An innovative toolkit has been developed for commonwealth countries to help them unlock the full potential of financial technologies that deliver an inclusive economic process driven by the secretariat. The toolkit was developed by the Commonwealth’s secretariat and the funding and support was courtesy of the Australian Government.
The rise in the use of FinTech across the Commonwealth
In the past decade, advances in financial technology (FinTech) have transformed most aspects of financial services while expanding banking services. Financial services have seen a revolution thanks to rapid technological advances that are making it more accessible, faster, and cheaper.
FinTech technology has significantly grown across the Commonwealth, through mobile money transfer in the Africa-Asia markets, a central bank-backed digital currency for the Caribbean, and a digital identity process in the Pacific.
Fintech can help countries overcome development challenges by promoting financial inclusion, lifting people out of poverty while boosting jobs, businesses, and economic growth.
The impact of FinTech has been credited with the doubling in bank ownership numbers across Commonwealth countries over the past decade.
New toolkit launched
This toolkit helps governments create a healthy regulatory banking environment for FinTechs to flourish while securing customer protections and financial stability. An action framework offers practical guidance that helps countries create an enabling environment for their FinTechs.
Provided are technical guidance on a wide range of technologies i.e blockchain, artificial intelligence, and cyber-security – all of which are vital in progressing development goals.
During the launch of the new toolkit, Patricia Scotland the Commonwealth Secretary-General expressed “immense satisfaction” in the new toolkit. “We know that FinTech has the potential to transform lives, harness sustainable economic growth, and break down barriers for the poorest and most marginalized.”
“Our intention is that through this toolkit and other support and guidance we shall accelerate the adoption and use of FinTech to catalyze sustainable economic development and financial inclusion for millions of people across our Commonwealth family.”