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Tencent leads two South African fintech companies

via:新浪科技     time:2021/12/25 8:01:38     readed:90

Original title: Tencent leads two South African financial technology companies

Recently, two financial technology companies in South Africa have completed a new round of financing, both led by China's Tencent. Among them, South African online payment platform Ozow raised $48 million, and South African digital bank Tyme raised $70 million. At present, the inclusiveness and timeliness of Financial Services in South Africa, especially the payment industry, are insufficient, and Tencent's investment in South Africa's financial "Rising Star" may provide assistance for the improvement of Payment Services in South Africa.

Financial services is South Africa's largest industry, accounting for more than 20% of South Africa's GROSS DOMESTIC PRODUCT. However, the general public's personal feeling about South African financial services is "expensive and slow". The overcharging and lack of inclusiveness of financial services has led to a continued preference for cash in South Africa, with more than 30% of people not even having a bank account. Many merchants often use large amounts of cash to trade in person, bearing a high risk of theft. The problem that interbank transfers cannot be reached immediately has also spawned fraud cases such as payment voucher fraud.

In response to these pain points, in recent years, many "new players" have entered the South African payment industry and tried to change the backward services provided by the traditional banking industry. Tyme is the first bank in South Africa to operate entirely in the cloud. By eliminating the need for physical bank branches, the bank's users not only do not have to pay a fixed monthly fee, but also enjoy other preferential rates. At present, this digital bank has attracted more than 4 million users.

Online payment platform Ozow focuses on instant arrival services. Merchants with a monthly turnover of less than 400,000 yuan can enjoy the instant arrival service for free in the first year, and merchants who exceed this standard need to pay a handling fee of about 2%. For the collection and payment needs of individual users, Ozow offers a free instant arrival service. After completing the online registration, entering the payment amount and the payer information, the user can generate a QR code or SMS link to ask the other party to pay to their bank account. This is convenient for many people who work part-time and for small traders who can't afford to apply for POS machines.

Still, Ozow has room for improvement compared to China's mobile payment experience. On the one hand, users need to log in to online banking and SMS confirmation to pay on Ozoow; on the other hand, all payment transactions are still based on bank card operations, and there is no service similar to WeChat Pay "change".

Improvements in financial services in South Africa have taken exploratory steps. It is worth looking forward to whether the South African fintech "rising star" can learn from the successful experience of China's payment industry and make it more convenient for the South African people to enjoy online financial services.

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