cover image: Finance, Competitiveness, and Innovation Global Practice, World Bank Financial Institutions Group, International Finance Corporation - Fintech and the Future of Finance

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Finance, Competitiveness, and Innovation Global Practice, World Bank Financial Institutions Group, International Finance Corporation - Fintech and the Future of Finance

18 May 2022

Pangestu Managing Director of Development Policy and Partnerships World Bank viii Acknowledgements This Overview Paper distills the key findings and messages of a series of technical notes developed for the “Fintech and the Future of Finance” report, a joint effort by the World Bank and the International Financial Corporation (IFC). [...] The conceptual framework captures the implications of fintech and the digital transformation underway in financial services for market outcomes on one side, and policy making on the other, and how these two sides 9 Fintech and the Future of Finance Overview Paper interact. [...] These businesses leverage the connectivity of individuals and businesses, and the ability to quickly and easily collaborate, discover counterparties, and package and deliver a range of digital and physical goods and services. [...] The platform operators are embedding financial services to improve the experience of their different “customer constituencies.” For example, ride-hailing services in many countries seek to facilitate access to credit for drivers to purchase and maintain their vehicles and provide payment services to both riders and drivers to improve the safety and efficiency of the payment process. [...] This wave of technology has resulted in the unbundling of financial products, the reconfiguration of the value chains that produce and deliver financial products and services, and the entry of new providers.
Pages
108
Published in
Canada