Weekly Research Highlight – 11 May 2022

For this week’s research article, we dive into new insights on fintech market, banking, insurance, payments, trends, diversity in fintech and more. Happy reading!

India Has More Fintech Adopters At 87% Compared To Global Average Of 64%: Report (INC42)
According to a report by NewsVoir, the fintech market is estimated to grow $150 Bn by 2023 with new businesses springing up and global investment pouring in. The Banking, Finance Services, and Insurance (BFSI) industry has suddenly transitioned into fintech products and services that have allowed customers to adopt digital services. India’s digital payments increased to 25.5 Bn in real-time online transactions in 2020 as fintech applications and services have captured a large unbanked population under its net and prompted mass transition, it said. Read more.

IRIS Risk report now includes the ICIJ Offshore Leaks database (Web-IQ)
The Dutch Central Bank DNB published last January that they expect from supervised institutions like banks, payment providers and trust offices that they use information like the leaked papers to determine the risk profile and if necessary, carry out additional investigation and take adequate measures. These requirements are part of the Customer Due Diligence obligations for financial institutions and other institution based on the Dutch implementation of the Anti-Money Laundering Directive; the Wwft and Wtt 2018. Read more.

The Corporate Hitchhiker’s Guide to the Metaverse (BCG)
It has taken 30 years since the term was coined in 1992, but big money has now moved into the metaverse—accompanied by big hype. Facebook, which changed its name to Meta Platforms, has promised to invest $10 billion in its Reality Labs operation this year. Microsoft is making a $70 billion bet on a metafuture with its planned acquisition of Activision Blizzard. Venture capital funds poured almost $25 billion into crypto-related investments in 2021. Read more.

Ten FinTech Trends to Follow in 2022 (Finextra)
The pandemic provoked a crisis in many industries, including FinTech. Due to quarantine measures, banks, credit institutions, and insurance companies had to close their branches temporarily. Despite the obstacles, the new realities have become an incentive for the financial industry development, financial software development, and digital services. Since the outbreak of the pandemic, 42% of Americans have used at least one FinTech platform. People are downloading financial software 26% more often. To stay in the market and provide customers with relevant digital services, organizations are catching up with the wave of changes, modernizing their businesses. Let’s consider FinTech trends that determine the development of the industry in 2022. Read more. 

5 mobile financial service providers in Bangladesh (IBS Intelligence)
The FinTech market in Asia-Pacific is expected to cross $150 billion by 2025, as per research. According to EY Global FinTech Adoption Index 2019, China and India led the FinTech Adoption Index at 87%. Bangladesh, a neighbouring country is also accelerating its FinTech adoption by leveraging mobile technology. As a good portion of the country is unbanked, Bangladesh’s FinTech industry revolves around Mobile Financial Services (MFS). MFS refer to branchless banking or mobile banking services offered to both the banked and unbanked population groups at affordable rates. Read more.

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