In a recent article by Fintech Magazine, industry leaders explore the major challenges fintechs face in making a real social impact. From ensuring financial inclusion to tackling cybersecurity threats and adapting to evolving regulations, these companies must navigate a complex landscape to drive meaningful change.
In this article Matthieu Maurin, CEO and founder of Iceberg Data Lab, emphasizes the importance of investing in ESG expertise:
“The transition means new business models and technology, which requires investment in new models and expertise to understand them (for instance, what are the externalities and therefore the net impact of hydrogen or of batteries?). That means that the budgets to develop that ESG expertise should steeply increase in the coming years.
That will be possible only through efficiency gains from more mature cost centers at financial institutions, like the cost of financial data, which should be rationalized, provided by open-source data hubs, and free, leveraging on public repositories of financial reporting and rolling standards such as the XBRL format. Economic rent from incumbents selling financial data should be eliminated to leave room for much-needed investments into climate, nature, and social data that our economy needs now.”
Read the full article here: https://thefintechtimes.com/what-are-the-biggest-challenges-fintechs-need-to-overcome-to-ensure-meaningful-social-impact/
