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Rwanda, Singapore partner to advance fintech innovation

By , ITWeb
Africa , Rwanda , 06 Apr 2023

Rwanda and Singapore have launched a fintech forum to advance innovation in inclusive finance.

The forum aims to act as a catalyst for financial inclusion and fintech for good by promoting technology and policy conversations.

The Kigali International Financial Centre and Elevandi, a Singaporean firm, yesterday announced the launch of the first annual Inclusive Fintech Forum, to be held from 20 to 22 June, in Kigali.

The KIFC facilitates Rwanda’s international investments and cross-border transactions, while Elevandi is a company owned by the Monetary Authority of Singapore (MAS), that was established to advance fintechs in the digital economy.

For the inaugural event in June, global regulators, policymakers, decision-makers, founders, and investors will gather for three days of discussions on inclusive and sustainable fintech, primarily focusing on the global South, stretching from Africa to Latin America and Asia.

“The forum aims to act as a catalyst for financial inclusion and fintech for good by promoting technology and policy conversations that will enable fintech development to become more equitable, accessible, and sustainable to all people of the world. This also includes developing and promoting public goods, infrastructure, and financial literacy,” says a joint statement from KIFC and Elevandi.

Tidjane Thiam, board chairman, Rwanda Finance Limited, the agency mandated to promote the KIFC, says: “We are pleased to host the first annual global Inclusive Fintech Forum in Rwanda bringing together important decision-makers in the fintech industry in Africa and globally.

“Fintech, at the crossroads of Financial Services and Technology, has a unique ability to transform lives, particularly in emerging and developing countries.

“It can empower the most vulnerable in society by giving them access to financing and allowing them to achieve financial independence.

“It can also contribute to the growth and expansion of successful African SMEs to provide much-needed goods and services to consumers in Africa and beyond.

“This event is a unique opportunity to enrich the African fintech landscape and position KIFC as the new fast-growing hub for fintech.”

For Sopnendu Mohanty, chief fintech officer of MAS and chair of Elevandi’s board, the launch of the forum comes at ‘an imperative time’ when fintech is in the ‘optimal position to contribute to global causes’.

According to Mohanty, fintech’s promise is still a work in progress for making finance accessible to all people of the world.

“The forum will accelerate inclusion and impact conversations to make fintech more accessible. It will serve as building blocks for future dialogues,” he says.

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