Financial technology is the driving factor in the development of many industries and economies across the globe. Developed countries are investing huge amounts in such research and markets, while other countries have failed to setup any sort of system for adopting such technologies. The impact that financial technology has had is evident in the West through a person’s ability to conduct online transactions or a company’s ability to improve its delivery service through the use of Artificial Intelligence (AI). Rwanda is one example of a fast growing economy due to the implementation of beneficial fintech policies. The government has focused on making it easier for citizens to conduct financial transactions instead of having to walk 10km to access financial services of any sort. Rwanda’s goal in the next 10 years is to become a technology hub and cashless economy.
With the constant development of new financial technologies and the large investments some countries are able to make in the research, the gap between developed and developing countries is increasing even further. It is interesting to see the major developments that countries like Rwanda have had in recent years and their goals in the near future. I believe that the success of countries depends on the commitment of their governments as is evident by the sort of policies implemented. There is a sort of responsibility placed on successful countries to offer assistance to those struggling to implement financial technologies or even gain access to them. The next few years will be telling in the race to keep up with the changing financial technologies.
http://www.newtimes.co.rw/section/article/2017-02-07/207756/