Fintech

Getting Into Fintech: Tips for Securing Admission

Published

8 months ago

11 June, 2024

Breaking into Fintech: Tips for Prospective Students to Secure Admission

Are you fascinated by emerging technologies like cryptocurrency, blockchain and artificial intelligence (AI)? If so, and if you want to pursue a management or leadership role in this space, then it may be time to go back to school. Specifically, a Master’s in financial technology (fintech) can provide you with the essential knowledge and skills needed to succeed in this dynamic industry.

Of course, college admissions requirements for fintech programs can vary greatly, and some programs can be extremely competitive. It is important for aspiring fintech education students to understand what the typical admissions process entails and what they can do to maximize their chances of admission.

Fintech College Admission Process

So, what does the admissions process for a fintech degree program look like? This can vary from one school and even from one program to another, but there are some key things to keep in mind as you prepare to apply for graduate school.

College Admissions Overview

Based on the number of teachers and professors available, as well as the number of credit hours required for each program, graduate schools can determine approximately how many students they can accept into a fintech program each year. This number is carefully calculated to ensure that the ideal teacher to student ratio is maintained and that students receive the highest quality education possible.

Securing admission to a Fintech program

With this in mind, each school and program writes its own specific admissions criteria. In general, anyone applying for a master’s degree in fintech will need to have a bachelor’s degree from an accredited institution. This degree may need to be related to the fintech field, although this is not always the case.

To secure admission into a fintech program, you will need to carefully research the entry requirements to ensure you meet them. From there, you will need to submit all required application materials by the published deadline. Once you receive your acceptance letter, you can follow the additional steps provided to begin enrolling in courses.

Understand Fintech admission criteria

If you are interested in earning a degree in fintech, it is also crucial to understand that admission requirements may vary depending on whether you are applying to an undergraduate or graduate degree program. Typically, graduate programs have more stringent entry requirements, although this is not always the case.

Undergraduate program requirements

To be accepted into a fintech graduate program, you typically need to have at least a high school diploma or equivalent (such as a GED). You may also be required to have a minimum high school GPA, although this varies from program to program.

You may need to submit additional materials with your application, such as a personal statement or admissions essay.

Graduate Program Requirements

When applying for a bachelor’s (master’s) program in fintech, you can expect to need at least a bachelor’s degree (possibly in a related field). It is also common for fintech programs to require students to have a minimum GPA in their undergraduate programs, although having a lower GPA does not necessarily mean you will not be admitted.

In addition to your application and previous university degree, you may also need to submit a personal statement and a copy of your CV or curriculum vitae. In some cases, letters of recommendation may also be necessary.

Highlighting interest in finance, technology, or related fields

When creating a resume, personal statement, or other application material for your fintech graduate program, it’s important to tailor your presentation to the financial and technology industries as much as possible. This means highlighting any relevant courses you’ve taken in the fintech industry in the past, as well as any jobs or internships you’ve had that might be related to the field.

Highlighting relevant experience in Fintech

Even if you’ve never worked directly in fintech, there’s a good chance you have some relevant experience that can be applied to fintech with a little creativity.

Presentation of work experiences and other initiatives

Perhaps you have previously worked in a role that required the use of artificial intelligence or blockchain technology, or perhaps you even completed a project on a similar topic during your undergraduate degree. If you can find ways to connect your personal experience to fintech, you may be able to increase your chances of being accepted into a graduate program.

Technical skills related to Fintech

Be sure to also highlight any technical skills or training you have in fintech-related areas, such as:

Machine learning
TO THE
Data analysis
Blockchain
Data science
Software development

Create a compelling personal statement

One of the most essential parts of your graduate school application is your personal statement. This is essentially an essay detailing your commitment to the program and why you would be a good fit based on your experience and future aspirations.

Articulate career goals and aspirations in Fintech

Writing a personal statement isn’t always easy, but it’s helpful to start with an outline in which you’ll cover the key points you want to address in your statement. Ideally, you’ll want to select two or three goals or aspirations and address them thoroughly in your personal statement. Be sure to provide specific examples when possible to keep things interesting and compelling.

