Introduction
The year 2024 has been a groundbreaking period for the fintech industry, marked by unprecedented advancements, regulatory shifts, and transformative innovations. From the rise of embedded finance and decentralized finance (DeFi) to the increasing integration of artificial intelligence in digital banking, fintech continues to redefine the global financial landscape. Emerging technologies like blockchain and generative AI have further disrupted traditional financial models, enabling personalized customer experiences and streamlining operations for banks, payment processors, and startups. Key trends such as sustainable fintech, the proliferation of neobanks, and heightened focus on data security have also shaped the narrative. This curated list of the top 20 fintech news stories highlights the most significant developments, offering insights into how the sector is evolving to meet the demands of an increasingly digital and interconnected world.
Top 20 Fintech News of 2024
JPMorgan Asset Management Launches Innovative Fundamental Data Science ETF Series on Nasdaq
J.P. Morgan Asset Management (JPMAM) announced the launch of the JPMorgan Fundamental Data Science (FDS) Suite on the Nasdaq Stock Exchange. The Suite is comprised of three new active ETFs, incorporating data science for their portfolio construction: JPMorgan Fundamental Data Science Large Core ETF (LCDS), JPMorgan Fundamental Data Science Mid Core ETF (MCDS), and JPMorgan Fundamental Data Science Small Core ETF (SCDS). In managing the funds, the adviser employs a sophisticated investment approach that leverages data science to build a fundamentally selected equity portfolio. This data science-based investment process is currently applied to two strategies with over $15 billion in total assets under management: the JPMorgan Applied Data Science Value Fund (JPIVX) and the equity portfolio underlying the JPMorgan Nasdaq Equity Premium Income ETF (JEPQ).
Mastercard is unlocking efficiencies in B2B healthcare payments through innovative partnership
”The healthcare industry is at an inflection point, with evolving digital-first expectations challenging industry norms,” said Raja Rajamannar, chief marketing and communications officer and president, healthcare, Mastercard. “Around the world, we’ve been working closely with healthcare organizations to better serve their partners and patients with a range of products and services well-tuned to drive simplicity, convenience and efficiency in payments and beyond.”
The healthcare sector in India is rapidly growing, yet considerable challenges still exist including fragmentation and lack of digitization, making the country’s healthcare system ripe for innovation. The solution is available to all insurance-network hospitals in India on the Remedinet platform, and aims to bring relief to healthcare providers and insurance companies strained by the current cashless claim settlement process.
PayPal Partners with Shopify to Power a Portion of Shopify Payments in the U.S.
With a brand-new experience, PayPal wallet transactions will be integrated into Shopify Payments in the U.S., which will streamline the managing of orders, payouts, reporting, and chargeback flows. This enhancement creates a single, unified experience for PayPal and Shopify merchants offering both innovative payment options and operational efficiency.
“We’re excited to strengthen our partnership with Shopify by bringing exceptional experiences for our joint customers,” said Alex Chriss, President and CEO, PayPal. “This showcases PayPal’s growing role as a leading platform of choice for the world’s largest commerce brands, technology companies, and payment processors.”
This latest update in the U.S. builds on the partnership in 2022, when PayPal teamed up with Shopify to introduce Shopify Payments in France.
Stripe boosts cross-border commerce in Asia with AI-powered payments
- New Stripe data shows that cross-border revenue in Asia grew more than 30% in 2023.
- Stripe saw a 28% year-on-year increase in the number of Asian businesses that processed $1 million or more in payment volume on the platform.
- Asian businesses building on Stripe include Invideo, LG Electronics, M1 Limited, Shoplazza, TADA, and more.These features complement Stripe’s new Adaptive Pricing feature, which localizes prices across 150 markets including Australia, Hong Kong, India, Japan, Malaysia, New Zealand, Singapore, and Thailand, allowing customers to pay in their local currency. Adaptive Pricing removes the need for businesses to manually price in multiple currencies and keep up with fluctuating exchange rates. Stripe research shows that when given the option, 90% of customers choose to check out in their local currency. Businesses that use this feature experience a 17.8% increase in cross-border revenue and an 8% uplift in conversion, on average.
Google Introduces All-in-One ‘Everything Else’ Feature to Elevate User Experience in Google Wallet
The financial services industry is confronted with new challenges and opportunities from the Big Tech architects of those digital wallets in the current operational landscape, where convenience is the prevailing factor and value-added services are the driving force behind customer stickiness. The demand for more comprehensive digital wallet solutions is becoming increasingly difficult to ignore, as Google announced at the ninth annual Made by Google event that it is introducing a new “Everything Else” Google Wallet feature for the United States. This feature allows users to simulate a variety of IDs, insurance information, and other passes to create a digital version that appears in Google Wallet.
