TOP FINTECH NEWS FROM SA IN 2020

FLOYD MATLALA

While the digital space continued to get much attention in the new normal, the FinTech (financial tech) space has seen an impressive spike as the world relied more on the use of digital trends and appreciated it much more.

Let’s take a look at top FinTech news that has made major headlines in the previous year and upcoming:

Cash Crusaders embraces digital:

You can now buy and sell second-hand goods via WhatsApp video

South Africa’s leading second-hand and new goods retailer Cash Crusaders has launched a WhatsApp service in a bold move to embrace technology and optimise customer interaction.

Skywalk Innovations wins big at Nedbank Business Ignite 2020

The campaign which aims to empower entrepreneurs to carve out new markets and sustainable industries, boosting the South African economy in new and innovative ways, could not have come at a better time as Skywalk Innovations looks to leverage off this campaign to fuel their growth within the mainstream tech business.

Skywalk Innovations will receive prizes of more than R260 000, including an intensive incubation programme from Matsi Modise, an independent business growth specialist valued at R40 000, a media booking to the value of R200 000 on either 702 or CapeTalk talk radio stations, and a cash injection of R20 000 for their business.

Amazon and Twitter seeing a spike in revenue

Amazon’s net income for the third quarter rose to $6.3 billion (about R95bn) from $2.1bn a year ago. This is despite spending around $2.5bn dealing with the global pandemic. The online retailing giant also posted revenue that rose 37% to $96.1bn. Excluding foreign exchange rate changes, the increase was still 36% over a year ago. One of the world’s leading social media networks, Twitter has also risen its earnings despite the ongoing impacts of Covid-19. Twitter posted $936.2million in revenue, beating the $777.15m in revenue that analysts surveyed by Thomson Reuters expected.

Loot.co.za chief expected significant rise in turnover on Black Friday

Loot.co.za conceded that just like with everything else in 2020, where not much had gone according to plan, Black Friday would be just as difficult to predict. Greg le Roux said that they were, however, gearing up for the continued adoption of e-commerce in the country as more people migrated from bricks and mortar to online shopping which was safe, easier and more convenient.

Loot has invested in personal and technology to cope with the predicted increase in new shoppers and their concerns and queries.