FinTech is much more than what we see at the surface. And we’re not only talking about the technology underneath those innovative business models, or the modern looks of traditional services and products, not even the flashy marketing tactics.
FinTech is also solving deep issues we have as a society worldwide, those that the UN has included in the 2030 agenda and named as the Sustainable Development Goals (SDGs).
These Global Goals, were signed by all United Nations Member States in 2015. The finish line here is to end poverty, protect the planet and ensure that all people enjoy peace and prosperity by 2030. What not many people know is that but most FinTech start-ups help solving these problems. Especially those regarding No Poverty (SDG 1), Quality education (SDG 4), Decent work and economic growth (SDG 8), Reduce inequalities (SDG 10), Responsible consumption and production (SDG 12), and Peace, justice and strong institutions (SDG 16). But also, and more importantly, there is SDG 17: Partnership for the goals. We find this one especially relevant since collaboration is in the DNA of FinTech as they are born to work closely with traditional corporate, according to our data, 80% of these start-ups are B2B, B2B2C or both.
Spanish FinTech sector
Some examples of the Spanish FinTech sector, which has 360 start-ups (1,500 if we consider related ecosystems)
- Companies that provide loans to people at risk of financial exclusion, enabling their access to bank products and services (SDGs: 1, 8, 10, 12 and 16).
- Companies that, through Personal Finance Management services fight against lack of financial culture (SDGs 1, 4, 8, 10 y el 12).
- Companies that give access to decent pension funds, satisfying an increasingly social concern regarding the risk of not having a well-deserved retirement (SDGs 1, 8, 10, 12 y 16).
- Companies that allow you to have a better perspective of your accounts, expenses and savings (SDGs 8, 9, 11 y 12).
As traditional corporates, collaborating with FinTech has many benefits. We heard all about Open Innovation to adapt to new market requirements and trends. But no one said anything about fixing the planet through FinTech.
That’s why we are hosting the first FinTech for Sustainability in Madrid next March 19th, where we’ll gather regulators and institutions like the Head of Financial Innovation Division of Banco de España, the Digital Finance & Transformation Global Specialist of IFC, the Counsel of Economy, Employment and Competitiveness of Comunidad of Madrid, the National Stock
Market Commission, and the Spanish Office of Climate Change, and investors, corporates and start-ups.