Today, FinTech companies are making significant progress in promoting financial inclusion through innovative business models, products and increased use of emerging technologies such as digital identity, Internet of Things (IoT), Artificial Intelligence (AI) and machine learning.

DVC Consultants, the market leading transformative consultant who specialise in creating and consulting to disruptor,disrupted and challenger brands have developed a new model for bringing shariah compliant savings and loan products to Africa and Indonesia, in the form of Banktotal.

A New Approach

BankTotal is creating a new approach to financial service provision, which responds to three major trends in the global economy. These are as follows:

Muslims are amongst the fastest growing populations in the world. It is estimated that there will be 2.2 billion Muslims by 2030. This is a huge potential market, and a consumer category which will need increasing focus from brands of all types.

At present, although we have seen a considerable expansion in Shariah-compliant products, this segment of the financial sector has progressed relatively slowly. The penetration of these products, especially on financial technology platforms, remains fairly low.

The world’s population is expected to increase fastest in places such as Asia and Africa. However, these are regions where establishing traditional banking infrastructure is difficult. Travel can be difficult, and the scattered nature of the population makes physical bank branches less effective as a means of reaching the customer.

Our Capabilities

As well as having identified this opportunity, BankTotal is in strong position to exploit it because of three sets of capabilities:

Technology: we have access to well-established and proven Fintech, which we are seeking to expand into newer markets. We are also expert in digital transformation, biometric identification and  Blockchain technology that can help the tech for developed countries work in less-sophisticated ones.

Market knowledge and relationships: Through our experiences and contacts we have deep and long-standing understanding, knowledge and relationships in our key potential markets in Africa and in Indonesia. Our management is a key adviser to the World Bank, Asian Development Bank and OECD and has links with correspondent banks throughout these territories.

Shariah: We have contacts in the shariah finance sector which is also looking to expand into markets which we know, and which is relatively-underdeveloped in its use of fintech.

The Opportunity

BankTotal is creating a vehicle to expand greatly the penetration of Shariah-compliant financial products (principally related to savings and loans) into expanding Muslim markets in Asia and Africa. Initially, we are building a prototype model in Indonesia, leveraging out contacts there. Over time, we will develop a technology solution to enable the process to be operated within an on-line environment.

The model

The BankTotal business model is built to facilitate expansion of Shariah financial services thereby making a major contribution to the World Bank UFA  programme, and brings together three sets of actors:

Providers of Shariah-compliant financial products. Principally based in the GCC region, these institutions have a portfolio of services with have been attested by the relevant religious authorities to be Shariah-complaint.

Correspondent banks in our countries of operation. Banking regulations in all jurisdictions require financial products to be sold only through institutions with the banking licences relevant for that country.

Distribution channels. BankTotal is a B2B operation, but it relies  its relationships with a network of consumer-facing companies who wish to add financial services to the suite of goods and services which they can offer their customers.

This structure means that BankTotal is a platform bringing together these parties. As a result, BankTotal does not have itself have to design and certify financial products with the Shariah institutions. Nor does it have to go through the process of seeking banking licences within different jurisdictions where it operates, with all the capital adequacy and other requirements this would entail. Nor, finally, does it need to develop a new customer base for each new territory.

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