Over the last five years, major carmakers, tech giants, and start-ups have invested more than $50bn into autonomous vehicle (AV) technology. Although there have been many financial, practical, and scientific challenges in developing these vehicles, the entire market continues growing, with many autonomous cars expected to be on the roads in the following years.
According to data presented by BuyShares, the global autonomous car market is expected to grow by 36% in the next two years and hit a $37bn value by 2023.
5.4 Million Cars With At least Level 3 Autonomy on the Roads by 2023
Autonomous cars use radar, lidar or GPS technology, and computer vision to sense their environment. The advanced control systems integrated into the car can interpret the sensory inputs to detect signboards or prevent collisions.
Although fully autonomous cars are unlikely to reach wide acceptance any time soon, Level 2 and Level 3 autonomous cars, which use collision detection, lane departure warning, and adaptive cruise control, are expected to witness rapid growth.
In 2019, the global autonomous car industry was worth $24.1bn, revealed the Research and Markets data. Last year, the market shrunk by some 3% due to the economic slowdown caused by the COVID-19. In 2021, however, the market is forecast to recover and start growing, reaching over $27bn value.
Statistics also showed that in 2019, some 1.4 million vehicles with at least Level 3 autonomy were sold worldwide. This figure is set to reach 2.7 million in 2021 and continue growing to 5.4 million by 2023.
Fully autonomous cars will not reach a wide customer base unless they are completely safe from cyber-attacks. If such concerns are solved, the autonomous car market is estimated to hit 58 million sold units by 2030.
44% of Drivers Willing to Use a Fully Autonomous Car, Safety Issues the Biggest Concern
Overcoming technological hurdles is not enough for autonomous vehicles to take off. People need to feel comfortable about riding in an autonomous vehicle to use them and buy them.
The 2021 Global Automotive Mobility Study revealed customers worldwide had similar attitudes towards autonomous cars regardless of their level of automation. Around 47% of respondents were willing to use a semi-autonomous vehicle, while 44% said they would use a fully autonomous car.
Still, the biggest concern regarding these vehicles was safety. Around 61% of respondents were worried about potential safety issues due to machine error, and some 51% of them were concerned about safety issues due to human error. Liability ranked as the third major concern with a 38% share among respondents.
One-third of consumers were unsure whether the technologies necessary for autonomous vehicles are advanced enough, while 30% of them worried about data security and privacy.
DLM Capital Group Announces Winner For its 2021 Pegasus Fintech Challenge
Leading Developmental Investment institution, DLM Capital Group through its digital banking subsidiary “SOFRI” has announced EazyChange as the winner of the first edition of its Fintech pitch competition tagged- Pegasus Fintech Challenge. The front runner EazyChange who emerged winner is a fintech startup with focus on creating easy cash payments for transportation in Nigeria. OgaPOS emerged as the first runner up, EsusuAfrica as second runner up and Friendsvow as the third runner up.
The pitch event which was held on Wednesday 28th of July 2021 at the DLM Capital Group headquarters in Ikoyi saw the finalists present their pitches to the panel of judges which consisted of the Group CEO, DLM Capital Group, Sonnie Ayere; Managing Director of Links Microfinance Bank, Funsho Idowu; Chief Executive Officer of Cowrywise, Razaq Ahmed; Chief Operating Officer of TeamApt, Tobi Amira; Team lead Design and Innovation Lab at Africa Fintech Foundry (AFF), Omolola Tunde-Alade; and Senior M&A Executive at Interswitch Group, Victor Sada who represented the Group’s CEO, Mitchell Elegbe.
TeamApt’s COO, Tobi Amira expressed his satisfaction with DLM Capital for organizing the challenge. “It was a delight to sit as a member of the judging panel for the 2021 Pegasus Fintech challenge. The program aligns with our objective as an organization to encourage innovation and creativity in the Nigerian fintech landscape. It was particularly exciting to see and listen to young Nigerian founders who have come together to build solutions aimed at improving the lives of individuals and businesses in Nigeria for the better. I must also commend the organizers of this pitch for making an effort to promote and encourage innovation through funding and support. It’s our hope that the winners would put the funds to good use and bring all their fantastic ideas to reality”.
The Managing Director of Links Microfinance Bank, Funsho Idowu commented in his closing remarks that the ‘Pegasus Fintech Challenge was a huge success, and we are happy to provide this support to fintech startups in Nigeria as a way of enabling growth in the industry. We look forward to hosting subsequent editions with strategic partnerships from other players in Nigeria’s financial sector.’
The Pegasus Fintech Challenge was executed in partnership with tech accelerator, African Fintech Foundry and is a part of DLM Capital’s commitment to accelerate seed funding and investments in the Nigerian fintech space. The Fintech pitch event had 35 submissions where the top 5 finalists emerged for the pitch day event.
SWIFT Launches SWIFT Go, a Fast, Cost-effective Service for Low-value Cross-border Payments
New service enables businesses and consumers to send payments in seconds with full transparency and strong security; SWIFT Go is a key building block in the co-operative’s strategy to enable instant and frictionless cross-border transactions; Seven leading global banks already live with the service.
SWIFT today announces the launch of SWIFT Go, a transformative new service that enables small businesses and consumers to send fast, predictable, highly secure, and competitively priced low-value cross-border payments anywhere in the world, direct from their bank accounts. Seven global banks, which collectively handle 33 million low-value cross-border payments per year, are already live with the service.
