Finnovex North Africa 2024 will open its doors in less than a week, bringing together leading experts from across the financial services industry to drive the future of finance in North Africa.

The conference, which will be held at the Four Seasons Cairo at the First Residence in Cairo, Egypt on 5 and 6 March, revolves around the theme ‘Seizing the Fintech Boom: Innovations Reshaping the Financial Landscape’.

Attendees will also delve into the potential of technology in transforming the financial sector across North Africa.

The two-day event will feature keynote speakers, industry experts, and discussions focusing on cutting-edge trends, market dynamics, and innovative solutions driving the fintech revolution. Attendees can expect to gain insights and network with leaders, decision-makers, and influencers in the fintech sector.

Sponsorship of Finnovex North Africa 2024 offers various benefits, including brand visibility, networking opportunities, thought leadership showcasing, targeted marketing, and customized engagement options tailored to meet specific marketing objectives.

Finnovex is known globally for its commitment to driving innovation and transformation within the financial technology sphere. Through its series of conferences and events, Finnovex brings together industry leaders, visionaries, as well as stakeholders to explore and harness the potential of emerging technologies, fostering collaboration and driving industry progress.

With a strong emphasis on digital accessibility, commercial banking evolution, secure financial systems, as well as governmental support, the event paves the way for a collaborative journey towards reshaping the financial future of the region.

Xero, the small business platform, has teamed up with open banking company Flinks to give small businesses in Canada and the US secure access to more than 20 direct bank connections and quality transaction data.

The enhanced accessibility for Xero customers to North American financial institutions is designed to assist small businesses and advisors in reclaiming time previously spent on manual data entry and reconciliation.

Flinks, boasting the largest network of financial institution partners with live direct bank API connections in North America, will deliver fresh and secure bank feeds for clients across the US and Canada. The service encompasses direct bank feeds from institutions like the National Bank of Canada and EQ Bank, as well as leading US-based banks.

Faye Pang, country manager, Canada at Xero, said: “Bank reconciliation is essential for every small business, bookkeeper and accountant, but manually entering transaction data takes precious time away from running the business and introduces room for error.

“Our partnership with a Canadian grown success story, Flinks, is just one more way we are expanding our bank feeds coverage to help provide Canadian small businesses with better visibility of their money coming in and going out.”

While Ben Richmond, country manager, US at Xero, also commented: “Xero is committed to continually improving US and Canadian bank feeds in response to customer feedback, and tackling the broader industry challenge of getting reliable banking data into accounting platforms in North America.”

Benefits

Xero and Flinks say they understand the benefits of open banking and are dedicated to the implementation of solutions that make doing business easier, making the partnership seamless from both a technical and cultural perspective.

Both businesses continue to champion the benefits and role open banking will continue to play in guiding the responsible use of data and providing improved outcomes for small businesses — including reliable bank feeds.

“We strongly believe the benefits open banking will provide for consumers and businesses. This partnership is proof of that,” said Frédérick Lavoie, co-founder & COO, Flinks. “Along with our commitment to expanding our direct bank network, we are excited to work with Xero to empower businesses to take their financial operations to the next level.”

TD Bank Group (TD) and Plaid have inked a North American data-access agreement aimed at enhancing financial data connectivity for TD customers in Canada and the US.

This partnership empowers TD customers to securely link and share their financial data with Plaid’s data network, comprising over 8,000 apps and services.

TD customers have the capability to access a wide array of applications and services within Plaid’s network through application programming interfaces (APIs). The adoption of APIs promises to deliver heightened data security and privacy for TD customers, eliminating the need to share sensitive login credentials with third-party providers.

Franklin Garrigues, VP, external Ecosystems at TD Bank, outlined the significance of this data-access agreement, stating: “Our data-access agreement with Plaid is another pivotal step in developing a more secure, reliable and innovative digital experience for our customers.

“We know our customers are looking to access new types of services that meet their unique financial needs. This agreement will enable our customers who choose to access the applications and services on Plaid’s network to do so with more ease, value and security.”

While Cecilia Frew, head of open finance at Plaid, echoed the commitment to secure data access, saying: “We’re proud to work alongside TD to provide customers with safe and reliable access to their financial data.

