Hazel Henderson, D.Sc.Hon., (FRSA)
In 2015, the United Nations’ 195 member countries adopted their Sustainable Development Goals (SDGs) and committed to the global transition from the fossil-fueled industrial Era to low-carbon, knowledge-richer, green economies. This requires reforming incumbent finance and democratizing such services to drive this global transition toward accessible green technologies, jobs and infrastructure. While FINTECH companies can power this transition, few have embraced the potential of this next stage of human development. Too many FINTECH startups are being acquired by incumbent banks or coopted to serve narrow interests and conventional profit-maximizing.
•Many block-chain based patents have been filed by Goldman Sachs, Wells Fargo, J.P. Morgan, Bank of America, as well as similar initiatives by Barclay’s, UBS, Santander, along with venture capital investors. Over 50 major financial institutions see FINTECH as cutting their internal costs by up to $20 billion annually by 2020.
•Will FINTECH no longer be disrupting incumbent financial giants – but serving them by merely “paving their legacy cow paths” (i.e., back-office systems, records, transfers, loans, remittances)?
•Or will FINTECH adopt higher goals and independent values beyond Wall Street’s worst greed and self-interest? Will they join the global transition to more sharing, accessible, cleaner, greener, sustainable economies for our common future?