As twenty FinTech startups finish the marathon, thirty more starts. The financial sector is changing in both developed and developing countries, and it’s changing as fast as runners run, maybe faster. The race is reaching out with long arms to developing countries. Included are Silicon Valley FinTech startups that show us how they work to help SMEs.
Size-up, a Silicon Valley FinTech company is partnering with banks to help SME owners better serve their clients. Size-up Company answers the questions that entrepreneurs worry about: competitors, customers, advertising. If entrepreneurs know who the competitors are, where to find customers, and where to advertise, the RIGHT decisions will follow.
Plaid is another Silicon Valley FinTech company that has simplified our interaction with money through infrastructure and intelligent tools. It sends reliable bank-to-bank transaction data, authenticates owners, and lessens the chance of risk. Plaid Company also makes it easy to use. It’s exciting to know both Size-up and Plaid FinTech companies would benefit SMEs in developing countries.
Biometrics steps up in developing countries with an identity device that captures fingerprints, facial images, iris prints, and voice recognition. Opposite biometrics original purpose, to catch, illegals crossing borders, it’s now looking for the good guys. There are millions of unidentified people in developing countries, which mean until they identify you, you can’t profit from society as those with identities.
Digital-only banking is happening in some Asian countries. For example, Kakao Bank, a digital-only bank, has accumulated in 4 days after opening 300,000 users and 275 billion in deposits and 260 billion in loans (millions when put in US dollars). The growth shown months later turned heads of other innovators with new startups. Hope is in the air! If additional innovators can do the same just look at how many more people will take part in the digital-only banking world.
In the 21st Century, FinTech startups have exploded, and future startups can only get brighter for developing countries – those places where people need/want to share in the financial technology boom. Let’s equal the playing field.
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