Chartered Banker Institute CEO & ESG specialist
Over the past decade, digital, data-driven and internet enabled technologies have transformed many aspects of financial services. In this video, Simon will look both at the benefits of applying FinTech to green and sustainable finance, and also at some of the challenges to be overcome.
Over the past decade, digital, data-driven and internet enabled technologies have transformed many aspects of financial services. In this video, Simon will look both at the benefits of applying FinTech to green and sustainable finance, and also at some of the challenges to be overcome.
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11 mins 10 secs
G&S FinTech involves the application of FinTech tools and techniques to retail financial services, corporate banking, capital markets and blockchains to accelerate the growth of green and sustainable development. However, like any new ideas, there are challenges and costs associated with this.
Key learning objectives:
Explain the uses and benefits of FinTech tools in promoting G&S development
Identify some real-world examples of the impact of FinTech
Discuss the many costs and challenges to overcome
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Uses: FinTech tools enable the tracking and direct transfer of digital assets without the need for trusted intermediaries, and can automate services without the need for human intervention.
Benefits: FinTech techniques can enhance efficiency, distribution and transparency, reduce costs and increase access to finance for individuals and small businesses, particularly in the developing world. This, in turn, can greatly accelerate the growth and development of green and sustainable finance.
Cryptocurrencies - These are digital assets, generally using blockchain as a means of exchange for financial transactions without a central issuing authority.
Proponents of cryptocurrencies suggest that decentralised blockchain and smart contract technologies, linked to the availability of environmental performance and sustainability data, can incentivise more sustainable consumer behaviour. For example, Solar Coin, which rewards producers of solar energy.
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