The Best of Finovate Global 2022: Embedded Finance, the Data Economy, and Open Banking

Fin-Tech /

This week’s edition of Finovate Global showcases some of the fintech founders and CEOs we’ve had the good fortune to interview this year. From embedded finance to the emerging data economy to the connection between open banking and serving the world’s un- and underbanked, fintech innovators in developing economies continue to deliver for both their local communities as well as for consumers around the world.

Finovate Global Egypt: Cartona CEO and Co-founder Mahmoud Talaat

Cartona embraces the vision of a cashless society, investing in embedded finance and payments. We offer pay after four days or pay in four equal installments every 7-10 days. We have made sure our product is easy to use and seamlessly integrated into the ‘check-out’ section for ordering, with collection being all digital or through our supplier network.

Providing retailers with this technology-integrated financial solution not only boosts financial inclusion but also enables them to grow their business and provide customers with essential products at affordable prices. To supplement our core ordering business, embedded finance is what we believe is a key challenge and we see a clear need for it by retailers in the industry.

Read the rest of our interview with Mahmoud Talaat of Cartona.

Finovate Global Finland: Building a Strong Data Economy with ReceiptHero’s Chris Moore

We are surrounded by data in our daily lives, most of it is unstructured and in hard to reach places. Receipts printed on paper are just that: unstructured and, as a customer, it’s hard to apply that purchase data to good use. Part of my opening remarks at FinovateEurope was that we are showered by amazing digital payment innovations and sadly the post purchase experience has mainly been left to stay in the analog world.

Purchase data is core to building a strong data economy, as this data has so far been siloed and in a format that is hard to receive in real-time. It’s not really been leveraged or valued as it should be. ReceiptHero is breaking down those silos and enabling a world where a consumer can have this data instantly in their banking app or in an approved service where the data is used to better the customer experience. 

Read the rest of our conversation with Chris Moore of ReceiptHero.

Finovate Global UAE: Abdulla Almoayed of Tarabut Gateway on Open Banking in the MENA Region

MENA’s young and tech-savvy population is still underbanked, and a driving factor behind Open Banking’s growth are companies and regulators who are keen to facilitate this huge opportunity in a responsible manner.

Moreover, banks in the region understand the benefits that Open Banking brings to their institutions. Open Banking enables them to stay relevant and to compete in today’s banking sector by providing enhanced digital offerings and customer-centricity.

Tarabut Gateway acts as the matchmaker between service providers and customers, creating a competitive fintech ecosystem where users receive the best, personalized products, and services.

Read the rest of our interview with Abdulla Almoayed of Tarabut Gateway.

Here is our look at fintech innovation around the world.

Sub-Saharan Africa

  • Ghana-based fintech Bezo Money raised $750,000 in new funding.
  • TechCabal featured an interview with Ibrahima Kourouma, co-founder of Paylia and payments platform for African merchants and consumers.
  • The first graduates the new fintech-focused journalism training program sponsored by pan-African banking organization Ecobank Group and AMA Academy were announced this week.

Central and Eastern Europe

Middle East and Northern Africa

  • Egyptian fintech PayMint teamed up with Egypt’s Commodities Exchange
  • The central bank of the UAE announced plans to launch an Instant Payment Platform in 2023.
  • Israel-based fintech Nilus that helps companies better monitor their payment data raised $8.6 million in seed funding.

Central and Southern Asia

  • India’s Cashfree Payments launched its Buy Now, Pay Later offering.
  • Akhtar Fuiou Technologies (AFT), a fintech headquartered in Pakistan, secured approval from the country’s central bank to begin pilot operations for an Electronic Money Institution license.
  • J.P. Morgan made a strategic investment in India-based payment solutions provider, In-Solutions Global (ISG).

Latin America and the Caribbean

  • TechCrunch profiled Mexican lending startup Aviva.
  • Chilean fintech Destacame secured $10 million in Series B funding.
  • became the first cryptocurrency exchange to be granted a Payment Institution License from Brazil’s central bank.


Photo by Valentin Antonucci

Source link