{"id":568496,"date":"2020-12-31T08:00:53","date_gmt":"2020-12-31T08:00:53","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/31\/covid-may-have-sparked-a-fintech-revolution\/"},"modified":"2020-12-31T08:00:53","modified_gmt":"2020-12-31T08:00:53","slug":"covid-may-have-sparked-a-fintech-revolution","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/31\/covid-may-have-sparked-a-fintech-revolution\/","title":{"rendered":"Covid may have sparked a fintech revolution"},"content":{"rendered":"

2020 was the year e-payments went mainstream:<\/strong> Central bank data from around the world has shown the pandemic has coincided with a strong increase in the use of a range of fintech products. The use of digital payments and remittance transfers, digital savings, deposits and lending, and so-called InsurTech have all surged this year, a survey<\/a> of regulators by the University of Cambridge Judge Business School and the World Bank. The poll of almost 1.4k fintech firms in 169 countries showed digital payments volumes increased by an average 13% and wealth management services up 11%. The Middle East saw the strongest growth, up 40% on average.<\/p>\n

The pandemic might have been what was needed for Egypt\u2019s financial inclusion plans as Egyptians became much more fond of everything electronic.<\/strong> In Egypt, policymakers have been pushing for financial inclusion for several years, and the pandemic seems to have given their initiative a shot in the arm. The number of mobile wallets in Egypt jumped<\/a> at least 17% between March and October, CIB saw a 100% y-o-y increase<\/a> in the number of internet and mobile banking transactions in a single month, and the number of Egyptians shopping online broke records<\/a>.<\/p>\n

Regulators around the emerging world moved fintech higher on their agendas:<\/strong> Nearly two-thirds of EM regulators now view fintech as a priority, and over half of the advanced world\u2019s policymakers say the pandemic has provided further impetus to the pre-covid trend towards digital payments, the study found. More than three-quarters of central banks in emerging markets (81%) and 70% of banks in advanced economies see it as positive for advancing financial inclusion objectives. On the flipside, the growth of fintech is likely to invite a lot more scrutiny from policymakers concerned about its potential to facilitate money laundering and cybersecurity.<\/p>\n

Is covid accelerating the push towards national digital currencies? <\/strong>Since the pandemic, we\u2019ve also heard of at least three plans to accelerate the launch of national digital currencies. China is, at the time of writing, continuing to trial its digital yuan<\/a> and plans to become the first country in the world to roll out a virtual currency. The European Central Bank has also floated around the idea of a digital Euro, with ECB President Christine Lagarde in October<\/a> saying the pandemic has shifted how \"we work \u2026 trade, and \u2026 pay.\" Russia also announced recently it\u2019s considering launching a digitized ruble.<\/p>\n","protected":false},"excerpt":{"rendered":"

2020 was the year e-payments went mainstream: Central bank data from around the world has shown the pandemic has coincided with a strong increase in the use of a range of fintech products. The use of digital payments and remittance transfers, digital savings, deposits and lending, and so-called InsurTech have all surged this year, a […]<\/p>\n","protected":false},"author":1,"featured_media":568497,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[10230],"tags":[518,155,2604,7087,290,183,10229,343],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-568496","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-money","tag-digital-currency","tag-digitization","tag-enterpriseyourwealth","tag-finance","tag-financial-inclusion","tag-fintech","tag-money","tag-regulation","wpautop","entry"],"acf":{"mongo_id":"95fd4693-c881-4eae-9ca3-59fef0460a7c","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/12\/531.jpg","photo_position":"above","related_issue":[568484],"teaser":"","voice_url":""},"yoast_head":"\nCovid may have sparked a fintech revolution - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/31\/covid-may-have-sparked-a-fintech-revolution\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Covid may have sparked a fintech revolution\" \/>\n<meta property=\"og:description\" content=\"2020 was the year e-payments went mainstream: Central bank data from around the world has shown the pandemic has coincided with a strong increase in the use of a range of fintech products. The use of digital payments and remittance transfers, digital savings, deposits and lending, and so-called InsurTech have all surged this year, a […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/31\/covid-may-have-sparked-a-fintech-revolution\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2020-12-31T08:00:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/531.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/31\/covid-may-have-sparked-a-fintech-revolution\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/31\/covid-may-have-sparked-a-fintech-revolution\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Covid may have sparked a fintech revolution\",\"datePublished\":\"2020-12-31T08:00:53+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/31\/covid-may-have-sparked-a-fintech-revolution\/\"},\"wordCount\":398,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/31\/covid-may-have-sparked-a-fintech-revolution\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/531.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Digital currency\",\"digitization\",\"EnterpriseYourWealth\",\"Finance\",\"financial inclusion\",\"Fintech\",\"MONEY\",\"regulation\"],\"articleSection\":[\"MONEY\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/31\/covid-may-have-sparked-a-fintech-revolution\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/31\/covid-may-have-sparked-a-fintech-revolution\/\",\"name\":\"Covid may have sparked a fintech revolution - 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Earlier this year, the government set up aEGP 1 bn (USD 57 mn) fund via the Central\u2026","rel":"","context":"In "Worth reading"","block_context":{"text":"Worth reading","link":"https:\/\/enterpriseam.com\/egypt\/category\/lifestyle\/worth-reading\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/328.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":576493,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/25\/central-bank-plans-digital-infrastructure-company-to-support-financial-inclusion\/","url_meta":{"origin":568496,"position":2},"title":"Central bank plans digital infrastructure company to support financial inclusion","author":"enterpriseam admin","date":"25 November 2020","format":false,"excerpt":"The Central Bank of Egypt\u2019s financial inclusion strategy seems to be moving forward after the bank yesterday set up a company to develop tech infrastructure and support digital payments, suggests a local press report. 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