A 2020 Retrospective of the Fintech Industry and Konzortia
In general terms, the last year was a great one for the FinTech industry, despite the obstacles that the global economy faced. Many of the tendencies that have market this decade came much stronger in 2020, like the growth of digital and online banking apps by userbases. Regulation has also seen much progress this year. Many countries have made more efforts than ever to develop healthier environments to promote FinTech innovation.
This is added to the regulatory framework recently created and issued by the Commonwealth Secretariat, which is one of the most ambitious the industry has seen. By 2020, over 400 banks in the world are using FinTechs to enhance their existing services and offer new ones. Othe financial institutions are also employing technologies such as AI Machine Learning, API Platforms and DLT.
The better regulations and incentives for the FinTech industry have led to larger userbases for FinTech platforms, as well as bigger investment volumes from VC firms and family offices. According to KPMG, global investment in FinTech companies reached US$25.6 billion in the first semester of 2020. It is expected that the second half will end in similar or better terms, and this momentum could persist throughout the next year.
For Konzortia Capital, these are great signs, given the company’s goal to provide top-of-the-line financial solutions and technologies for all actors in the financial system. The higher friendliness towards financial technologies seen by governments and legislators in 2020 has made it easier for the company to formally register as a Delaware-based corporation, in accordance to the regulations and exceptions contemplated by the SEC.
Technological advancements have also been made within Konzortia, in particular when it comes to the SBank platform, which is projected to launch its MVP Q1 2021. Along with the technological development, there've been dialogues with various potential partner banks to ensure liquidity of assets and currencies in SBank and other Konzortia platforms. 2020 was an overal great ¿ for Konzortia as well as for the FinTech industry itself. Despite difficulties like COVID19 and the economic recession, the company managed to fulfil the largest part of its objectives, with great perspectives and plans for the near future.