Financial technologies crucial for transformation
NAMFISA received 29 applications from innovators
The NAMFISA FinTech Square has been established with the aim of driving financial inclusion and innovation.
Financial technologies (FinTech) play a crucial role in the rapidly changing economic and financial landscape. The non-banking financial institutions regulator, the Namibia Financial Institutions Supervisory Authority (NAMFISA), received 29 applications from innovators from across the country spanning from banking, non-banking and other sectors of the economy.
This was revealed at the official launched of the NAMFISA Fintech Square, which aims to connect the regulator with innovators to understand the technological transformations in the non-banking financial sector.
Speaking at the launch, Erna Motinga, deputy CEO for prudential supervision, pointed out that while this is making financial services more diverse, competitive, and inclusive, it has its implications on the financial services sector through emerging risks and opportunities.
“FinTech is seen as a catalyst in periods of crises, and is often linked with the financial crash of 2008, where FinTech companies and innovators respond to the needs of small businesses and individuals. It is obvious that as a regulator we would want to help mitigate emerging risks from FinTech, however, the Authority saw an opportunity to also help promote innovations within the sector,” Floris Fleermys, general manager for research policy and statistics said.
Technological advances, changing demand for financial products and competition in financial services are all driving a new wave of FinTech start-ups and FinTech investments. This, inevitably, have drawn attention to the financial services sector globally in recent years.
“The world over, start-ups are creating innovative products and services to penetrate new areas of the financial services industry, ultimately changing the competitive landscape and access to financial services. These new forces are motivating traditional financial firms to invest in technology and to pay attention to changing trends among their customers and other stakeholders. All new and existing financial services players, and financial services regulators will be impacted by the changes we see happening in the marketplace today,” Motinga [email protected]
This was revealed at the official launched of the NAMFISA Fintech Square, which aims to connect the regulator with innovators to understand the technological transformations in the non-banking financial sector.
Speaking at the launch, Erna Motinga, deputy CEO for prudential supervision, pointed out that while this is making financial services more diverse, competitive, and inclusive, it has its implications on the financial services sector through emerging risks and opportunities.
“FinTech is seen as a catalyst in periods of crises, and is often linked with the financial crash of 2008, where FinTech companies and innovators respond to the needs of small businesses and individuals. It is obvious that as a regulator we would want to help mitigate emerging risks from FinTech, however, the Authority saw an opportunity to also help promote innovations within the sector,” Floris Fleermys, general manager for research policy and statistics said.
Technological advances, changing demand for financial products and competition in financial services are all driving a new wave of FinTech start-ups and FinTech investments. This, inevitably, have drawn attention to the financial services sector globally in recent years.
“The world over, start-ups are creating innovative products and services to penetrate new areas of the financial services industry, ultimately changing the competitive landscape and access to financial services. These new forces are motivating traditional financial firms to invest in technology and to pay attention to changing trends among their customers and other stakeholders. All new and existing financial services players, and financial services regulators will be impacted by the changes we see happening in the marketplace today,” Motinga [email protected]
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