UNBANKED POPULATIONS

Morocco According to the latest figures from Statistica , a massive 71 % of Morocco ' s population remains unbanked as we enter the later stages of 2021 . The reasons for this high number ( 26.6 million ) are complex . Experts believe key signifiers are “ low income and less educated , they often lack the identification and documentation requirements to open a bank account , [ and ] they tend to live in rural areas far from bank branches .

Vietnam The country with the second largest unbanked population – with an estimated 69 % of its people that have no bank account nor are registered on any digital bank network . However , experts are convinced the country could well be the next emerging fintech hub from the APAC region because investment in the space is growing swiftly , and the young and mobile savvy population in Vietnam is open to fintech adoption .

Egypt With stats showing 67 % of its population is still unbanked , Egypt could soon be dropping from the top of the unbanked list , to the bottom . New changes in the country ’ s banking laws in 2020 has resulted in a number of new startups flourishing in recent months . The revisions addressed the regulation of a number of fintech sectors , which included digital banks , cryptocurrency , and cashless payments . Thriving Egyptian startups include Fawry , Money Fellows , Paymob and Yomken .

� GLOBAL INDUSTRY

ANALYTICS Predicted by Global Industry Analytics , the digital insurance platforms industry is predicted to reach US $ 169.2bn in value by 2026 .

� HIPPO HOLDINGS Following its move to go public , Hippo Holdings – which aims to improve homeowners ’ insurance by leveraging customer data – has since been valued at US $ 5bn .

� NICKEL 76 % of first-time cryptocurrency investors are hesitant about cryptocurrency due to scant regulations and market instability .

� LLOYDS BANK The FCA issued Lloyds Bank a £ 90mn fine for misleading its home insurance customers . The fine was the largest issued since 2019 when Standard Chartered Bank was fined £ 102mn for breaching money laundering regulations .

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