May - 20199PSD2 Changes EverythingThe Revised Payment Service Directive (PSD2) is set to alter the operation of retail banking as you know it. The new clause in the banking regulations limits the extent to which banks can use customer data. With PSD2, banks can kiss goodbye to the monopolization of their customers' account information and payment services. The directive by the EU set the stage open to anyone looking to eat the bank's lunch.The regulation allowed consumers to use third-party platforms to access banking services. In the near future, you can expect to use platforms such as Google or Facebook to make payments, analyze your spending, and so on. And even as you do that, you can be sure that your money will still remain safe. Fintechs Are Going GlobalFintech companies are increasingly expanding to many parts of the world. Other than the major ones such as PayPal, Payoneer, and Skrill, more firms are warming up to the global space. One of the fastest growing fintech firms, Ant Financial, is a startup owned by e-commerce giant Alibaba. Known for its global digital payment platform Alipay, Ant Financial currently commands a minimum market cap of $60 billion, making it the highest valued fintech in existence today.In addition, Ant Financial also operates the world's largest money market fund called Yu'eBao, as well as Sesame Credit, a provider of credit rating services.Oscar is yet another fintech firm keen on banking on the global market. The startup that is associated with former POTUS, Barack Obama's Affordable Care Act (Oscar Health Insurance), operates in the insurance space and essentially provides individuals with health plans. The firm that also enjoys the backing of PayPal co-founder Paul Thiel recently announced that it would be providing small businesses with health insurance in many parts of the world. Regulatory Wind is BlowingCountries around the world are starting to put in place regulations for fintech products and services such as ICOs and security tokens. The exchanges that operate cryptocurrencies are being netted in some countries such as China and the US. In the US, for instance, there is also a regulatory framework for the exchanges trading digital currencies. Such exchanges are required to meet certain standards set by state bodies including the qualifications for listing various assets, which has made the sector much more tenable. ICOs too are slowly being regulated in the US and China.ConclusionThe future of the financial space is bright and with each new dawn comes a new wave of change geared towards improving the sector. In the years to come, we will continue to see a reduction in traditional financial services while experiencing a sharp increase in modernized financial processes. BCFintech companies are increasingly expanding to many parts of the world. Other than the major ones such as PayPal, Payoneer, and Skrill, more firms are warming up to the global space
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