FinTech & Indonesia
Financial Services Authority of Indonesia (Otoritas Jasa Keuangan or OJK) a government agency, which regulates and supervises the financial services sector, has finally issued a regulation on financial technology (Fintech) firms that run peer-to-peer (P2P) lending businesses in Indonesia. On the other hand Bitcoin penetrates deeper into Indonesian market, exciting times. In August 2016 in Tangerang, Indonesia OJK was preparing for regulations to support financial technology businesses. Financial regulators
2017 Year of AI & Digital Payments
To draw a rough sketch of exaggerated scenario of how these two technologies (AI & FinTech) may interact with us in the future and what warrants the, perhaps perplexing, 2 super powers. AI’s Control systems are widely used. They govern how a simple thermostat adapts to a target temperature.
CashLess –OR– LessCash
CashLess –OR– LessCash – Journey from a cash-only transactional economy to a cashless economy without a full plan, education, and strategy look only a talk […]
What is FinTech and where does it Live?
Abstract – A few years back, I had a fascinating discussion about Fintech. Today every 3rd if not 4th profile on LinkedIn is about FinTech Expert. Few days ago someone asked me a million dollar question “What is FinTech?” I was intrigued with such a small, simple question but found it difficult to answer this to a person who is not from those 4 people from linkedin. My simple briefing note to answer this question was, “Fintech is a technical tool to support financial services”, making it simple for everyone on this planet earth along with promoting idea of “Financial Services as a basic right for every human being”. Financial technology, also known as fintech, is an economic industry composed of companies that use technology to make financial services more efficient. Why it is so inherently difficult to define the concept of Fintech, is because definitions change over time. Alternatively, traditional banking organizations are hindered by legacy operating systems, capacity to innovate, agility and technology expertise.
Digitised Bank Payments – Their Struggle Saga with Friend FinTech
MNO’s speed to achieve their goal to standardise, automate, digitise, remove boundaries by brining cross order financial/remittances service in form of payments, cash, airtime, paperless and online. At the same time banks are still in their canteens with their coffee mugs without any sign of worry but in reality all African banks face tough challenges from MNO’s & Fintech players.
FinTech – The BaaP & BaaS Boomer
For FinTech its an opportunity to pick services to push through BaaP and BaaS model and owning an entire business paradigm is neither feasible nor desirable anymore. Almost all players who entered into payments and insurance in arena of FinTech domain are actually coming out of this game park with zero or no knowledge. This is giving too much innovation to put idea on table but takes longer to make it reality. Technical companies entering financial domain and making it interesting by doing technical integration, or “fintegration”, of fintech services, the latter interfacing directly to bank customers for banking services including insurance.
FinTech – A True Fairytale
Almost all players who entered into payments in arena of FinTech domain are actually coming out of this game park with zero or no knowledge. This is giving too much innovation to put idea on table but takes longer to make it reality. Technical companies entering financial domain and making it interesting by doing technical integration, or “fintegration”, of fintech services, the latter interfacing directly to bank customers for
Year 2016 : What is needed, Banking or Banks?
“Banking is needed not the banks, Fintech is killing banks, not the banking”. Banks need to accept change, become Fintech partners and it’s time to come out of their 100-year sleeping mind/blindfolded approach to customer’s banking need otherwise banking will only survive but not banks any more. Since the mobile payment era has just started, it is still too early to answer this point and nominate the winner, we will need to wait and see how it will go but I think we will somehow end in a stalemate, which is not at all pleasing for one type of role.
Mobile Money Basics : Part-2
Mobile Money, Mobile Payments, Mobile Banking and Mobile Commerce can be termed Mobile Financial Services. The magic word known as “Pay” has gone viral in today’s time and every day we have 1 or 2 new startup’s entering the payment industry, specifically into the Mobile Payment domain. Mobile phones can be used to deliver a range of banking services. Not from Banks, I am separating banking and banks. Banking services dont need banks any more. Transaction data can be used to develop customers’ credit histories to offer other top-up services.
Live the Best Life – Game Trap
Rather than fooling foreigners, is there a possibility to support and recover economic graves? Maybe by adding flavors of mobile payments, low-cost cross-border remittances, electronic payments, and freedom from cash and real currency. It’s important to study the facts of the game, i.e., offerings, but if you’re presented with a real opportunity, don’t risk losing it.
Mobile Money Basics : Part-1
Established players are constantly anxious about protecting their hard-earned franchises, thereby confirming the emergence of the ‘new normal’. To further discussions on how to play the ‘new normal’, we analyzed the activities of a range of players and unearthed ‘8 core traits’ of likely winners. We believe embedding these core elements in the proposition, operating, and delivery models will enable players to ‘play to win’ in these turbulent times.