Ensure strong letters of recommendation

You may also need to submit letters of recommendation from previous employers or professors as part of your graduate school application. If this is the case, there are a few things you should keep in mind as you proceed.

Selection of suggestions

First, consider who you might ask to write you a letter of recommendation. Ideally, you’ll want to ask someone who has seen firsthand your experience and passion for the fintech field and all things related to it. This could be a previous manager or supervisor, or even an instructor or professor you had in a previous graduate program.

Provide guidance and context to ensure high-impact letters

Once you know who you want to ask for a letter of recommendation, find a way to ask them tactfully. A professionally written email may be appropriate, but it may also be appropriate to ask in person. Ultimately, it just depends on the relationship you have with the person.

When someone agrees to write a letter of recommendation for you, be sure to give them the exact details of your application. This will help them better understand what types of things they should include in the letter and what the school is looking for, which will help them create the most impactful letter possible. Make sure they are also aware of the application deadline so they can plan accordingly. At best, we recommend giving them at least a few weeks to prepare.

Demonstrate continuous learning and growth

Keep in mind, also, that graduate school admissions counselors generally want to see that prospective students are committed to a lifetime of learning and growth in their respective fields. You can demonstrate this in your application materials in several ways.

Participation in relevant Fintech experiences

First, make sure you take advantage of all opportunities to get involved in fintech both inside and outside of the classroom. This might include joining clubs or other professional organizations, as well as volunteering or interning in the field when possible. Highlight these examples in your application materials, including your resume or personal statement, where applicable.

Highlighting ongoing learning efforts

Be sure to also emphasize your continuous learning efforts as they relate to the fintech field. What do you do to stay up to date on the latest industry news and trends? You might mention a specific newsletter or industry publication you follow and any other sources of continuous learning efforts you’re pursuing.

Highlighting these efforts will demonstrate to your prospective school that you are serious about staying ahead of this dynamic industry and that you will not give up on these efforts once you graduate.

Ready to get started in Fintech?

As you can see, there is a lot to keep in mind when applying for a fintech program. From taking your time researching admissions requirements to carefully preparing and submitting your application materials, a little preparation and planning can go a long way. By keeping these tips and best practices in mind, you can submit your graduate school applications with confidence and maximize your chances of being accepted into your ideal fintech program.

Still looking for the right fintech program for you? Keiser UniversityOnline Masters in Financial Technologyoffers the training you need to qualify for leadership opportunities in artificial intelligence, blockchain and other modern financial technologies. With this program available entirely online, you can study on your own terms while taking care of the other obligations in your life.

Learn more about Keizer University’s Master of Science in Fintechget in touchwith a graduate school admissions counselor. You can also start with your own onlineapplicationand find out more about oursRequirements for admissionHere.

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Fintech

US Agencies Request Information on Bank-Fintech Dealings

Published

6 months ago

30 July, 2024

FinCrypt Staff

Federal banking regulators have issued a statement reminding banks of the potential risks associated with third-party arrangements to provide bank deposit products and services.

The agencies support responsible innovation and banks that engage in these arrangements in a safe and fair manner and in compliance with applicable law. While these arrangements may offer benefits, supervisory experience has identified a number of safety and soundness, compliance, and consumer concerns with the management of these arrangements. The statement details potential risks and provides examples of effective risk management practices for these arrangements. Additionally, the statement reminds banks of existing legal requirements, guidance, and related resources and provides insights that the agencies have gained through their oversight. The statement does not establish new supervisory expectations.

Separately, the agencies requested additional information on a broad range of arrangements between banks and fintechs, including for deposit, payment, and lending products and services. The agencies are seeking input on the nature and implications of arrangements between banks and fintechs and effective risk management practices.

The agencies are considering whether to take additional steps to ensure that banks effectively manage the risks associated with these different types of arrangements.

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Fintech

What changes in financial regulation have impacted the development of financial technology?

