Preparations to host the first-ever Inclusive Fintech Forum slated for June 20-22, 2023, in Kigali have gained momentum, organizers said last week.
The three-day event, which is a high-level fintech gathering bringing together global regulators, policymakers, decision-makers, founders, and investors, seeks to among others spark discussions and ideate solutions on inclusive and sustainable FinTech, with an emphasis on the Global South, which includes Asia, Latin America, and Africa.
Organized by the Kigali International Financial Centre (KIFC) and Elevandi, a company established by the Monetary Authority of Singapore (MAS) to advance FinTech in the digital economy, the gathering is expected to draw over 2000 participants from across the globe, including 100 keynote speakers.
But what is it that these people will be courting for in Kigali, and how significant is it?
According to KIFC, by encouraging technology and policy discussions that will make FinTech development more equitable, accessible, and sustainable for all people around the world, the Forum hopes to "serve as a catalyst for financial inclusion and FinTech for Good.”
For Ntoudi Mouyelo, the Chief Investment Officer at Rwanda Finance Limited, the elephant in the room will be discussing strategic ways of strengthening integration in the financial ecosystem.
"As we know in the agenda of Africa 2063, integration and AfCFTA are key components, today we look mostly at trade between African countries, but the real backbone of any private sector or economic development is into the financial sector.”
He added, "So the next objective of this forum is to start the integration at the level of the financial sector, and we are leapfrogging if we are deciding to take that integration through financial technology because it is the easiest way to scale the connectivity between people, between goods and to make transactions easier,” Mouyelo added.
Equally important, he said, is the need to create and promote infrastructure, financial literacy, and public goods.
The Inclusive Financial Technology Forum was designed as part of a global strategy to create focus on different aspects of financial services, according to Sopnendu Mohanty, Chairman at Elevandi and Chief Fintech Officer at the Monetary Authority of Singapore.
"We look forward to finding the answers to several questions like how do implement solutions at scale, how do we implement solutions which are inclusive of every segment in society, how do you create a financial product which is comprehensive for anybody irrespective of their income status, how do we make policies to allow for that to happen, these are the focus areas we intend to showcase and discuss at this year’s forum.”
Mohanty highlighted that among participants at the event include Banks, asset managers, insurance companies, pension companies, startup funders among others.
Singapore was considered a small country and not FinTech feasible but now receives $4 billion investment annually, according to Mohanty.
Industry and Ecosystem stages will also focus on topical sessions on Payments, Credit, Financial Services, Risk Products, Capital Market Infrastructure, and ESG Products.
"One of the challenges is scaling solutions for the large segment of the population,” he stressed, citing that the issue remains unresolved despite progress recorded in the financial sector.
"Do we have a payment solution which is as close to zero? Can we send money across the border with less than 3 percent cost? There are real challenges which remain unresolved.”
Organizers say that the forum will also act as a catalyst for financial inclusion and FinTech for Good by promoting technology and policy conversations that will enable FinTech development to become more equitable, accessible, and sustainable to all people of the world.
The Forum will comprise a variety of dialogues and formats to spark debate and ideate solutions for inclusive finance globally.
Also expected is a specially designed area for vendors, business training programs, mentorship sessions, and a talent pavilion.