Porfirio Sanchez Galindo Sees Emerging Benefits of Fintech Post-COVID
While Covid-19 continues to have a dramatic effect on worldwide economies, mathematician and economist, Porfirio Sanchez Galindo, puts forward his vision of how new technologies, like fintech, could help bring about a rebound.
According to Porfirio Sanchez Galindo, the FAO and ECLAC predict a 4.7-percent increase in poverty in Latin America, a 3.5-percent increase in extreme poverty and a Mexican economic contraction of 6.5 percent. Many countries in Latin America could also see a significant reduction in food purchasing power.
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— Porfirio Sanchez Galindo (@PSanchezGalindo) April 16, 2020
Nevertheless, Porfirio Sanchez Galindo perceives potentially beneficial applications of fintech. Financial technology takes advantage of widespread smartphone use and better Internet to improve financial transactions and activity. ePesos, for example, permits reimbursements through virtual wallets. Klar looks to democratize banking services and offers a debit card that acts like a credit card.
Other fintech advantages, says Porfirio Sanchez Galindo, include real-time financial information, faster payments, more agile creditworthiness evaluations and greater loan market access. Segments of society typically on the outside will also be able to integrate and expand the reach of services, he says. Aspects of distance working and learning can also transfer to financial transactions, says Sanchez Galindo, allowing business to take place apart from physical locations and increasing distancing safety during COVID. Blockchain technology and selfie identification through smartphones will also increase financial security, and greater public access to wholesalers will also help do away with business intermediaries, says Sanchez Galindo.
Fintech will democratize financial information and markets, reduce unnecessary time-expense and operating costs and increase the solidity and security of finance as a whole. Profirio Sanchez Galindo studied marketing, strategy and management at Stanford University. He also served Chief of Staff to the Secretary of the Treasury and worked as Chief Economist and Marketing Director for Televisa. He now focuses on emerging technologies.