Published

6 months ago

30 July, 2024

FinCrypt Staff

Exploring the complex landscape of global financial regulation, we gather insights from leading fintech leaders, including CEOs and finance experts. From the game-changing impact of PSD2 to the significant role of GDPR in data security, explore the four key regulatory changes that have reshaped fintech development, answering the question: “What changes in financial regulation have impacted fintech development?”

PSD2 revolutionizes access to financial technology
GDPR Improves Fintech Data Privacy
Regulatory Sandboxes Drive Fintech Innovation
GDPR Impacts Fintech Data Security

PSD2 revolutionizes access to financial technology

When it comes to regulatory impact on fintech development, nothing comes close to PSD2. This EU regulation has created a new level playing field for market players of all sizes, from fintech startups to established banks. It has had a ripple effect on other markets around the world, inspiring similar regulatory frameworks and driving global innovation in fintech.

The Payment Services Directive (PSD2), the EU law in force since 2018, has revolutionized the fintech industry by requiring banks to provide third-party payment providers (TPPs) with access to payment services and customer account information via open APIs. This has democratized access to financial data, fostering the development of personalized financial instruments and seamless payment solutions. Advanced security measures such as Strong Customer Authentication (SCA) have increased consumer trust, pushing both fintech companies and traditional banks to innovate and collaborate more effectively, resulting in a dynamic and consumer-friendly financial ecosystem.

The impact of PSD2 has extended beyond the EU, inspiring similar regulations around the world. Countries such as the UK, Australia and Canada have launched their own open banking initiatives, spurred by the benefits seen in the EU. PSD2 has highlighted the benefits of open banking, also prompting US financial institutions and fintech companies to explore similar initiatives voluntarily.

This has led to a global wave of fintech innovation, with financial institutions and fintech companies offering more integrated, personalized and secure services. The EU’s leadership in open banking through PSD2 has set a global standard, promoting regulatory harmonization and fostering an interconnected and innovative global financial ecosystem.

Looking ahead, the EU’s PSD3 proposals and Financial Data Access (FIDA) regulations promise to further advance open banking. PSD3 aims to refine and build on PSD2, with a focus on improving transaction security, fraud prevention, and integration between banks and TPPs. FIDA will expand data sharing beyond payment accounts to include areas such as insurance and investments, paving the way for more comprehensive financial products and services.

These developments are set to further enhance connectivity, efficiency and innovation in financial services, cementing open banking as a key component of the global financial infrastructure.

Sebastian Malczyk

General Manager, Technology and Product Consultant Fintech, Insurtech, Miquido

GDPR Improves Fintech Data Privacy

Privacy and data protection have been taken to another level by the General Data Protection Regulation (GDPR), forcing fintech companies to tighten their data management. In compliance with the GDPR, organizations must ensure that personal data is processed fairly, transparently, and securely.

This has led to increased innovation in fintech towards technologies such as encryption and anonymization for data protection. GDPR was described as a top priority in the data protection strategies of 92% of US-based companies surveyed by PwC.

Arid Islam

Financial Expert, Sterlinx Global

Regulatory Sandboxes Drive Fintech Innovation

Since the UK’s Financial Conduct Authority (FCA) pioneered sandbox regulatory frameworks in 2016 to enable fintech startups to explore new products and services, similar frameworks have been introduced in other countries.

This has reduced the “crippling effect on innovation” caused by a “one size fits all” regulatory approach, which would also require machines to be built to complete regulatory compliance before any testing. Successful applications within sandboxes give regulators the confidence to move forward and address gaps in laws, regulations, or supervisory approaches. This has led to widespread adoption of new technologies and business models and helped channel private sector dynamism, while keeping consumers protected and imposing appropriate regulatory requirements.

George Blandford

Co-founder, UK Linkology

GDPR Impacts Fintech Data Security

A big change in financial regulations that has had a real impact on fintech is the 2018 EU General Data Protection Regulation (GDPR). I have seen how GDPR has pushed us to focus more on user privacy and data security.

GDPR means we have to handle personal data much more carefully. At Leverage, we have had to step up our game to meet these new rules. We have improved our data encryption and started doing regular security audits. It was a little tricky at first, but it has made our systems much more secure.

