Financial services & Inclusive fintech in 2021

Financial services & Inclusive fintech:

Introduction to Financial services

Financial services are at the heart of our daily lives. It allows you to control costs, bad weather and seizes opportunities. Financial services facilitate social and economic progress by providing access to basic services such as health care, housing, and education. Studies have shown that financial services can help women6 gain more control and privacy; contributes to increased employment, food security, and money spent on education; and also reduce corruption reports. According to the latest data from the World Bank’s Global Findex7 (the most comprehensive dataset on how people use financial services), approximately 3 billion people are without financial staff.

This means that the formal financial sector does not sufficiently meet the financial needs of billions of people with mostly low incomes, or excludes them altogether. The consequences are serious, not only for submissive or submissive individuals but for the world as a whole. ‘Financial inclusion is cited as a reinforcing factor8 for nearly half of the United Nations’ Sustainable Development Goals. The rise of financial services (‘fintech’) holds important promise for financial inclusion.

Around the world, fintech providers are developing products and services that challenge the status quo in financial services. Organizations use technology to understand user needs and behavior, reduce costs, and design and deliver products and services that better and more easily meet individual needs.

Some fintech providers have the potential to meet the global need for affordable, inclusive, and quality financial services that can help businesses grow, enable families to build economies, and build greater financial resilience for both.

Develop the most promising inclusive fintechs early on

Including Fintech 50, an initiative launched by the MetLife Foundation and Visa Inc. Launched, funded, supported by Accion and IFC, and implemented by MIX, it highlights the most promising early stages, including fintechs worldwide and across all product categories. Investors, financial institutions, and others can use the Inclusive Fintech 50 selection criteria as a starting point for corporate assessments.

Fintechs can see with their own eyes how other people are innovating in space. The initiative includes a detailed analysis of candidates by 25 experts from venture capital, fintech, banks, and other sectors as independent judges.9 The aim is to discover potential key companies and investigate how these fintech companies limit their services. . The findings of this report show how fintechs and their partners can work together to build more inclusive financial systems.

What makes Inclusive Fintech 50 different from other initiatives?

 1. An exclusive focus on the first fintechs to promote financial inclusion

 2. Quantitative and qualitative criteria that provide the detailed information serious investors need

3. An independent jury is composed of industry experts in venture capital, fintech, banking, and other sectors

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