Commonwealth IT Ministers

Q2: Write a 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 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(b) What recommendations can be made for Commonwealth Governments to support the fintech sector and encourage collaboration between Commonwealth countries? (30%) 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 the 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). QUESTION 2 – sources: fintech sector Fintech: general •       Webinar: Driving banking innovation through fintech collaborations (14/10/20) •       Angela Strange, Every Company Will Be a Fintech Company – article, video and presentation (2019) •       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) •       Future of Fintech 2018 webinars (4 videos of 25m each) Fintech: countries •       Commonwealth countries and overview (see country profiles – economy) •       Mohan, D, Fintech – Emerging markets driving innovation (2020) •       UK Department of International Trade, Inclusive [fin]tech: overcoming barriers to scale in an emerging market – overview, webinar and report (August 2020) •       OMFIF, Enabling financial inclusion in the Asia Pacific through the cloud – overview, key findings, report, presentation and webinar (November 2020) •       OMFIF podcast, Leveraging fintech for sustainability (12/11/20) •       SEE OMFIF videos on fintech (first 2 pages)   Africa – STOP PRESS: (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)   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 has 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 Secretary-General Patricia Scotland video (8m) and podcasts (3) •       Full report (individual chapters below as pdfs) 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 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)   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?

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