Global Fintech Trends
Africa Fintech Network
A platform that unites Africa fintech leaders, organizations and stakeholders.
Africa Fintech Festival 2024
10 Days To Go!
Join us in Naivasha, Kenya for the Africa Fintech Festival 2024, taking place from June 12th to 15th 2024! This fintech-friendly festival will gather the brightest minds and leading innovators, tech enthusiasts, and policymakers, offering a dynamic platform for dialogue, collaboration, and knowledge exchange.
Attendees will experience insightful keynote speeches, interactive panel discussions, fireside chats, a tour around the beautiful Enashipai in Naivasha, and cutting-edge product demonstrations, all designed to showcase the future of fintech.
Don't miss the spectacular closing days filled with joy, laughter, and community spirit.
Mark your calendars and bring your products and innovative spirits to Naivasha, Kenya.
To attend the fest, register now: https://lnkd.in/e9VPREM
For more info, visit this site: https://lnkd.in/e9VPREM
Egypt suspends land allocation system for dollar payments, exempts non-Egyptian investors, companies
Minister of Housing, Utilities, and Urban Communities, Assem El Gazzar, announced on Saturday that the New Urban Communities Authority (NUCA) has temporarily suspended its recently implemented land allocation system. This system had been giving priority to applicants paying in dollars from abroad. During this suspension period, the ministry will carefully assess all allocations related to the system to ensure alignment with the Central Bank of Egypt’s foreign exchange policies.
However, El-Gazzar clarified that non-Egyptian investors and companies will be exempt from this decision. In late 2022, amidst a foreign currency liquidity crisis, Egypt established a land allocation system that allowed the direct allocation of land to foreign investors. Unlike the usual bidding processes, foreign investors were not required to participate. The condition was that the full value of the land had to be paid in dollars and transferred from outside Egypt.
Read more here: https://www.dailynewsegypt.com/2024/06/02/egypt-suspends-land-allocation-system-for-dollar-payments-exempts-non-egyptian-investors-companies/?
How Financial Institutions Can Help Mitigate Climate Risks
Top executives from banks and other financial institutions gathered at Capital Club East Africa in Nairobi this week to discuss the way forward for climate finance, at an exclusive event hosted by The Kenyan Wall Street in collaboration with CIB Group and 4G Capital on the sidelines of the AfDB Annual Meetings in Nairobi. Stakeholders in the finance sector agree that they have a monumental responsibility to ensure that ambitious but necessary projects meant to alleviate the effects of climate change receive adequate financing.?
The private sector has taken a leading role in combating the effects of environmental degradation by embracing sustainable and green solutions in their operations. According to 4G Capital Founder and CEO Wayne Hennessey-Barrett climate financing can only succeed if there is an accompanying progressive taxation policy.?
Read more here: https://kenyanwallstreet.com/how-financial-institutions-can-help-mitigate-climate-risks/?
Saudi entrepreneurs launch fintech startup to spur open banking growth in GCC
JEDDAH: Fintech startup Thimsa aims to streamline business payments with direct bank transfers as it launches a beta platform in the UAE and Bahrain, targeting the region’s open banking growth. Co-founded by two Saudi entrepreneurs along with a financial expert, the startup seeks to facilitate instant B2B pay-ins and payouts, while also offering eInvoice and subscription features.?
The projected growth of open banking in the Gulf Cooperation Council countries has motivated Rayan Azab and Salah Khashoggi to partner with Dubai-based fintech entrepreneur Ash Kalra to spearhead this venture after four years of market research.?
This comes as open banking is projected to account for over $124 billion worth of transactions in the GCC region alone by 2031, up from $14 billion in 2020, with an annual growth rate of 22 percent, according to a report by Allied Market Research.?
Read more here: https://www.arabnews.com/node/2521991/business-economy?
Fintech expert shares strategies to rescue struggling startups
Ayodeji Saba, a tech expert, has expressed concern that financial technology startups in Africa have faced persistent challenges of dissolution soon after establishment. In a statement syndicated to news media, the tech expert with over a decade experience, noted that despite commanding some of the highest global market prices, it remains hard to believe that Fintech startups still face significant failures.
