FINTECH NEWS STORIES FOR THE WEEK (16 APRIL 22)

One-third of UK shoppers plan to use crypto as a form of payment in 2022

• In 2022, one-third of UK customers (30%) plan to use cryptocurrency as a means of payment, rising to two-fifths (40%) when looking at respondents internationally.
• Almost a third of UK customers (28%) feel that cryptocurrency should be treated as a kind of cash rather than an investment item.
• Nearly half (45%) of the businesses accept cryptocurrency as a form of payments.

Fintech in the creation of financial inclusion

• Get to provide financial products and services to those people that we previously cannot reach.
• Provide microinsurance to farmers in developing countries, low costs and able to reach a large network of people.
• Blockchain technology automatic give farmers insurance payout immediately after they experience natural disasters.

19 per cent of millennial billionaires are likely to be women

• Discovered that women account for 19.1% of millennial billionaires, the largest percentage of women billionaires of any generation.
• Technology billionaires make up 31% of millennial billionaires, while finance and investment billionaires make up 12.9% of the richest people.
• The millennial generation has the second-highest average net worth, at £5.12 billion.

Fintech and crypto investments surge in 2021

• According to a research issued by KPMG, $210 billion was invested globally and 5684 agreements were made in fintech sector in 2021, increase from $125 billion in 2020 and a 68% increase.
• Corporate venture capital firms made $50 billion in investments, more than double the sum of $24 billion in 2020.
• This year (2022), there will be a surge in interest in startups that create artificial intelligence, machine learning, and automation technologies.

Green Sustainability Products

• UKRI announced a total of £30m in funding for making plastic packaging more circular.
• Only 9% of all plastics produced to date have been recycled.
• Trial results in UK results in 80% of return and refill rate and receive good ratings from consumers.