Hello!
If there is one industry that grew exponentially during Covid-19, and still continues to do so, it’s Fintech.
Fintech refers to the “financial technology” that overlaps with both banking and payment processing systems.
While there are many ways of defining it, it generally refers to any organization or service that provides financial products and services using technology. This usually includes software or virtual apps instead of traditional brick-and-mortar channels. Like physical banks or ATM payment processors.
This also includes all branches of digital banking, payment processing, Fintech startups, and financial data providers. All under one umbrella basically.
Making Financial Services Affordable
With the introduction of Fintech, banks were suddenly under incredible pressure to stay competitive. Especially during the early days of Covid-19. The need for digital payment solutions rose exponentially and with this changing landscape, solutions were needed fast.
Whether you were getting a payday loan in Toronto, or some personal loan in Australia, now the only way to do it was online, or in some other digital manner. This cut down costs and made things quite affordable for the masses.
Due to this, there has been a massive increase in the number of Fintech companies worldwide.
As these new ventures are growing, traditional banks are taking note and making plans to enter the space themselves.
For example, The Bank of England and Bank of Canada joined World Bank and launched a new global Fintech initiative in Paris.
The new initiative, dubbed “Fintech Lab,” was founded to help countries around the world establish themselves as global Fintech hubs. Fintech Lab will also be focused on promoting financial inclusion, including financial literacy for all
The Cambridge Centre for Alternative Finance Fintech is looking to transform how innovation and creativity in finance happens. It serves as a hub of knowledge and expertise that will help shape the future of financial services. It will be instrumental in shaping leading-edge solutions, new methods and creative applications for this industry.
The centre has received support from the High-Level Group on Financing and Innovation and it is also one of two UK global centres designated by Innovate UK.
Developing Countries Love Fintech
Due to Covid-19, the underdeveloped banking infrastructure in developing countries needed a complete overhaul. This time was seen as an opportunity to bring in new innovative ideas from the Fintech space. To completely change and revolutionize their current systems.
This has helped tremendously. Especially the continent of Africa. Where people can fulfill their banking needs just through their phone now. Before, they didn’t even have access to real banks. If they did, it was very limited and complex.
Africa’s internet costs are quite high. Now the hope is maybe Fintech can find an indirect solution to reduce these costs as well.
No matter how you look at it, it seems like Fintech is here to stay.
As long as there are products and services that cut costs, Fintech is simply destined to grow in the developing world.
This Trend Will Continue
From the COVID-19 FinTech Market Rapid Assessment Study, the global Fintech market is expected to grow at a CAGR of over 40% in 2022.
The COVID-19 FinTech market is growing rapidly in recent years because of innovations in technology. The study predicts that it will reach USD 780 billion by 2022.
There are various factors that are driving this rapid growth in the industry. These include rapid technological advancements, the evolution of financial services, increased penetration of the internet and social media, and regulatory framework changes.
The study also indicates that blockchain will be one of the most disruptive technologies for the finance sector in 2022 and beyond.
As it offers faster transactions with lower costs to businesses and consumers. Blockchain is also becoming known as Fintech 2.0.
Let’s see what happens in this very exciting space as it continues to expand by leaps and bounds.
We recommend looking towards new opportunities associated with the emergence of services in which customers are ready to pay for your work in cryptocurrencies.
This movement is only in its infancy and there is a great chance to get into the stream!
You will be an early bird, and when new trends are born, it is the early birds who are in the trump cards.
For example, if you want to work as a freelancer then sites such as Quasa Connect are good places to find prospective clients.
With a concrete example, we will show how the Quasa Connect blockchain service works, setting up transactions between freelancers and clients using new crypto settlement tools.
QUASA is the world's first remote work app to offer cryptocurrency payments between clients and freelancers.
By connecting your crypto-wallet, a freelancer or customer instantly settles among themselves using the Quasacoin (QUA) cryptocurrency.
The new crypto-settlement tools in QUASA democratize access to services traditionally tied to fiat money and banks, and open up opportunities for hundreds of millions of people. You are not tied to the currency of any country, and you can easily receive assignments from clients from anywhere in the world, even if you work in a country where the circulation of dollars is limited.
There is no need for conversion and complexities with banking operations. No need to know the laws of different countries.
Install the Metamask or Trust Wallet crypto wallet apps on your phone. These are reliable applications used all over the world. Register on a crypto exchange like ProBit or KickEX.
These are simple steps that will allow you to exchange the received cryptocurrency for any other currency.
For example, Binance has a built-in p2p platform where it is easy to exchange cryptocurrencies for dollars.
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In the Quasa Connect app, find tasks from clients from anywhere in the world, now it's possible!
Connect your crypto wallet to the Quasa Connect app and answer published tasks.
Complete your profile and add a portfolio so clients can see what you can do, find and select you.
After the customer has chosen you and entrusted his task, you will begin the implementation, and when completed, click the “Finish” button.
The reserved money will go to your balance in the application when the customer accepts your work.
Click "Withdraw" and receive Quasacoin (QUA) cryptocurrency to your personal crypto wallet.
Quasacoin (QUA) is a cryptocurrency that was specifically created for settlements between freelancers and clients, so you can always exchange it for any other.
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On decentralized exchanges like Uniswap, SushiSwap or Balancer, exchange QUA for bitcoin, USDT or any other cryptocurrency. You don’t even need to register on these exchanges, everything is anonymous. You also connect your Metamask or Trust wallet and change QUA. Very safe and secure.
In many countries, payments in dollars are difficult, but there are no problems with cryptocurrencies. And if you live in one of these countries, then, receiving payment in cryptocurrency for your services, you can easily exchange it on p2p exchanges for the currency of your country.
The application is available for all versions of Android.
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Now the application can be used:
- order any work;
- perform any work;
- agree on the cost of work;
- use the chat in the application;
- accept completed task;
- do not accept the task.
Before you make any significant decisions, it’s best to consider all of your options carefully. This way you can pick the perfect one for you.
Thank you!
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