Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
Category Archives: Enterprise
Fintech SEO Can Generate Leads and Sales Success: An Unrivaled Strategy
Sep 28, 2023
Image: Unsplash/John Schnobrich
Fintech is an ever-evolving world where every click counts and every lead may be game-changing; therefore mastering SEO has become essential. Welcome to Fintech SEO where competing for top search engine results pages (SERPs) rankings doesn't simply translate to visibility but rather leads to sales conversion. In this article, we'll uncover its immense power, discuss why high SERP rankings lead to conversions and traverse organic traffic that fuels fintech success.
SERP Rankings in Fintech
Imagine this: you need financial advice or are searching for investment options, where would you go? Chances are you would consult your search engine; the websites appearing at the top of those search results have built trust among both their users and search engines alike.
➡️ High Rankings Are an Indication of Trustworthiness
Achieving high rankings on SERPs for your fintech website is like earning a gold star of trustworthiness from users; they know Google or Bing have already approved and reviewed your services - often leading to them opting for them over those offered by your competitors.
When you enlist the expertise of a fintech SEO agency such as Sure Oak, you're essentially enlisting professionals who specialize in elevating your trustworthiness on the digital stage. They know the ins and outs of Fintech SEO, ensuring that your website not only climbs the rankings but also maintains its reputation as a trusted source in the world of finance.
➡️ Top Rankings Offer an Advantage
When competing against thousands of companies for user attention in fintech, SERP rankings cannot be underestimated. Not just being found; being chosen often begins with being at the top-ranking positions on SERPs.
Convert Visitors into Leads
Think of your fintech website like a physical storefront: foot traffic is essential, but not sufficient; action must also be taken by visitors - for instance inquiring or signing up as leads - which means your online traffic represents a potential customer base.
➡️ Optimize Landing Pages to achieve conversions
Fintech SEO's true potential can be seen here. It goes beyond simply driving visitors to your website; instead, it involves crafting an engaging user journey. By optimizing landing pages with compelling content and clear calls-to-action (CTAs) as well as user-friendly forms, Fintech SEO allows businesses to turn visitors into leads that could later lead to sales opportunities.
➡️ Personalization and Data-Driven Strategies
Fintech SEO goes beyond generic optimization; it's about personalization. By harnessing user data, you can tailor conversion strategies based on individual user data - such as personalized recommendations or targeted promotions tailored specifically towards individual user behaviors - which in turn increases conversion rates substantially.
Organic Traffic Is Vital to Fintech Success
Advertising fintech services can be expensive and competition for paid ad space fierce, which is where organic traffic comes in handy: when your website ranks highly on search engine result pages (SERPs), users find you naturally without needing paid advertisements to do so. This method gives fintech businesses an alternative form of traffic they can rely on: organic visitors!
➡️ Organic Traffic Can Provide Long-term Benefits
Paid traffic can be like renting space at a shopping mall; once your payment ceases, so does the traffic. Conversely, organic traffic acts more like investing in long-term real estate - once your website ranks highly enough it should continue attracting visitors even without ongoing ad spend.
Image: Unsplash/Suzanne D. Williams
FinTech SEO best practices for Lead Generation
Keyword research and optimization are at the core of Fintech SEO. By identifying those that resonate with your target audience, you can tailor content specifically tailored towards their needs and intent.
➡️ Content That Converts
Content is king, but only valuable content will suffice. Produce resources that answer user queries, solve financial issues and offer insight into the fintech industry. Valuable content not only attracts attention and shares easily but is also converted easily.
Experience Is Everything (UXI)
User experience encompasses more than the design of a website; it encompasses navigation, page load times and mobile-friendliness as well. An exceptional user experience could mean the difference between visitors bouncing away quickly or becoming leads for further business opportunities.
Tracking and Measuring Link Building Success
KPIs for Lead Gen To measure the success of your Fintech SEO efforts, you should monitor key performance indicators (KPIs). Monitor changes to search engine rankings while also tracking user behavior, and conversion rates and measuring the impact of content strategies on lead generation.
A/B Testing and Continuous Improvement.
Never settle into fintech with complacency; A/B testing is your friend in refining strategies and honing in on what resonates best with audiences. Use data-driven insights for continuous improvement of strategies.
Conclusion: Expanding Your Authority
Fintech SEO is more than simply being found; it's about capturing leads and driving sales. SERP rankings play a crucial role in building trust, authority, and conversions in fintech industries.
