Revolutionizing Financial Frontiers - Issue #441

Dive into the advancements of Blockchain within the Banking and Financial Services sector alongside Sarang Bhoyar and Prof. Himanshu Tyagi at the Global Fintech Fest 2023.

Despite Warren Buffett's widely recognized reservations about digital currencies, he has realized substantial returns from his stake in Nubank, a major fintech entity in South America that provides an array of cryptocurrency-related offerings. These include exchange facilities for Bitcoin and Ethereum, a Bitcoin ETF offering, and a proprietary loyalty token hosted on the Polygon blockchain. Nubank caters to a client base of over 1.35 million spanning Brazil, Colombia, and Mexico.

JPMorgan's blockchain endeavors are expanding, with its Onyx division aiming to handle settlements in sterling, building on its experience of managing over $300 billion in transactions in US dollars and euros in the past three years.

Minit Money's blockchain-based remittance application has inaugurated a new remittance route in Southern Africa, offering an economical solution for Zambians in South Africa to send money back home. This marks the app's first venture into Southern Africa, expanding upon its existing operations in multiple African countries, and builds on the historical ties of cooperation between South Africa and Zambia, especially during South Africa's apartheid era.

The Italian fintech company Qomodo has secured €34.5 million during an initial funding phase spearheaded by Fasanara Capital. Qomodo is rolling out a sophisticated array of payment options for brick-and-mortar retailers, featuring a Buy Now, Pay Later plan for necessary but unpredictable costs, thereby enhancing consumer confidence and boosting store revenues.

Venture capitalists traditionally favor B2B companies for their stability in volatile economies, capitalizing on fintech's potential to modernize outdated financial infrastructures. Yet, a daring forecast indicates a burgeoning resurgence in consumer and B2B2C fintech firms, hinting at a major upcoming shift in the industry.

Walmart Canada has partnered with Klarna to introduce an interest-free BNPL payment option, enhancing its customer experience with greater flexibility on Walmart.ca and its mobile apps, particularly as it approaches the holiday season. Meanwhile, as BNPL demand soars in Canada, Amazon Business collaborates with Affirm to roll out its inaugural BNPL service for individual business owners.