Fintech dominates money

Innovation in the financial sector has moved rapidly and the global fintech sector has quadrupled in size since 2020 📈

Once-emerging technologies are now standard, such as Machine Learning, Natural Language Processing, Robotic Process Automation, Blockchain and Internet of Things, and they are embedded in most financial services. Major economies have become almost completely cashless.

While the biggest banks are fully digital, they haven’t been able to match what’s offered by tech giants, and in a handful of Western countries, tech companies have started to to hold as much power as the traditional banks there.

Because of this balance of power, the UN has started moves to include some of the biggest tech giants as Commercial Powers 👉

Most developing countries have developed a mature mobile infrastructure for finance 📲

But there are increased concerns around data sovereignty, surveillance and privacy 📲

Because digital identity is required for all transactions in the financial sector, this has also increased concerns around data sovereignty, surveillance, and privacy since the majority of big tech companies are based in the US or China.