In this edition of the faiVLive, with a group of expert panelists from around the world, we delve into the possibilities for FinTech to serve the poor and reduce inequality. Six years after McKinsey heralded “a new era of digital globalization,” what have we learned about when, and where, FinTech meaningfully advances inclusion, and when it creates a new (digital) divide? When does FinTech (in the words of Greg Chen of CGAP) build a bridge and when does it dig a moat?
We also explore how expectations seem to differ from place to place: while FinTech in developing countries is generally presumed to be pro-poor, in wealthier countries there is more skepticism that digital innovations will advance inclusion for the poorest in society. Why is that? What are appropriate expectations of FinTech innovation? Should we be more skeptical of FinTech in countries with large inclusion gaps? Should we be less skeptical of new business models and tech-enabled services in wealthy countries?
Featuring Lois Bruu, Olayinka David-West, Timothy Flacke, Barbara Magnoni, and Tavneet Suri.
Moderated by Timothy Ogden.
Editor’s Note: I’m going to assume that you are seeing plenty of AI content (news and papers, not AI slop, though I’m sure you’re getting plenty of that too) from other sources, so I’m trying to think hard about the marginal value that the faiV can provide. As far as I’ve gotten so far: a) make sure that directly AI-related content does not take up more than 2 of the 5 items, and b) try to focus specifically on the cybersecurity issue for financial inclusion. Beyond that, I’m open to feedback on the value you get from the faiV in relation to AI to help guide us in the future. On a different note, I’ll be making a brief cameo appearance at the e-MFP Inclusive Finance Conference to moderate the opening plenary. If you haven’t registered, do so and I hope to see you there! - Tim Ogden