Global Fintech Hackelerator: Opening Remarks - Improving Financial Health
Delivered at the Singapore FinTech Festival, the keynote address emphasised the critical importance of enhancing financial health, transitioning from merely financial inclusion to a broader focus on resilience and well-being.
Key Highlights
1. The Vision for Financial Health
- From Financial Inclusion to Financial Health:
- H.M. Queen Máxima of the Netherlands expressed her vision for advancing beyond basic access to financial services, focusing on products that foster resilience and long-term financial stability.
- The theme of this year's Global Fintech Hackcelerator, the competition centers on creating solutions that address real financial challenges.
- A Broader Commitment
- H.M. Queen Máxima of the Netherlands commended the Monetary Authority of Singapore (MAS) and the Singapore FinTech Festival for their role as invaluable partners in promoting inclusive fintech and financial health innovation globally.
2. Current Challenges in Financial Well-Being
- Global Disparities:
- Despite 76% of adults worldwide having access to formal financial services, financial well-being remains elusive for many:
- United States: Nearly 40% cannot handle a $400 emergency expense.
- Kenya: Less than 20% can meet basic needs, manage financial shocks, and invest for the future.
- Brazil: 80% worry about monthly expenses and retirement.
- The Netherlands: One-third of the population is financially vulnerable despite near-total inclusion
- Regional Realities in Asia:
- Families face challenges from household debt to unexpected expenses, worsened by climate change and inflation.
- Adoption of essential products like savings accounts and insurance remains limited.
- Despite 76% of adults worldwide having access to formal financial services, financial well-being remains elusive for many:
3. The Path Forward
- Redefining Success
- Access alone is insufficient; financial services must empower users to:
- Manage expenses effectively.
- Handle financial shocks.
- Achieve personal goals.
- Build confidence in their financial lives.
- Access alone is insufficient; financial services must empower users to:
- A Call to Innovators:
- Participants in the Hackcelerator were lauded for their dedication to reimagining finance with customers at the center.
- Solutions that prioritise resilience and well-being will be key to addressing these systemic challenges.
Vision for the Future
- Collaborative Learning and Innovation:
- She also encouraged collaboration to develop tools that empower individuals and communities globally.
- Innovation in finance must move toward building prosperity for all, particularly the financially vulnerable.
Conclusion
The keynote ended with a message of inspiration and optimism, urging innovators to rethink finance, prioritise customer-centric solutions, and enhance financial health. The speaker eagerly awaited the transformative ideas presented during the Hackcelerator, fostering hope for a financially resilient future."
Speakers:
- H.M. Queen Máxima of the Netherlands, UN Secretary-General's Special Advocate for Financial Health