Over the last decade, the Fintech landscape has grown by an annual rate of about 24% across developed nations within Europe, North America, and Asia according to an overview of market developments by EY. As this growth has become amplified, we see Fintechs proving to have a considerable impact on the financial industry in the way of innovative, customer-friendly solutions that offer greater flexibility than current options provided by traditional institutions. While this works in developed nations, where the customer base wants flexibility, in underdeveloped nations like Sub-Saharan Africa, there is massive potential.
Here is how Fintechs are helping African Nations transition from being unbanked or underbanked to financial inclusion.
OneConnect Financial Technology Co. Ltd. (“OneConnect”, NYSE: OCFT), a leading TaaS company for financial institutions in China, has been appointed by Abu Dhabi Global Market (“ADGM”), the award winning International Financial Centre in Abu Dhabi, to support the development of the ADGM Digital Lab.
The ADGM Digital Lab is a digital platform where financial institutions (“FIs”) and FinTech firms can collaborate, test and develop innovative solutions for the financial services sector, with direct participation from ADGM’s Financial Services Regulatory Authority (“FSRA”).In recent years, digital innovation has become a focal point in Abu Dhabi’s plans and initiatives in building a knowledge-based economy to support economic growth and diversification.
Since its establishment in October 2015, ADGM has led significant efforts in accelerating the digital transformation of the financial services sector in the Middle East.
The Digital Lab is one such initiative to address the key challenges FIs and FinTechs encounter in their ability to deploy and scale innovation.
In particular:– FIs lack access to platforms to test and experiment with prospective FinTech solutions prior to procurement approvals and commercial agreement;– FIs encounter major difficulties and costs to integrate their legacy banking systems with FinTech solutions; and– FinTechs are overburdened with procurement processes and costs incurred each time they interact with the banks.Leveraging the ADGM Digital Lab, FIs such as banks can enable rapid prototyping by:– Replicating their operating systems within the testing environment of the Lab;– Choosing from an ecosystem of FinTech solutions to test new product offerings or replace legacy infrastructure; and– Developing new business models and picking and choosing components from different FinTech providers.Through collaboration between industry and regulators, the Digital Lab aims to create a trusted marketplace for experimentation to build the enablers for the smart financial centre of the future.OneConnect’s collaboration with ADGM on the Digital Lab is its first landing project in the Middle East.
As early as July 22, 2019, OneConnect signed a memorandum of understanding (MoU) with ADGM to jointly promote and develop FinTech innovation, ecosystems and market opportunities that will support and connect the economies in both the Belt-and Road corridor and the Middle East and North Africa region.
Latest Research Report on “InsurTech Market” Added by Analytical Research Cognizance which covers Market Overview, Future Economic Impact, Competition by Manufacturers, Supply (Production), & Consumption Analysis
The banks and financial institutions are witnessing transformation with the emergence of FinTech vendors, thereby disrupting the traditional model of operations and processes.
The digital and analytical tools have opened new revenue model and value chain through digital brokers.
The FinTech industry, over the last couple of years, has realized the need and opportunity of InsurTech software.
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Market Revenue and Segmentation Analysis:
Portmanteau for Financial Technology, “Fintech” covers the competition between traditional financial methods in the delivery of financial services and emerging information technology industry that makes use of techniques to improve activities in finance.
While problems and opportunities go hand in hand, simultaneously needs and wants to go parallel, which accentuates the necessity to note the distinction between the two; to avoid the urge to splurge!
Usually, the financial plans must be reviewed on a regular basis, once or twice a year.
Technologies That Will Disrupt Financial Scenario in Coming Years
These technologies will help you overcome the investing inertia and make every idle penny count:
Everyday Banking (Mobile): Even after endless years of resolution to manage our finances we allow our idle funds to lie in savings accounts, idle and unutilized.