Zip and Stripe: Strategic Alliance to Enhance Market Expansion in the United States
Zip , a digital financial services company offering innovative, people-centered products, announced its integration as a payment method for U.S. merchants using Stripe. With the new integration, eligible merchants can easily enable Zip as a payment method with a single click, which can help attract new customers and increase both conversion rates and basket sizes. Zip partnered with Stripe in Australia last year, and this now extends the partnership for merchants in the U.S.
PayPal and Adyen’s Collaborative Approach:Transforming U.S. Payment Landscapes
Adyen and PayPal have partnered for a number of years to allow Adyen’s customers to offer PayPal’s best-in-class payment marks globally, including PayPal, Venmo, and PayPal’s Buy Now, Pay Later (BNPL) solutions. In addition to increasing Fastlane by PayPal’s reach, Adyen and PayPal will continue to explore solutions that enhance consumer journeys and drive value for enterprise businesses.
Transform Your Business with Salesforce’s Powerful Ecommerce Storefronts
Salesforce today announced the availability of ecommerce storefronts in its Starter and Pro Suites — all-in-one sales, service, marketing, and commerce solutions that help growing customers get started and scale on the #1 AI CRM. Ecommerce storefronts enable rapidly growing businesses to quickly build direct-to-consumer (D2C) online stores to sell goods and services on the Salesforce Platform.
With the addition of ecommerce storefronts in Starter and Pro Suites, growing customers now have access to commerce capabilities, in addition to sales, service, and marketing, in a single, unified interface. By unifying all customer data and touchpoints across these traditionally disparate departments, Salesforce gives growth customers the necessary data foundation to deliver a connected commerce experience and prepare their business for AI and future success with Agentforce.
Key features include step-by-step ecommerce setup for fast onboarding, a low-code designer to build branded storefronts, centralized merchandising tools to manage products and prices, and pre-built performance dashboards to help streamline operations and increase revenue.
HTX Ventures Fuels Bitcoin Innovation with Nexio Investment
HTX Ventures, the global investment arm of the cryptocurrency exchange HTX, has announced a strategic investment in Nexio. Nexio is an innovative Bitcoin scaling solution that employs parallelized ZK Rollup with MoveVM. Powered by MoveVM, Nexio’s parallelized Bitcoin rollup supports over 30,000 transactions per second while maintaining gas fees below $0.01, making it ideal for high-frequency applications. This technology addresses critical challenges in the Bitcoin ecosystem, including slow transaction times, high gas fees, and inadequate tooling that have hindered mass adoption.
Transforming Fintech with IBM’s Revolutionary Lightweight Engine
IBM has recently introduced a new “Lightweight Engine” for its WatsonX.ai service. Although it is predominantly designed for “enterprise,” it could be used as an on-ramp to secure, in-house generative AI deployment for smaller businesses seeking to scale or mid-sized companies in burgeoning industries, such as fintech. The revenue growth of the technology sector in the first half of 2024 is unquestionably driven by the generative AI market. Many could not have anticipated the immense size and scope of a sector that was primarily propelled by the explosive popularity of large language models, such as Anthropic’s Claude and OpenAI’s ChatGPT, just a decade ago.
Apple Pay and Google Pay Integration For Fiat Trading With BingX
Apple Pay revolutionizes mobile payments with its emphasis on security and simplicity. It employs advanced encryption techniques to ensure security during transactions. Users can seamlessly buy cryptos on BingX app and website, positioning Apple Pay as a preferred choice for secure and efficient transactions. Similarly, Google Pay offers a versatile digital wallet and online payment service that simplifies the payment process across Android devices and Chrome browser. Google Pay also supports both online and offline transactions, enabling users to make payments even without an internet connection. With its extensive global reach and growing user base, Google Pay provides BingX users with seamless crypto purchases that aligns with the platform’s commitment to innovation and user satisfaction.
JPMorgan Asset Management Launches Innovative Fundamental Data Science ETF Series on Nasdaq
J.P. Morgan Asset Management (JPMAM) announced the launch of the JPMorgan Fundamental Data Science (FDS) Suite on the Nasdaq Stock Exchange. The Suite is comprised of three new active ETFs, incorporating data science for their portfolio construction: JPMorgan Fundamental Data Science Large Core ETF (LCDS), JPMorgan Fundamental Data Science Mid Core ETF (MCDS), and JPMorgan Fundamental Data Science Small Core ETF (SCDS). In managing the funds, the adviser employs a sophisticated investment approach that leverages data science to build a fundamentally selected equity portfolio. This data science-based investment process is currently applied to two strategies with over $15 billion in total assets under management: the JPMorgan Applied Data Science Value Fund (JPIVX) and the equity portfolio underlying the JPMorgan Nasdaq Equity Premium Income ETF (JEPQ).