See: Visa’s Solutions for the Creator Economy and Fintech Opportunities for Tomorrow’s Digital SMBs
With an effective Fintech SEO plan in place, visitors to your website could become long-term customers while harnessing organic traffic for sustainable success. Are you ready to elevate your fintech game using Fintech SEO's winning formula? The choice is yours--there are endless opportunities ahead.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Ransomware Grew 45% H1 2023 Targeting Smaller Organizations
Cyber Security | Sep 27, 2023
Image: Wikimedia Commons/BlueBreezeWiki
The cyber landscape in 2023 has witnessed a significant surge in ransomware attacks, with small businesses becoming the primary targets.
According to a report from Infosecurity Magazine, ransomware attackers are increasingly targeting smaller, less defended organizations. There was a 47% increase in new victims in the latter half of 2022, with many of these being small businesses with less mature cyber postures.
Specifically, 57% of the victims of the LockBit gang, known for high-profile attacks on the Royal Mail and Taiwan Semiconductor Manufacturing Company (TSMC), were small businesses.
Many of these groups are moving away from traditional encryption-based attacks. Instead, they threaten to expose and publicize sensitive information, shifting from ransomware to pure extortion tactics.
See: Small Businesses Incur Greatest Loss of Cyber Attacks | 67% Suffer Repeat Attacks Within 12 Months
Ransomware by the Numbers
- In the first half of 2023, there was a 45.27% global increase in ransomware victim organizations, totaling 2,001.
- During the same period, the sectors most targeted by ransomware were banking, retail, and transportation.
- LockBit, a dominant ransomware since 2022, primarily targeted IT, finance, and professional services.
- Nearly 50% of all ransomware victims were US-based organizations, a significant increase of 69.94% from the second half of 2022.
- LockBit was responsible for 26.09% of all ransomware attacks, and in 2022, they accounted for one in six attacks on US government offices.
- BlackCat and Clop followed LockBit, accounting for 10.59% and 10.09% of ransomware attacks, respectively.
To counter these threats, Trend Micro recommends:
- Enabling multifactor authentication (MFA) for added security.
- Regularly backing up data and storing backups in diverse formats and locations.
- Keeping systems updated to patch vulnerabilities.
- Verifying emails before opening them to prevent phishing attacks.
- Following established security frameworks like those from the US National Institute of Standards and Technology (NIST) and the UK National Cyber Security Centre (NCSC).
See: Blakes: Cybersecurity Trends in Canada: A 2023 Perspective
The ransomware landscape in 2023 is evolving, with attackers shifting their focus to smaller businesses and adopting new tactics. Organizations must remain vigilant, adopt robust cybersecurity measures, and prioritize incident response and recovery to mitigate the impact of these threats.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Elevate Acquires CIX, Boosting Canada’s Startup Scene
Release | Sep 27, 2023
Elevate's Acquisition of CIX is A Testament to Canada's Flourishing Startup Ecosystem
Canada's startup landscape has always been a vibrant tapestry of innovation, ambition, and collaboration. At the heart of this ecosystem, organizations like the Canadian Innovation Exchange (CIX) have played pivotal roles in spotlighting the nation's most promising startups and bridging the gap between innovators and investors. As a long-time community partner and admirer of CIX, the National Crowdfunding & Fintech Association of Canada (NCFA) is thrilled about this acquisition announcement.
NCFA & CIX: A Journey Together
Over the years, NCFA has had the privilege of walking alongside CIX, celebrating its successes, and learning from its vast experiences. Our partnership has been rooted in mutual respect and a shared passion for fostering innovation in Canada. We've watched CIX grow, evolve, and transform into Canada's largest startup awards program and investment conference. Their annual curation program has consistently showcased the crème de la crème of Canadian startups, attracting attention from North American VCs, corporates, and private equity investors.
See: Clay Financial Closes $1.7 Million Pre-Seed to Offer Home Equity Sharing AltFi Product in Canada
Both Elevate and CIX have been champions of innovation, tirelessly working to provide startups and scaleups across Canada with the resources, platforms, and opportunities they need to thrive. This acquisition promises to amplify the efforts of both organizations, creating a synergy that will undoubtedly benefit the entire Canadian startup ecosystem.
Lauren (Prev Linton) Crerar, Executive Director, CIX:
I am thrilled that CIX is joining Elevate. This acquisition creates a powerful synergy of shared values and vision for propelling Canada’s top startups to new heights. I look forward to working with Lisa and the amazing Elevate team.
