The world is now witnessing a paradigm shift in the balance of power from businesses operating as traditional value-chain models, to businesses modelled as digital platforms across key global markets, including US, China and UK.
Today, the likelihood of being disrupted by a digital entrant is fast becoming a reality to many organisations, as only a few businesses were worried about digital disruption.
This trend has led to anxiety amongst decision makers and growing investor interest in the potential of digital solutions.
The Chinese alternative financing firm, Qudian, a Fintech founded in 2014 recently raised $900million from its initial public offering (IPO) on the New York Stock Exchange (NYSE).
Alibaba,a digital business model has 450 million users and is now the 8th most valuable company on the New York Stock Exchange. Qudian and Alibaba remind us that the future is digital and digital businesses are leading a revolution.
Not surprisingly, as at Q3 2017, 6 of the 10 most valuable entities in the world are digital businesses.
This trend is also noticeable in Africa’s largest economy – Nigeria.
There have been record level valuations and investments over the last 18 months for several digital entities in Nigeria, comparable with that of some of the most valuable financial institutions on the Nigerian Stock Exchange.
Foreign investments in Nigeria based digital businesses approached the $1bn mark over the last year alone with the most significant investments going into e-commerce and payment platform companies.
These companies are already valued at over $1billion each and have footprints across several African Countries.
KPMG Nigeria is holding the KPMG Digital Summit 2017, themed: “Leading through Digital” to answer many questions regarding the digital space
The summit is intended to shed light on the future of digital finance in Nigeria, take stock of Nigeria’s fast paced digital evolution, engage on emerging trends and market opportunities and provide perspectives and insights to shape the digital agenda.
Speaking at the event will be a series of experts from KPMG, as well as representatives from leading technology and financial intuitions that have dedicated time to analyzing the trends associated with the effects of technology on the financial industry.
Boye Ademola, Partner & Lead, Digital Transformation, KPMG in Nigeria, at a press briefing for the upcoming Summit 2017, disclosed that the Summit is expected to attract over 400 participants,
including Financial Service Institutions, Fintechs, Accelerators, Government Agencies, Regulators, Private Equity and Venture Capital firms, amongst other stakeholders with an interest in digital innovation in the financial services industry.
Boye Ademola said: “The main trust of this year’s summit is getting thought leaders and industry experts to share perspectives on strategic themes,
such as the required operating model overhaul, regulatory imperatives and the collaboration agenda necessary to drive digital innovation across various sectors of the economy, to position Nigeria as a more attractive destination for local and foreign investors.”
The event is scheduled to hold on 1 November 2017, at Eko Hotel Convention Centre in Lagos.
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