From everything you are going to read in the instructions, you must understand that I need the written text for the video presentation that I have to support (300 to 500 words) plus another 800-1000 words in the form of a report. The questions are marked with Q2, respectively 2 (a) and 2 (b) because this command is the second part of a portfolio. Q2: Record a video presentation of 5-7 minutes for a meeting of Commonwealth IT Ministers. Your presentation needs to be accompanied by an 800-word written submission focused on the recommendations for Commonwealth Governments which can provide more evidence and references to support the comments in your presentation The video needs to mainly address 2(b) in the recommendations supported by evidence in a submission of 800 words. Do not just read your submission for the video but speak as if you were addressing IT ministers briefly explaining the challenges and opportunities of the fintech sector in a Commonwealth country and then moving onto – and spending more time – on the recommendations on what they should do, why, when and how (see Policy Interventions from slide 18 for suggestions on ideas for governments). 2(a) Critically evaluate the possible challenges and opportunities of the fintech sector in a Commonwealth country of your choice within the context of a changing global trade landscape (20%) Marking Guide (Excellent): The possible challenges and opportunities of the fintech sector in a Commonwealth country within the context of a changing global trade landscape is clearly and compellingly set out with a comprehensive analysis. 2(a) Critically evaluate the possible challenges and opportunities of the fintech sector in a Commonwealth country of your choice within the context of a changing global trade landscape (20%) Marking Guide (Excellent): The recommendations for Commonwealth Governments to support the fintech sector and encourage collaboration between Commonwealth countries are clearly and compellingly set out with a comprehensive analysis. NB the video needs to mainly address this question and be supported by evidence in a submission of 800 words. You should not just read your submission for the video but it should be as if you were speaking to IT ministers briefly explaining the challenges and opportunities of the fintech sector in a Commonwealth country and then moving onto – and spending more time – on what they should do, why, when and how (see Policy Interventions from slide 18 for suggestions on ideas for governments). Your presentation needs to be accompanied by an 800-word written submission focused on the recommendations for Commonwealth Governments which can provide more evidence and references to support the comments in your presentation QUESTION 2 – sources: fintech sector Fintech: general • fintech video (CNBC: 4m), overview, definition, Commonwealth fintech SWOT analysis and uses and examples in 2020 • Economist, The digital surge: How the digital surge will reshape (08/10/20) • CB Insights State Of Fintech Q3’20 Report – see slides 33-81 • OMFIF, Future of payments – news story and Report (10/12/20) • SEE Driving banking innovation through fintech collaborations webinar (54m), 14/10/20 • Angela Strange, Every Company Will Be a Fintech Company – article, presentation (2019) and video (19m) • Fintech and trade finance (29/01/20) • How blockchain is transforming trade finance (14/04/20) • CB Insights, Top Fintech Companies of 2020 • Deloitte, Closing the gap in fintech collaboration (2020) • CB Insights, Future of Fintech 2018 webinars (4 videos of 25m each) Fintech: countries • Mohan, D, Fintech – Emerging markets driving innovation (2020) – includes Why are emerging countries so good at fintech? and several case studies from India (4), Kenya (3), South Africa (2) and Singapore. • New Zealand Government, How Government, Regulators and Industry can accelerate the Fintech opportunity (2019) • New Zealand Government: Fintech case studies – including Australia, UK, Canada and Singapore (2019) • SEE OMFIF videos on fintech (first 2 pages) QUESTION 2 – Fintech suggested countries (feel free to choose any others but ensure they are in the Commonwealth) • India • Kenya • Nigeria • South Africa • Singapore • Australia • New Zealand • Papua New Guinea • Malta • UK • Canada Spotlight: US fintech acquisition in Africa (17/10/20) • Nigerian tech startup Paystack was acquired by US fintech giant Stripe in a deal worth over $200m. Stripe, valued at $36bn, is an online payments company whose software is used by Amazon, Google, Shopify, and Zoom. • The massive deal is part of Stripe’s global expansion plans as it looks to capitalise on Africa’s booming internet economy. Online commerce in the region is growing 21% year-on-year, 75% faster than the global average. Paystack, which processes over 50% of all online payments in Nigeria, presented a compelling target. • After months of coronavirus-inspired doom and gloom, the deal is a major boost to Africa’s M&A markets and a confident assertion of the continent’s exciting future. African entrepreneurs have long promoted tech-led growth, but few start-ups have reached the scale required to interest major global players. Stripe’s acquisition of Paystack vindicates their faith in the transformative power of African tech and could put other firms in the shop window. • Payday for Paystack after Stripe acquisition: