The World Economic Forum has identified seven African businesses, including Omnisient, as being at the forefront of technological innovation.
The South African data analytics and financial technology company Omniscient was awarded the title of “tech pioneer” by the World Economic Forum.
The Technology Pioneer community was established in the year 2000 and is made up of early-stage firms from all over the world. These companies are involved in the design, development, and deployment of new technologies and breakthroughs and are on the verge of having a big impact on both business and society.
Omnisient has created a method that protects consumers’ privacy while allowing financial institutions to access new sources of consumer data. This method can be used by financial institutions to evaluate the creditworthiness of persons who do not have a credit history.
The new business venture asserts that the method safeguards the privacy of customers and eliminates the risks and difficulties that are typically involved with the exchange of customer information.
As a Technology Pioneer, Jon Jacobson, CEO of Omnisient, will be asked to participate at the World Economic Forum, where he will collaborate with other world leaders to help address important issues facing both industry and society. Throughout the course of the year, Technology Pioneers will be invited to participate in various events and conversations hosted by the Forum. These events and talks will bring together influential stakeholders from both the public and private sectors.
Read also: Russia-Africa Summit to hold in July at St Petersburg Expo Forum
Africa has more startups in the competition
This year’s technology pioneers come from 31 different markets, with the United States and China leading the pack with 29 and 12 startups, respectively.
Africa is the only other continent to have more than seven startups represented in the competition. Another South African company has made the list this year: Dove Air, which utilizes cutting-edge technology known as UAM (Urban Air Mobility) to assist in the distribution of relief and the preservation of maritime habitats.
In November of the previous year, Omnisient successfully completed a funding round for an expansion that was kept confidential. Investors that participated in this round included the retail chain company Shoprite and Buffet Investments.
Remarks from the CEO of Omnisient
“Our platform has already enabled banks in South Africa to access anonymised shopper behaviour data from a leading retailer and thereby helped millions of people obtain a ‘good risk’ credit rating who would have previously been denied credit due to their lack of credit history,” said Jacobson, CEO of Omnisient. “We are excited to share what we’ve learned and achieved in our local market with members of the Forum’s Centre for Financial and Monetary Systems to enable similar financial inclusion breakthroughs in new markets and to find new ways of using data in a responsible and ethical manner to solve some of the world’s most pressing problems.”
“We’re excited to welcome Omnisient to our 2023 cohort of Technology Pioneers,” remarked Verena Kuhn, Head of Innovator Communities at the World Economic Forum. “Omnisient and its fellow pioneers are at the forefront of innovation and disruption needed to help us solve the world’s most pressing issues. We look forward to their contribution to the Forum’s content work that brings together the public and private sectors to tackle these global issues.”