E D I T O R’ S
Q U E S T I O N
WHO NEEDS FINTECH THE MOST?
I asked three experts who they believe needs FinTech the most, and their insights were as diverse as they were compelling. From lagging banks struggling to modernise to SMBs seeking financial agility and underserved communities in need of better access, their responses shed light on the transformative power of FinTech.
Paul, CPA and Managing Partner of Law Firm, Velocity
I think the people who benefit the most are the ones traditional finance has historically underserved. Like small business owners, freelancers, lower-income individuals and anyone who doesn’ t fit the outdated mold of traditional finance.
In the case of small business owners, they need fast, flexible financing but don’ t always get that kind of support from banks. Mountains of paperwork, ridiculous collateral requirements, and approvals that take forever – that’ s what you’ re up against. And of course, sky-high interest rates. With FinTech platforms, there’ s better access to these much-needed resources. They offer instant loans, automated bookkeeping and better cash flow management.
Freelancers face the same kind of challenge. No steady pay check means traditional banks see them as risky. FinTech steps in with digital banks that cater specifically to gig workers, helping them manage irregular income, automate tax savings and get paid faster with lower fees.
Then there’ s the lower-income population, often locked out of the financial system due to credit history or lack of banking access. In the US, millions rely on unethical payday lenders because traditional banks don’ t see them as‘ profitable.’ FinTech is offering them real alternatives like no-fee banking apps, microloans with fair interest rates and credit-building tools that actually work. It’ s financial inclusion without exploitation.
To sum it up, if traditional finance worked for everyone, FinTech wouldn’ t exist. But the reality is, many individuals and businesses have been left behind. FinTech is levelling the playing field.
Turkey’ s national FinTech strategy and Egypt’ s investment in digital infrastructure have accelerated the adoption of FinTech solutions across various sectors.
The Middle East has proven successful in attracting global businesses and leveraging financial technology effectively. By adopting supportive conditions, access to capital and more importantly favourable regulatory framework there is an opportunity for other markets to follow suit. www. intelligentfin. tech
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