Nigel Green, founder and chief executive of deVere Group, one of the world’s largest independent financial services and advisory organisations have urged world leaders to commit to Fintech.
Green, who is part of the delegates heading to the Swiss mountain resort of Davos for the 50th annual World Economic Forum (WEF), starting on Tuesday, believes that for Fintech to thrive, world leaders need to make a big and bold commitment this year.
“As it celebrates its landmark 50th year, the World Economic Forum 2020 has the opportunity to champion and enhance the transformation of business, which has been dubbed the ‘Fourth Industrial Revolution.’
“We’re living through a pivotal moment in history in which increased and advancing technology is monumentally and profoundly changing the way we live, do business and interact with one another.”
He argued that the world can clearly see seismic shifts happening in the financial services industry – a sector trade and commerce is deeply reliant upon, stressing that the vast majority of this change is being driven by financial technology, or ‘fintech,’ Mobile banking and investment apps, peer-to-peer lending, cryptocurrencies like Bitcoin, robo-advisers, and crowdfunding are all part of this fundamental shake-up of the space.
He believes that Fintech can speed up the pace of global financial inclusion, provide access to financial services for millions of people who live in remote areas and/or who might normally not be able to use financial services because of historical biases of traditional financial companies.