SWIFT Go enables financial institutions to offer a seamless payments experience for low value transactions often initiated by small- and medium-sized enterprises (SMEs) to pay suppliers overseas and by consumers sending money to friends and family internationally. Using tighter service level agreements between institutions and pre-validation of data, SWIFT Go enables banks to provide their end customers a fast and predictable payments experience with upfront visibility on processing times and costs.
The SWIFT Go service builds on the high-speed rails of SWIFT gpi, which have transformed the speed and predictability of high-value payments. The service marks another milestone in SWIFT’s strategy to enable instant and frictionless transactions from one account to another, across SWIFT’s network that connects more than 11,000 institutions, and 4 billion accounts across 200 countries worldwide. It will further strengthen the capabilities of banks to serve their customers in the high-growth small business and consumer payments segments.
Stephen Gilderdale, Chief Product Officer, at SWIFT said: “SWIFT Go is a further step towards achieving our vision of enabling anybody, anywhere, to send money instantly and securely around the world. The new service is a direct response to the needs of small businesses and consumers for fast, easy, predictable, secure and competitively priced cross-border payments. Our new service will allow banks to compete effectively in one of the fastest growing segments of the payments market, delivering a seamless experience for their customers.”
SWIFT Go was developed in close collaboration with the global SWIFT community and is underpinned by several key pillars:
- Speed: Tighter service levels between banks increase speed. A single payment format increases straight-through processing, while services such as pre-validation remove frictions that cause delays.
- Predictability: The amount, time, fees and FX rate of a payment are known in advance. The sender and receiver of a payment can track the status in real-time.
- Easy to use: The user experience is simple and streamlined, with data requirements known upfront. Strict network validation provides for easy initiation and processing of SWIFT Go payments
- Competitive prices: Processing fees are agreed between financial institutions upfront so they can provide their customers with full transparency; increased straight-through processing further reduces processing costs.
- Security: Senders and receivers have peace of mind that payments are underpinned by the strong security of the SWIFT network. Seven leading global banks are now using SWIFT Go live: BBVA; Bank of New York Mellon; DNB; MYBank; Sberbank; Société Générale, and UniCredit.
Raouf Soussi, Head of Enterprise Payments Strategy of Client Solutions, BBVA said: “BBVA is very excited to be one of the first banks to sign up to SWIFT Go and we recognise the potential of this solution to revolutionise the way SMEs and consumers move money around the world. We have listened closely to our customers and we know how much they value a secure service that ensures payments reach their destination quickly and seamlessly.”
Isabel Schmidt, Head of Direct Clearing and Asset Account Services Products, Bank of New York Mellon said: “It’s no secret that for many years consumers and small businesses have been running into varying pain points when transacting international payments. These challenges have included opaque costs and lack of certainty on how quickly funds are delivered to the final beneficiary. This is why BNY Mellon is pleased to be the first US bank to go live with SWIFT Go, a new service that overcomes all of these challenges and assists financial institutions in delivering a competitive, seamless, fast and predictable payments experience to their customers.”
Feng Liang, Deputy CEO, MYBank said: “SWIFT gpi has become the benchmark for high-value cross-border transactions and we are confident that SWIFT Go will be equally as transformative for SME payments. By providing for instant, seamless transactions within one of the highest growth areas of our industry, we expect that adoption of SWIFT Go will be widespread and that it will quickly be established as the industry standard for lower value transactions.”
Jean-François Mazure, Head of Cash Clearing and Correspondent Banking, Société Générale said: “As customer expectations for faster payments evolve, the correspondent banking industry requires a solution to more competitively process SME and consumer payments. SWIFT Go fits perfectly with it, allowing us to provide an outstanding experience to our customers with predictable, seamless, and frictionless low-value cross-border transactions reaching beneficiaries accounts quicker than ever.”
Raphael Barisaac, Global Head of Cash Management, Global Co-Head of Trade, UniCredit said: “UniCredit has long been a keen supporter of innovations within payments that deliver excellent outcomes for end-customers, and as such we are very proud of our involvement in SWIFT Go. This is a service that will lead to real benefits for SMEs and consumers, allowing them to enjoy the speed, predictability and transparency that SWIFT gpi has brought to high-value transactions.”
Bank of America, Coinbase Ventures Invested in Paxos’ $300M Funding Round
Paxos – a provider of blockchain infrastructure – said Bank of America, crypto exchange FTX, Founders Fund and Coinbase Ventures were among a heavyweight list of investors in its $300 million Series D funding round, the firm disclosed on Thursday.
Oak HC/FT led the funding round, which the nine-year-old company announced in late April at a valuation of $2.4 billion. The round also included PayPal Ventures and Mithril Capital, among others. The firm has raised more than $540 million over multiple funding rounds.
The company noted that Bank of America joined the Paxos Settlement Service earlier this year. The platform uses blockchain technology to achieve the same-day settlement of stock trades.
“We’re defining this space and are excited to grow our enterprise solutions besides these market leaders,” Paxos CEO and co-founder Charles Cascarilla said in a press release.
Paxos started providing infrastructure for PayPal’s crypto service last year, which has extended to PayPal’s Venmo payments app. Credit Suisse, fintech Revolut and Societe Generale are among other customers.
In an April interview with CoinDesk, Cascarilla called the latest funding round “confidence capital” that would give customers certainty that Paxos would “be around for the next five to 10 years.”
In a statement, Founders Fund partner Napoleon Ta called Paxos “a trusted operator in blockchain-based financial market infrastructure,” highlighting “its commitment to regulation, reliability and security for enterprises entering digital asset markets.”
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