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Finextra’s 2023 Year in Review: Key Insights and Highlights from the Financial Sector
In 2024, significant changes are unfolding in the banking and payment sectors. HSBC plans to launch a global currency conversion app to compete with Wise, while Temenos faces a sharp decline in shares due to a critical report on accounting issues. The Monzo mafia is exploring generative AI, and Lloyds Bank is cutting risk management staff. Visa and Apple have introduced new digital products and features to enhance transactions. A global Microsoft outage impacted banks, and Switzerland launched an instant payments system. Citigroup’s COO is under scrutiny for compliance failures, while Barclays considers divesting its merchant acquiring business. The European Payment Initiative’s wero wallet has gained traction with 14 million users.
Transforming Lending: SC Ventures and Yabx Invest $10M in Purpose-Driven Platform Furaha at Davos
SC Ventures and Yabx have invested $10 million in the lending platform Furaha, aimed at enhancing financial accessibility for underserved communities. This collaboration will strengthen Furaha’s operations and expand its reach, focusing on purpose-driven lending and utilizing innovative technology to assess creditworthiness. The investment seeks to improve financial inclusion, support economic growth for small businesses, and foster sustainable development. With this backing, Furaha plans to broaden its services, enhance user experience, and collaborate with local organizations. This partnership marks a significant step toward achieving greater financial equity and sustainable economic progress in the fintech sector.
Asia Set to Lead the Global Fintech Revolution: Insights from Latest Report
A report by Singapore’s UnaFinancial reveals that fintech transactions in Asia surged to $16.8 trillion in 2024, up $2.1 trillion from the previous year. The Asian fintech market is projected to reach $18.9 trillion by 2025, growing at 12.6% annually. Asia will account for 47.1% of the global fintech market, expected to hit $40.1 trillion this year. Key growth drivers include the rise of digital banking, smartphone adoption, super-apps, and supportive government initiatives. The digital payments sector is anticipated to contribute 45% to this growth, surpassing the global average of 32%.
Unlocking Sustainable Finance: The Urgent Need for Consistent Policy Frameworks
Nina Seega, director of sustainable finance at the University of Cambridge Institute for Sustainability Leadership, discussed sustainable finance and biodiversity in an interview with FinextraTV. She highlighted key achievements, including the establishment of a subsidiary for indigenous rights and effective participation mechanisms for local communities. However, Seega emphasized ongoing challenges for emerging markets, such as the need for clear guidelines and financial resources to support National Biodiversity Strategy and Action Plans (NBSAPs). She advocated for a unified strategy involving ambitious targets and collaboration among financial institutions to successfully integrate biodiversity and climate action with finance.
Unlocking Financial Inclusion: Why Fintechs Must Prioritize Accessibility
Recent EU legislation emphasizes the need for businesses to improve digital accessibility for individuals with disabilities, mandating that websites, apps, and digital interfaces be fully accessible. The ‘I Matter Too’ campaign by Nexer highlights the challenges faced by disabled users and encourages fintech companies to embed accessibility into their strategies. Key messages stress that digital accessibility is a fundamental right and compliance with the European Accessibility Act is just a starting point. Experts advocate for businesses to act now, as enhancing accessibility not only meets legal requirements but also improves customer satisfaction, brand loyalty, and corporate reputation.