Market Analysis
The Crypto World 2020-2022
Market Analysis: My NEO Group
Industry Overview:
My NEO Group operates within the cryptocurrency and FinTech industries, which have shown significant growth and technological evolution in the past decade. According to Chainalysis, global investors accrued a total of $162.7 billion in crypto gains in 2021, marking a five-fold increase from the $32.5 billion generated in 20201. Despite a bearish start to 2022, the cryptocurrency market capitalization remained resilient, totaling $1.17 trillion in the second quarter2, suggestive of robust market fundamentals and potential for future growth.
The number of crypto wallet users has grown significantly, with over 81 million users recorded in 2022, a remarkable 190% increase from 2018 to 20203. This growth is indicative of the widespread acceptance and adoption of cryptocurrencies and their associated applications.
Market Position:
My NEO Group occupies a unique space in this vibrant market. With its diverse range of innovative crypto and FinTech applications, My NEO Group successfully bridges the gap between traditional finance and decentralized finance. Moreover, the firm has established a solid reputation in fund management, lending credibility and boosting investor confidence.
Emerging Trends:
An important trend shaping the industry is the rise of Super Apps. Super Apps, like WeChat and Alipay, provide a single point of access for a range of products and services, thereby streamlining user experiences and increasing usage frequency4. Recognizing the potential of this trend, My NEO Group has plans to evolve into a Super App with NEO ONE, consolidating various financial services and technologies under a single platform.
Demographics:
My NEO Group caters to a broad global market, with a significant focus on Asia and Africa, where the Super App concept is widely popular. The firm also services a rapidly growing community of over 1,000,000 users, indicative of its wide market appeal and successful global reach.
Competitive Landscape:
My NEO Group's portfolio of accreditations and licenses gives it a competitive advantage in the marketplace. Its alignment with emerging industry trends and user preferences, particularly its vision to become a Super App, also places it in a strong position to disrupt the financial technology market.
Regulatory Environment:
My NEO Group operates, with these subsidiaries and partners, under the regulatory supervision of multiple jurisdictions, including Switzerland, Lithuania, the UK, Monaco Monte Carlo, Luxembourg, Indonesia, Canada, Dubai, and Estonia, ensuring it remains in compliance with international laws and regulations. Its standing with Self-Regulatory Organisations such as VQF enhances its credibility in the market.
Future Outlook:
Given the firm's focus on financial freedom, privacy, and independence, My NEO Group is well-positioned to take advantage of the opportunities within the booming cryptocurrency and FinTech industries. By transforming NEO Dash into a Super App with NEO ONE, My NEO Group aims to provide users with seamless access to a suite of financial services and technologies, including Internet of Things (IoT) technologies, chatbots, and immersive experiences4.
In Summary:
My NEO Group's strategic positioning, combined with its commitment to harnessing emerging industry trends and delivering innovative solutions, sets it on a strong trajectory for future growth within the thriving FinTech and cryptocurrency sectors. The firm's robust standing in fund management, global reach, and alignment with consumer demands positions it as a potential market leader in the digital finance industry.
The Super App World 2022
Refresher: What is a super app? Super apps essentially serve as a single point of access for a wide range of products and services. The premise is to have a single app, with one login and a seamless user experience across these products and services, allowing customers to have a ‘go-to’ place for whatever they need.
Most existing super apps started out with just one offering and have expanded their services and reach from there. For instance, WeChat, one of the best-known Chinese super apps, is often known as an ‘app for everything’. But it started out purely as a messaging app and built out the platform to include broader media and communications services and payments.
They now have more than a billion active users on a daily basis. Alipay, also based in China, enjoys a similar number of users, with over 90% market penetration. Unlike WeChat, Alipay has its roots in e-commerce and payments, building on that capability to become a lifestyle app that consumers can use for a broad range of day to day transactions.
Still an emerging trend in the West, super apps are a mainstay in Asia and Africa, with Europe and the U.S. eagerly eyeing these self-contained, all-encompassing web and mobile applications. From China’s WeChat to Latin America’s Rappi, super apps are the standard in many countries and have disrupted everything from digital financial services to online marketplaces. We explore the latest statistics on the topic and dive into where we believe super apps are headed beyond 2022.
Having all of these offerings in a single platform provides a frictionless experience for users when switching activities as they never need to leave the super app ecosystem.
Super app technology is anticipated to develop to support Internet of Things technologies, chatbots, and immersive experiences.
The Super App Shift: How Consumers Want Save, Shop And Spend In The Connected Economy, My NEO Group look at how consumer demand for streamlined payment experiences has created widespread interest in a super app to manage the complexity of modern life. The report is based on a census-balanced survey of 9,904 consumers in Australia, Germany, the United Kingdom and the United States conducted between Jan. 11 and Jan. 31 2022. SEE REPORT Super-App-Shift-October-2022
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