Industry Convergence In Financial Services Is Accelerating | TechCrunch

Old but excellent article on sector convergence as it relates to the financial services sector. “Large retailers are launching their own consumer banks, payment services and credit cards based on customer data, brand loyalty and capital reserves in mature markets. At the same time, telecom operators are targeting the “underbanked” segments in developing countries through mobile banking.” Christopher O. Hernæs

Source: Industry Convergence In Financial Services Is Accelerating | TechCrunch

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The FinTech Opportunity in Africa- Irrational Innovations

Interesting statistics! “with 85% mobile penetration and only 20% with access to financial services, we are facing one of the biggest windows of opportunity of our era”- Irrational Innovations 

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The Nigerian FinTech Landscape – A Growing Opportunity- Irrational Innovations

Nigeria`s FinTech landscape is clearly growing. The country`s financial services sector is not constrained by legacy banking applications like what obtains in western nations. I foresee further growth and investments in 2017 especially in the mobile payments space. 

The Nigerian Fintech Landscape is rapidly growing and has the potential to become one of the most significant leaders in Africa’s fintech innovation.

Source: The Nigerian Fintech Lanscape – A Growing Opprtunity

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Electronic Payments Growing In Nigeria — Quartz

Electronic payments have really witnessed rapid growth in Nigeria especially since the Central Bank of Nigeria introduced its “Cashless Nigeria Project”. Data obtained by Quartz from Nigeria Inter Bank Settlement System (NIBSS) confirm the growth in POS transactions as well as an increase in the number of startups in Nigeria`s growing FinTech sector.

However, NIBSS also reported that the transaction value of ATM cash withdrawals increased from N1.57 trillion during the period Jan-Sep 2015 to N3.5 trillion during the period Jan-Sep 2016! This implies that even with the growth in POS transactions, cash is still king in Nigeria.

The value of Point of Sale (PoS) terminal transactions have doubled between 2014 and 2016

Source: PoS transactions in Nigeria doubled from 2014 to 2016 — Quartz

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Baidu Follows Alibaba And Tencent To Enter China’s Banking Sector – China Money Network

The largest Internet firms in China now own digital banks as subsidiaries! The leaders in one sector of the economy trying to take over another sector!!Chinese search engine and Internet company Baidu Inc. said it had obtained regulatory approval to establish a direct banking unit in partnership with China CITIC Bank. Baixin Bank, which is 70% owned by CITIC Bank, with the remaining held by Baidu, will not have any brick-and-mortar outlets. It will…

Source: Baidu Follows Alibaba And Tencent To Enter China’s Banking Sector – China Money Network

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A Selfie to Verify your MasterCard? Why Not | Retail News Asia

Mastercard extends “selfiebanking” to Asian countries. Great for cybersecurity.This should reduce cyber fraud if it works well!!Moving from social media to commerce, the “selfie” is about to become verification for online transactions for Mastercard users. An executive of the credit-card company says the “selfie verification” technology will be introduced in Singapore and other parts of Asia this year. Known as Mastercard’s Identity Check, the system will let card holders use facial-recognition […]

Source: A selfie to verify your MasterCard? Why Not | Retail News Asia

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UBA Empowers MSMEs with Masterpass QR Payment | Middle East/Africa Hub

UBA launch first merchant app in Nigeria and the rest of Africa that will connect 100,000 micro merchants to formal economy by early 2017 United Bank Africa (UBA) has introduced its first merchant-focused app in Africa with the aim of creating a SMART (secure, mobile, accessible, reliable, transparent) network of 100,000 micro merchants and driving … Read More

Source: UBA empowers MSMEs with Masterpass QR Payment | Middle East/Africa Hub

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Paytm, India’s Top Mobile Payments Firm, Gets Approval To Launch Its Own Digital Bank | TechCrunch

First Airtel then Paytm! The diversification of Telcos, Mobile Payments firms and Internet based firms (like Alibaba) into digital banking and other financial services is great for financial inclusion in emerging economies. Other emerging economies should take a cueIndia leading mobile payments company Paytm has announced that it has formally received permission from the Reserve Bank of India (RBI) to launch a digital..

Source: Paytm, India’s top mobile payments firm, gets approval to launch its own digital bank | TechCrunch

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Investing In Digital Innovation | News and insight | HSBC Holdings plc

This is clear evidence that the key to success in responding to disruption in the financial services sector is via partnerships with Fintech firms and government agencies.

HSBC is working with the Hong Kong Applied Science and Technology Research Institute to develop technology at a new digital innovation lab.

Source: Investing in digital innovation | News and insight | HSBC Holdings plc

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Top Ten Digital Bank Initiatives in 2016 » Banking Technology

2016 was a great year for digital-only/challenger banks. Some interesting stories about startups in the article. Source: Top ten digital bank initiatives in 2016 » Banking Technology

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