“It has almost become commonplace to see Fintech startups closing down soon after raising significant funds from investors today. Only a few have managed to surpass the test of time, with some collapsing even after years of operation. “Exploring the journey of fintech development in Africa reveals a captivating narrative characterised by adaptability and growth. Technological advancements have served as a driving force, instigating revolutionary changes in payment systems, lending methodologies, and the availability of financial services. This ripple effect reverberates throughout the continent, leaving a discernible impact on individuals and enterprises alike.
Read more here: https://businessday.ng/life/article/fintech-expert-shares-strategies-to-rescue-struggling-startups/?utm_source=auto-read-also&utm_medium=web?
South Africa Prepaid Card and Digital Wallet Report 2024: A $17.31 Billion Market by 2028, with Forecasted CAGR of 14%
The prepaid card market in South Africa increased at a CAGR of 6.8% during 2019-2023. Over the forecast period of 2024 to 2028, the market is expected to record a CAGR of 14.1%, increasing from US$8.81 billion in 2023 to reach US$17.31 billion by 2028. This report provides a detailed data centric analysis of prepaid payment instruments, covering spend through prepaid cards and digital wallets across retail and corporate consumer segments. In addition, it provides a snapshot of consumer behaviour and retail spend dynamics in South Africa.
Ripple Strengthens Commitment To Blockchain Amid Regulatory Challenges, Eyes Future Crypto ETFs
Ripple remains steadfast in its commitment to blockchain technology despite regulatory hurdles, exemplified by its $25 million investment in Fairshake. This move aligns perfectly with their goal of driving global crypto adoption. In a recent interview at Consensus 2024, Ripple CEO Brad Garlinghouse highlighted the urgent need for improved U.S. policies and regulatory frameworks for cryptocurrencies.
Garlinghouse stressed the importance of clarity in regulation, criticizing the SEC’s inconsistent approach to the crypto industry: “For the U.S. to remain competitive, it is crucial to establish clear and consistent crypto regulations. The SEC’s contradictory lawsuits create confusion.”
China, UAE pledge joint crackdown on cryptocurrency crimes
China and the United Arab Emirates (UAE) have pledged to enhance their cooperation in combating cybercrime associated with cryptocurrency. The latest commitment was made through an official May 30 joint statement following the state visit of UAE President Mohammed bin Zayed Al Nahyan to China. The announcement comes as Hong Kong data shows a spike in crypto fraud activity between 2022 and 2023.
The joint statement highlighted specific areas of concern, including telecommunications network fraud and online gambling. Both nations aim to curb illegal activities that may exploit cryptocurrencies, showcasing a shared determination to tackle these issues.
Digital Banking Platform Market Research Report 2024
??????, ?????? ????????????-Digital Banking Platform Market size was valued at USD 3.92 Billion in 2023 and is projected to reach USD 9.29 Billion by 2030, growing at a CAGR of 11.30% from 2024 to 2030.
Digital Banking Platform Market Growth Driver
The digital banking platform market is being propelled by several key growth drivers. One significant factor is the increasing adoption of digital banking services worldwide. With the proliferation of smartphones and internet connectivity, consumers are increasingly turning to digital channels for their banking needs, driving demand for advanced digital banking platforms.
Furthermore, the COVID-19 pandemic has accelerated the shift towards digital banking as people seek safer and more convenient ways to manage their finances remotely. This has led to a surge in demand for digital banking solutions that offer seamless online transactions, mobile banking apps, and robust security features.
Read more here: https://www.openpr.com/news/3522087/digital-banking-platform-market-research-report-2024?
UBS invests in climate fintech Doconomy
Climate fintech Doconomy has raised EUR34 million in a Series B funding round co-led by CommerzVentures and the venture arm of UBS. S&P Global, Motive, PostFinance and Tenity joined the round for Sweden-based Doconomy, which has previously been backed by Citi and Mastercard. The climate firm provides financial services players with tools to help their customers measure the carbon footprint of their everyday spending. Its cloud-based AIand Index, which converts every transaction into its corresponding CO2 footprint, is used by more than 100 firms in more than 40 countries. The new funding will be used to boost the Doconomy product suite and expand in North America.