“I have long ago informed (chief executive) Tim Cook of Apple this,” he wrote on his Truth Social platform on Friday.

“I expect their iPhone’s that will be sold in the United States of America will be manufactured and built in the United States, not India, or anyplace else.

“If that is not the case, a Tariff of at least 25 per cent must be paid by Apple to the U.S.,” he added.

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Trump has long demanded that Apple build the iPhone, its most important product in the U.S.

Experts argue that that would require huge investments and make smartphones drastically more expensive.

Under Cook’s leadership, Apple has built up supply chains in Asia over the last few decades with large factories, mainly in China.

In recent years, the company has also stepped up production in India and Vietnam, partly in response to supply bottlenecks following the coronavirus lockdowns in China.

Source: dpa/NAN

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‘’Something Ventured’’ is a 2011 documentary, which investigated the advent of venture capitalism in the USA in the mid-20th century. The story depicts venture capitalists who have worked with entrepreneurs to start and build companies. They were parts of Apple, Intel, Genentech, Cisco, Atari, Tandem, and other giants in the USA’s economy.

On the one hand

Many established Fintech firms were propped by venture capitalists. These silent operators birthed the Fintech revolution. The revolution has transformed the world’s financial systems in the post-pandemic era. As such, the impact of Fintech in the finance industry strongly influences banks and financial institutions globally. Statistics showed that 1.7 billion people use Fintech to manage their finances without bank accounts.

Fintech has played a significant role in the development of start-up firms, firms that offer various banking services to customers. Fintech has made it easier for some individuals to manage finances on the go, handle different transactions, and shun bank account burdens.

On the other hand

Once a threat to banking, Fintech has changed the game. This came through the advent of mobile payment, investment, and insurance apps. These firms operate their financial databases differently due to Fintech. Research has shown that Fintech’s popularity has grown due to demand. Bank customers want unrestricted access to their accounts. This is because some of them dread the banking hall and its associated stress.

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The high demand was evident during the pandemic. It is happening in post-pandemic times, too. Will you make a transfer via an app? Or visit a bank branch? You and I prefer hassle-free financial services. Meanwhile, without the venture capitalists, some Fintech firms behind this revolution would have been impossible.

In the long term

Sahar Hashmi in Finestcon.com wrote that around 75 per cent of customers had globally adopted some form of online payment service. Another study from November 2021, suggests America has about 10,755 Fintech start-ups. The EMEA region has 9,323 start-ups. Asia Pacific region has 6,268 Fintech companies.

Fintech has equally brought deep-rooted changes. Aside from online and branchless banking, electronic wallets, cashless transactions, online customer care services, and the application of biometric sensors are common. Digitalguru.com shared that the global investments in Fintech ventures are a whopping $112 billion. In the year 2021, it was $51 billion. This revolution has had a huge impact on all banks and financial institutions globally.

Mckinsey said that Nigeria is home to over 250 Fintech standalone companies. Banks and mobile network operators serve solutions from these Fintech firms as product portfolios. Between 2014 and 2019, Nigeria’s bustling Fintech scene raised more than $600 million in funding. It attracted 25 per cent ($122 million) of the $491.6 million raised by African tech start-ups in 2019.

Fintech firms are solving challenges for traditional banks. Withinnigeria.com shared that traditional banks ride this wave. They are evolving daily. They are positioning themselves in the tech space. Consumer behaviour is propelling the growth of Fintech. The millennial and Gen Z generation are technology-driven. They want the ease of doing business and convenience. They want to travel light without carrying cash. These behaviours have influenced Fintech.

The Central Bank of Nigeria’s (CBN) cashless policy is a boost too. It is fighting the use of cash. This has led to an increase in mobile transfers, Quick Response (QR) codes, and USSD. Fintech is transforming the entire banking system from a branch-specific process. Fintech is now a lifestyle. If you do not have a mobile app, you are a dinosaur. The banks rely on the app to increase their profit margins. To improve their functions. To close down branches.

In the short term

When last did you visit the bank? An app manages my finances. It is a professional in what it does.

*Olaegbe (psalmsonolaegbe@gmail.com)

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In the last quarter, Samsung sold 59.6 million smartphones and Apple 53.6 million of its iPhones, an analysis firm estimated.

That brings the market shares of the two biggest vendors to 19.7 per cent and 17.7 per cent.

In the second quarter, Samsung and Apple were still separated by approximately four percentage points, according to the firm calculations.

The decisive factor for the development in the past quarter was that Samsung’s device sales fell by 8.4 per cent year-on-year, while Apple sold 2.5 per cent more iPhones than in the same period the previous year.

For years, it has been customary for Apple to take the top position in the market in the final quarter of the year after the presentation of new iPhone models.

On an annual basis, however, Samsung is traditionally ahead.

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In third place, the Chinese provider Xiaomi sold 2.4 per cent more smartphones in the last quarter, according to the firm calculations, and had a market share of 13.7 per cent.

The rising smartphone star of the year is the Chinese company Transsion, which has so far been active primarily in Africa and sold 35 per cent more smartphones last quarter than a year earlier.

With 26 million devices sold and a market share of 8.6 per cent, Transsion came close to its better-known competitor Oppo.

Source: dpa/NAN

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