Deal with US fintech giant aims to consolidate digital payments systems throughout the region (15/10/20) Spotlight: Harnessing Nigeria’s fintech potential report (McKinsey, September 2020) • A youthful population, increasing smartphone penetration, and a focused regulatory drive to increase financial inclusion and cashless payments, are combining to create the perfect recipe for a thriving fintech sector. • As in other markets, payments and lending lead the way, but other financial services are opening up. • Fintechs can create impact in three broad dimensions: through stimulating economic activity, by creating a multiplier effect, and by driving progress towards development goals. • See pgs. 19-20: Actions for regulators, governments, and development partners to consider Fintech is also about inclusion and sustainability – or should be “Fintech joins a long list of innovations heralded by promoters as transformative. And there are real benefits. But this critical report from the Finance Innovation Lab looks beyond the hype, and demonstrates how fintech and big data creates real, unrecognised threats to consumers and society. The Lab’s robust framework principles would help policymakers and regulators protect citizens and society from the more dystopian aspects of fintech, and promote the socially useful benefits.” Reema Patel (Head of Engagement, Ada Lovelace Institute) • Finance Innovation Lab Report and overview and NB the 7 principles to guide financial policymaking and regulation (December 2020) • SEE video on digital identity in Papua New Guinea (1m) • UK Department of International Trade, Inclusive [fin]tech: overcoming barriers to scale in emerging markets – overview, report and webinar (1 hour) (August 2020) • OMFIF, Enabling financial inclusion in Asia Pacific through the cloud – overview, key findings, report, presentation and webinar (1 hour 55m) (November 2020) • LISTEN to OMFIF podcast (30m), Leveraging fintech for sustainability (12/11/20) WATCH: Fintech and Mobile Payments in the Commonwealth: A Game Changer for Financial Inclusion post Covid-19? (26/05/20) – transcript also available • An interactive insight into the challenges and opportunities in the Commonwealth for enhancing financial inclusion, bringing together fintech leaders to discuss how developments in fintech and the necessity for such innovation will impact financial inclusion efforts. • Over the last two decades, global payment ecosystems have witnessed an unprecedented rise in technological innovation. Financial Technology (Fintech) has become pivotal in the global objective for financial inclusion. Platforms such as M-Pesa in Kenya have helped make unprecedented progress. Fintech has been one of the fastest growing segments of the tech industry and holds the key to transforming the lives of people who still lack access to formal financial services around the world. • The Commonwealth has been agile in reacting to the growth and impact of fintech. Commonwealth countries have recognised the need for improved technical guidance regarding implementation in order to maximise economic benefits to reach the bottom pyramid market segment. This segment, many of whom operate in the informal economy and are unbanked makeup to two billion people in developing and emerging economies globally. • Covid-19 has severely impacted local economies with consumers increasing the frequency of their online shopping allowing them to take fewer risks with handling cash and embrace digital wallets. These lifestyle changes come with new opportunities and new threats to the Fintech industry vis a vis financial inclusion. Q.2 – Commonwealth Fintech Toolkit • Commonwealth countries and overview • Commonwealth Secretary-General Patricia Scotland video (9m) and podcasts on Papua New Guinea, Kenya, Bermuda • Full report (individual chapters below as pdfs) and presentation to Bloomsbury Institute, 08/12/20 Part I: Technical Topics – six disruptive technologies that are transforming financial services and impacting on the lives of Commonwealth citizens. Disruptive technologies Digital financial services Artificial intelligence Blockchain Digital Identity Big Data Analytics Cybersecurity Q.2(b): What recommendations can be made for Commonwealth Governments to support the fintech sector and encourage collaboration between Commonwealth countries? Commonwealth Fintech Toolkit Part II: Application and Action Part II of the Toolkit explores how countries can use the technologies reviewed in Part I to achieve their development goals and highlights how issues of size and region should be considered. It also provides an action framework for governments seeking to create an enabling environment for fintech and explores fintech initiatives in case studies from four countries around the Commonwealth. • Policy Interventions • Considerations • Action Framework • Case Studies (Papua New Guinea, Kenya, Bermuda and Malta) Q2(b): recommendations for Governments (links from previous slides) • Commonwealth Fintech Toolkit – Policy Interventions and Case Studies • New Zealand Government, How Government, Regulators and Industry can accelerate the Fintech opportunity (2019) • Finance Innovation Lab Report and overview and NB the 7 principles to guide financial policymaking and regulation (December 2020) • UK Department of International Trade, Inclusive [fin]tech: overcoming barriers