Why the “Inaugural Inclusive FinTech Forum” is a big deal
Preparations to host the first inclusive Fintech Forum scheduled for 20-22 June 2023 in Kigali has gained momentum, organizers said last week.
The three-day event, which is a high-level fintech gathering bringing together global regulators, decision-makers, decision-makers, founders and investors, seeks among other things to spark discussions and ideas for solutions on inclusive and sustainable FinTech, with an emphasis on Global South, which includes Asia, Latin America and Africa.
Organized by the Kigali International Financial Center (KIFC) and Elevandi, a company established by the Monetary Authority of Singapore (MAS) to promote FinTech in the digital economy, the gathering is expected to draw over 2,000 participants from around the world, including 100 keynote speakers.
But what do these people want to court in Kigali, and how important is it?
According to KIFC, by encouraging technology and policy discussions that will make FinTech development more equitable, accessible and sustainable for all people around the world, the forum hopes to “serve as a catalyst for financial inclusion and FinTech for Good.”
For Ntoudi Mouyelo, Chief Investment Officer at Rwanda Finance Limited, the elephant in the room will be discussing strategic ways to strengthen integration in the financial ecosystem.
“As we know in the Africa 2063 agenda, integration and AfCFTA are key components, today we mostly look at trade between African countries, but the real backbone of any private sector or economic development is in the financial sector.”
He added, “So the next goal of this forum is to start the integration at the level of the financial sector, and we skip if we decide to take that integration through financial technology because that is the easiest way to scale the connectivity between people, between goods and to make transactions easier,” Mouyelo added.
Equally important, he said, is the need to create and promote infrastructure, financial literacy and public goods.
The Inclusive Financial Technology Forum was designed as part of a global strategy to create focus on various aspects of financial services, according to Sopnendu Mohanty, chairman of Elevandi and Chief Fintech Officer at the Monetary Authority of Singapore.
“We look forward to finding answers to several questions such as how to implement solutions on a large scale, how to implement solutions that include all segments of society, how to create a financial product that is comprehensive for everyone regardless of income status, how to create guidelines for to allow that to happen, these are the focus areas we intend to showcase and discuss at this year’s forum.”
Mohanty highlighted that participants at the event include banks, asset managers, insurance companies, pension companies, start-up financiers among others.
Singapore was considered a small country and not feasible with FinTech, but now receives investments of $4 billion annually, according to Mohanty.
Industry and ecosystem stages will also focus on topical sessions on payments, credit, financial services, risk products, capital market infrastructure and ESG products.
“One of the challenges is to scale solutions for the large segment of the population,” he stressed, citing that the problem remains unresolved despite progress registered in the financial sector.
“Do we have a payment solution that is so close to zero? Can we send money across the border with less than a 3 percent cost? There are real challenges that are still unsolved.”
Organizers say the forum will also act as a catalyst for financial inclusion and FinTech for Good by promoting technology and policy conversations that will enable FinTech development to become more equitable, accessible and sustainable for all people in the world.
The forum will include a number of dialogues and formats to spark debate and ideas for solutions for inclusive finance globally.
A specially designed vendor area, business training programs, mentorship sessions and a talent pavilion are also expected.