“Today 84 per cent of consumers say they’re better off as a result of being able to manage their financial lives online. Our relationship with TD will give millions of customers the tools to securely connect to the thousands of digital financial applications in Plaid’s network and comfortably manage their everyday finances.”

This data-access agreement with Plaid is part of TD’s ongoing efforts to provide a secure, transparent as well as user-friendly digital experience, enabling customers to have greater control over sharing their financial data.

Notable initiatives include:

1. Joining the Financial Data Exchange (FDX) in 2018 to promote solutions that enhance customer data protection and support API-based technology protocols. In 2023, TD expanded its role in FDX with the election of Franklin Garrigues as its Fi co-chair.
2. Entering into a data access agreement with Mastercard’s US open banking arm, Finicity, in 2020, setting the foundation for customer-authorised data sharing using APIs.
3. Joining the Akoya Data Access Network in 2021, enabling US-based customers to securely share data with fintechs and aggregators without the need to divulge login credentials to third parties.
4. Forging a North American data access agreement with Envestnet | Yodlee in 2021, enabling customers to connect their TD accounts to popular financial management, payments, wealth as well as small business applications.

The use of AI in finance can bring big changes to how customers experience financial services, manage risks, detect fraud, and more. While London has long established itself as a well-known hub for fintech, the extreme growth of the number of fintech start-ups and scaleups in Northern England (an increase of 263 per cent since 2020) cannot be ignored.

Chelsea Boothroyd, an expert in emerging technologies, based at the University of Leeds’ innovation hub, Nexus, discusses the reasons why the North is a great place for financial and fintech innovation. However, it cannot be ignored that the region is still confronted with the ongoing scarcity of fintech-specific funding.

Over the past decade, fintech has revolutionised the finance landscape, improving efficiency, accuracy and accessibility across the board. With a whole host of new applications becoming essential tools in the financial sector, the advance and spread of technology has been transformative.

Take, as a few examples, the way AI is now used for risk-assessment purposes, analysing large amounts of data, and assessing creditworthiness quickly and effectively. Or in fraud detection, where it can recognise patterns, anomalies, and suspicious activities in real-time. This goes hand-in-hand with regulatory compliance, with agencies better able to interpret and enforce complex financial regulations with the use of tech tools.

Then there are the broader applications that have transcended to us as individuals, personalised financial-advice services, which work based on spending patterns, investment goals and risk appetites, and the democratisation of access to the financial markets.

The UK has been one of the key drivers of this innovation, globally. But while London has commanded most of the headlines – and much of the funding – the North has been quietly innovating, scaling its businesses, and building up its fintech ecosystems.

Here’s why northern England, and Leeds in particular, is doing so much to move the needle forward regarding fintech.

The rise of startups and scaleups in northern England

There’s one particularly telling statistic when it comes to highlighting the innovation that’s taking place in the North currently: a study by Leeds Digital Festival and The Data City reveals that digital industries in Leeds have experienced an impressive 9.9 per cent growth rate this year – despite a 0.6 per cent decline nationally.

2023 has undoubtedly been a tough year for fintech funding globally, with KPMG reporting a drop from $63.2billion to $52.4billion. But while funding remains a large barrier to growth, Leeds has seen an 88 per cent increase in venture capital flowing into its startups.

We have also seen the ecosystem being strengthened with the presence of the FCA, Bank of England and the UK Infrastructure Bank. According to Whitecap Consulting, Leeds is now home to more than 100 fintech firms and is contributing more than £700million per year to the regional economy.

Leeds has a progressive approach to its regional strategy, being the first city outside London to join the Open Finance Coalition ran by the Centre for Finance, Innovation and Technology (CFIT), which held its launch event at Nexus, the University of Leeds’ innovation hub earlier this year. Nexus is also the home to the Leeds Innovation hub for the centre for All of which makes it unsurprising that Leeds is predicted to be the fastest-growing city in the North for job creation, according to the Digital Economy Council.

This stellar performance can be attributed to several factors, not least for the fact that the city’s five universities rank exceptionally high for graduate retention. Additionally, innovation hubs, have emerged as significant contributors in the area, acting as incubators for innovative ideas and cultivating valuable collaborations. One example is Nexus, which sits at the University of Leeds, fostering business synergies in the fintech landscape.

