The aim of this live webchat was to allow people, especially entrepreneurs, to learn how their startup can benefit from fintech through a series of questions on Financial Technology, from giving and receiving payments to getting loans and managing your financial accounts and how they can apply its knowledge in their business.
The Fintech Revolution
Financial technology is by far one of the biggest transformations going on in entrepreneurship. Fintech is technology that allows a company to better shape its financial aspects.
Blockchain is a Fintech innovation which will allow companies and individuals to directly manage contracts and transactions. Mobile technology, biometric information, machine learning and more, are making financial transactions not only easier and cheaper but also faster and more secure.
Bestowed with the presence of the US Ambassador David Reimer, the US Embassy staff, Turbine, Red Dot and 60 Fintech curious participants, the live webchat started at 6 pm sharp. Along Mauritius, a few other African countries joined in the live webchat.
Miles away in the United States of America, two Fintech experts sat for 1 hour to answer questions on finance and its future;
Dale Nirvani Pfeifer,CEO & Founder, GoodWorld, social media payments company that makes charitable giving frictionless, viral and secure and works with over 3000 of the world’s top charities.Goodworld was recently named one of the World’s Most Innovative Companies and a World Changing Idea by Fast Company magazine, one the Fast Growing Companies in Washington DC, and won a Timmy award as DC Best Tech Startup in 2016.
Viktor Brandtneris, Owner, Brandtneris Consulting Group Inc, started his career in financial and strategic planning roles in the computer industry with IBM & Computervision. He subsequently co-founded a start-up in the financial services industry with responsibility for daily operations, investor reporting and regulatory compliance.He is active in consulting and coaching early stage companies employing the Business Model Canvas, and is a National Science Foundation’s I-Corps instructor.
Fintech is disrupting the traditional banking industry.
A few questions were raised on whether traditional banks will disappear with the new fintech services.
We all know that the banking sector has reduced their borrowing and how difficult it is for SMEs and start-ups to successfully access finance. With the rise of FinTech entrepreneurs delivering innovative products and services, the gap between banks and SMEs and start-ups can now be significantly reduced. By acting intelligently and making best use of the available Fintech innovations, entrepreneurs can now expect greater flexibility, price, transparency, access and convenience from banks. Even banks will have to be compliant , though major banks might survive.
Fintech is an opportunity for entrepreneurs to benefit from various existing and upcoming programs since major banks will have to build adapted programs in order to keep going. Other opportunities may also include partnerships with large commercials and the big banks.
The main questions asked on Fintech
There were many other questions such as
1) can alternatives of credit cards be an app allowing people to pay through purchase orders and others, since in many countries people do not have access to credit cards
2) blockchain evolution
3) how to adapt with this digital movement going on
4) whether crowd lending and crowd funding is a legitimate source of financing for start-ups.
5) can Fintech play a role in developing economy.
6) how can Fintech facilitate international money transfer
7) how can a social entrepreneur integrate fintech in their venture.