In today’s rapidly evolving digital landscape, financial technology, or fintech, has emerged as a powerful force with the potential to empower underserved communities. Through innovative technologies like mobile banking and digital payment systems, it’s revolutionizing access to financial services.
To address this topic, the EU Tech Chamber (EUTECH) Finance Alliance organised a webinar on June 28, 2023. The topic under discussion was, “The Impact of Fintech on Traditional Financial Institutions”.
The webinar was moderated by Judith Yong, director at EUTECH, who gave a formal introduction to the panelists and a brief overview of the organization. The event was co-moderated by Waleed Liaqat, coordinator of the Finance Alliance.
During the webinar, speakers highlighted how fintech addresses financial challenges in underserved communities, fostering inclusion and creating economic opportunities. They defined underserved communities as rural areas with limited access to banking services, low-income neighborhoods lacking financial institutions, immigrant communities facing language and cultural barriers, indigenous communities with limited banking infrastructure, and small businesses struggling to access capital.
Moreover, the webinar emphasized the importance of the circular economy, focusing on the principles of reduce, reuse, and recycle. Fintech’s role in facilitating a circular economy was discussed, including P2P lending, crowdfunding programs, digital marketplaces, and tokenization.
We want to thank our respectable speakers for their informed insights on this much-needed topic. Moreover, special thanks to Ms. Judith Yong and Mr. Waleed Liaqat for moderating the webinar and distributing Tree-Certificates to the panelists.
Above all, sincere thanks to all our attendees – your comments, compliments, and questions. Stay tuned for our next Finance Alliance webinar.