Thread: FinancialServices Access
This has been a persistent subject as a market opportunity since I started at @MasterCard in 2001. Then @Citi & @AmericanExpress. Legacy financial services & #payments#technology were simply insufficient to service those markets economically. 1/5
Recently, companies like mPesa (Africa) showed that this can be done. Especially, in countries where you're building a completely new infrastructure, not relying on (or mandated to integrate with) legacy payment systems. Those carry onerous compliance & processing costs.
With almost full smartphone saturation, some #fintech players like Simple, even @Square's Cash & @Paypal's @Venmo apps, are able to get to more people. Others like Green Dot prepaid & payday lenders go deeper into servicing this population, but at controversially high fees.
There’re lot of tweets (within the FinTech community in India) about Whether 'lending is a feature' or not? So, let’s unpack that a bit..
3/n: True definition of Lender = Lending Money from own balance-sheet (i.e. skin in the game). The primary revenue here is Interest Income (Net Revenue from Funds), and margins computed basis NIM (Net Interest Margin) and COF (Cost of Funds).
- Mobile payments went from 1.2 trillion yuan in 2013 to to 58.8 in 2016.
- Alibaba and Tencent hold a combined market share of 92%.
- Alibaba accounts for >70% of all e-commerce transactions in China.
- Mobile penetration in China is 97%, of which 58% own smartphones.
- According to a 2016 survey, 98% of Chinese had used mobile payments, vs 6% in Japan and the US.
- In 2017 Alipay had about 800 million users in Asia (520 in China).
It's #YorkshireDay! Yes it is. What better way to celebrate than a MASSIVE thread that I'm calling the 'Entirely-anecdotal-Kane-Fulton-#Yorkshire-Startup-Tech-Power-List-100!' These talented folk have been a joy to work with and are doing awesome things in our county. Let's go!
100. @officialtaras Taras Lanchev - An absolute startup champion who has overseen Startup Weekend in Leeds, exited his cryto tee shirt business Cryto Daddy and is now working on a meeting scheduling app called Focus.
99. @GlobalDigitalWK Global Digital Week's James Munn. Former president of Leeds @UniversityLeeds Enterprise Society, James helps out by mentoring at events such as Startup Weekend, has exited his own startups and gets involved in superb initiatives such as the current Pitch Pot.
Kemas kini: Kami telah dimaklumkan oleh Suruhanjaya Sekuriti bahawa terdapat lesen tambahan telah diberikan untuk Equity Crowdfunding kepada Funnel Technologies Sdn Bhd, menjadikan jumlah pemain ECF 7 di Malaysia.
Senarai Market Operators berdaftar dengan Suruhanjaya Sekuriti
1 Bay Supply Chain Technology Sdn Bhd
2 Bursa Malaysia Bonds Sdn Bhd
3 Citibank Berhad
1/2 #Fintech mafia at work - @oxigenwallet bal vanished. No SMS/email intimation. Initially they denied that I even have an a/c tho I can log in! Even tnx history has vanished. Luckily have old screenshot of tnx history. Now forcing #Aadhaar KYC even to take a complaint #NoBrand
2/ At $150bn valuation @AntFinancial Services Group, which was spun out from #Alibaba in 2014, and one which owns China’s biggest payments app, #Alipay, is the biggest #unicorn in the world.
3/ Drivers of Ant Financial's $150bn valuation:
1: Size of #mobilepayments market in #China : ($13 trillion - 61.8% transactions globally)
3: 700 MM smartphone users
4: 76% of of those made a mobile PoS purchase in 2017
5: Penetration: street vendors accept m-payments