I have been writing a lot about the Fintech industry as of late. It is disruptive – similar in many ways to the social media phenomena we were introduced to at the turn of the century.
According to: Huffingtonpost: FinTech companies operate in dozens of countries, and are slowly chipping away at pieces of the financial services industry, providing products and services, once exclusively available through financial institutions. These products and services are within the categories of lending, personal finance, retail and institutional investments, equity financing, consumer banking, and several others. In today’s digital age, and with significant demographic shifts in the population, people are seeking easy access, convenience, efficiency, and speed. People want to conduct transactions via mobile technology platforms and applications, and such activities include managing their financial lives, whether that is tracking their overall spending, applying for a loan, or optimizing their investment strategies. Many people prefer to use online apps or sites for finances. On average, between 1 and 3 apps are used by people to manage their financial lives. FinTech companies provide both individuals and businesses with more scalable tools. These digital tools are disrupting traditional business models with innovative ideas and software solutions. Although 2016 was not a good year for FinTech start-ups, several are poised to gain traction this year, and many have already experienced significant growth since their inception. https://www.huffingtonpost.com/entry/what-is-fintech_us_58a20d80e4b0cd37efcfebaa
There are many companies that are poised to take Fintech by storm. One climber is Selectcore (TSX,V: SCG) as it progresses through a full transformation. They just announced a rebranding strategy:
https://www.stockhouse.com/news/press-releases/2017/05/24/selectcore-rebranding-to-fintech-profile
The company stated: We have reserved the necessary domain to match the proposed new corporate name. The new proposed identity would convey more appropriate themed business optics to the marketplace, as SelectCore, via the JV with First Global Data, now offers a full suite fintech model comprising of a prepaid card, and a mobile wallet that enables payment and remittance. SelectCore customers/users will have a wider selection of fintech product mix. The Company will also reserve a new symbol for stock trading purposes. Given the new business dynamics and pipeline initiatives, we wish to accelerate our next AGM. Mohammad Abuleil, President and CEO, comments, “Rebranding has become a critical path to allow for market awareness around our corporate transformation to a full suite Fintech enterprise. The timing couldn't be better as it coincides with the millennial shift to mobile spend, send and payment functions, as opposed to current forms of banking.”
Companies such as Selectcore, First Global Data (TSX, V: FGD) and Mobi724 Solutions (CSE:MOS) are becoming leaders in the FINTECH arena. One brilliant piece is that they are working with progressive banks and also in the case of Mobi724, with VISA. In upcoming editorials, I will be writing more about Fintech companies and the exciting Fintech space.
If you have a chance, feel free to join me for my Fintech presentation at the ThinkingNorth conference, details: https://thinkingnorth.com/#events
Happy Investing,
Dr. Kal KoTECHa
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