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BigFintechs & Sustainability: A necessary convergence

The rapid rise of global digital finance players (BigFintechs) in which technology has come to play a key role in driving an upsurge in growth, scale and diversification into financial services has taken many by surprise.

From charismatic antitrust actions to new data regulations, the world has advanced a series of measures in response to the new challenges brought by BigFintechs. Yet, we have not come up with a broader and more systematic consideration of the impacts of BigFintechs beyond financial regulatory and data governance considerations, for example across social, economic, and environmental domains, particularly in developing economies.

The Dialogue on Global Digital Finance Governance, hosted by UNDP and UNCDF, was established to explore this topic with an aim to catalyze governance innovations that take greater account of the SDG impacts of BigFintechs and are more inclusive of the voices of developing nations. Read more about the dialogue here.

The UN Capital Development Fund makes public and private finance work for the poor in the world’s 47 least developed countries (LDCs). With its capital mandate and instruments, UNCDF offers “last mile” finance models that unlock public and private resources, especially at the domestic level, to reduce poverty and support local economic development.