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By: Finextra
FinTech Australia is calling for an urgent recalibration of Research and Development tax incentives and the Early Stage Venture Capital Limited Partnership (ESVCLP) Program to buffer fickle investment...
Recent developments in the Financial Technology (FinTech) sector highlight significant advancements and strategic collaborations across various regions. In the Middle East and North Africa (MENA), ClearGrid has secured a $10 million investment to enhance debt collection processes using AI, addressing the outdated and costly methods prevalent in emerging markets. Meanwhile, in Sub-Saharan Africa, the payments ecosystem is rapidly evolving with 34 instant payment systems already operational, paving the way for a pan-African digital payments network. This evolution is further complemented by Visa's strategic collaboration with MISA in Vietnam, aiming to empower businesses through comprehensive digital payment solutions, thereby accelerating digital transformation and fostering financial inclusion.
In Australia, FinTech Australia has raised concerns about the potential emergence of a two-speed fintech ecosystem, urging for a recalibration of Research and Development tax incentives to support newer fintechs amidst fluctuating investment trends. This call to action is underscored by recent data from KPMG’s Pulse of FinTech Report. Additionally, the UAE's Scintilla is making strides in virtual asset trading, revolutionizing institutional access to digital markets. In Europe, the merger of Etops Group AG and niiio finance group AG, backed by Pollen Street Capital, forms a WealthTech powerhouse serving over 550 clients across the financial services industry. These developments indicate a robust trajectory of growth and innovation within the FinTech sector, driven by strategic investments and collaborations aimed at enhancing financial services and inclusion globally.
