Transcript
In summary, FinTech is leading to some really amazing efficiencies that can help a lot of people bypass middlemen and save money, but it can also lead to exclusion within countries and exacerbate divides between countries. This is largely because these innovations are completely changing the very concept of money which is leading to questions about trust, proximity and especially power.
Where does this leave us? Will banks allow their power to be receded by decentralised cryptocurrencies, peer-to-peer lending networks and other FinTech innovations? Or will they use these developments to further consolidate their power over financial products?
Will governments stand idly by while their power over currency, personal identification, and other traditional government-based power is taken away by FinTech startups?
And how will both banks and governments react to the rise of TechFins, who seem to be growing daily, increasing in both power and profits as they expand further and further into services traditionally handled by other institutions?
Later in this module we will explore some of these questions. But first, let’s talk about what we mean when we say decentralised, or democratised.
