“Fintech is continually changing, just like many other tech-related industries. New financial applications that offer daringly innovative methods for handling and processing payments seem to be appearing every day. Although the financial technology sector has been expanding steadily, the advent of blockchain technology raises the prospect of a level of disruption that has never before been seen,” said Avis Charles, Software developer and CEO of Fuspay Technology. He made these comments while speaking about the interoperability of his fintech platform and how it is driving the fintech revolution.
Considering the origins of blockchain, the fintech industry was naturally the first to adopt this innovative technology to a greater extent. Fintech blockchain-based startups have been popping up, but it’s not just new businesses that decide to trust it. Even well-established financial companies and organizations choose to implement it for a particular service or even fully migrate to it.
So far, one of the most embraced purposes for implementing blockchain by global companies and organizations is streamlining cross-border transactions and remittance payments. The traditional way of processing these usually involves a few intermediaries. As a result, it takes much more time. With its decentralized and distributed structure, blockchain reduces the number of intermediaries to the necessary minimum.
In the year 2000, the majority of African banks are operating manually until the emergence of digital technology, advancement and high adoption of mobile technology in the African market. This emergence created opportunities for companies like Interswitch of Africa’s largest Fintech to create a product that drives interoperability between banks making it easy for banks to send money to each other while operating as a switch. Even though they remained sceptical for a relatively long, banks today are slowly noticing that blockchain creates new opportunities for them, particularly in terms of security and compliance.
Today, the world is beyond banking, Statistics show that the Fintech space in Africa is fast growing with different investors across the world seeing Africa as the new hub. The Fintech industry leverage technology through the agile process and flexible business process with high adaptability to innovation and change are shifting financial services.
The advent of Covid-19 surged the impact of digital payment giving relevance to the crypto industry. This opens the pandora box and we have to see the emergence of thousands of different startups leveraging blockchain technology to provide innovation in finance.
He also noted that Fintech Startups are accelerating and decentralized finance is huge gaining momentum. With this FusPay Technology is driving wallet interoperability for all wallet providers and providing swift global interoperability for banks. The startup is also changing the future of payment through innovation-driven API standards implementation through which wallet-to-wallet can talk to each other by leveraging on blockchain.
The innovation will unify all wallet providers and make cross-border transactions seamless and unlimited. This technology affords different stakeholders the opportunity to express their individual value propositions while leveraging its technology to reach different parts of the world.
In conclusion, Fintech has developed into a powerful force in the modernization of established financial institutions. As a result, we have made a faster shift to a cashless society during the past ten years with more investment alternatives and asset storage options than before. The rise of blockchain technology, however, is expected to support the growth of fintech, paving the way for true financial democratization and enabling people to manage their own wealth without the need for intermediaries or huge institutions.
