The ongoing digitization of financial services and money creates opportunities to build more inclusive and efficient financial services and promote economic development. This digital transformation presents a paradigm shift that has various policy implications, including:
Deadline: 29-Jan-2019 at 11:59:59 PM (Eastern Time – Washington D.C.)
Objective of the research and subsequent report is to develop recommendations on an implementable strategy for fintech as a key component of the regional financial services in South Africa. The research will build on previously undertaken work National Treasurys Financial Centre for Africa (FCA) policy work, the previous Payment aspects of financial Inclusion (PAFI) report and the Finnovating for Africa report, 2017 as well as the recently released Doing Business Report. Deliverables include:
Articulate a vision, concept and strategy for a fintech focused financial centre and define a shortlist of specific interventions required; Shortlist a few short- to medium-term policy, legal, regulatory or tax interventions with the greatest potential for impact – Creation of a dynamic, mobile friendly application to allow for the data to be seen in different slices as well the use of APIs to allow dynamic view of the sector.
The Global Findex database is the world’s most comprehensive data set on how adults save, borrow, make payments, and manage risk. Launched with funding from the Bill & Melinda Gates Foundation, the database has been published every three years since 2011. The data are collected in partnership with Gallup, Inc., through nationally representative surveys of more than 150,000 adults in over 140 economies. The 2017 edition includes updated indicators on access to and use of formal and informal financial services. And it adds new data on the use of financial technology (fintech), including the use of mobile phones and the internet to conduct financial transactions.
Submitted by H.M. Queen Maxima of The Netherlands on June 14, 2018
—creating a financial system that works for all and opens the doors to greater stability and equitable progress.
This has been a demanding challenge. At the start of our engagement on financial access back in 2013, we said that having a real target with an end date would keep us focused and give us a benchmark against which we could measure progress.
Last month we learned that we have made strong and consistent progress—a real cause for celebration. According to the Global Findex database, more than half a billion people gained a financial transaction account over the last three years, thanks to a combination of technology, private investment, policy reforms, and support from the global community.