Unlocking ?? Financial Inclusion ?? Through Public-Private Partnerships
Arjun Vir Singh
Enthusiastic about the Future of Financial Services | Learning about AI, Web3, Digital Assets | Advisor | Investor | Podcast Host | Author | LinkedIn Top Voice | Father to two daughters | All views on LI are personal
I had the privilege of hosting 18 Central Bankers on a Roundtable Discussion on the above during the Global Fintech Fest. Thank You to National Payments Corporation Of India (NPCI) for the invitation for such an amazing opportunity. Sharing a room with so many policymakers was not easy… trust me ???? ??
We had amazing representation from across LATAM, APAC and Africa and the discussion was rich of invaluable insights and experiences. Unfortunately, I am not at liberty to share who all were in the room or what was said specifically but some of the data points shared were astounding and the entire session was a learning experience. Here are my two cents worth on the topic.
??Despite all the digital advances we have made as world, financialinclusion remains a critical challenge globally - both in developed and developing nations. (PPPs) are increasingly emerging as a powerful tool to bridge this gap, serving both underserved consumers and small businesses
Here's how I see them make a difference:
?? Collaborative Innovation: PPPs combine government reach with private sector agility, fostering innovative solutions tailored to local needs. UPI is a great example of the same from India
?? Digital Infrastructure: Partnerships can build robust digital payment systems and mobile banking platforms, bringing financial services to remote areas. We can see examples of the same in countries like Kenya
?? Digital Identity: PPPs can develop secure, accessible digital ID systems, simplifying KYC processes and expanding access to financial services. Again, countries like Brasil and India have pioneered in this effort
?? Fintech Revolution: Regulatory sandboxes, a product of public-private collaboration, allow fintechs to innovate safely, leading to more inclusive financial products. South Africa has made a great advances with the same and so has Thailand
?? SME Financing: PPPs can create alternative credit scoring models and specialized lending platforms, unlocking capital for small businesses often overlooked by traditional banks. Great Britian has lead the charge on this for years
?? Data Sharing: Public-private data collaborations can lead to more accurate risk assessment, enabling financial institutions to serve previously excluded segments. Countries like Australia and Nigeria are working on improving this for the past few years
?? Financial Literacy: Joint initiatives can enhance financial education, empowering individuals and businesses to make informed financial decisions. ???? financial education network is a great example The potential of PPPs in driving financial inclusion is immense.
As we move forward, it's crucial for governments, financial institutions, and tech companies to join forces more often than they have in the past
(fin)tech - 18 years CEO - 8 years Operating Partner - 20 Board roles - 11 years McKinsey - | PayPal, Revolut, TransferGo, Barclays, GE, McKinsey | EMEA, NA, APAC, GCC
1 周Great post Arjun Vir Singh Public-private partnerships are crucial in unlocking financial inclusion, especially in developing countries where access to financial services is limited. Fintech and digital banking have revolutionized the way we think about banking, making it easier for individuals and small businesses to access financial services. I believe that governments should also play a key role in promoting financial inclusion by creating an enabling environment for private sector investment in this area. By working together, we can create a more inclusive financial system that benefits everyone.
Data Scholar | Turning Data into an Asset | Designing the Next Economy | Seasoned Industry Advisor | Innovation and Digital Evangelist | Speaker | Redefining Value and Learning
3 周Agree and many of us have been discussing this for a decade. The reality is we have to all want to do it. That means tech , business and public working together to create solutions that are accessible for all. We finally have all the tech to do it, we just need to adopt a different mindset. If we don’t, the data inclusion challenge will make financial inclusion look like a pin size hole.