Global Fintech Trends - 23rd September, 2024
Africa Fintech Network
A platform that unites Africa fintech leaders, organizations and stakeholders.
Navigate and Comply with Regulations with Ease through International Standards and Industry Frameworks: Fostering a Culture of Transparency and Accountability - East Africa Webinar
Register here: https://lnkd.in/eHjvMg5K?
Digital Jewels Africa, Africa Fintech Network Host Virtual Forum On Navigating Fintech Regulations
In a joint effort to address the growing complexities of regulatory compliance in the African fintech sector, Digital Jewels, in collaboration with the Africa Fintech Network, hosted a highly informative webinar titled: “Navigate and Comply with Regulations with Ease through International Standards and Industry Frameworks: Fostering a Culture of Transparency and Accountability.” The online event attracted key players from the fintech industry, providing valuable insights into the complexities of regulatory compliance.
The fireside chat featured esteemed industry leaders, including Mitchell Elegbe, Group Managing Director/CEO of Interswitch Group, and Ali Hussein Kassim, Chairman of the Association of Fintechs in Kenya.
During her opening remarks, Digital Jewels CEO, Adedoyin Odunfa, expressed her enthusiasm on the collaboration between Digital Jewels and the Africa Fintech Network “This partnership with the Africa Fintech Network marks a significant step forward in addressing regulatory challenges. We believe that international standards can help FinTechs comply with ease while fostering a culture of transparency and accountability. The insights shared here today will undoubtedly benefit everyone in the fintech ecosystem.”
Read more here: https://independent.ng/digital-jewels-africa-africa-fintech-network-host-virtual-forum-on-navigating-fintech-regulations/
FintechNGR Unveils Line-up of Local and International speakers for Nigeria Fintech Week 2024
The Fintech Association of Nigeria, an industry-led organization that represents and promotes the interests of the fintech sector in Nigeria, has announced a line-up of high-profile local and international speakers for the 7th edition Nigeria Fintech Week, which is scheduled to take place between October 8-10 2024 at The Landmark Centre in Lagos.
Nigeria Fintech Week is the largest fintech event in Africa. Over the last six editions, the event has attracted more than 20,000 participants, more than 500 brands and representatives from more than 50 countries to explore trends, foster collaboration and shape the future of Africa’s dynamic and rapidly evolving fintech industry.
This year’s theme – “Positioning Africa’s Fintech Ecosystem to Accelerate Inclusive Growth” – underscores the critical role of financial technology solutions in driving much-needed economic expansion and development. Talking points will include corporate governance, Generative AI, Smart Regulation, Digital Assets, Risk Management and cybersecurity/fraud management, digital and economic inclusion, and other relevant topics.
Read more here: https://www.nigeriacommunicationsweek.com.ng/fintechngr-unveils-line-up-of-local-and-international-speakers-for-nigeria-fintech-week-2024/?
Traditional banks more optimistic than Fintechs about tech-powered industry growth- Report
In a typical case of the sick needing doctors the most, it has been revealed that traditional banks are more optimistic than their fintech counterparts about tech and AI-powered financial services industry growth. This was revealed in a global survey report by the global law firm, DLA Piper titled: Financial Futures: Disruption in global financial services.
According to the report, 88 per cent of bank executives surveyed are quite optimistic about financial services industry growth over the next couple of years. This is in contrast with leaders in the financial technology (FinTech) sector with 72 per cent of them feeling positive about change in the sector.
For traditional banks, the high level of optimism is driven mostly by digitalisation and advancements in technology, with 71 per cent of executives surveyed attesting to this as the motive behind their enthusiasm. The launch of new products and services to drive growth is the next biggest reason for optimism with 55 per cent of respondents alluding to this. Changing consumer and investor behaviours is the other reason with 38 per cent of executives citing this.??
GTCO’s HabariPay Launches Squad Hackademy to Empower Students in Fintech
In a bid to empower young innovators and drive Africa’s growing digital economy, HabariPay’s fintech arm, Squad, has launched its inaugural Squad Hackademy Programme. The initiative, which officially kicked off on September 13th, follows the success of Take on Squad Hackathon 1.0, held earlier this year at the state-of-the-art GTCO Training Complex in Abeokuta, Ogun State.
This hybrid internship programme is designed to provide hands-on fintech experience for university students. Six of the top-performing participants from the January 2024 hackathon have been selected to participate in this exclusive programme, which will cover their tuition until they graduate. In addition to financial support, participants will gain real-world experience by working on live projects with Squad during their Student Industrial Work Experience Scheme (SIWES) and university holidays.
Read more here: https://brandcrunch.com.ng/2024/09/21/gtcos-habaripay-launches-squad-hackademy-to-empower-students-in-fintech/
Startup Wrap — Early-stage regional startups garner most funding
RIYADH: Several startups across the Middle East and North Africa region have secured significant investments, showcasing the region’s growing entrepreneurial ecosystem.?
From proptech and fintech to edtech and automotive, early-stage startups are focusing on expansion and technological innovation in both local and international markets.
Saudi Arabian proptech startup Darent has closed an undisclosed seed funding round, led by Al Tawuniya Insurance.??
Read more here: https://www.arabnews.com/node/2572324/amp?
India’s fintech sector is now a global force, says expert
The Global Fintech Festival (GFF) 2024, held from August 28 to 30 in Mumbai, marked a significant milestone for India’s burgeoning fintech ecosystem. With international participation, massive attendance, and key product launches, the event highlighted India’s role in the global fintech landscape.
In an interview to CNBC-TV18, Kris Gopalakrishnan, Chairman of GFF 2024, expressed satisfaction with the festival’s achievements, emphasising three key objectives. "We wanted to increase the size and scale of the event, and the numbers reflect that success. With over 20 central bank governors and investors from more than 40 countries, the event truly became a global fintech platform," said Gopalakrishnan.
Read more here: https://www.cnbctv18.com/business/indias-fintech-sector-is-now-a-global-force-says-expert-19480643.htm?
Global Fintech Wise and Swift to Expand Cross-Border Payments Options
Swift and Wise? (LSE:WISE) says they will increase cross-border payment options for financial institutions and their customers, enabling payments sent via Swift to be completed over Wise with end-to-end transparency.
Financial institutions seeking to innovate their offerings “will be able to route Swift payment messages directly to Wise Platform – Wise’s infrastructure solution for banks and major enterprises — through its latest Correspondent Services solution.”
This will enable their customers to benefit from the speed and convenience of Wise, and the breadth of Swift “without needing to implement any major changes to their systems.”
Read more here: https://www.crowdfundinsider.com/2024/09/230357-global-fintech-wise-and-swift-to-expand-cross-border-payments-options/?
UK government takes aim at late payments laws
The Fair Payment Code will replace the Prompt Payment Code, shining a light on how larger businesses treat small companies, and awarding those that support small firms. Research from the Department of Business and Trade indicates that there are issues within the supply chain that leads to late payments, and administrative errors that cause delays.
SMEs lose ￡22,000 a year on average due to late payments, leading to 50,000 business closures per year. The new legislation from Labour will hold larger companies accountable for maintaining cashflow and require them to include payment reporting in their annual reports to mitigate mistreatment of smaller businesses.