Fintech and sustainability are the two major drivers of change in the financial sector. There isn’t a financial institution that’s not involved in it. There isn’t a startup that does not derive its right to exist from it. What is striking about this, however, is that the combination is rare. Fintech is usually primarily a way of organising the existing financial practice more efficiently. But what is the role of fintech in creating a financial sector that includes green and social values?
In 2016, the UN Environmental Programme (UNEP) published a report called Fintech and Sustainable Development. The report presents sustainable development and new (financial) technology as the two ‘strains’ of DNA. They both have the same ‘basic potential as drivers of change and impact’ and are suitable for ‘creating new, sustainable business models’.