Long gone are the days of paper bills and coins, and fintech is the future of finance. Iana Dimitrova, the CEO of OpenPayd, is at the forefront of this technology. Learn more about this below.
FinTech has had a fickle uprising but is now one of the essential things in the world. It’s also kind of an underdog, as many people aren’t even aware of how the intricate blend of finance and technology is reshaping the world around them.
From failures such as Beanz to finance conglomerates such as PayPal, the blend of technology and finance has led the digital revolution, and that trend isn’t stopping anytime soon.
Like every aspect of the technology world, fintech is experiencing a boom in recent years and is advancing faster than expected. The modern trends in this technology are paving the way for a second renaissance in fintech, and Iana Dimitrova, the CEO of OpenPayd, has quite a lot to say on the subject matter.
Below, we’ll explore fintech, cover Iana Dimitrovas’s thoughts on the future of finance and technology, and speculate a bit on where the digital finance world is heading.
The Role of Fintech in the Modern World
Fintech makes the world go round. Most companies operate on a digital scale these days, and especially during the coronavirus pandemic, fintech solutions offer a crucial framework for both internal and external operations.
Fintech has enabled a lot of companies to survive and thrive, as well as provided solutions for international operations. It’s the essential key we’ve been looking for in global trade, and its standardization and development are paving the way for the future of finance.
Digital payments are already industry standard for many different industries, the most notable of which is eCommerce. The world’s biggest eCommerce platform, Amazon, is also the world’s biggest company, and its investments in financial technology have changed the way we view transactions.
Iana Dimitrova, the CEO of OpenPayd, is a respected speaker in the world’s largest fintech conference, the FinTech Connect 2020. While this event is usually live, due to the ongoing coronavirus pandemic, the 2020 variation has been held as a digital event.
Iana Dimitrova has had this to say on the role of OpenPayd in the fintech world:
“We’ve recently revealed our payment solutions for businesses that deal with digital currencies, thus enabling exchanges to access fiat on-ramp and off-ramp services. Exchanges have recently experienced their highest trading volumes, and these solutions give these cryptocurrency businesses access to a selection of banking and payments networks.”
Following this statement, Iana Dimitrova suggests that the fintech world’s future relies on blockchain and cryptocurrency solutions.
Fintech and Cryptocurrency
Since the rise of the world’s first cryptocurrency, Bitcoin, the market hasn’t been the same. Bitcoin is an anonymous, blockchain-based cryptocurrency that allows for seamless, untraceable digital transactions. Initially, it wasn’t prevalent and people used it for malicious purchases, but it still brought innovation to the world of finance via technology.
Bitcoin has also exploded in value in recent years. On May 22, 2010, someone purchased two pizzas with 10,000 bitcoin, which in today’s market value of BTC would represent a fortune. While this event has gone down in the books as the most expensive food item ever sold, it just goes to show that as cryptocurrency rises in value, so do its prospects.
Today, the cryptocurrency market is booming, and Bitcoin isn’t the only cryptocurrency with some traction. Etherum, Ripple, and Chainlink are all aiding the development of blockchain technology and are leading cryptocurrency.
Cryptocurrency is one of the latest and most significant trends in the world of finance. While it’s not exactly a new thing, it’s providing the necessary payment framework and leading the innovation of FinTech solutions.
Iana Dimitrova also suggests that, through the adaptation of blockchain and fintech in governmental and corporate structures, digital transactions as we know them will change entirely.
The Future of Fintech
Sadly, no advancement or development comes without its fair share of issues. Iana Dimitrova has had this to say on the industry challenges that fintech will have to overcome:
“Recent events risk the abrasion of trust in the world of fintech. That is something that we have to address, as we all have a role to play – it’s not enough to comply with regulations. As an industry, we must garner trust by championing a focus on sustainability and furthering industry-wide compliance. “
However, it’s not all doom and gloom for the fintech industry. As the current socio-economic and geo-political climate is changing, so are the businesses caught in the crossfire. Many companies are seeking ways to cope with the developments in the modern world, and fintech seems to be the ideal solution.
Aside from companies, a selection of industries seeks out ways to implement fintech in both their internal and external operations.
Fintech can improve mechanics in many areas, such as:
Aside from the global adaptation and adoption of blockchain technology, the future of fintech seems promising. Before such changes occur, the first thing that needs to happen is the adaptation and implementation of fintech solutions by governments and larger corporations, which seems to be on the horizon.
Fintech Is the Future
The world of Fintech is leading the finance world into a new, prosperous digital age. It promises to pose a range of solutions for different problems that are plaguing modern industries. By adopting blockchain technology and numerous other solutions, fintech will enter a new digital transaction age and revolutionize how people and companies handle their finances.