#WELCOME TO CYBERTOWN NFT SOFTWARE#
It should be noted that start-ups in FinTech require a lot of capital to set up because of software and regulatory requirements. Horizon Africa has been battling with this situation for a few years now and has changed its business model in the process to create revenue generating activities to bootstrap its development. The main challenges remain the lack of funding for tech start-ups. What are the main challenges and opportunities in this space, and how can these be addressed? In general, the adoption of cryptocurrencies is going to take more prominence not only in terms of trading activities but also in terms of commercial activities. Horizon Africa has seen this first-hand with NFTs, via a project ( Loot NFT) that was launched only two months ago but which has garnered international attention not only in the art industry but especially and interestingly in the financial sector. This is the moment where innovation in the token economy is starting to take shape in terms of real uses and real clients. The Covid crisis has put a lot of pressure on existing businesses and the effects are expected to last for at least a few years. This obviously relates to NFTs as well as other tokenization technologies and use cases that are becoming more prominent. The trends are pretty clear, and it shows a clear interest in the tokenization economy. What are the trends you see in this sector?
These areas have been devoid of any real innovation in Mauritius and other African countries and as such Blockchain is expected to disrupt these industries. Finance, including banking and non-banking sectors, are expected to be disrupted in the next few years and this includes activities like crowdfunding and investments. However, a lot of development is already happening in the current space. The next phase of the FinTech space will see more development in the NFT area as well as tokenization of various physical and digital assets, along with the integration of Decentralized Finance (DeFi) in various financial tools and processes.Ī lot of the development is happening ‘under the radar’ in the sense that public and media interest is diverted towards other aspects of blockchain technology. However, with renewed interest and some innovative projects, NFTs are disrupting the FinTech space in ways that until now were not thought of. Initially, the application of NFTs was restricted to the art industry. One of the most important directions FinTech is taking is in the NFT (Non-Fungible Token) area. How do you see the next phase of development in the FinTech space? The current situation has allowed us to increase our number of partners or validators to seven and our client base to a dozen.Ĭoming to Blockchain technology and cryptocurrency, these are gaining significant traction on the African continent. As a result, we partnered with various local and international companies in the launch of blockchain solutions in diverse fields, including the medical field (Covid App), NFTs (Non-Fungible Token) and token-based payments solutions. The fact that we were an earlier player gives us a definitive advantage, but this also requires us to innovate at a breathtaking pace. However, in the last 18 months, things have dramatically changed with renewed interest from not only local companies but also international start-ups. The start, though, was sometimes rocky in the sense that we had a lot of interest but very few concrete projects from potential partners and clients. Down the road, we have been able to develop the idea much further to make it a robust system which big corporations and even governments can use for their use cases. The journey started with a simple idea of democratizing the blockchain technology in the Mauritian and African markets. Can you take us through the journey so far? Since Horizon Africa was launched, you have been collaborating with key market players across a number of different sectors. He also highlights the trends, opportunities and challenges the industry is facing and the potential for Mauritius to become a vibrant and active blockchain hub for Africa, which can disrupt various sectors. Suyash Sumaroo, co-founder of Horizon Africa, shares his insights on how Horizon Africa has been collaborating with key market players and partnering with various local and international companies in the launch of blockchain solutions in diverse fields, including the medical field (Covid App), NFTs (Non-Fungible Token) and token-based payments solutions.
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