In its continuous efforts to introduce the revolutionary trading platform of Alpha Suite to investors and bankers around the world, TradeSocio recently conducted a tour of South Africa, as part of its ongoing global world tour.
From February 5 to 7, 2018, the TradeSocio team was at Sandston, Johannesburg, and later visited the city of Sea Point in Cape Town, from February 8 to 9, 2018. The team met up with prospective new clients and partners to educate them about the growing needs of Fintech in the region and the benefits of using a multi-dimensional system like Alpha Suite.
South Africa: A Growing Base for Fintech
Small and Medium Enterprises contribute 34% of South Africa’s GDP and employ around 60% of the labour force. Till quite recently, these companies faced a shortage of funds, despite the country boasting a robust banking sector. The banking sector has been unable to meet the requirements for providing faster short-term loans with lower approval time.
Fintech or financial technologies could provide a solution to this mismatch of demand and supply, and address the bottlenecks in the traditional financial systems. Apart from offering cost reducing benefits to SMEs, Fintech also has another important aspect to address.
Around 80% of the population in the African continent is still outside the banking sector. Financial inclusion through easy payment solutions and mobile wallets is the need of the hour. South Africa’s Fintech innovators know this fact and the scope of the technology in this part of the world. The country is fast becoming the Fintech hub for the African continent and welcoming potential investors and venture capitalists to its land.
The 2017 edition of EY’s annual FinTech Adoption Index report predicts 71% growth in the Fintech industry, ranking South Africa third in its list of future emerging economies. The same report mentions a Fintech adoption rate of 35% for the country.
Leading venture capitalists from the US and Europe have already begun to take an interest in the African continent as a fintech destination. The fact that African Fintech startups have raised more than $100 million in the last couple of years bears testimony to this fact.
TradeSocio understands the tremendous scope of its technology here, which is why this beautiful country was one of the destinations of its global world tour.
What Can Alpha Suite Do?
Alpha Suite is a disruptive solution offered by TradeSocio to increase end-user efficiency and experience in the financial ecosystem. The platform runs on state-of-the-art technology and enables individuals and small businesses to access high quality funds, while offering a streamlined and simplified investment process for all stakeholders.
With its features of easy access to information, communication, client acquisition, revenue management and more, the solution will provide SMEs in South Africa a tool for faster growth. It has already garnered huge popularity in the countries of Europe and Asia.