Fintech will determine the powerhouse economies of the next 10 years
The CEO of a major financial advisory, asset management and fintech organization believes fintech will determine which countries will become powerful economies in the next decade.
This was observed by Nigel Green, CEO and founder of deVere Group, after he was appointed as an advisor to Thailand’s National Innovation Agency (NIA), which is a Thai government agency.
NIA focuses on developing strategies that will promote innovation, increase investment in innovation and create a supportive environment for innovation so that productivity, economic restructuring, social development and global competitiveness can be improved.
Nigel Green says, “There is an intensifying war happening right now that is going to change our future. It is not the war that first comes to mind, but rather it is an epic technology and innovation race. Faced with a wide range of crises and challenges, especially social and political disruptions, public health crises, climate change and economic turmoil, nations around the world are increasingly focused on stamping their dominance politically, culturally and economically.The winners in the battle for this influence will come down to which country has superior technology.
The better the technology, the more sophisticated the military; the wider and more effective the political, social and cultural influence; and the more robust, adaptable and future-proof the economy.”
“With the breakneck pace of the digitization of everything in our lives”, says Nigel Green, “including the way we manage, use and access money, it is a given” that most major countries are already engaged in a soft war for fintech (financial technology) dominance.
Global investment in fintech is expected to peak at $91.5 billion in 2021, and the countries where the most investment was made are “likely to become more successful and competitive” over the next decade, says Nigel.
Nigel says: “The financial sector is currently undergoing the most profound transformation in history. What is driving this industry evolution? Fintech, which is the use of technology to deliver financial services to consumers. It is redefining and reshaping in fundamental ways, including in areas such as mobile banking, savings and investment apps, e-payments, peer-to-peer lending, cryptocurrencies, robo-advisors and crowdfunding.”
How can economies benefit from fintech?
“It can boost wider innovation and competition across the economy, while managing risk. It can also expand regulatory oversight to enable governments to promote a safe, efficient and inclusive financial system, which will help support the economy . In addition, it can help proactively shape markets to encourage modernisation, competition and productivity within the financial sector. In addition, it can help bridge the gap between the public and private sectors, which will create a more agile economy and contribute to strong cross-border coordination and sharing of information and best practice, says Nigel.
Because of these reasons, economies with a strong fintech industry will be able to sustain.
Nigel Green ends by saying, “Let’s be clear: without strong finance and financial industry, a country has limited influence. The future of finance is technology. As such, fintech will determine the powerhouse economies of the next decade.”
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