The digitalization of finance is essential to improving lives in the Global South and achieving eight of the 17 UN Sustainable Development Goals. But to capitalize on fintech's potential, lenders and investors need a coordinated strategy; a new United Nations task force could provide one.
JOHANNESBURG/NEW YORK – Financial digitalization – the digital revolution’s system-level transformation of the entire financial ecosystem – could catalyze global efforts to finance sustainable development. According to the McKinsey Global Institute, the expanded use of financial technology could drive growth across developing countries by up to $3.7 trillion by 2025, thanks mainly to increased productivity gains and broader financial inclusion.
JOHANNESBURG/NEW YORK – Financial digitalization – the digital revolution’s system-level transformation of the entire financial ecosystem – could catalyze global efforts to finance sustainable development. According to the McKinsey Global Institute, the expanded use of financial technology could drive growth across developing countries by up to $3.7 trillion by 2025, thanks mainly to increased productivity gains and broader financial inclusion.