as-is basis and at your own risk.

View original content:https://www.prnewswire.co.uk/news-releases/ey-upgrades-nightfall-a-zero-knowledge-roll-up-enabling-private-transactions-on-the-ethereum-blockchain-302418610.html

Fintech PR

NYSE Content Advisory: Pre-Market Update + Wall Street Responds to Tariffs

Published

9 minutes ago

April 3, 2025

CISION (PR Newswire)

NEW YORK, April 3, 2025 /PRNewswire/ — The New York Stock Exchange (NYSE) provides a daily pre-market update directly from the NYSE Trading Floor. Access today’s NYSE Pre-market update for market insights before trading begins.

Kristen Scholer delivers the pre-market update on April 3rd

On Wednesday, which the President dubbed Liberation Day, Trump unveiled levies on all countries.
Markets are pricing in the impact of the tariffs expected to take effect on April 5 with the S&P 500 testing correction territory, down 10% from its high.

Watch NYSE TV Live every weekday 9:00-10:00am ET