TerraPay and Suyool Join Forces to Enable Instant and Secure Money Transfers to Anyone in Lebanon
In a significant step towards enhancing financial accessibility in Lebanon, TerraPay, a global money movement company, has partnered with Suyool, a licensed financial ecosystem regulated by Banque du Liban. This collaboration is set to transform how Lebanese residents send and receive money, addressing the pressing demand for fast, secure, and convenient remittance services.
Lebanon has long been reliant on remittances, with over $6.5 billion transferred to the country in 2023. This inflow, primarily driven by the Lebanese diaspora, underscores the critical need for efficient financial services that can cater to both banked and unbanked populations. As a response to this necessity, Suyool is dedicated to providing an advanced digital wallet solution that facilitates not only local and international payments but also supports financial inclusion for unbanked individuals.
Suyool gains access to TerraPay’s extensive network covering over 144+ receiving countries, 210 sending countries, 3.7 billion mobile wallets, 7.5 billion bank accounts, and more than 12 billion cards, enhancing the efficiency and reliability of remittances. Suyool can now expand its remittance services for both inbound and outbound transactions, ensuring financial services are accessible to all.
CrowdStrike Financial Services is Here to Help
CrowdStrike is the leader in next-generation endpoint protection, threat intelligence and response services. CrowdStrike’s core technology, the Falcon platform, stops breaches by preventing and responding to all types of attacks — both malware and malware-free.
CrowdStrike launched CrowdStrike Financial Services, a wholly-owned subsidiary of CrowdStrike, providing tailored financing solutions for the AI-native CrowdStrike Falcon® cybersecurity platform. Through this new offering, customers benefit from accelerated platform consolidation with streamlined access to the market-leading technology they need to stop breaches.
As more organizations consolidate on the Falcon platform, CrowdStrike continues to innovate to make its industry-leading technology even more accessible. Last year, CrowdStrike introduced Falcon Flex, providing adaptable licensing to the Falcon platform’s full portfolio of best-in-class modules, allowing customers to use what they need, when they need it. Customers can use CrowdStrike Financial Services in combination with Falcon Flex, as well as in standard licensing models, to accelerate adoption of the Falcon platform and stay ahead of sophisticated threats.
Bitget, the leading cryptocurrency exchange and Web3 company, has added trading support for PayPal’s PYUSD stablecoin on Solana blockchain, increasing the availability of multichain tokens. This enables smooth transactions of PYUSD on the Solana and Ethereum networks, easing its utility in the broader Bitget ecosystem.
Solana’s infrastructure is designed to handle high transaction volumes quickly and at a minimal cost, making it an attractive platform for stablecoins like PYUSD. With its growing reputation as a preferred network for stablecoin activities, Solana offers an efficient and scalable environment that aligns with the requirements of digital payment systems. The integration of PYUSD into Solana broadens user options by enabling transactions on multiple blockchain networks. This step is likely to reinforce Solana’s standing in the stablecoin market, further supporting its role in powering financial transactions and other blockchain-based services. By expanding PayPal USD’s availability on Solana, new opportunities arise for consumers and businesses, especially in areas where transaction speed and cost-efficiency are crucial.
Cloudera, the only true hybrid platform for data, analytics, and AI, today announced it has achieved Level 1 compliance with the Payment Card Industry’s (PCI) Data Security Standard (DSS) for Service Providers. This certification demonstrates Cloudera’s commitment to cybersecurity and compliance in its mission to help financial institutions unlock business value from AI. With this milestone, Cloudera’s Platform as a Service (PaaS) and Private Cloud (PVC) are both PCI DSS v4.0 compliant, the newest major version of the framework.
PCI DSS standards define rigorous security controls and processes for entities involved in the payment ecosystem, as well as requirements for developers and solution providers to build and securely manage payment devices, software, and solutions for the payment industry.
Klarna, the AI-powered global payments network and shopping assistant, has acquired Laybuy’s assets in New Zealand, the birthplace of the payments provider, and plans to relaunch the service in the coming weeks.
Laybuy, which ceased operations in June, is set to make a reenergized return in New Zealand under Klarna. With Klarna’s extensive expertise and global presence, New Zealand consumers and merchants will benefit from a revitalized platform with superior payment flexibility and user experience. As New Zealand’s own BNPL champion, Laybuy has served customers and merchants with its no-interest, flexible payment options since its launch in 2017. Over half a million consumers in New Zealand have opened a Laybuy account, enabling them to shop at Laybuy’s 10,000+ merchants.
Adyen, the financial technology platform of choice for leading businesses, has published a report titled Strategies to reduce your total cost of payments. The report, fueled by data from 100 global, enterprise businesses, highlights opportunities to boost revenue and cut costs through the effective implementation of payments technology.
The comprehensive analysis revealed how much enterprise businesses can save on the total cost of payments, painting a clear picture: the right strategies will drastically save costs and gain revenue at scale. Businesses must evaluate payment providers on more than price alone. Focusing solely on surface-level factors often leads to hidden costs down the road. When it comes to the total cost of payments, the transaction fee is merely the tip of the iceberg. Initial savings might not translate into long-term cost efficiency.