The Road Ahead
With Elevate at the helm, the future of CIX looks brighter than ever. Elevate's reputation as a hub for world-class innovators, combined with CIX's legacy, promises a future filled with more opportunities, collaborations, and success stories. As Elevate CEO Lisa Zarzeczny aptly put it, this acquisition will strengthen the tech ecosystem's engagement throughout the year, further supporting startups and scaleups from coast to coast.
See: Ontario’s FSRA Spearheads Insurance Innovation with Direct Access Model
For NCFA, this development reiterates our commitment to the Canadian fintech and funding communities. We will continue to support, collaborate, and grow alongside our partners, ensuring that Canada remains at the forefront of global innovation.
The 17th annual CIX Summit will take place March 26 & 27 at The Design Exchange
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Amazon’s Anthropic Investment Shaping Future Job Landscape
AI | Sep 27, 2023
Image: Unsplash/Steve Johnson
Amazon agrees to invest up to $4 billion in Anthropic to compete against other tech giants like Microsoft, Meta, Google, and Nvidia who are heavily invested in the space.
The initial investment will see Amazon infuse $1.25 billion for a minority stake in Anthropic. Furthermore, Amazon retains the option to increase its investment to a total of $4 billion.
Anthropic, backed by notable investors including Google, Spark Capital, Salesforce, Sound Ventures, Menlo Ventures, and Zoom, has amassed a total funding of $2.7 billion so far, and has ambitious plans. In May of this year, the startup achieved a valuation of approximately $5 billion following a $450 million funding round. The valuation set by Amazon in their recent investment in Anthropic has not been disclosed. For context, OpenAI has already secured more than $11 billion in funding, with a significant portion coming from Microsoft.
See: OSFI’s Evolving Focus on Integrity & Security
Anthropic aims to raise as much as $5 billion over the next two years and has recently launched its consumer-facing premium subscription plan of chatbot Claude 2 and has plans to develop a "frontier model" named "Claude-Next." This model is projected to be ten times more powerful than today's leading AI models.
Amazon's investment in Anthropic is not just about capital infusion. The e-commerce giant sees potential in leveraging Anthropic's AI capabilities to enhance its cloud offerings. As part of the investment agreement, Anthropic will use Amazon's cloud giant AWS for mission-critical workloads, including safety research and future foundation model development. This collaboration will also see Anthropic utilizing AWS's Trainium and Inferentia chips for building, training, and deploying its future AI models.
The Broader Implications for the Job Market
The integration of advanced AI models like those developed by Anthropic has the potential to redefine the job landscape. A white paper titled "Jobs of Tomorrow: Large Language Models and Jobs" published by the World Economic Forum in collaboration with Accenture highlights the transformative potential of Large Language Models (LLMs) - the paper provides a structured analysis of the potential impacts of LLMs on jobs. These models, such as GitHub's Copilot and ChatGPT, are expected to bring about significant shifts in global economies and labor markets. The integration of LLMs in workplaces could be a balancing act, offering opportunities while managing potential disruptions.
Select WEF Report Insights:
- Rapid Adoption By 2025, AI is expected to handle about 52% of current work tasks, up from the current 29%.
- Net Positive Jobs? While 75 million jobs may be displaced by the AI revolution, 133 million new roles could emerge, leading to a net gain of 58 million jobs.
- New Skills Required An estimated 54% of employees will require significant reskilling and upskilling.
- Jobs of Tomorrow The jobs of tomorrow are characterized by a blend of technological proficiency, critical thinking, and emotional intelligence. Data scientists, AI specialists, and digital marketers are emerging as pivotal roles, steering the wheel of innovation.
See: FCA’s Emerging Regulatory Strategy for Big Tech and Artificial Intelligence
Education is the cornerstone of preparing the workforce for this AI-driven era. It’s imperative for educational institutions to evolve their curricula to incorporate AI literacy, coding, and data analytics. The emphasis should be on fostering a growth mindset, encouraging lifelong learning, and nurturing the ability to adapt to technological advancements.
A Brave New World
As AI continues to evolve, businesses, policymakers, and individuals must proactively adapt to this changing landscape, ensuring that the AI revolution benefits all of humanity.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Empowering Investors with Fractional Bond Options
Sep 27, 2023
Image: Unsplash/Viktor Forgacs
Citi's groundbreaking partnership with BondbloX underscores the rising prominence of fractional bonds in reshaping the global investment landscape.
