Fintech is the growing and revolutionizing trend in the financial market and the growth of the financial technology is becoming more and more progressive day by day. Fintech is leading the financial market and investment banking to an era of sustainable financing. The fintech is redefining the ways of working of the financial sector and the everyday banking operations. The fintech is developing as an answer to almost all of the financial problems that is being faced by the individuals in the market or by the personnel in the banks. But the fintech is also facing a major question that is it able to advance so much that it can also be a solution to the environmental issues?
The world is filled with problems and the environmental degradation is adding up to the list, but there is a major need to look towards the nature along with the development of the country. The current fintech is not so much enabled to provide solutions to cope up with the problems that are affecting the environment. According to the statistical data, not even 1% of total global bonds are termed as “green” and there is less than 1% of the banking infrastructure that is environment friendly. These situations have to change and the changes can be brought up by expanding and increasing the scope of the fintech so that the major efforts can be made to uplift the current environmental conditions.
If we could just try to connect the fintech with the environment in a more eco friendly way then maybe we can call the fintech to be the eco friendly technology as well. There is one major example in the country of Kenya where the fintech company M-Kopa has launched a new scheme to provide solar energy based electricity to the people with the low income houses on a pay per use instalments. These pay per use instalments are being paid through M-Pesa and the fintech is playing a major role in the making this scheme successful till now. This mobile money system was prepared by the Kenyan company Safaricom, which has made this whole idea possible. With this idea, the fintech company M-Kopa is aiming to cover over one million houses until the end of the year 2018.
Is it really necessary to involve the fintech in the sustainable development?
Technology is a must to bring about a change in the world, even if it is about the environment itself. The environmental problems need a full proof solution and not the temporary ones which can be made successful by the collaboration of the fintech to the current environmental scenario. Once the fintech world is onboard with the eco friendly actions, the financial sectors can be linked up with the environment friendly infrastructure and ever so emerging needs of the sustainability.