Building A Fintech In Emerging Markets: Tips And Tricks

“Original article by Malcolm Tan, Chief Strategic Advisor of Technicorum Holdings”

When it comes to building a Fintech company, there are a lot of things to consider. But if you’re looking to build a company in an emerging market, there are some additional challenges and opportunities you’ll want to be aware of. In this post, we’ll share some tips and tricks for building a successful FinTech in an emerging market.

What Are The Benefits Of Building A Fintech In Emerging Markets?

Building a FinTech in Emerging Markets can have a number of benefits. Firstly, it can help to improve financial inclusion and access to banking products and services for those who would not otherwise have access. Secondly, it will help create new jobs in the sector and boost economic growth. Finally, it reduces fraud and corruption in the financial system.

How to overcome the challenges of building a FinTech in Emerging Markets?

Building a FinTech in Emerging Markets can be a very lucrative venture, but it comes with its own set of challenges. Here are a few tips to help you overcome them:

• Understand the regulatory landscape. In order to build a successful FinTech in Emerging Markets, you need to be aware of the regulatory landscape and how it will impact your business. Make sure you have a good understanding of the rules and regulations that apply to your sector and be prepared to navigate them.
• Build a strong team. A key part of any FinTech business is the team that you put together. Make sure you find the right people with the right skills and then give them the support they need to succeed.
• Get creative. In order to stand out in an increasingly competitive market, you need to be creative and innovative. Be prepared to experiment and take risks, and don’t be afraid to try new things.
• Be patient. It can take time for a FinTech business to grow and develop into something successful. Be patient and don’t rush things – this is especially important in Emerging Markets where there is often more competition than in more developed markets.

The challenges also include the lack of experienced financial professionals, a lack of infrastructure, and a lack of consumer trust. 

The way to overcome these challenges is to focus on building partnerships with established financial institutions. This will allow FinTech to tap into the expertise and infrastructure that these institutions have already built up. 

Additionally, FinTech should focus on developing consumer-friendly products and services. This will help to build trust with consumers, who may be hesitant to use new financial products or services.

What Are Some Things To Keep In Mind When Launching A Fintech In Emerging Markets?

There are a few key things to keep in mind when building a FinTech in Emerging Markets:

• Localize your product as much as possible. This means researching local markets, understanding the needs and wants of these markets, and building features and functionality that addresses those needs.
• Seek partnerships with local players first. Many startups underestimate the value of partnerships with local companies; not only can this help you get access to important customers and source pools, but it also gives you a valuable perspective on how the market works and what challenges your competitors may be facing.
• Again – Be patient. Growth in FinTechs typically takes longer than in other industries, due to higher start-up costs and regulatory hurdles that often need to be cleared before innovative products can hit the ground running. However, if you’re willing to put in the time and effort, there’s plenty of potential for success in Emerging Markets!

How Can You Attract And Retain Talented Employees In Fintech In Emerging Markets?

Attracting and retaining talented employees in a FinTech in Emerging Markets can be a challenge. However, there are a few things that can help.

• First, make sure that the company’s culture is conducive to innovation and creativity. This will encourage employees to stay with the company and contribute their best ideas.
• Second, make sure that the company’s compensation and benefits package are competitive and attractive. This will help attract and retain talented employees.
• Third, make sure that the company’s location is favorable. This will help attract and retain talented employees who want to live in a vibrant city with a lot of opportunities.

What Are Some Best Practices For Marketing And Branding A Fintech In Emerging Markets?

There are a few things that companies should keep in mind when marketing and branding a FinTech in Emerging Markets. First, it is important to target the right customers. Second, it is important to create a unique brand that stands out from the competition. Third, it is important to invest in marketing campaigns that will attract new customers and retain those that are already loyal to the company. Finally, it is important to keep up with the latest trends in marketing and branding so that your FinTech in Emerging Markets can stay ahead of the curve.

How Can You Ensure That Your Fintech Is Compliant With Regulations In Emerging Markets?

Emerging Markets comprise some of the fastest-growing economies in the world, and as such, offer many opportunities for FinTechs to grow and improve their services. However, as with any new market, there is always risk involved when launching a FinTech here. In this section, we will outline some key tips on how to ensure that your FinTech is compliant with regulations in Emerging Markets.

The first thing you should do is determine which regulations apply to your business. This can be done by consulting with professionals who are knowledgeable about these laws – such as lawyers or accountants – or by searching online for relevant information. Once you have a good understanding of the regulations applicable to your FinTech, it is important to make sure that all of your software and hardware products are compliant with them. For example, if your business operates in the financial sector, you will need to make sure that all of your software products include compliance features (such as anti-money laundering checks) designed to protect customers from criminals and terrorist groups.

Also, remember to keep up-to-date with regulation changes: If new laws are introduced that could impact your business negatively, it’s important to act quickly and comply fully so that you don’t face penalties from regulators or loss of customers. 

Finally, it’s also critical not only to comply with legal requirements but also to promote a positive image for yourself and your company within the Emerging Markets context – enlisting influential bloggers/media personalities/etc., lobbying policy makers proactively etc., et cetera). Doing so not only engenders trust amongst consumers but can lead to enhanced market share too!

What Are Some Things To Avoid When Launching A Fintech In Emerging Markets?

When building a FinTech in Emerging Markets, it is important to take into account the varying regulatory climates of these countries. Here are some things to avoid:

• Making your product or service overly complicated or hard to use. This could lead to customers being turned off and not using your product or service, which will ultimately damage your business.
• Not taking into account cultural differences when designing your product/service. For example, some people in Emerging Markets prefer to trade goods and services face-to-face, while others prefer doing so through electronic channels. Make sure you design your product/service around the preferences of current and potential consumers in this market!
• Failing to consider taxation in Emerging Markets. Many countries impose different taxes on digital products and services than they do on physical ones. Find out what taxes may apply to your business before launching, so you can plan for them correctly.

What Is The Outlook For Fintechs In Emerging Markets?

The outlook for FinTechs in Emerging Markets is positive. In 2016, the global FinTech market was estimated to be worth $681 million. This is likely to grow substantially in the next few years as new investors enter the market and more countries develop regulations that support these businesses.

With the right strategy, a FinTech can overcome the challenges and take advantage of the many opportunities that exist in these markets. By following some simple tips and best practices, a FinTech can build a successful business in an emerging market.

To be safe, get the advices from professional advisor or professional company for advisory services should be considered.

The article link: Building A Fintech In Emerging Markets: Tips And Tricks

Follow my blog for more articles