The Effect Of Travel Bans On Fintech

Trump has recently revised his controversial travel ban, excluding Iraqis from the embargo. What are the implications from this prevention of entry mean for fintech and its growth? Fintech is blossoming globally, with hubs springing up on every continent. What contributed to its fast-paced growth is the world’s ability to share ideas without any obstacles. This includes investing in developing countries and watching their potential become real. After Trump’s first travel ban, 127 tech companies, including Apple, Facebook, and Google filed orders against the ban based on constitutional reasons. For fintech firms based in Iran, Libya, Somalia, Yemen, Sudan, and Syria, regulation is the biggest obstacle they face. With the fintech talent unable to enter the US, its questionable if US investors can see the potential in these startups from abroad.

 

I believe this travel ban hurts the fintech sector overall. It puts an obstacle in the way of innovation that is fostered from worldwide competition. When a law is put up that people from these country cannot enter the US, we lose the talent they bring. It also gives the opportunity for other countries more accepting of immigrants to gain from their innovation.

 

Source: The Effect of Travel Bans on Fintech