Singapore based Fintech Company Finterra has launched its services in Kenya, making it the first African country to partake in its ongoing purpose to promote community growth and development in next generation Fintech.
The company cites technology advancement and high rate of adoption of new technology case in point M-PESA as reason enough to penetrate the Kenyan market, though the World Blockchain Summit last month also played a key role to sway the company’s entry to the Kenyan market where they noticed increased interest and uses cases in sectors that would benefit from the blockchain technology.
“Surprisingly very many institutions are running on block chain, the New York stock exchange, standard chartered bank remittances and Singapore airlines all run on blockchain technologies. There many use cases coming up, which will bring blockchain to the mainstream giving value to the technology.” Hamid Rashid, CEO Finterra.
Finterra is set to meet with various stakeholders and regulators in the country and discuss more on blockchain technology user cases and streamlining efficiency.
“I hope to share with the regulators that they should not to worry about the technology, earlier use cases where initial coin offers (ICO’s) were raised outside the regulatory frame work and social security’s which money laundering activities.” Hamid Rashid CEO Finterra
The Fintech company plan to introduce Land management and Ecommerce use cases in the country.
Land registries will be able to run on blockchain technology doing away with cases of duplication of title deeds under different names.
“To make the best use of these endowed gifts, the Endowment Chain allows participants to create project proposals to develop and invigorate endowment properties. Others can fund these project proposals by contributing funds. If the project goals are met, the project proposal is accepted and a certain number of Endowment tokens are created and distributed to the participating funders.” Hamid Rashid CEO Finterra
The e-commerce platform Finterra subscribers will be able to exchange goods or services online without having to deal with of time or distance. The company will partner with telco services, carriers, hotels and pre pay T.V Channels.
The launch aligns with the upcoming 2018 Fintech Summit organized by CIO East Africa slated on 29th – 30th May, 2018 in Nairobi.
“The summit will be a big win for both delegates and sponsors considering that Kenya has become a reference of the financial services industry taking the leap in digitising processes, securing critical assets and analysing data that’s making tactical decisions to better both public and business enterprises,” added Laura.
To register for the Fintech Summit 2018, click here.
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