In conjunction with the ongoing MWC Barcelona 2022, Tara Neal, Executive Editor of The Fast Mode spoke to Yogesh Sangle, Global Head of Consumer Business at Instarem on the company's plans and showcases for this year's event.
Tara: What do you think MWC 2022 will be all about? And what are your MWC 2022 plans?
Yogesh: This year’s Mobile World Congress (MWC) will be a huge opportunity to share industry best practices and learn from like-minded leaders about the progression and future of connectivity in a post-pandemic world.
FinTech, one of MWC’s themes this year, is a rapidly evolving space with new trends we can look forward to each year, such as the rise of alternative, digital and neo banks, real-time cross-border payments, open banking, and advancements in Artificial Intelligence (AI) and machine learning. These developments will create and encourage global opportunities for organisations within and across industries to cooperate with one another and extend financial offerings that meet ever-evolving needs and demands of consumers and businesses alike.
Tara: How has the pandemic impacted the operational and business landscape of the tech segment you are operating in?
Yogesh: The disruption caused by the pandemic has exposed a number of gaps in our global payments infrastructure: travel companies struggled with cashflow, small and medium-sized enterprises (SMEs) came under threat due to the complexity of cross-border payments, and debts from unregulated Buy Now, Pay Later (BNPL) deals surged.
Consumers, on the other hand, have also become accustomed to doing almost everything online because of the pandemic, thus accelerating digital transformation and shaping new behaviours that drive change on an unprecedented scale.The digital space has chartered a new way forward for the financial industry, fundamentally shifting the nature of payments globally. This includes the opening of digital banking licenses to non-banking players in Singapore and Malaysia, de-banking practices in Australia that impact those involved in the crypto sector, and the evolving regulatory framework across the Asia Pacific region.
Tara: What emerging trends/technologies have you observed in your tech segment in recent months?
Yogesh: The financial industry is constantly adapting to societal changes, and technology is at the heart of its response. Here are three emerging trends we believe will be key areas of growth for the global FinTech market:
- The crypto and non-fungible token (NFT) crackdown will unlock industry-wide product innovation. As payments methods like cryptocurrency and BNPL continue to gain in popularity, global regulators are starting to take notice. 2022 will see increased scrutiny and stricter rules, offering greater protection for consumers - but prompting new product innovation as well.
- Mobile wallet usage will spike as crypto payments and NFT purchases surgeMajority of payments being made via crypto as well as NFT purchases are being done via mobile wallets. With the surge in both continuing through from 2021, mobile wallets usage will increase globally, kicking off in specific markets.
- The travel industry will accelerate payments innovation. Travel is rapidly returning to pre-pandemic volumes. As it does so, the whole industry is re-evaluating its payments infrastructure. In 2022, travel companies will look to FinTech to fix issues such as the complexity of international payments and the high cost of payments processing to take the competitive lead.As the global payments infrastructure continues to evolve – from identity and security, payment innovations, to the metaverse – change will be the only constant in the year ahead.
