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Top 10 New Fintech Startups to Watch in 2023

Here are the top 10 new fintech startups to watch in 2023 These startups are all using innovative technology to disrupt the financial services industry. They are addressing some of the biggest pain points in the industry, such as high fees, lack of transparency, and poor customer service. They are also making financial services more accessible to people who have been traditionally underserved by the banking system. It will be interesting to see how these startups evolve in the years to come. They have the potential to fundamentally change the way we interact with our money. About FiNext Conference As a meeting platform, FiNext Conference showcases the latest trends and innovations in the fintech industry, the conference provides an ideal opportunity for these startups to gain visibility, network with industry professionals, and attract potential investors. The conference offers a platform to discuss topics such as banking-as-a-service, revenue-based finance, debt freedom solutions, cross-border money transfers, and more. By participating in the Finext Conference, these startups can showcase their disruptive technologies and solutions to a targeted audience, potentially leading to partnerships, collaborations, and further growth opportunities. The conference serves as a catalyst for the advancement and adoption of innovative fintech solutions, making it a valuable event for these startups to explore and leverage in their journey towards transforming the financial services landscape.

ETHICAL FINANCE

Ethical Finance

The predominant Conventional Banking system has been strongly challenged by Islamic finance which has grown manifold in the previous three decades due to its appeal of being highly ethical and fair to the stakeholders. The current size of the industry is estimated close to USD3 Trillion with a projection of it reaching USD3.7 Trillion by the end of 2024. Though still considered in its nascent stage with Islamic Development Bank, the first multilateral finance institution being founded in 1973 followed by the establishment of the first mainstream Islamic bank coming into shape in 1975 in the UAE, the Islamic Finance industry has already created a sizable asset base and business opportunities for the world additionally contributing to a significant share in generating employment opportunities. At present over 530 Islamic banks, windows, and financial institutions are operating globally, most of which have majorly come up in the past two decades, add to this the recent Fintech wave has brought about 50 plus odd Islamic Fintechs which are rooted in the same philosophy of ethical finance and would act as major enablers for the core function. The challenge now is not just to follow up and enhance the growth attained in the previous years but to build on to a more significant cause of Ethical Finance which needs to be put to the larger good of humanity, not being specific to only Islam. The top five markets of growth attained to date and still holding the maximum potential for growth are Malaysia, Indonesia, Bahrain, UAE, and Saudi Arabia – this however will not be the landscape five years down as the popularity of Islamic Sukuks is growing by leaps and bounds in the western financial systems.  Islamic Finance Ethical Finance is deep-rooted in the Islamic Finance methodology which emphasizes not just over-building up of real assets but also on the principles of loss sharing and eliminating uncertainty, typically being a partner in trade rather than just being a financier. This implies getting to know the business and taking balanced risks to safeguard the interest of both the obligor as well as the financial institution. Projects which are thus considered not viable can be eliminated from taking off by the collective intelligence of the institutions rather nurturing a sub-standard asset for the future. This intervention by experts of Islamic Finance and business becomes even more important when the industry is poised to grow at an estimated rate of 10 to 12% per year even after the wrath of the COVID-19 pandemic. Positioning UAE as the Hub of Ethical Finance: A Paradigm Shift in Islamic Economy The industry professionals would agree that Islamic Finance, rather being an alternative option is catching up as mainstream choice and the most preferred way to the bank by individuals and institutions alike due to the fair practices involving an underlying asset, elimination of uncertainty, and support provided by the Governments at large. Seeing the momentum initiatives to foster developments in Ethical Finance have paced up and UAE has… Continue Reading Ethical Finance