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Due to the collapsed economy, the President of Venezuela, Nicolas Maduro declared the initiation of “Petro”, a digital form of currency backed by oil reserves. Looking into the domain of digitalized currency, this was announced to get around the US led economic transactions to boost up the struggling economy. A leftist leader, the President put forward only a small number of particulars about the currency launch or how the struggling OPEC (Organisation of the Petroleum Exporting Countries) member would pull off such an accomplishment, but he affirmed to applause that “the 21st century has arrived!” According to the President’s regular Sunday televised broadcast, he announced that the country will generate a cryptocurrency supported by the natural reserves of oil, gas, gold, and diamond. Rise above the fiscal obstruction This

The world is rapidly changing and becoming more digitalized each and every day. Everything is online and nothing is pen and paper anymore. So how is digitalization changing the financial services sector industry? Banks and other financial institutions recommend financial planning and trading applications through smartphones and social media; cloud technologies are now commonly accepted, and in many cases, robotics are already dipping cost and escalating quality. Against the traditional financial services Since the fiscal year 2011, the number of start-up companies in the fintech industry has grown to more than 50 percent. Fintech industry comprises of those companies that are technology-based and compete against the traditional financial services. More and more consumers are moving towards the digital currency, as in the case of Paytm, digital deposits and even investing.