While fintech continues to be adopted by more and more people, there are still a few challenges that fintech must face in order to be an accepted method for the mainstream public. One of the issues are that many developing countries do not have the infrastructure or cloud services that are needed for many fintech firms to succeed. Another challenge for fintech services entering developing markets is that there is not much data for these companies to learn about their potential environment. With more data, fintech firms can make smarter and more advised decisions on how they can market and offer their products to developing communities.
Lastly, much of the world’s population are living paycheck to paycheck and do not see the need of the fintech’s offerings. However, fintech firms are continuing to adapt their product lines and services in order to successfully adapt to these new developing nations. I believe the rise of fintech can have a very positive affect on the people in developing countries, but there are a few issues that are currently in the way. However, I think fintech firms will continue to learn and tailor their business to fit the needs of these markets.
https://hbr.org/2017/01/fintech-companies-could-give-billions-of-people-more-banking-options