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4. The fintech industry will need More than anything, 2020 has shown how our industry can respond to massive
to get serious about financial upheaval with agility and innovative thinking. As we enter 2021, these qualities
inclusion will be more important than ever as we seek to deliver hyper-personalized and
inclusive experiences and products that customers demand in these constantly
The coronavirus pandemic has changing times.
thrown the inequalities of our
society into sharp relief. It is a Richard Hodgson is chief financial officer at Global Processing Services, www.globalprocessing.
crisis that, according to the UN,
disproportionately affects the poor com. For businesses seeking to understand what investors are looking for in the next fintech,
and vulnerable, illustrating how this GPS blog post will be helpful: https://bit.ly/2KO9Oi7. Organizations looking to understand
the inability of some groups to BaaS, and how it is changing the financial services game forever, can watch the 11:FS Decoding:
access financial services requires a Banking as a Service video series, sponsored by GPS, at https://bit.ly/2M7z17l.
meaningful solution.

In 2020, we've seen some ingenious,
innovative solutions addressing
financial inclusion: Starling's
Connected Card allows people to
make purchases on someone else's
behalf (for example, self-isolating
vulnerable relatives); Soldo Care
enables governments and charities
to distribute money quickly and
safely while maintaining budgetary
controls; and B4B Payments'
partnership with Migrant Help
has provided specially designed
prepaid cards to individuals without
the ability to access a typical bank
account.

And these innovations aren't just
limited to Europe. In Brazil's Marica
neighborhood, a basic income
distributed through the Mumbuca
digital currency has provided
support to people out of work as a
result of the coronavirus. In the Asia
Pacific region, there has been greater
acceleration towards financial
inclusion with the imminent issuing
of digital banking licenses in
Singapore and Malaysia. Through
these we are seeing the emergence
of exciting propositions like the
Razer Card by Razer Fintech, which
is targeting the banking needs of
the underserved millennial and
Generation Z segments through its
Razer Youth Bank arm.

In 2021, we will likely feel the full
of effects of a coronavirus-driven
recession. It will fall to fintechs
and the broader financial services
ecosystem to build on the shining
examples of financial inclusion in
2020 and ensure the least fortunate
in our society do not get left behind.

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