2020 has been a great overall year for the FinTech industry, despite all the problems surrounding the COVID19 pandemic and its economic repercussions. A lot of the tendencies that had been developing throughout the last couple of years became stronger in 2020, such as the wider adoption of digital and online banking apps by users of all ages, as well as the use of FinTech systems by traditional banks.
This passing year also came with many advancements in the field of regulation for FinTechs. Many countries such as Sweden, Italy and Japan issued new important regulations to create a healthier environment that promotes innovation for financial technologies. Likewise, the Commonwealth Secretariat developed and released one of the most thorough and ambitious regulatory frameworks meant for countries around the world to have the necessary technical tools to entail regulations of their own.
Today, over 400 banks in the world are using FinTechs to enhance their existing services and offer new and innovative ones. This number is growing faster as time goes, with other financial institutions outside the world of banking starting to employ technologies such as AI Machine Learning, API Platforms and Distributed Ledgers. Many of them are doing so by partnering or acquiring FinTech startups to develop the technological frameworks for their services.
This leaves some great perspectives for Konzortia Capital, as a FinTech company which goal is to create a platform that is as inclusive as it is groundbreaking. In 2020, we managed to make the best of the newfound friendliness and understanding of financial technologies by governments and legislators to formally register as a Delaware-based corporation, in accordance to the regulations and exceptions contemplated by the SEC. This was a large and important step towards the fulfillment of our goals.
Likewise, the year came for us with some great advancements in the development of the SBank prototype, which is expected to be ready for an MVP release by the first quarter of 2021. Along with the technological development, we’ve carried productive dialogues with various potential partner banks that who could carry the task of ensuing that the transactions within the platform are well carried, and the currencies remain liquid and accessible for its users. The progress in the legal and technological fields came with a significant growth of our team, which now has members working from all around the world in all of the different facets of the company, from the technical to the creative.
All in all, 2020 was not just a great year for Konzortia but for the FinTech industry as a whole. Despite the obstacles and difficulties posed by the COVID19 crisis and the subsequent economic turmoil in the world, we’ve managed to fulfil the largest part of our objectives, and have some great perspectives and plans for the near future. By 2021, we expect to release the SBank platform and be done with the current financing round, to make it to the next steps of our development and growth as a company.