Blockchain in Financial Services in Emerging Markets, Part I : Current Trends
Financial institutions around the world find themselves continually barraged by external innovations they are often unable to absorb and internalize. The emergence of innovative digital financial technologies has challenged traditional players in t...
| Main Author: | |
|---|---|
| Format: | Brief |
| Language: | English |
| Published: |
International Finance Corporation, Washington, DC
2018
|
| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/707491507180432280/Blockchain-in-financial-services-in-emerging-markets-part-one-current-trends http://hdl.handle.net/10986/30369 |
| Summary: | Financial institutions around the world
find themselves continually barraged by external innovations
they are often unable to absorb and internalize. The
emergence of innovative digital financial technologies has
challenged traditional players in the sector by
demonstrating new ways to deliver value across the entire
financial value chain. Blockchain, or distributed ledger
technology, is just such a disruptive, and possibly
game-changing, innovation. Emerging markets are in general
characterized by low banking penetration, the exit of
financial players from certain markets, strong demand for
financial inclusion both from individual consumers and small
businesses, high levels of mobile penetration, and less
developed business infrastructure and financial sector
incumbents. These conditions in combination can be a
powerful catalyst for the adoption of blockchain-based
financial solutions and can provide the basis for a
technological leap forward and a boost to financial
inclusion and growth. |
|---|