Maintaining Trust: Lessons for FinTech
One of the main drivers behind the boom in FinTech has been the lack of trust in traditional financial services. The level of distrust in these sectors varies across countries and regions, but it is a global feeling. Most recently this was illustrated in the Edelman Trust Barometer 2015 report. Based on the responses of over 33,000 people across 27 countries, it is the most comprehensive study on the concept currently available. Here’s what we learnt.
Philippines: The E-Money Platform
In its presentation, The E-money Platform: Opportunities for Digital Payments, the Philippines central bank Bangko Sentral Ng Pilipna (BSP) outlines its plans for e-money (FinTech). BSP aims to improve financial inclusion increasing “effective access to a wide range of financial services” to all Filipinos. BSP has four main areas of focus: savings, credit, payment and insurance for the “unbanked” population.
Philippines: E-Money – FinTech!
We often hear about the great financial inclusion in East Africa occurring as a result of the take-up in m-payments. This is true, thanks to firms like M-Pesa and BitPesa. However, less stated is the quiet gathering storm in the Philippines which was introduced to m-payments and FinTech long before anywhere else. Here we take a look at the four factors responsible for the growth in FinTech in the Philippines.
FinTech Innovation Plans (South Korea)
Though not as well connected as the other Far Eastern financial city-hubs like Hong Kong, Singapore or with the economic power of China or Japan; however, it’ll be wrong to presume South Korea is not making an effort. Instead the country has recognised that it is lagging behind and needs to make big changes to get ahead of its competitors.