Notable rise of startups and scaleups in recent years

The rise of digital industries continues to be a boost for the UK economy – and nowhere is that more evident than in the North. Even amid challenging financial conditions across the country, the number of UK startups still managed to increase by 4.5 per cent in 2022. Within the technology sector, the ‘Northern Triangle’, comprising Manchester, Leeds, and Sheffield, has secured £1.3billion in funding over the last five years.

Leeds has shown particular strengths in fintech, health tech, and data, reinforcing its reputation as the UK’s second centre for banking after London. Historic banking specialisation in Yorkshire, and a sturdy fintech bridge to London, are helping to fuel this. And as a result, the number of fintech start-ups within the Leeds City Region has skyrocketed by 263 per cent since 2020.

Leeds is a hub for credit reference agencies and building societies in the UK, leading to its strong presence in banking and lending. The collaboration between 4-Xtra, a University of Leeds spin-out company, and Leeds Building Society exemplifies how these industries can leverage each other’s expertise to create emerging fintech solutions.

In this case, 4-Xtra’s technology is assisting the society in evaluating mortgage portfolio emissions and integrating climate-risk considerations into its operations. This partnership showcases the translation of university research into commercial success.

Spaces like Nexus have played a vital role as an ecosystem for these rising stars, and as a hub for an energetic and growing sector. Indeed, a Digital Economy Council and Tech Nation assessment in 2021 predicted that Yorkshire’s digital industry will spawn 42,000 tech jobs by 2025.

The challenges facing northern England’s fintech industry

While the northern fintech system pulses with potential, there’s no doubt that certain challenges persist. For one, the disparity in fintech-specific funding between the North and South has stifled growth. London’s dominance, housing 37 per cent of all high-growth companies, has only experienced a mere two per cent drop since 2019. Furthermore, the North-South funding gap remains at two per cent, with London securing 50 per cent of equity deals since 2011.

That has clear knock-on effects. While the Leeds fintech ecosystem has been fuelled by access to strong talent, the local industry now needs to focus on its supply of seasoned professionals to drive its next phase of growth. And while universities could serve as a conduit of talent, we need to ensure that they are responsive to the needs of the fintech industry and teach skills that can be easily applied.

The ongoing impact of fintech innovation hubs

In short, then, innovation hubs such as Nexus are playing an important role in nurturing entrepreneurial talent and growing businesses. As a link between academia and industry, they are turning innovative ideas into commercial successes while nurturing the next generation of talent. And for an area of the UK like Leeds, that’s proving an essential ingredient in helping to boost the local economy and expand the digital sector.

The result is a thriving fintech ecosystem that not only holds its own against international peers but is primed to lead the next wave of financial innovation.

The global blockchain gaming market will grow to an estimated $614 billion over the next seven years, according to an analysis from Fortune Business Insights released on December 11. The market currently accounts for an estimated $154 billion in spending.

The report analyzed global sales data for blockchain game products from 2017-2021. It found that sales were increasing by a compound annual growth rate (CAGR) of 21.8%, implying that by 2030 the market will have reached $600 billion. This implies an absolute growth rate over the six year period of nearly 299%.

Fortune’s researchers divided the world into five regions: North America, South America, MiddleEast/Africa, Europe, and Asia Pacific. North America posted the largest share of blockchain game item purchases for any single region in 2022, as it accounted for over $30 billion or approximately 24% of the total. The researchers stated that they expect this North American dominance to continue over the period.

When it comes to the category of games offered, the report stated that it expects role-playing games to have the highest growth rate when compared to other categories. These games have “special characters, themes, additional weapons, accessories, and other features” that make them especially suited to implement blockchain features. Role-playing games represented over 33% of the market in 2022, it stated.

Web-based blockchain games currently represent the largest segment of blockchain games, which the researchers expect to continue to dominate in the future, although they also stated Android-based games are becoming more prevalent.

Related: Enjin migrates over 200M NFTs from Ethereum to its blockchain

Blockchain gaming companies have implemented new features recently to make onboarding easier. For example, Immutable added Transak as an additional option for purchases on December 11. Not all blockchain gaming news is positive though. A November 30 CoinGecko study found that over 75% of blockchain games launched between 2018 and 2023 have failed.