Daily Fintech Crunch: 24/02/2022

Get your Daily FinTech Crunch. A curated set of news bites about the latest updates on payments, FinTech, DeFi, Crypto, and the world beyond…

?? FinTech:

• Investment in fintech companies based in Egypt jumped to $250 million, from only $0.9 million in 2017. According to the report issued by the Central Bank of Egypt, the country’s ICT sector has been the fastest growing sector for the past two years. rb.gy/2utfn6

• Four African startups have been selected by Catalyst Fund for its accelerator program for fintech companies that provide solutions for climate vulnerable communities. These startups are AquaRech (Kenya), ColdHubs (Nigeria), TopUp Mama (Kenya/Nigeria), and Tulix (Kenya). rb.gy/a3uiqe

• Women entrepreneurs in Africa are making a breakthrough in the fintech scene, with 3.2% of fintech firms in the continent being founded by women. While it may seem like a small number, that’s actually double the global average of 1.6%. rb.gy/bp1phk ?

• This Nigerian fintech unicorn is booming in Egypt. OPay has garnered a significant amount of support in Egypt. The Nigerian-founded fintech entity is one of Africa's most valuable startups. It is also considered one of the fastest-growing companies in the Egyptian market since its first launch in 2021. rb.gy/46mdyt

• American Express and Delta Air Lines introduce the BNPL option for airline tickets. Starting this month, Amex cardholders will be able to use BNPL to purchase Delta flights of $100 or more. rb.gy/uos8fe ?

?? Crypto & DeFi:

• Bitcoin plunged 7.26% after Putin ordered a special military operation in Ukraine, the price dropping down to $35,000 today. rb.gy/gnlyhk

• Will we be switching to an all-crypto life sooner or later? Many people, young and old, are making large massive crypto investments, and more than one-third of small US businesses are now accepting crypto as payments. rb.gy/i8dxlr ?

• Brazil is proposing legislation to better regulate the crypto market and curb crypto crimes like money laundering and tax evasions. rb.gy/nlunak ?

• India is releasing crypto advertising guidelines which will be applicable starting April 1. rb.gy/lfsirk ?

• Coinbase announced the launch of TRUST, short for Travel Rule Universal Solution Technology. The 'Travel Rule' is a regulatory guideline that aims to curb illicit transactions and money laundering. The rule mandates that all companies that deal with finances have to pass on KYC/AML transmission data concerning their customers' ID's to the next financial institution. rb.gy/oxmyv6 ?

?? Metaverse & NFTs:

• There’s growing concern about the metaverse and its lack of regulation, after a BBC investigation found that kids as young as 13 could freely enter strip clubs and be exposed to mature content. rb.gy/1a3gqx

• Meta is making a big bet on the Metaverse, but building that immersive virtual universe is really expensive – think billions of dollars. So what has that money built so far? NPR tech correspondent Shannon Bond went on a digital exploration to find out. rb.gy/rvium8

• A new virtual world means new marketing opportunities to explore. The new digital changes will give brands a fresh start to market to consumers. Because each user in the metaverse is an authorized user, consumers will have more power to control what data they want to share. rb.gy/zk5k8f

• Healthcare in the metaverse can be revolutionary. It has the potential to lower costs, while greatly improving patient outcomes through telepresence, digital twinning, and blockchain. rb.gy/nqrivt

• Warner Music Group is partnering with blockchain gaming company Splinterlands to create “arcade style” play-to-earn games for mobile devices. rb.gy/dmndth ?

?? Report of the Day:

• Shaping the Future of Fintech: A report by Entrepreneur Middle East in partnership with Lucidity Insights and valU highlights the role that countries and startups in the region are playing within the larger fintech ecosystem. Read the full report here. rb.gy/ycyq3r

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