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Fintech is growing fast. Here are 3 groups who are benefiting

This video is part of: Centre for Financial and Monetary Systems

Fintech, short for financial technology, is experiencing rapid growth. This growth translates into benefits for several key demographics.

Greater financial inclusion for women and SMEs

Fintech offers a lifeline to underbanked groups:

  • Women in remote areas: Easier loan applications, bypassing bias and travel burdens. Fintech companies even provide educational resources specifically tailored to women.
  • SMEs: Fintech offers innovative credit scoring methods, solving the funding gap created by traditional banks' struggles to assess smaller businesses.
  • Women entrepreneurs: Crowdfunding platforms empower them to raise capital directly, increasing their control and flexibility.

The future of fintech

While AI holds promise for the future, Zhang, from the CCAF, emphasizes the need for regulations and policies that can keep pace with the fast-changing nature of technology to manage risks like fraud and ensure consumer protection.

These regulations should adapt to the fast-paced nature of fintech without stifling innovation.

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Joe Myers

April 12, 2024

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