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The importance of FinTech in emerging markets

FinTech services have quickly become fundamentally important for continued development in emerging markets. This is largely due to the fact that access to financial services for many in these countries, especially those living in more rural areas, occurs thanks to FinTech solutions that allow consumers to interact with financial institutions remotely. But the impact of COVID-19 has served to underscore the importance of such channels for making financial services available as access to physical locations has been cut off (or at least severely restricted) for an increasing number of consumers in emerging markets. While some FinTechs are struggling, others are prepared to help usher in a new reality and show these markets (and the world) a new model for doing business and living day-to-day life.

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