FinTech is changing traditional finance systems and creating a new model which has the potential to change individual behaviour and society at large, both locally and globally. In the fast-changing world of finance, new technologies and financial mechanisms are seen as the way forward. In response to the growing loss of confidence in traditional finance systems, and the demands of increasing globalisation and urbanisation, entrepreneurial FinTech Startup businesses have led the way in transforming the ways business is conducted, benefiting from hugely significant investment over the past decade. Both the public and private sectors are turning to the innovative financial mechanisms, and positive socio-economic and environmental impacts, that FinTech provides.
In this seminar chaired by Professor Medda, Mr Goda, a prominent FinTech entrepreneur, will explain his business model which has implemented a new electronic money and payment system in Africa, in collaboration with the public and private sectors. He will then explain how to apply the business model in local scenarios through some examples of local currency applications in Japan.
About the contributors
Francesca Medda (Chair) is Professor of Applied Economics and Finance at University College London (UCL). She is also Director of the UCL Institute of Finance and Technology, which focuses on digital finance, impact and sustainable finance, and urban and infrastructure investments. Since 2012 she has served as economic adviser to the UK government’s Ministry of Environment and Agriculture (Defra), and in 2014 she was an advisor to H.M. Treasury. She is Vice-President of the Parliamentary Scientific Committee. As well as her academic endeavours, she works actively in the private and public sectors, including with such institutions as the European Investment Bank, the World Bank, UNESCO, UN-Habitat, WILLIS Re, HALCROW, and UITP. She is currently running the Circular models Leveraging Investment in Cultural Heritage project (CLIC), which has received funding from a prestigious EU Horizon 2020 grant.
Makoto Goda is the CEO of Nippon Biodiesel Fuel. After studying Law at Kyoto University, in 2000 he founded Nippon Biodiesel Fuel Co., Ltd., which produces and sells biodiesel, mainly in Asia. Later, the company expanded its business base into Mozambique, Africa. In 2012, he established a local subsidiary in Mozambique, through which he is supporting villages without access to electricity with locally-produced renewable energy and food, and also developing FinTech and AgriTech services usable in farm villages and rural areas. He has been profiled by the Nikkei Asia Review as one of Japan’s most prominent FinTech entrepreneurs.