The goals of the annual World Economic Forum (WEF), recently held in Davos, Switzerland, have been questioned in the recent years with reports of private jets, closed-door meetings and parties. Nevertheless, the main purpose of the conference should not be forgotten with the ongoing global economic uncertainties and mayhem.
This forum is considered pivotal because it is where the world’s most powerful people, including business, philanthropic, academic and political leaders, gather to discuss, and hopefully change, the most pressing issues in the world today. However, their power can’t reach its full potential if innovations and leading edge ideas are not thoroughly realized and appreciated in terms of helping communities tackle three of the main themes of this year’s WEF: financial inequality, market turmoil and migration.
Innovate Finance, an organization representing the global fintech sector of London, attended the forum to demonstrate how fintech can tackle these main issues and bring about real change in the 21st century. Their main goal is to bring together ordinary developers and leading institutions to establish the necessary changes that will facilitate the creation of sustainable financial services.
According to Innovate Finance, significant change can be attained if the fintech sector gets adequate support from investors, as well as the government. The sector has the ability to solve some of these pressing issues, both in developed and developing world. Even millions of migrants fleeing from areas dominated by war and economic turmoil will benefit.
The firm and the WEF have a common vision: how technology offers a myriad of transformative opportunities via digital, physical and biological fields. The main themes of this year’s forum are based on the account of the “Fourth Industrial Revolution”, putting an emphasis on the impact of technology in transforming the 21st century.
Many technologies are already facilitating an interconnected world. More people are getting exposed to fintech services through their wearables, smartphones, etc. Hence it is high time for the fintech community to be introduced to visionaries who want to transform the century by offering ingenious and tangible solutions.
With fintech services, about 2.5 billion people outside the traditional financial and banking system can be reached. The impact that fintech apps and products is already making in countries that were previously deterred by limited access to finance is very big. The traditional financial systems are being disrupted innovatively. This has helped in solving many problems related to financial remittance and payment, funding, insurance, financial risk, investment and savings. In the process, public trust in financial systems is also being rebuilt.
Some of the global fintech players supporting the initiative of Innovate Finance at Davos include: Bankable, DueDil, Coinsillium, BitFury, Nutmeg, MoneyFarm, RateSetter, OnDeck, Seedrs, Iwoca, TransferGo, LendInvest, Symphony, Yoyo Wallet, and SyndicateRoom.
Since its launch in 2014, Innovate Finance has remained focused on building a transparent and all-inclusive global fintech community that can accommodate startups, regulators, unicorns, investors, institutions, philanthropists, politicians, academicians, and professional services.