"Fintech—the application of digital technology to financial services—is reshaping the
future of finance. Digital technologies are revolutionizing payments, lending, investment,
insurance, and other financial products and services—and the COVID-19 pandemic has
accelerated this process. Digitalization of financial services and money is helping to
bridge gaps in access to financial services for households and firms and is promoting
economic development. Improved access to basic financial services translates into
better firm productivity and growth for micro and small businesses, as well as higher
incomes and resilience to improve the lives of the poor. Technology can lower
transaction costs by overcoming geographical access barriers; increasing the speed,
security, and transparency of transactions; and allowing for more tailored financial
services that better serve consumers, including the poor. Women can especially benefit.
Yet too many people and firms still lack access to essential financial services that co