Globally, interchange and scheme fees typically make up 85% of the payment costs for businesses. Many transactions are treated as cross-border. Domestic transactions in the market where goods and services are being sold are a lot cheaper than cross-border transactions. Up to 59% cheaper. For international businesses that are thinking about expanding to new markets, this presents a big opportunity. Local acquiring and machine learning can help optimize payments for cost, without having to sacrifice authorization rates. This is what Adyen’s Intelligent Payment Routing does, which recently launched US debit payment routing.
- Fortinet Cloud Point of Presence (POP): Powered by Fortinet appliances and enhanced by Fortinet’s proprietary ASIC technology for higher performance, improved energy efficiency, and lower costs, Fortinet’s latest POP will expand Fortinet’s global cloud footprint. This will enable the company to further meet the needs of its customers through the delivery of services, SaaS products, and SASE, providing customers a superior user experience, while enabling a strong security posture and significant cost savings.
- Research and Development Center: The new space has been designed to facilitate the company’s high-impact research and development activities, fostering interdisciplinary collaboration among employees including engineers and developers, as well as advancing the development of Fortinet’s industry-leading cybersecurity technology with the contribution of local talent.
- Executive Briefing Center: The new Executive Briefing Center (EBC) is poised to become a pivotal venue for driving business growth and cultivating long-term relationships with key stakeholders, offering collaborative meeting spaces.
- Cybersecurity Training Facility: Furthering Fortinet’s commitment to closing the cybersecurity skills gap, the new building provides an in-person learning environment to deliver the Fortinet Training Institute’s award-winning Certification program curriculum.
- Customer Support Expansion: A local services and sales team will bring the region a wealth of expertise and knowledge to enhance customer support and satisfaction.
Accenture announced that it has invested in EMTECH, a global financial technology company that provides software-as-a-service platforms to help central banks streamline, connect and modernize their processes and operations. This investment, which was made through Accenture Ventures, will assist EMTECH in its endeavors to modernize the financial and technological infrastructure of central banks, thereby facilitating the regulation and supervision of fintechs in an increasingly digital economy.
EMTECH, like Accenture, collaborates with financial institutions to address urgent issues, including the testing of new banking applications, the fulfillment of regulatory requirements, the acceleration of payments and settlement times, and the promotion of financial inclusion for the unbanked and other excluded segments of society. Accenture will incorporate EMTECH products for regulatory sandboxes, compliance, and digital currency into its core banking transformation services.This investment is indicative of Accenture’s ongoing dedication to facilitating the access of historically underrepresented entrepreneurs to funding, mentorship, and connections to Accenture customers and ecosystem partners. This assistance will facilitate the creation of new economic opportunities and advancements for underrepresented business owners and leaders.
Conclusion
The fintech industry in 2024 has showcased remarkable strides in transforming global financial services, with innovation, regulatory adaptation, and customer-centric solutions at the forefront. The top 20 stories covered in this article highlight key advancements such as the integration of data science in investment management, the rise of decentralized finance (DeFi), and the expansion of AI-powered solutions within digital banking. These stories also reflect a growing emphasis on sustainability, financial inclusion, and the need for secure, efficient payment solutions across industries.
From partnerships like PayPal’s collaboration with Shopify to Stripe’s expansion of cross-border payments in Asia, it is evident that the fintech sector is embracing a more connected, globalized approach to business. Companies are not only looking to innovate within their operations but are also keen on streamlining and securing financial transactions for a more seamless experience. The emergence of blockchain, AI, and advanced data analytics further emphasizes the sector’s potential to enhance operational efficiencies and create personalized financial services for both consumers and businesses.
Moreover, the industry’s continued evolution is driven by a deep commitment to regulatory compliance, as seen in initiatives like Cloudera’s PCI DSS 4.0 compliance and Accenture’s investment in EMTECH to modernize central bank processes. These developments ensure that the fintech space remains secure, transparent, and aligned with global regulatory standards, providing stability amid rapid technological changes.
Looking ahead, the future of fintech seems poised for even more transformative changes, fueled by the growth of digital currencies, blockchain technology, and AI-driven solutions. The trend toward neobanks, sustainable finance, and enhanced data security will likely continue to define the industry, creating new opportunities for businesses and consumers alike. As fintech continues to mature, its ability to bridge gaps in financial accessibility, provide smarter and more efficient services, and drive economic growth on a global scale will be pivotal in shaping the financial landscape of the future.
In summary, 2024 has been a milestone year for fintech, demonstrating how innovation and technology are reshaping the way financial services are delivered and consumed. With these advancements, fintech is set to redefine the future of finance, offering exciting new possibilities for the global economy.
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