Business

Dealing With Challenges In The Fintech Sector-Is Fintech Over-Hyped?

By now, we all know that there is a revolution in finance and technology.  It’s no secret that the Fintech industry is booming and the banking sectors all over the world are changing. Personally, i have to say that so far, i consider myself a happy consumer. The idea of making payments right from my smartphone, (thanks to the mobile payment platforms) has indeed made my life easier.

The talk about Fintech is not just about the bitcoins, the latest ‘hot’ startups in this sector or even the billion dollars invested in this space. It’s much more than that. (Read on)

Not long ago, i came across an article describing how ‘Fintech as a label is becoming increasingly problematic’. The article is about clearing the confusion about what ‘Fintech’ really is. It discusses the importance of understanding and interpretation of the term ‘Fintech’. It doesn’t just mean startups in the financial services sector. It also comes in other varieties around the world, such as alternative forms of finances/ lending. (Read on here  and here)

Then there are concerns about Fintech Companies being overvalued. According to a report by Investment bank GP Bullhound, there are now 39 Fintech companies valued at over a billion dollars. (Who are the global Fintech leaders? Read on)

With that in mind, another interesting question i believe is worth asking is- Whether or not Fintech is overhyped? And how does one know? I came across an informative article on the LSE’s (London School of Economic and Polical Science) blog which describes 7 ways to identify Fintech technologies that do not deserve the hype.  With consumer orientation forming the basis of a large number of  Fintech firms,  it makes sense to ask ‘What works for consumers and what doesn’t?’ (Read on)

Africa- How Bitcoin Is Reducing The Need For Trade financing

Bitcoin -The title of this blog post was  inspired by an article I came across on Global Trade Review (GTR). Elizabeth Rossiello, founder and CEO of BitPesa, tells how the idea of forming the company was born.  BitPesa is solving a number of business problems using digital currency, especially those involving foreign currency issues.  So how does Bitcoin really work?

FinTech– Though ‘Africa and Asia have become hotbeds of payment innovation’, European FinTech entrepreneurs too have a chance to succeed despite the challenges of limited opportunities. How can companies thrive?

Money laundering and the financing of terrorism– An interesting article on the International Monetary Fund (IMF), highlights the importance of fighting corrupt officials, tax fraud, and  most importantly those who engage in financing terrorism. How? Although this includes working with various governments across the globe and working with correspondent banking services, governments too, need to “increasingly harness the power of financial technology. While fintech can be misused—including through the anonymity of virtual currencies—it can also be a powerful tool to strengthen our defenses against terrorist financing.” (Read on)

Mobile Money an innovative solution for “cross-border money remittance service”- Quartz Africa highlights examples about how mobile money is playing a huge role in business transactions, and why the Telekom Industries have no choice but to “capitalize on innovation and the scalable nature of mobile money” (Read on)

AI is Here To stay- But Will It ‘Improve The Quality Of Our Lives’? Or Is It Really ‘A Risk For Human Civilization’?

“That’s the beauty of argument, if you argue correctly, you’re never wrong.”
― Christopher Buckley

The title of this post is taken from a debate Elon Musk and Mark Zuckerberg had about the impact of Artificial Intelligence (AI) on mankind.

Tesla CEO Elon Musk, speaking to U.S. governors last week argued that AI poses an “existential threat” to human civilization. Mark Zuckerberg was clearly not thrilled with that statement. On a Facebook Live broadcast, Mark Zuckerberg  retorted and said

“…I think people who are naysayers and try to drum up these doomsday scenarios — I just, I don’t understand it… It’s really negative and in some ways I actually think it is pretty irresponsible…”

Well, that didn’t end there. Elon Must took to Twitter and here’s what he had to tweet …

That’s it! These two geniuses got me thinking.  But one thing i can honestly tell you is that, my  life got a lot easier since i got that robotic lawn mower. Thanks to these great products that utilize artificial intelligence, I can now enjoy my weekends.

Which side of argument are you on? Who is right? And who is wrong?

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