Entrepreneurs in financial services are helping to create a new middle class in the developing world. At the end of 2016, only half of the world had access to internet. Internet usage in third-world countries is growing tremendously, and those emerging markets hold potential and opportunity for fintech. This is because fintech is a necessity in these countries, compared to first-world countries that have many alternatives. According to McKinsey Global institute, widespread adoption of digital finance could increase the GDPs of all emerging economies by $3.7 trillion by 2025. Fintech can also bring a level of service enjoyed previously by only the wealthy, such as wealth management advisor services as a reduced cost through robo-advisors.
I agree with this article that fintech will help to increase inflow of money into the economy. Through adoption of internet in countries that lack it, this service has a brand new market to service. It is also accessible as long as there is internet, and may be the only option for transferring and maintaining funds in a country. By offering services at a fraction of the cost of traditional banking, it is able to reach to all socioeconomic classes by providing different packages.
This is a really interesting perspective considering that fintech is often discussed in the perspective of developed countries. It is interesting to see how it will help development elsewhere.