For example, we’ve added features that give users more control over their data, like simple consent tools and clear privacy notices. These changes have helped us comply with GDPR and made our customers feel more confident in how we handle their information.

I believe that GDPR has made fintech companies, including us at Leverage, more transparent and secure. It has helped build trust with our users, showing them that we take data protection seriously.

Dr. Rhett Stubbendeck

CEO & Co-Founder, Leverage Planning

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Fintech

M2P Fintech About to Raise $80M

Published

6 months ago

30 July, 2024

FinCrypt Staff

Application Programming Interface (API) Infrastructure Platform M2P Financial Technology has reached the final round to raise $80 million, at a valuation of $900 million.

Specifically, M2P Fintech, formerly known as Yap, is closing a new funding round involving new and existing investors, according to entrackr.com. The India-based company, which last raised funding two and a half years ago, previously secured $56 million in a round led by Insight Partners, earning a post-money valuation of $650 million.

A source indicated that M2P Fintech is ready to raise $80 million in this new funding round, led by a new investor. Existing backers, including Insight Partners, are also expected to participate. The new funding is expected to go toward enhancing the company’s technology infrastructure and driving growth in domestic and international markets.

What does M2P Fintech do?

M2P Fintech’s API platform enables businesses to provide branded financial services through partnerships with fintech companies while maintaining regulatory compliance. In addition to its operations in India, the company is active in Nepal, UAE, Australia, New Zealand, Philippines, Bahrain, Egypt, and many other countries.

Another source revealed that M2P Fintech’s valuation in this funding round is expected to be between USD 880 million and USD 900 million (post-money). The company has reportedly received a term sheet and the deal is expected to be publicly announced soon. The Tiger Global-backed company has acquired six companies to date, including Goals101, Syntizen, and BSG ITSOFT, to enhance its service offerings.

According to TheKredible, Beenext is the company’s largest shareholder with over 13% ownership, while the co-founders collectively own 34% of the company. Although M2P Fintech has yet to release its FY24 financials, it has reported a significant increase in operating revenue. However, this growth has also been accompanied by a substantial increase in losses.

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Fintech

Scottish financial technology firm Aveni secures £11m to expand AI offering

Published

6 months ago

30 July, 2024

FinCrypt Staff

Aveni, Investment Management, AI, NLP, UK

By Gloria Methri

Today

To come
Aveni Assistance
Aveni Detection

Artificial intelligence Financial Technology Aveni has announced one of the largest Series A investments in a Scottish company this year, amounting to £11 million. The investment is led by Puma Private Equity with participation from Par Equity, Lloyds Banking Group and Nationwide.

Aveni combines AI expertise with extensive financial services experience to create large language models (LLMs) and AI products designed specifically for the financial services industry. It is trusted by some of the UK’s leading financial services firms. It has seen significant business growth over the past two years through its conformity and productivity solutions, Aveni Detect and Aveni Assist.

This investment will enable Aveni to build on the success of its existing products, further consolidate its presence in the sector and introduce advanced technologies through FinLLM, a large-scale language model specifically for financial services.

FinLLM is being developed in partnership with new investors Lloyds Banking Group and Nationwide. It is a large, industry-aligned language model that aims to set the standard for transparent, responsible and ethical adoption of generative AI in UK financial services.

Following the investment, the team developing the FinLLM will be based at the Edinburgh Futures Institute, in a state-of-the-art facility.

Joseph Twigg, CEO of Aveniexplained, “The financial services industry doesn’t need AI models that can quote Shakespeare; it needs AI models that deliver transparency, trust, and most importantly, fairness. The way to achieve this is to develop small, highly tuned language models, trained on financial services data, and reviewed by financial services experts for specific financial services use cases. Generative AI is the most significant technological evolution of our generation, and we are in the early stages of adoption. This represents a significant opportunity for Aveni and our partners. The goal with FinLLM is to set a new standard for the controlled, responsible, and ethical adoption of generative AI, outperforming all other generic models in our select financial services use cases.”