Monday, June 17, 2024

The Fin-Tech race! Who were in the public’s eye?

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Highly tech-savvy professionals are wielding their technological prowess as a skill to cut through the limitations of regular business models and run the fin-tech culture hand in hand in the year 2022.

We saw the embracing of financial freedom so much, even the inclusion in mainstream sectors that made our hearts go ‘awww’. The year 2022 truly saw the industry getting expanded at a breakneck speed and we were all so excited to see the associated entities giving their unprecedented support. There are many examples that we can cite in our first year ender here, to highlight the highest fintech adoption rate this year!

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Web3 has become a catchy term for the vision of a new internet. At its core, Web3 uses blockchains, cryptocurrencies, and NFT’s to give power back to the users in the form of ownership. Web3 has the potential to be just as disruptive and to usher in a significant paradigm shift. Imagine a new kind of Internet that accurately translates what you type and understands what you say, whether through text, voice, or other media, and where all of the content you consume is more personalised than ever before. The forecast is: all transactions will be tracked on a distributed ledger that uses blockchain technology, and data transfers will be decentralised. Adding to that now, the entertainment sector will significantly increase its revenue from the metaverse.

Digital assets gaining prominence
The Reserve Bank of India announced that it would be coming up with their own Central Bank Digital Currency famously known as the digital rupee. On November 1, 2022, the central bank began the pilot project of India’s very own digital currency for the wholesale market. According to a top finance ministry official, the planned digital rupee to be issued by the Reserve Bank of India beginning in the next fiscal year will not only enhance the digital economy but will also assist limit the threat of illicit money. Every digital rupee trace will be tracked by the RBI!

Concept of using gaming elements
Gamification is a science that utilizes a variety of well-established tools and can have a beneficial impact, if employed for the right reasons. Having recently found its usage in numerous industries, such as online learning, human resources training, and even improving health outcomes, gamification could find its next use case in longevity. According to Keith Comito of Lifespan, there is potential for incentivizing you to take care of yourself. The pharmaceutical giant AstraZeneca implemented a voluntary gamified training program to update their agents on a new drug!

Cast-free of all the problems
With a clearer sense of direction, a rush of energy as one embarked on a new path of product development. One of the research assistants, who was hired decided to step up and take on the role of CTO, and under his creativity and ingenuity, fintech managed to create a fully functional 4D-printed cast, which is lighter and more comfortable for patients while being able to be perfectly moulded to any patient without customised 3D printing. This was the advent of orthopaedic technology! Currently, Castomize is preparing to raise a pre-series, financing round, with the majority of raised funds going into manufacturing as well as medical compliance for us to capture the market quickly.

SaaS getting a lot more attention
You may have read the term SaaS floating around in news or at your workplace. As 2023 comes up, SaaS is likely to become an even larger trend! SaaS companies will have to open up access to their solutions through API’s, allow for companies to get branded versions, and even support flexible deployment options to survive and grow. Where hackers are becoming more sophisticated, and we are seeing a massive increase in the number of cyberattacks: businesses are hosting all their data on the cloud and is being accessed through the SaaS layer.

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