Transformations happen over a fifty year cycle – usually in 10-year increments – and the once obscure fintech industry is now entering its “Golden Age.” Juvo advisor and investor, Ron Suber, states that the “middle 10-20 year” period in a 50-year cycle can be regarded as a “golden age” and during this sweet spot, technologies are at the height of their disruptive potential and incur the most radical innovation.”
Conversation has shifted from a celebration of fintech to an exploration of opportunities and challenges. It is forcing us to confront key economic and societal issues
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We will see an increased investment in fintech that will help drive financial inclusion agenda. This will mean there will be a need for regulators and banks to be more trusting of the fintech community – inroads have been made, but more can be done.
The Rise of Crypto & Blockchain
In 2018 cryptocurrency and blockchain will be the driving force of financial inclusion. As more financially underserved individuals gain access to entry level smart phones capable of running apps that access blockchain systems, financial services based on this technology will be put into the hands of everyone with a mobile device.
Blockchain solutions will create more utility by providing interoperability between mobile-money and digital-money systems providing the unbanked a convenient and easy tool for store of wealth, person-to-person payments & remittances, and payments to merchants in-store and online.
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By GlobalDataBecause of its portability, privacy and security, cryptocurrency protects individuals wealth from social, political and economic instability, creating long term stability and economic benefits to individuals and communities.
Advanced financial services such as investment portfolios, decentralised community based lending, insurance pools (smart-contracts), and asset registries will empower communities to create economic safety nets and financial growth vehicles that were previously available only to those with access to large amounts of capital.
Steve Polsky is CEO and founder of Juvo
