Philip Benton - Senior Analyst
Financial technology (fintech) takes center stage at MWC 2022 for the first time after being on the periphery of discussions in recent years, with payments and crypto expected to feature heavily in conversations throughout the event. Alternative payments continue to gain mainstream adoption, with Omdia’s ICT Enterprise Insights 2021/22 Survey predicting that technology spending on alternative payments will significantly outgrow traditional payments over the next 18 months, as financial institutions adapt to an unprecedented demand for digital payments.
The fintech and mobile industries continue to converge and accelerate the shift to mobile payments, with digital wallets being one of the most common payment methods globally, both online and in-store. Digital wallets are the ideal platform for cryptocurrency and NFTs (non-fungible tokens), which are key talking points at MWC 2022, with the Fintech Summit session “Digital Assets” expected to highlight the key NFT trends for 2022 and beyond. Central bank digital currencies (CBDC) will also be a hot topic and will be discussed during the “Future of Money is Digital” presentation, with MWC following shortly after the Beijing Winter Olympics and the official launch of China’s CBDC—the digital yuan (e-CNY).
Emerging technologies such as cryptocurrencies and NFTs will naturally be targets for security hacks and fraud scams, and it is unsurprising to learn that banks are bolstering investment in security and antifraud, according to Omdia’s ICTEI survey. Collaboration between banks and the mobile industry can help tackle fraud, hence partnerships being another key theme of MWC 2022. Orange Bank, Ericsson, and Etisalat will highlight the collaborative powers of their own fintech partnerships in the session “Fintech: Exploring Global Trends and Embracing Partnerships” with security high on the agenda.
Block cofounder Jack Dorsey has been particularly vocal about the benefits of crypto, NFTs, and decentralization—hence its name change to acknowledge its expansion into technologies such as blockchain.
Block’s other cofounder Jim McKelvey will be a keynote speaker at MWC 2022 and a must-attend session to learn of their plans for 2022, which undoubtedly will involve crypto, NFTs, and the metaverse.
Orange has doubled down on its investment in financial services and its neobank is live in France, Belgium, Spain, and select countries in Africa, with plans to expand its fintech footprint across Europe by 2025.
Orange has already acquired French neobank Anytime and signed strategic partnerships with fintechs, so expect announcements of a similar vein at MWC 2022.
STC Pay was the first company in Saudi Arabia to receive a digital banking license in 2021 and is intent on turning its digital wallet to a “super app,” which can cater for all consumer financial needs.
Expect announcements regarding new/enhanced product, partnerships, and potentially expansion into new geographies.
You can meet with Omdia's expert team at the following events:
FinovateEurope 2022 (March 22–23, London)
Money20/20 (June 7–9, Amsterdam)
London Tech Week (June 13–17, London)
