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Weekly Research Highlights – 21 June 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!

THE STATE OF CANADA’S FINTECH ECOSYSTEM (IrishNews)
The global pandemic brought about numerous challenges for businesses, but it couldn’t dim the bright future of Canadian fintechs, as they had an exciting year. The ecosystem continued to evolve, bringing about new partnerships and ensuring international recognition for fintechs. Even though there were long-term trends that COVID-19 had shaped, most Canadian financial institutions and fintechs had stepped up their game. Read more. 

‘A Deep Dive Into Cross-Border Payments’ Released by MENA Fintech Association as v.2 of SHIFT Report (Fintech Times)
The MENA Fintech Association (MFTA), a voice of the region’s fintech community, has published the second volume of its SHIFT report. The first volume, ‘SHIFT – MENA Payments Landscaping’, was published earlier this year and contained everything a fintech needs to know about the region’s payments sector. In continuation to that, MFTA released the second volume titled ‘A Deep Dive into Cross-Border Payments’, a comprehensive report co-authored by M2P Solutions and Mastercard on the cross-border payment landscape in the MENA region. Read more. 

RBI making life tougher for fintech firms: report (ET)
The Reserve Bank of India’s (RBI’s) fintech regulation – which prohibits non-banking wallets and pre-paid cards from loading credit lines onto these products – might have a significant impact on fintech companies and in turn benefit banks, states a report by Macquarie Research. The report says the regulation will allow banks to speed card acquisition while reducing competition. On June 20, the RBI disallowed non-banking wallets and prepaid cards from loading their credit lines onto these platforms, a notification reviewed by ET showed. The regulator, in a one-page circular addressing non-banking prepaid payment instruments (PPIs), directed them to stop such practices immediately. Read more. 

Why Machine Learning has huge potential in Fintech (Fintech Magazine)
Aaron Holmes, CEO and Founder of Kani Payments. He discusses the role of technology in data management within the fintech industry
The skyrocketing growth of ecommerce data volumes means fintechs are faced with unprecedented challenges in how to handle, analyse and reconcile this data in the quickest and most efficient way. With a host of new companies and partnerships rising to the challenge, there is one area of innovation that holds vast potential for the fintech sector. Read more.

Digital ID Verification, Remote Document Signing to Become the Norm in Finance Sector (Fintech News)
The pandemic has accelerated the growth of non-face-to-face interactions, forcing banks, merchants and others to swiftly deploy digital tools to accurately verify the identity of the person on the other end of a digital transaction. A 2021 study by advisory firm Aite-Novarica looked at ten vendors in the document identification and verification (ID&V) space, highlighting a notable growth in the demand for document ID&V solutions. Within the next two years, 90% of financial institutions surveyed by the firm shared plans to implement mobile identity document capture and verification solutions. Read more.

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