Fintech Main
Fintech is the segments of the financial market which are in digital transformation
Fintech also includes Big Data and Advanced Analytics, Artificial Intelligence, Machine Learning, Cybersecurity, authentication, identification and some other areas. The financial technology market is growing by 15-20% annually, remaining one of the most prospective sectors in recent years. The demand for FinTech is huge and covers not only banking, but also other related financial markets.
FinTech covers all areas of human interaction with commodity-money circulation and uses a large class of IT technologies
We develop three technological streams, ensuring seamless integration of end products in our ecosystem
1.7 billion adults worldwide (or 31% of adults) don’t have a base(bank) account for transactions but 2 out of 3 of them have a mobile phone.
Globally, 1.7 billion adults lack an account
Adults without an account, 2017
Half of adults without Bank accounts come from the poorest 40% of households in their economy all over the Globe.
This global pattern is repeated in many countries where half or more adults do not have Bank accounts, such as Colombia, Ethiopia, Indonesia and Nigeria.
Worldwide, two-thirds of adults without an account cite lack of money as the main reason, which means that financial services are not yet available or intended for low-income users.
Among those who do not have access to an account, the proportion of women is much higher than that of men (about 980 million).
The proportion of women in the population without access to an account is almost 60 % in China and India, even higher in Turkey and Bangladesh - 65%.
+80% growth for 5 years will be in non-cash payments around the world
- The dynamics of growth is heterogeneous across regions.
- Third world countries are the driver of growth due to a large number of people.
- The most developing market is Asia.
- Average growth of developing countries is 3 times higher
Deployment of electronic payments has a catalytic effect on economic development, competitiveness and viability
Analyzing 100 cities from 80 countries, broken down by the level of development of digital technologies, the expansion of the use of electronic payments in all 100 cities can, on average, lead to an increase in the GDP of each city by 19 basis points and to the creation of additional 45,000 jobs per year in each city. The increase of productivity and wages can be from 14 to 16 basis points per year in each city, respectively.
Source: usa.visa.com
Benefits in case cities reach the level of non-cash payments
Government
- Savings from more efficient government processes
- Increased tax revenues from recaptured informal economy
- Increased tax revenues from greater business sales
- Criminal justice costs savings from reduced crime
- Toll-road and transit agency cost savings
- Better data on citizen needs
- Lower costs of managing cash
- Smart cities to enhance quality of life for citizens
Consumer
- Time savings in banking, transit and retail transactions
- Float savings
- Savings from avoidance of late payment fees
- Savings from reduced crime
- Increased convenience
- Improved budgeting and expense tracking
- More personalized customer service
- Better data to build credit profiles
Business
- Reduced theft and pilferage
- Labor time savings
- Savings from reduced float times and costs
- Potential for greater sales through digital channels
- Better data to improve customer service
- Leverage data for targeted promotional campaigns
- Convenient inventory and expense tracking
- Utilize data to improve loyalty schemes