Narayanan Ganapathy, a monetary analyst, angel investor, and the CEO at Angivest Ventures, not too long ago famous that considerably extra persons are utilizing smartphone apps and different sorts of software program to make digital funds, due to the COVID-19 outbreak and ensuing challenges.
Ganapathy, whose feedback got here throughout a not too long ago held webinar, known as “Fintech Trends – Yesterday, Today, and Tomorrow,” said:
“[The increase in digital payments] has reflected positively on the Fintech sector, where we see financial technology companies and startups are nowadays growing and expanding their scope of work by offering more innovative products and services to the suddenly increased numbers of clients, which include individuals, government entities, banks and other institutions. We will sure witness more from this sector in the near future.”
Ganapathy manages an early-stage funding firm (Angivest Ventures) based mostly in Bahrain. It provides pre-seed and seed stage capital to tech startups throughout the globe.
Ganapathy has labored as an funding administration specialist for 20 years. He’s held senior administration positions at Deutsche Bank in London, GFH Monetary Group, KPMG Company Finance and the Worldwide Funding Bank in Bahrain.
He additionally serves as an advisor to Fintech Connector, the primary “exclusive” on-line membership neighborhood that connects native Fintech enterprise homeowners and startups with trade professionals, and thought leaders.
Final month, Visa introduced a brand new partnership with Bahrain Fintech Bay to additional develop the nation’s Fintech ecosystem.
The Bahrain Fintech Bay was established a yr in the past and has round 100 companions together with monetary establishments, expertise firms, fintechs, public establishments, academic establishments, and others to drive innovation and the entrepreneurial ecosystem. Bahrain Fintech Bay is a part of the Fintech Consortium’s international hub community.
The Center East Fintech sector continues to develop as Bahrain and the United Arab Emirates (UAE) transfer up in international startup rankings, in keeping with a brand new report.
Digital banking in Bahrain is now seen as a necessity, and never a “luxury” like earlier than as a result of COVID-19, in keeping with Dalal Buhejji, senior supervisor for monetary providers on the Bahrain Financial Growth Board.
She famous (in May 2020):
“In the past, it was more of a luxury to use digital banking, but now that Covid-19 is here, people feel they have to interact online and we have seen an uptake in digital payments.”
She added:
“Fintech is great, but it is only successful if people use it, and it has always been a struggle globally to get consumers to try the technology. The Covid-19 situation has accelerated take-up.”
