{"id":35827,"date":"2022-04-13T10:32:26","date_gmt":"2022-04-13T10:32:26","guid":{"rendered":"https:\/\/codeandpepper.com\/?p=35827"},"modified":"2022-05-17T07:15:06","modified_gmt":"2022-05-17T07:15:06","slug":"march-2022-fintech-wire-monthly","status":"publish","type":"post","link":"https:\/\/codeandpepper.com\/march-2022-fintech-wire-monthly\/","title":{"rendered":"March 2022: FinTech Wire Monthly"},"content":{"rendered":"\n

Another month has passed and we\u2019re back with our summary of the most important FinTech news<\/strong>. March 2022<\/strong> was a difficult period, but many interesting events happened then too. Let’s dive in and pick the most important facts.<\/p>\n\n\n\n\n\n\n\n

\"FinTech<\/figure><\/div>\n\n\n\n

How global FinTechs help Ukraine<\/h2>\n\n\n\n

The brutal invasion on Ukraine is still going on, but globally, FinTech is also helping the brave defenders. <\/p>\n\n\n\n

Aid for Ukraine initiative<\/strong><\/p>\n\n\n\n

The Ukrainian Ministry of Digital Transformation, with help of a public blockchain platform Solana and Everstake, a Ukrainian Web3 enterprise, has launched the Aid for Ukraine<\/a> platform.It\u2019s a super simple to use and accessible worldwide donation system dedicated to gather money needed by the Ukrainian government to withstand the Russian attack and buy the most important goods. Anybody can help!<\/p>\n\n\n\n

Donation platform by Yapily, Token and Volt<\/strong><\/p>\n\n\n\n

Another platform was launched by the trio of British banking companies. Their website <\/a>allows everybody to make donations to organisations that directly support Ukrainians in their homeland and Ukrainian refugees, such as Unicef, the National Bank of Ukraine and the Polish Center of International Aid.<\/p>\n\n\n\n

This portal is a simple way of securely contributing to victims of this terrible crisis. It ensures donations arrive with the organisations instantly, and that there are no card fees, or SWIFT costs paid by the senders or the beneficiaries. We are working with three causes, so people donating are able to choose where their money goes.<\/p>Steffen Vollert<\/strong>, co-founder and chief operating officer at Volt<\/cite><\/blockquote>\n\n\n\n

Sponsorships paid by Zopa Bank<\/strong><\/p>\n\n\n\n

Ukrainian refugees who are in the UK can now apply for work visas and Zopa will now sponsor some of them. Moreover, the bank will also help with relocation of those refugees who want to join their families in the UK plus offer a relocation allowance worth one month\u2019s salary.<\/p>\n\n\n\n

The People for People foundation<\/strong><\/p>\n\n\n\n

Bunq has started a foundation dedicated to providing accommodation to Ukrainian refugees in Bulgaria and Georgia. They are also going to offer free Bunq accounts to those who had to leave the country and need to be able to make payments in countries foreign to them.<\/p>\n\n\n\n

FinTechs for Ukraine<\/strong><\/p>\n\n\n\n

FinTechs unite under the FinTechs for Ukraine<\/a> community  to raise funds for Save the Children\u2019s Ukraine Appeal. The community was started by the virtual IBAN provider Monneo and involves 17 other companies, including Coinbase, ComplyAdvantage, Railsbank and payabl.<\/p>\n\n\n\n

International Women’s Day in FinTech<\/h2>\n\n\n\n

According to Nita Bhalla\u2019s article<\/a>, the leading game-changers of the FinTech industry are female and they come from Africa. Her text reveals that there are twice as many women-led FinTechs than in the rest of the world and they thrive despite the gender bias in funding. Just to name a few, there is: Money Africa, Ladda, Lami, Okra, Griffin, Puno and Koa.<\/p>\n\n\n\n

Oluwatosin Olaseinde, who has been leading Money Africa for over 4 years, is using her company to provide young people with knowledge on how to manage their finances. By subscribing to MoneyAfrica<\/a>, they can enrol for dozens of fascinating courses and learn about everything related to finances and the financial market. But that\u2019s not all Mrs. Olaseinde has managed to achieve. After the huge success of the educational platform, she has founded her own investment app, Ladda<\/a>, where her students can use what they have learned in practice. What a complete ecosystem!<\/p>\n\n\n\n

Collectively, the platforms have a 300,000-strong social media community and more than 15,000 active users. MoneyAfrica is projected to earn $1 million in revenue this year, said Olaseinde, and Ladda has $700,000 in assets under management.<\/p>\n\n\n\n

Another great example of how women empower African FinTechs that the author mentions is Mrs. Jihan Abass from Kenya. After she noticed the problem of the insurance coverage among Africans, she founded Lami Technologies<\/a> in 2018. Her goal was to create a fully fledged API based platform that enables businesses to offer flexible digital insurance products such as vehicle and health insurance to customers. To prove how good her product is, she also founded Griffin <\/a>– an insurtech app where customers can get insured in minutes.<\/p>\n\n\n\n

BaaS is on the rise<\/h2>\n\n\n\n

Finastra\u2019s market assessment report shows that Banking as a Service is gaining significant momentum. According to the report, almost 85% of senior executives surveyed are already implementing or planning to implement BaaS in the next 12-18 months.<\/p>\n\n\n\n

The research was conducted on 1600 senior executives from the industry and its goal was to reveal the truth about the demand for BaaS based services – and it did. Key findings are:<\/p>\n\n\n\n