Huge Group is managing about 120, 000 Internet of Things (IoT) devices on its platforms in Southern Africa, JSE-listed telecommunications firm said on Monday.
The company informed investors on Monday that this make its real estate (community of customers) one of the largest IoT platforms in Southern Africa.
The company, which has a market capitalisation of more than R1.5 billion – said this, in conjunction with the customer analytics and coupled with its connectivity expertise, means that is ideally positioned to conceive, develop and distribute a suite of Fintech offerings.
IoT platforms provide middleware to connect and manage devices and integrate collected data into various applications and services. These platforms are intended to reduce the cost and development time for IoT solutions by providing standardised components that enterprises can build upon.
Huge Group said its introduction into payment connectivity via Huge Connect will inevitably lead it into related services and ultimately Fintech. “We anticipate delivering disruptive and innovative solutions to our customers, in partnership with financial institutions,” the company said.
The forecast for cellular IoT connections has nearly doubled since November 2017. It is now expected to reach an estimated 3.5 billion in 2023, driven by ongoing large-scale deployments in China.
New massive IoT cellular technologies such as NB-IoT and Cat-M1 are fuelling this growth, giving service providers opportunities to improve efficiencies and enhance customer value.
Huge Group added that platforms for mobile payments, mobility, connectivity and the ‘Fintech evolution’ provide an exciting and innovative space for it to explore.
“It’s expanding customer real estate means that the creation of bespoke financial offerings in partnership with financial institutions becomes viable and potentially a highly attractive investment space.”