What are Fractional Bonds?
Fractional bonds (see Digital bonds), as the name suggests, allow investors to own a fraction of a bond rather than the entire bond. This concept is similar to buying shares in a company. Instead of purchasing an entire bond, which might be cost-prohibitive for many retail investors, they can buy a fraction of it. This democratizes bond trading, making it accessible to a broader audience.
See: Catastrophe Bonds: Killer Use Case for Digital Asset Adoption?
The concept of fractional bonds is still relatively new, but it's gaining traction rapidly. Platforms like BondbloX are at the forefront of this movement. BondbloX, which started as BondEvalue, has made significant strides in simplifying bond investing. Their platform allows investors to track and trade bonds electronically, much like stocks. This approach not only makes bond trading more accessible but also integrates the advantages of equities trading into the bond market.
Citi and BondbloX's IRL Partnership
One of the most notable partnerships in the fractional bond space is between BondbloX and Citi. As we've seen from the recent announcement, Citi has become the first digital custodian participant of the BondbloX Bond Exchange (BBX). This collaboration provides Citi’s clients and other BBX participants with access to digital custodial services, a broader reach to the global bond market, and immediate atomic settlement at the point of trade execution.
Furthermore, BondbloX's platform is regulated by the Monetary Authority of Singapore (MAS) as a Recognised Market Operator. They have the backing of significant players like Citi and MassMutual Ventures and have global custodians like Citi and Northern Trust supporting their platform.
FFCON23 Video: Rebuilding Trust in Web3: The Role of Custodians and Banks
Being regulated by a reputable financial authority ensures that the platform adheres to stringent standards, ensuring the safety and security of its participants. Citi's involvement as a digital custodian participant ensures that the bonds traded on BBX, whether fractionalized or full-sized, are securely held and settled. This move towards digital custody is seen as a significant step in the transformation of the bond market, making it more transparent and accessible.
Citi's proprietary digital custody technology is scalable and designed to provide settlement and custody services for clients investing in assets issued on permissioned blockchain networks and digital financial management information systems (FMIs). This indicates a move towards a more secure and regulated environment for digital assets, including fractional bonds.
The Future of Fractional Bonds
The future looks promising for fractional bonds. As technology continues to advance and more platforms adopt this model, we can expect to see a surge in the popularity of fractional bonds. The benefits are clear: increased accessibility, the potential for diversification, and the ability to tap into the bond market without significant capital.
Moreover, the introduction of digital tokens and blockchain technology in the financial sector, as seen with Citi's recent pilot program, indicates a potential convergence of traditional finance with modern technology. This could further boost the adoption and popularity of fractional bonds.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Jack Dorsey Returns as ‘Square Head’, Announces Cannabis Partnership
Payments | Sep 27, 2023
Image: Unsplash/Blake Wisz
Jack Dorsey returns to lead Square as it strategically dives into the Canadian cannabis market through a partnership with Jane Technologies, signaling a bold new direction for the fintech giant.
In recent developments, Jack Dorsey, the co-founder of Twitter (now known as X) and the mind behind fintech giant Block Inc, is making headlines once again. This time, it's not just about his leadership changes at Square but also about Square's strategic move into the Canadian cannabis market.
Jack Dorsey Returns to Square
Jack Dorsey, who co-founded fintech company Block in 2009, is set to lead Square once more. As CEO Alyssa Henry prepares to step down on October 2nd after a commendable nine-year tenure, Dorsey will take over her role.
Interestingly, Dorsey will be titled as "Square Head", aligning with his current title of "Block Head" at Block Inc.
During her time as CEO, Alyssa Henry played a pivotal role in transforming Square into a software-led technology company. Under her leadership, the company navigated the challenges of global pandemic lockdowns and expanded its services for small businesses globally.
See: Jack Dorsey Announces Launching Bluesky, Decentralized Social Platform, Closed Beta Soon
Square, which was initially known for its payment services, has evolved to assist businesses with online and point-of-sale payments, wage, scheduling, inventory management, and other financial solutions.
In 2021, Square rebranded itself as Block, reflecting the company's broader vision beyond just payment solutions.
Square's Foray into the Canadian Cannabis Market
Square, a unit of Block Inc, announced its entry into the Canadian cannabis market through a strategic partnership with e-commerce platform Jane Technologies.
This move will see the launch of an early access program in Ontario, allowing licensed dispensaries to test Square's retail point-of-sale offerings. Businesses that opt for Square's payment systems in their physical stores will also have the advantage of leveraging Jane's platform for online sales.
