Fintech is set to boom in South Africa and the regulatory environment is likely to be conducive for growth in this space. But, a collaboration between the regulators and technology entrepreneurs is needed to boost the industry, writes AHMED CASSIM.
Global investment in fintech ventures has tripled over the last five years and will double again to an estimated $6 billion by 2018, according to a recent report by Accenture and the Partnership Fund of New York City. This growing industry clearly carries significant potential for boosting the local economy and needs to be nourished as far as possible.
The Hello Group understands regulation. Back in 2010 when the Group initially launched a SIM card for migrants to call their loved ones all across the world, it could not have done so if it did not hold a licence as issued by the telecoms Regulator, ICASA (Independent Communications Authority of South Africa). Three years later, we wanted to offer our customers an international remittance offering and it was perfect timing as the South African Reserve Bank had just issued new regulations making it easier for independent money operators to enter the market.
The company was involved in engagement with the regulatory authorities when the regulations were still fairly new. Hello Paisa, the Group’s international remittance offering was the first recipient of an “independent money transfer operator” license which allows the Group to offer its customers an instant, cheap and legal way to send money home.
It was ground-breaking to see that the Reserve Bank was so proactive in implementing new regulations and this is extremely encouraging in terms of growth prospects and innovation in the financial services industry.
Prior to the change in the regulatory environment, migrants working in South Africa were forced to use informal and illegal channels in order to ensure that their hard earned cash was sent back to their families at home. The illegal process meant it was expensive, there was a lack of transparency around pricing and inevitable delays in transferring of funds.
The regulations have paved the way for a healthier, more transparent environment where consumers are able to access a service that is transparent and offers the advantage of money being immediately available to recipients in other countries. Our shortest transfer time is literally two seconds to send money across the globe.
Looking globally, the development of the fintech industry is a key driver in the financial services market. However, as with all new developments in any field, the key to a smooth progression is a “meeting of the minds” between regulators and techpreneurs. For example, in Singapore, the Monetary Authority of Singapore created a regulatory sandbox in June this year. This essentially allows fintech companies to experiment with possible solutions/products for the market, carry out due diligence on their projects and then discuss a way forward in terms of regulatory requirements where it is less clear whether particular FinTech solutions comply with regulatory requirements or poses unacceptable risks.
The danger of a regulatory authority that is reluctant to adapt regulations to better embrace new technology is that this could lead to techpreneurs taking their ideas to friendlier jurisdictions. A further danger is that of international fintechs from more regulatory-friendly jurisdictions stealing the march on local companies. We could end up with a situation where foreign fintechs simply use the internet to offer their services and bypass local regulators. A clear example of this is the fact that Whatsapp offers VOIP (voice over internet protocol) telecom services in SA without a license. In line with this thought, it is extremely encouraging that the Reserve Bank has made it clear that it is open to ideas and very supportive of the country’s burgeoning fintech industry.
- Ahmed Cassim, chief commercial officer at Hello Group
Huawei goes ultra-premium
Porsche Design and Huawei have launched the Porsche Design Huawei Mate RS in South Africa exclusive to MTN and retailing for R 26 459.
The Porsche Design Huawei Mate RS boasts features like the world’s first dual fingerprint design, including an in-screen fingerprint sensor, the world’s first Artificial Intelligence (AI) processor and Leica triple camera with 40MP image capture.
“After the overwhelming success of the Porsche Design Huawei Mate 10 Pro in South Africa, we now bring you our latest offering, a perfect blend of innovation in a smartphone and luxury design,” said Likun Zhao, Vice President of Huawei Consumer Business Group Southern Africa. “From three-point security feature including facial recognition, rear fingerprint scanner and the new innovative in-screen fingerprint to the Leica triple camera system. it culminates in an unprecedented experience for our customers.”
The device incorporates Porsche Design’s signature design language and Huawei’s breakthrough technology. The phone has a 6” 2K curved OLED screen and symmetrical look, minimalist feel and 8-edged 3D curved glass body.
High performance is symbolised by the naming of the smartphone: the term “RS” in the world of Porsche motorsport stands for outstanding racing performance.
Huawei provided the following information on The Porsche Design Huawei Mate RS benefits and features :
· The world’s first dual fingerprint scanner for enhanced convenience, allowing users to wake and unlock the device simply, thanks to an in-screen fingerprint sensor. Hover to wake the device, touch to unlock it
· The winning combination of Leica triple camera with 40MP RGB sensor technology and exceptional photography powered by Master AI. This combination puts effortless, eye-catching photography at the fingertips of those looking to immortalise their favourite moments. Combined with 5 x hybrid zoom, and the world’s first AI image stabilisation on a smartphone camera ensures photography lovers can capture the best shots with exceptional clarity in almost any situation
· The Porsche Design Huawei Mate RS is the first Huawei handset to allow quick wireless charging, making it even easier to keep the phone topped up and ready to go and, thanks to its long lasting battery, users will easily be powered through the busiest of days
· An ‘intelligent’ smartphone, the powerful AI processor automatically tailors the performance of the phone according to how it is used – constantly learning, understanding and anticipating needs, it is the perfect personal assistant for the pocket
· 256GB of internal storage means those constantly on the go and constantly on their phone can be worry free
· Dual SLS (super linear system) speakers with DOLBY ATMOS enable users to have a superior experience, with the best immersive surround sound and entertainment on the go
· Splash, water and dust resistant, which means there is no need to worry about damaging the device in the rain or accidentally dropping it in water
Jan Becker, CEO Porsche Design Group, said: “Both Porsche Design and Huawei seek to imagine and develop products that stand for precision and perfection, intelligent functionality and highly sophisticated design. Our aim was to create an outstanding device that goes one step further. We believe we have reached this goal by taking our partnership to the next level.”
Porsche Design and Huawei have worked in tandem to develop a smartphone that fuses together the two brands’ DNA, wealth of experience in design and technology, industry-leading expertise and exceptional performance. Through the use of colour in the device’s body, software themes and accessories, the new handset is accentuated with Porsche Design’s distinguished aesthetic and purist, minimalist feel.
The Porsche Design Huawei Mate RS will be available to purchase exclusively from MTN at R 26 459.
Cross-channel chat launched
Clickatell has launched a cross-channel live chat service, Touch Go, that transforms omni-channel customer care.
It enables live chat across a company’s website as well as social platforms (Twitter and Facebook) and mobile apps, bringing customer care and engagement into a single business platform.
“Today’s consumers expect to engage with your brand on the digital channel of their choosing,” says Deon van Heerden, Clickatell Engage CEO and Group CFO. “They want to message your business and instantly have queries resolved, find the information and services they are looking for, without the need for a voice call. Clickatell’s Touch Go makes that happen with the right level of capabilities for businesses of all sizes.”
Businesses can start using Touch Go immediately, with a free Starter option. Touch Go requires no credit card for sign-up and is fully featured with a simple setup process. It offers customisable branding, a unified chat desk business application as well as reports and analytics.
As the business scales up its digital customer care, it can opt-in for the Touch Enterprise offering. Touch Enterprise is designed for scaling up customer care efforts through advanced capabilities including AI driven virtual agents, sentiment analysis, automated workflows, enterprise integrations and in-channel mini-applications.
“Customer care has become a defining factor for sustained business success ” says Nirmal Nair, Clickatell Engage EVP Product & Marketing. “In an ever-increasing mobile native world, customers often choose to interact digitally, but they also expect to be able to reach a human immediately, should they need. Monitoring multiple channels and providing immediate action becomes challenging with siloed deployments. Touch’s unified solution allows businesses of all sizes to provide the customer delight in a simple modular approach.”