12 FinTech Startups working for financial inclusion gathered in Luxembourg
In 2017, easy, affordable and secure access to financial services is still a challenge in many countries and for many people. FinTech may help to support financial inclusion. It creates new means of providing financial services and products.
Aware of the growing importance of FinTech in the field of inclusive finance, EFSE Fund and the SANAD Fund for MSME, advised by Finance in motion, have partnered with Village Capital and the Luxembourg House of Financial Technology (LHoFT) to develop the Fincluders Bootcamp. The Fincluders Bootcamp, organised during two weeks (from October 23rd to November 3rd) in Luxembourg and Frankfurt, brings together 12 innovative FinTech for financial inclusion startups to learn from each other and dialogue with established financial institutions.
During the Bootcamp in Luxembourg, a session on FinTech in developing markets highlighted the best practices and challenges of implementing new technologies within microfinance institutions in the South. Dealing with inadequate or inexistent regulations was identified as the main difficulty for a FinTech startup. Finally, the session showed that capacity building is essential. In order to implement adequate digital tools, the microfinance actors need to understand the full digital eco system of the environment they are working in.
For more information about the Fincluders Bootcamp click here.