It's worth noting that Jane Technologies had previously entered the Canadian market in 2021 by partnering with the pot firm High Tide.
See: Autonomous IoT Transactions and Micropayments
Roshan Jhunja, the head of retail at Square, emphasized the company's approach of focusing on one province initially to ensure stability before expanding further. The Canadian cannabis industry, despite witnessing robust growth post its legalization in 2018, faces stiff competition from cheaper, illegally sourced marijuana.
The collaboration between Square and Jane Technologies aims to offer sellers a platform that rivals the accessibility of the illicit market. Jane's CEO, Socrates Rosenfeld, envisions this partnership expanding beyond Canadian borders when regulations permit.
Recently, U.S. health authorities suggested relaxing marijuana constraints, marking the initial move toward broader legalization in one of the world's largest cannabis arenas.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Citi’s Top 10 Insights on Cross-Border Payments 2023
Report Insights | Sep 26, 2023
Dive into Citi's illuminating insights on the transformative landscape of cross-border payments for 2023
Based on the Citi's latest "Global Perspectives & Solutions: Future of Cross-Border Payments" report September 2023, here are 10 of the most insightful thought leadership points, statistics, or facts and figures that would be of interest to fintechs and banks.
The report is the culmination of insights gathered from prominent market infrastructure specialists both inside and outside of Citi, as well as from FinTechs and a broad spectrum of banks spread across four continents. Additionally, it encapsulates the primary discoveries from an exclusive survey conducted among over 100 financial institutions affiliated with Citi.
See: Understanding the Impact of Blockchain on Banking: Cross-Border Payments
1. Cross-Border Payments Inflection Point
- The world of cross-border payments is at a pivotal moment. As new competition and technologies emerge, there will be winners and losers.
- All players must adapt to maintain and grow their market share.
2. $250 Trillion Opportunity
- The value of cross-border payments is projected to reach $250 trillion by 2027.
- This massive growth presents a significant opportunity for both traditional banks and fintechs.
3. Market Share Shift to Fintechs
- Over 40% of banks have already lost at least 5% of their market share to fintechs.
- Additionally, 89% of banks anticipate losing at least another 5% of their share to fintechs in the next 5-10 years.
4. Consumer Expectations
- In domestic transactions, consumers now expect payments to be instant and fully traceable.
- These expectations are transitioning to the more complex cross-border space, leading to a "consumerization" of corporate expectations.
5. APIs as Key Enablers
- 83% of banks recognize application programming interfaces (APIs) as the primary technology to enhance the client experience. APIs allow banks to expand their networks through partnerships and elevate their capabilities.
See: Luge Capital Secures $71M in Second Fund’s First Close
6. Globalization and Cross-Border Payments
- Globalization, driven by the flow of goods, people, ideas, and capital, underpins the growth in cross-border payments revenues.
- These revenues have rebounded post-pandemic and are forecasted to grow at mid- to high-single digits over the next five years.
7. B2B Dominance and C2B Growth
- While B2B payments continue to dominate in size, the fastest growth area is expected in consumer-to-business (C2B) payment flows, driven by e-commerce and other innovations.
8. Digital Assets and AI
- Digital assets are emerging with interesting use cases, such as smart contracts and real-time liquidity.
- Additionally, artificial intelligence (AI) has captured significant attention in 2023 and could act as a catalyst for change in the payments market.
9. Client Experience Focus
- Over 50% of banks see the need to revamp their front ends to improve the client experience.
- Over 60% of respondents believe there's a need to upgrade their core infrastructure.
See: Lending Loop Launches ‘Loop Card’ for Small Business Cross-border Transactions
10. Changing Nature of Trade
- Trade in merchandise and services across borders has rebounded post-financial crisis. The value of exports amounted to almost 25% of global GDP in 2022, up from 23% in 2019.
- The mix of trade is also evolving, with increasing cross-border data and IP flows.
Image: Citi Cross-Border Payments Sep 2023 Report
Download the Report
The report contains statistics and insights from key stakeholders, and recognizes both the pain points that both banks and fintechs must overcome to compete for market share along with key areas of focus to win including delivering 'best in class' client experiences with unprecedented speed, transparency, and low cost.
The future of cross-border payments is undergoing a tectonic shift as stakeholders jostle for a piece of a projected $250 trillion market by 2027. Download the full 120 page PDF report here.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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