Multiverse instead of ecosystem and …

Multiverse instead of ecosystem and … post thumbnail image

Fintech Trends in November according to Bloomchain.

The “metaverse race” is gaining momentum. In October, several large companies announced their plans to create a new digital world that would gradually replace the ecosystem of large enterprises. This includes two bigtech representatives – Facebook (Meta) and Microsoft.

Previous reviews: Voting, fintech pumping and personnel turnover in banks – an overview of trends

Facebook rebranding

The fact that Facebook (Meta) will launch its own metauniverse is known at the end of the summer. At the end of October, the company confirmed this information, held an official presentation of the project and announced the change of its name to Meta. Its development must be carried out by 10 thousand new employees in the European office of the company. The creation of the metaverse would cost Facebook $10 billion.

The official reason for the rebranding in the company was the desire “to strengthen the organization’s compliance with the transition to work in a new format.” And the company’s founder, Mark Zuckerberg, called the launch of the metaverse “the beginning of a new chapter of the Internet.” At the same time, some experts believe that the change in the company’s name is related, among other things, to Facebook’s desire to distance itself from a series of scandals involving the company in recent years.

The company’s task is to create a new user experience, which will be a shared entertainment and social interaction of people who are physically at great distances from each other. It will use virtual and augmented reality tools that Facebook tried to develop several years ago. Some of them have been tested by company employees.

According to Zuckerberg’s idea, Meta will integrate all products of the Facebook ecosystem, including social networking and instant messaging. He believes that in ten years the number of its users will exceed one billion people, who will transfer most of their daily activities to cyberspace – communication, work and studies.

The project developer has announced that a non-equal token (NFT) will be used within the metaverse, with the help of which digital goods will be distributed within it. So far, however, it remains questionable – the launch of a pilot project testing the Novi digital wallet sparked an immediate negative reaction from American regulators.

Multiverse Microsoft and Nike

For a long time, the concept of “multiverse” was used mainly by fans of science fiction and computer games. In 2021, the situation has changed – the launch of their own virtual worlds are announced one after another by big companies, so it’s appropriate to talk about a very real “multiverse race”.

In early November, Microsoft got involved. Information appeared on the company’s website that the developers were busy creating tools for shaping virtual reality Mesh. It was announced that the initiative is part of a project to integrate digital solutions into communication-oriented services.

The company calls Mesh’s operating principle “mixed reality” – by this term developer means space, which consists of virtual world tools integrated into reality. An example is the use of user avatars within the Microsoft Teams platform – this functionality will be available in the first half of 2022.

Not only tech giants are involved in the development of metauniverses – the American manufacturer of clothing and sporting goods, Nike, announced the beginning of work in this direction. According to CNBC, the company has filed seven trademark filings to create and sell products in a virtual format.

The company itself does not comment on this information, but experts believe it indicates the organization’s plans to launch a business in the metaverse. A CNBC source said that working in virtual spaces has been one of the key areas of Nike’s development.

African fintech continues to grow

African companies are still solving problems on a completely different level, but it is possible that in the future, events in the fintech industry on the hottest continent will become the subject of general discussion.

In the spring, analysts at Briter Bridges and the Catalyst Fund concluded that Africa had become one of the most attractive regions for investors. According to Fintechnews Africa, from January to September 2021, African fintech companies raised nearly $1.5 billion, one and a half times more than ten years earlier.

In September, a new unicorn appeared on the continent – it was the mobile payments service Senegal Wave, which managed to attract $200 million from investors, including large venture capital firms, including Sequoia and Stripe. It is noteworthy that of the seven unicorn companies currently in Africa, five work in the fintech sector.

Fintech Unicorns from Africa

Company

Base year, country

Field of activity

Approximate value, $ billion

fawry

2008, Egypt

b2b and b2c payments

more than 2

OPay

2018, Nigeria

mobile payment

2

Wave

2017, Senegal

mobile payment

1.7

vibration wave

2016, Nigeria (US base)

payment infrastructure

more than 1

Interswitch

2002, Nigeria

digital payment

one

Data from techcrunch and fintechnews.africa

In October, South African company MFS Africa, one of the continent’s largest digital payments networks, successfully completed a $100 million investment round. Another project from South Africa, the JUMO BaaS platform, raised $120 million from a group of investors, including the international payment system Visa.

An even larger amount – $150 million – was collected by the African platform for Chipper Cash’s cross-border transfers. Crypto exchange FTX, owned by Sam Bankman-Fried, a man billed as the richest man in the crypto industry, is taking part in the next round of funding.

Chipper Cash is an example of an African business thriving not only in regional markets, but also seeking to go international. In May, the company started operations in the UK, giving its clients access to tools for transferring money from Europe to Africa.

Mobile payments and transfers will continue to be the driving force behind the continent’s fintech development for years to come – a large part of the population still lacks access to banking services. More than half a billion people in Sub-Saharan Africa are still unbanked, and by 2025, 40% of the region’s population will use the Internet (.pdf) from their mobile phones.

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