FinTech Growth in Emerging Markets: Key Lessons from Industry Leaders

FinTech Growth in Emerging Markets: Key Lessons from Industry Leaders

The benefits of successful digital transformation can be enormous for national economies and companies in today’s hyper-competitive global markets. Against the backdrop of a global health and economic crisis, no company – and no government, for that matter – can afford to ignore the opportunities that new technology offers to improve day-to-day services. Financial technology (FinTech) is a major digital transformation force, challenging traditional structures and improving efficiency across the financial services value chain.

In this report, we present our analysis of five key lessons for companies developing disruptive technologies in emerging markets today, based on interviews with industry leaders:

  1. Avoid Surprises: Invest in Policy Capital. Understanding policy, politics and regulations grants competitive and commercial advantage to businesses.
  2. Track Enabling Regulation. FinTechs need to advocate for the regulatory tools that will allow them to flourish: cross-border data flows, enabling privacy regimes, data classification and portability, regulatory sandboxes and “test and learn” approaches.
  3. Develop Capacity to Counter Cybersecurity Risks. Capacity-building initiatives and collaboration between the public and private sectors builds resilience and safeguards the financial services industry.
  4. Build Partnerships to Thrive. Incumbent financial institutions working alongside FinTech trailblazers guarantees robust partnerships that will advance commercial and regulatory goals.
  5. Capitalize on COVID-19 Digital Recovery. Increased attention to digital financial solutions in the context of COVID-19 has created momentum for FinTechs and gives them a seat in policy discussions.

 

Download Report



Related Articles

Healing with Algorithms: Creating a safe environment for AI’s integration into healthcare

Healing with Algorithms: Creating a safe environment for AI’s integration into healthcare

Artificial Intelligence (AI) has the potential to transform diagnostics, medical research, and patient experiences. Despite this, several obstacles stand in...

13 Mar 2024 AI Policy Lab reports
Connecting Fiji: The opportunity for growth and prosperity from subsea internet investment

Connecting Fiji: The opportunity for growth and prosperity from subsea internet investment

The widespread adoption of digital technologies, such as Artificial Intelligence, will require investments in digital infrastructure to ensure connectivity and...

7 Feb 2024 Reports
The Economic Value of A2P SMS in Mexico

The Economic Value of A2P SMS in Mexico

The increased connectivity enabled by digital technologies has changed communication patterns throughout economies and societies and played an important role...

25 Jan 2024 Reports
Telecoms and Government Regulators: Top 10 Focus Areas for 2024

Telecoms and Government Regulators: Top 10 Focus Areas for 2024

The world of telecommunications is changing. New applications have failed to emerge for 5G or gigabit broadband, with more focus...

18 Dec 2023 Opinion