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Fintech Innovations And Financial Inclusion – 2022

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Fintech Innovations – In recent years, a new generation of FinTech startups supporting financial institutions and digital solution providers has emerged, upending financial markets around the world by leveraging technological innovations in finance. In light of this rapid development, it is necessary to adopt methods to ensure the employment of the financial technology revolution for the benefit of society and the economy, taking into account the protection of consumers and the financial system.

The field of finance has evolved thanks to technological developments over the ages. However, over the past decade, technology-based innovations in finance have enhanced consumers’ access to a multitude of services in the areas of payments, lending, insurance, savings and investment; This is within their reach at an unprecedented pace and scale.

Fintech is expected to contribute to  enhancing financial inclusion for millions of individuals and micro, small and medium enterprises in Arab countries by overcoming traditional obstacles. The market value in the region is expected to reach a whopping $ 2.5 billion by 2022 . And thanks to the use of new tools such as Supervisory Technology (SupTech) ; Regulators can handle the situation successfully and better address emerging risks, balancing fintech promotion with financial inclusion, stability, integrity and customer protection.

10 Of The Most Prominent Global Financial Technology Companies

1- EquityZen

Founded in 2013, this American online platform is a company that supports share trading of employees of private companies before the IPO, and the company represents a link between employees of private companies, and investors who would not be able to invest in the company before the IPO.

Thus, this platform bridges the gaps between investors and private companies, and helps individuals buy and sell shares in private companies, and companies that have not yet been offered for public subscription.

2- Praxis

Founded in 2017, the company aims to create alternatives to payment channels. Praxis deals with the business-to-business and consumer markets, and its services have become very popular recently, when the United States of America faced a shortage of real estate facilities; Due to construction issues, Praxis has helped the real estate sector tremendously.

3- Stampli

Founded in 2014, Stamply is a leader in accounts payable automation, while fintech companies help other companies track and manage invoices, and pay them from vendors, Stamply serves corporate finance departments more efficiently. Manage payments remotely.

4- Gemini

Gemini was founded in 2014, the first company in the world to obtain a license to trade Ether in 2016. The company’s popularity has increased dramatically this year; 2021 saw an increase in the number of cryptocurrency investors, and the value of digital assets increased exponentially.

5- Nubank

Founded in 2013, Nubank is the largest financial technology company in Latin America, and one of the most popular services provided by the NuConta service, a digital account that makes it easier for users to save money and transfer it in real time, and this company provides its services to more than ten million consumers In Latin America, it entered the Guinness Book of Records in 2018.

6- Riskified

It is a startup company established in 2012, working in the field of cyber security; It provides support to e-commerce companies, to protect them from the risks of cyber-attacks, especially after the sales of these companies increased in an unprecedented manner during the Corona pandemic in 2020, which resulted in more cyber-attacks, and “Reskilled” emerged during this period, thanks to what it offers of innovative and effective solutions to prevent fraud.

7- Coinbase

Founded in 2012, Coinbase is a popular platform for buying, selling and managing digital currencies. Cryptocurrency trades on the platform can remain tracked completely securely using mobile applications. The company provides its services to 32 countries, and has transactions worth more than $150 billion in currencies. Digital Bitcoin, Ether and Litecash.

8- Acorns

It is a financial technology and financial services company established in 2018, that provides users with a mobile application for savings and investment, and this application remain linked to the user’s financial account. The number of customers of the company reached 8.2 million in 2020, and the value of assets under management was 3 billion dollars last year.

9- Affirm

Founded in 2012, Affirm Lending Platform enables users to pay small installments for all online purchases. Also, One of the advantages of this platform is that it offers low interest rates and has customized plans for its diverse user base.

10- Carta

The Carta platform, which was established in 2012, focuses on business management tasks, employee quotas, the company manages products. Also, tracks employee quotas and manages portfolios, and digitizes paper stock certificates, to help companies, investors and individuals manage stocks. Fintech Innovations

What Is Benefit Fintech Lab?What Is Benefit Fintech Lab?

In addition to the services provided by BENEFIT to the financial and banking sector. It seeks to support small and medium enterprises and other private sector institutions. In addition to keeping pace with government trends in the field of financial technology. With this in mind, she established the Benefit FinTech Lab.

Although, The lab generates ideas that connect university students, SMEs, and other stakeholders. The lab will serve as a testing grounds for and showcase new concepts in collaboration with global financial technology centers. Also, We believe in fostering a culture of research. And development that aims to enable the continued growth of the country, our partners, and ourselves.

Advantages Of Fintech

Idea Generation

We generate ideas and develop new concepts for financial technology through our culture that places a strong emphasis on research and development

Innovative And Effective Solutions

We focus on providing effective solutions to the financial sector. Also, Government and small and medium enterprises for the convenience of users.

Regional Command

We aim to lead the FinTech industry in the region by providing expertise. And assistance to spur development in the region.

Conclusions

FinTech Definition. The term Fintech (Financial Technology) refers to software. And other modern technologies used by businesses that provide automated and imporved financial services. The fast and innovative progresses such as Mobile Payments changed the way we manage our finances. Fintech Innovations

Also read: WHAT IS ARTHRITIS CARE? 

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