Two-Thirds of Banks Explore FinTech Partnerships for Cross-Border Payments

In 2024, Germany's fintech sector displayed resilience despite declining funding, largely through partnerships with banks like Deutsche Bank, which enhanced services in embedded finance and cryptocurrency. Notable collaborations included Deutsche Bank's partnership with Upvest for cash management solutions and Bitpanda for access to German IBANs, indicative of a broader trend of banks integrating fintech capabilities. Meanwhile, the Reserve Bank of India engaged with fintech executives to discuss expanding digital payments beyond the current user base and addressing fraud concerns, emphasizing the need for responsible innovation. A report highlighted that 62% of banks in the U.S. and U.K. are partnering with fintech firms to improve cross-border payment solutions, driven by consumer demand for faster and more cost-effective transfer methods. This collaboration is reshaping the financial landscape, especially as digital wallets gain popularity for remittances. Overall, both regions are seeing fintech partnerships as a strategic response to evolving consumer expectations in the digital payments space.