Events in the world and rampant digitization actively affect what is happening in the fintech sphere.
Synthetic user profile. When a company has a lot of data about a customer, it has collected it for years, the worst thing is to lose that customer. What should be done to prevent this from happening? To offer the user an application in which he will conditionally have his entire life. In particular, a digital wallet, a marketplace with goods, delivery, the ability to take a loan, special loyalty programs, etc. The stronger this ecosystem is, the better. Currently, most countries have a leader who is building such a system, for example, in Poland – Allegro, in Turkey – Hepsiburada, in China – Wechat. And the trend will only grow. If only because there is more and more data about the client, and losing it is more and more tragic. There are already companies in Ukraine that are trying to build similar ecosystems based on banks, retail, logistics, etc.
Cryptocurrency. It is on the agenda even during the presidential race, so it is impossible not to notice this trend, which is no longer new. Currently, cryptocurrency is more often used as an investment rather than a payment method. A few centuries ago, they invested in gold, now in crypto (although many continue to invest in gold). But, first of all, it is still a digital currency, and the problem is that you have a conditional bitcoin, but it is impossible to buy potatoes in a store with it. Why? Because cryptocurrency is not regulated by legislation and therefore it is not clear how to pay taxes from it. So the states are afraid that they simply won’t be able to control it. Therefore, the trend continues to grow, but in the gray zone, and our country is in the TOP among cryptocurrency holders. What can be changed? Allow to pay for goods with crypto. This is how we increase the turnover in our country, which means we move the economy. The money will go to Ukrainian producers, distributors and retailers. This can add about 3% to sales volume. Of course, there are many pitfalls here, but it is worth looking into this option.
Cross-border transfer services. This has become more and more relevant recently. Let’s imagine you work in one country and have an employee in another. You need to pay him, and possibly pay for some on-site contractor services, all while taking into account local tax laws. Of course, you can do it through the bank, but the commission is high, the terms are long, and it’s inconvenient. Or another situation, you make content on Youtube and want to receive money from other countries. Such cross-border transfer services are being built for this purpose. Examples include remote.com and Deel.com. They can be based on internal digital wallets, payment systems and crypts. But the key thing is that they simplify the process, take over the legalization of the tax component, and the money itself can also be obtained in any convenient way.
A revolution in GOVtech. This is the same “Diya” and its counterparts in the world, including Login.gov in the States, e-Residence in Estonia and myObywatel in Poland. That is, a situation where the state becomes a “game changer”, sets the rules of the game and creates innovations for the entire market. As a result, this opens up new opportunities for companies within the country. For example, we need to onboard a new customer, and this requires a lot of documents. We can take the time to ask and check, and we can identify the customer through Actions. A similar story with loans or tax reporting. Thanks to this, business and the state can become full partners, and everyone will benefit from this. I am sure that the number of such services around the world will only grow, and digital cooperation between the private and public sectors will make life much easier for all of us.
