Report: Blockchain, AI to shape fintech’s future
Advanced technologies like blockchain and artificial intelligence (AI) are driving growth in the financial technology (fintech) sector.
This is according to a report published today by market analyst firm Frost & Sullivan ? FinTech: Growth Opportunities in the Global Market.
The report highlights emerging products and services, technology-enabled sub-segments, new business models, and innovations that are set to disrupt the industry.
Commenting on the African fintech front, Frost & Sullivan says the continent is known for innovations such as mPesa, one of the earliest mobile phone-based money transfer initiatives. It points out that the unique nature of challenges in Africa prompted many local participants to innovate.
In recent years, the region received funding from investors from other locations as well, indicating an interest among foreign players.
Photo courtesy of Scott Mainwaring.