to scale in emerging markets – overview, report and webinar (1 hour) (August 2020) • OMFIF, Enabling financial inclusion in Asia Pacific through the cloud – overview, key findings, report, presentation and webinar (1 hour 55m) (November 2020) Spotlight: fintech recommendations for governments – future of payments (OMFIF report, 10/12/20) Collaboration will be key to the future of payments, new OMFIF report reveals – SEE key points below, news story and Report • Two-thirds of central banks believe they could or should explore direct collaboration with the private sector in designing and managing payment system architectures as digital currencies look set to transform financial services, according to a landmark report published by OMFIF. • The pace of change in global payments is unprecedented. The desire for speed, convenience, safety and affordability in conducting digital transactions has been turbocharged by the need to preserve public health and reduce cash dependence during the Covid-19 pandemic. One central bank survey respondent reported that 1.6m individuals gained access to their country’s formal banking system during the first half of 2020, while mobile banking transactions rose 192% during the same period. Regulators understand that they need to keep pace with these innovations to protect consumers. According to the OMFIF survey of central banks: • 75% of respondents find payment systems governance a key function of the state, with 56% also seeing a greater future role for public-private partnerships in payments. • 94% of respondents identify setting revised regulatory or technical standards as an essential responsibility of the state in the future payment industry. • 82% of respondents select cybersecurity as a key regulatory concern in the proliferation of new payment technologies. • 71% of respondents highlight that digital payment infrastructure should have measures that safeguard consumer privacy while balancing financial integrity and transparency requirements. • Only 35% see industry fragmentation as a pressing regulatory concern. • The report looks in detail at the next evolution of payments. It examines how the advent of cryptocurrencies and distributed ledger technologies has spurred a wave of research and exploration by governments and central banks. The report showcases the potential for new paths forward by investigating the changing payments landscape through a regulatory lens. It also explores innovative developments underway in the ecosystem of traditional payment providers, technology companies and more recent entrants to the sector. Apart from the roll-out of retail payment systems that offer near-instantaneous domestic clearing and settlement, there is potential for changes in how central banks can promote better speed, security and access to payments. • Consideration of central bank digital currency implementation and the notion of digital sovereign fiat* currency that can be virtually transferred at low cost and speed are sparking further changes that could transform how transactions are executed. As both private and public sector innovations in payments develop, there is a need for regulatory modernisation in governing and evaluating the implications of novel payment infrastructures and instruments. * Fiat money is government-issued currency that is not backed by a physical commodity, such as gold or silver, but rather by the government that issued it. The value of fiat money is derived from the relationship between supply and demand and the stability of the issuing government, rather than the worth of a commodity backing it as is the case for commodity money. Most modern paper currencies are fiat currencies, including the US dollar, the euro, and other major global currencies. Fiat money gives central banks greater control over the economy because they can control how much money is printed. One danger of fiat money is that governments will print too much of it, resulting in hyperinflation. Key information You need to a) Ensure that you draw directly on the course materials and the teaching of each week, where necessary, to apply an appropriate business and management perspective b) Conduct independent research and use a range of academic sources. c) Use Harvard referencing throughout for your citations and the reference list d) Obtain supplementary information, where necessary and appropriate, from publicly available resources (eg. academic journals, business and trade media, company reports) e) Follow the structure outlined above but you may change the wording of the headings and add sub-sections to your report. This assignment should be submitted as a Microsoft Word Beyond descriptive approaches Avoid a descriptive / copy and paste approach. Use the references suggested with any others to produce the answer but to get better marks, be more critical in your analysis eg:- • do you agree / disagree? • is the evidence for this sufficient? • is the trend getting stronger/weaker or increasing / decreasing? • how might these trends change in the short (1 year), medium (1-3 years) or long term (3 years plus)? • is there anything missing? P.S. Please read the instructions in the uploading file carefully because there you will find a large part of the text that only needs to be paraphrased and used successfully in this paper.
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