In as little as just over a decade, emerging technology has redefined the financial services industry as we know it. Now, what we recognize as “fintech” continues to be fueled by the continued innovation, each one seemingly more extensive than the last.
Immense growth aside, the fintech industry still presently only holds 2% share of global financial services revenue. According to a report by the Boston Consulting Group however, as the industry’s fundamental growth drivers haven’t changed, fintech is estimated to reach $1.5 trillion in annual revenue by 2030. This would constitute almost 25% of all banking valuations worldwide.
Indeed, the overall financial services industry is huge and profitable, yet for now it also still continues to struggle with innovation and customer experience. Over half the world’s population remains unbanked or underbanked, despite technology continuing to unlock new use cases at a rapid pace.
Among the financial institutions presently redefining the industry and pursuing a commitment to make banking for everyone is Black Banx.
Borderless banking made easy
A London-based fintech company, Black Banx is driven by its pursuit of unlocking a borderless financial system for everyone where money can flow freely. Established by German billionaire Michael Gastrauer in 2014, Black Banks now presently serves approximately 20 million customers worldwide.
Its fully digital global banking platform spans an international network of 180 countries and territories, with Black Banx operating in both established and emerging markets that account for around 90% of global GDP, trade, and capital flows.
With approximately 80% of its operations in cross-border payments and 20% in cryptocurrency and currency trading, Black Banx currently generates revenue from key regions such as APAC (Asia Pacific, 33%), LACAR (Latin America and Caribbean 28%), NA (North America, 21%), closely followed by MEA (Middle East Africa, 12%) and EEA (Europe, Iceland, Norway 6%).
The world’s future largest population
Given its global reach and success in digital banking, it is no surprise that Black Banx is eyeing potential markets for expansion. One potential market that could benefit from Black Banx’s services is India.
India is currently one of the fastest-growing digital economies globally, and the country’s government has made significant efforts to promote digital transactions in the country. The recent pandemic has also accelerated the adoption of digital banking and payments in India, making it an ideal market for companies with financial services as extensive as Black Banx’s.
Moreover, India is home to a large population, one which is projected to overtake China as the largest in the world. This population includes millions of tech-savvy millennials and Gen Zs who prefer digital transactions over traditional banking.
Black Banx’s focus on cross-border payments and cryptocurrency trading could also be beneficial in India, which has a large expat population that regularly sends money back home. Additionally, the country has seen a surge in cryptocurrency trading, with several Indian startups offering cryptocurrency exchange services.
Clearly, India’s growing digital economy and the increasing adoption of digital transactions make it an attractive market for Black Banx’s expansion plans. With its expertise in digital banking and its global network, Black Banx could potentially offer innovative solutions to India’s digital banking needs.