How FinTechs are reshaping development

The fusion of technology and the financial world is no longer limited to improving banking experiences as many new FinTech startups are using technology to create a brighter future in developing countries. By promoting social and economic development through the use of innovative tech solutions, FinTech startups are tackling some of the world’s most stubborn problems and helping create sustainable economic and social businesses. This new model of business has the potential to impact the lives of a greater number of people than traditional development models. Perhaps surprisingly, the key is not in bringing in the most cutting-edge technological solutions; rather, it is in configuring existing technologies to a new context in a way that improves living conditions for millions of people. In the near future, collaborative efforts between FinTechs and development organizations could demonstrate how technology can be leveraged to raise standards in even the poorest countries and start a snowball effect redefining how we think about development.