Put simply: the structure of finance today prevents billions of people from accessing baseline financial services and economic opportunity.
Even in regions with robust fintech ecosystems like the United States, gaps in access to banking and finance persist. According to the FDIC,in fees on non-bank financial services, like check cashing and money orders. However, we have the technology to speed up and reduce the costs of global financial services, to open finance to these struggling communities and lift all boats in the process.
Recognizing the value open banking can offer consumers in the U.S., Consumer Financial Protection Bureau Director Rohit Chopra said, “a shift toward open and decentralized banking can supercharge competition, improve financial products and services, and discourage junk fees,” in a. As open banking has moved from academic halls into real practice, it has catalyzed the modernization fundamental to repairing or replacing financial infrastructure.
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