Within Europe, Europol estimates the value of suspicious transactions in the hundreds of billions of euros — at an equivalent of 1.3% of the EU's gross domestic product (GDP). Global estimates are close to 3% of world GDP.

Large-scale organizations, such as Cisco Systems Inc., Dell Technologies Inc., IBM Corp., ATOS SE, and NEC Corp., among others, are involved in the creation of advanced technologies for data center servers to turn them into smart machines. 

For fintechs, the metaverse looks like a natural pivot in line with their digital-first nature. They are better positioned to push the market forward, as, unlike banks, they do not have to cut through miles of red tape and have more flexibility to deploy new solutions.

While nothing is certain in today’s ever-changing tech-centric business climate, industry leaders and the data say the same thing: Fintech innovation and growth will continue trending upward for the foreseeable future. 

According to the European Payment Service Directive (PSD2), all banks operating in member states need to have an API that allows fintechs immediate access to data. But this initiative is often criticized for the limited approach toward the amount of data made available by the banks, which includes only the most basic transaction information. 

As a part of the acquisition, Walter Kortschak, founder of Kortschak Investments and an investor in Wishlife, will join the Torpago board of directors. 

In response to recent high-profile FSI outages and increasingly complex hybrid IT architectures, over 30 financial supervisory authorities in Europe, in conjunction with the European Banking Authority, have implemented regulatory requirements designed to encourage more effective risk management practices. 

According to a 2021 IBM and Ponemon Institute study, a breach can cost a company $4.24 million, which is 10% more than what it cost in 2019.