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Ongoing distrust in banks is holding back the fintech ’revolution’
A deep-rooted distrust toward banks in many developed countries subsists, so crypto and fintech firms will firstly need to regain their trust. A crypto and fintech “revolution” could solve the lack of financial inclusion in developing countries — but it first needs to gain the trust of the unbanked, according to a payments firm executive. During a panel session at the Web Summit Qatar on Feb. 27 — Juan Pablo Ortega, a founder and CEO at online payment platform Yuno argued the biggest challenge to financial inclusion is distrust for anything other than cash — which he sees in high-inflation countries. However, the Indian government recently banned crypto exchanges Binance, Kraken, Kucoin and others last December for failing to comply with guidelines from the country’s financial intelligence unit — so it isn’t exactly clear what role crypto will play in that movement. #Asia #Business #Banks #Africa #Payments #Adoption #Latin America #Loans Source - Coin Telegraph
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