How Emerging Markets Will Explode in FinTech and Solve Financial Inclusion Problems
Twitter: @cduhaime
Brazil, Vietnam, Hong Kong, China, Nigeria, India and possibly even a Syrian refugee camp — this is where the next wave of creative, innovative and game-changing FinTech will emerge. This chapter on how emerging markets will face the face of FinTech will cover real life examples of how, despite the developed infrastructure of the West, emerging markets are not only keeping up but will surpass the West in FinTech in years to come.
Let’s look at Vietnam for example. It has a population of 90 million people with the largest use of mobile devices in Asia and the greatest distrust of the formal banking system. In what seems like a daily basis, innovative startups in Ho Chi Minh are launching cutting-edge businesses to capture mobile banking across Vietnam and they are succeeding without much in the way of venture capital investment. This chapter will explore why that is happening and how come they are able to succeed in bring FinTech to Vietnam.
Another example is Nigeria. Despite portions of the country being affected by serious terrorist attacks, Nigerian startups are developing and sustaining real businesses in mobile remittances that are eliminating the need for formal banking infrastructure and resolving crucial financial inclusion problems in that country as well.
Solving financial inclusion is a theme that underlies the marvel of FinTech and its ultimate promise over established banks. As part of this chapter, we will weave in how financial inclusion problems are solved or solvable with FinTech in emerging markets.
Editors Notes: This entry has been submitted to the FINTECH Book, the world’s 1st globally crowd-sourced book on FINTECH. Readers that enjoyed this initial abstract are invited to share and like it so that it may be featured in a longer version.
The FINTECH Book is due to be released in April 2016 and is available for Pre-Order on Amazon.
