Bridging the fintech gap between Singapore and Rwanda
According to a 2022 report by McKinsey, about 70 per cent of fintech start-up deals are financed by investors headquartered outside of Africa. The Managing Director of Elevandi, Pat Patel, sat down with CNBC Africa’s Murungi Sarah to unpack the future of the fintech space in Africa and the rapidly evolving fintech ecosystem.
Wed, 21 Jun 2023 13:55:21 GMT
Disclaimer: The following content is generated automatically by a GPT AI and may not be accurate. To verify the details, please watch the video
AI Generated Summary
- Elevandi and KIFC aim to replicate Singapore's success in building a thriving fintech ecosystem in Rwanda by focusing on infrastructure, regulatory alignment, capital markets, and talent.
- Challenges in African markets include talent development, building capital markets infrastructure, and harmonizing regulations to facilitate seamless scaling of businesses across different markets.
- Recommendations for fintech startups include staying resilient, adapting business models, and focusing on profitability over growth to drive sustainable success in the evolving fintech landscape.
Fintech leaders Elevandi and KIFC are joining forces to drive innovation and inclusion in the African financial technology landscape, aiming to bridge the gap between Singapore and Rwanda. The Managing Director of Elevandi, Pat Patel, emphasized the importance of fostering a dialogue between the public and private sectors to advance technology, financial services, and fintech startups. Elevandi, spun out of the Monetary Authority of Singapore, has a track record of success in Southeast Asia and Europe, focusing on policy technology dialogues and digital infrastructure. The collaboration between Elevandi and KIFC is centered around inclusion and infrastructure development in Africa, with a global South dialogue that aims to leverage commonalities across regions to address challenges in the fintech space. Patel highlighted the similarities between Rwanda and Singapore, emphasizing the need for long-term planning and building blocks to create a thriving fintech community. Drawing from Singapore's success, key lessons for the African market include investing in digital infrastructure, aligning regulatory policies, developing capital markets, and attracting talent to drive entrepreneurial growth.
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