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Bassim Haidar at World Economic Forum website: mobile solutions are proving to be a lifeline in emerging economies

2 September 2022

Fintechs have always a unique capability to extend financial inclusion, improve the daily lives of people and spur growth. But during these unprecedented pandemic times, as our founder and CEO, Bassim Haidar notes in his opinion piece at World Economic Forum(WEF) website, that cause is more important than ever. In the latest of a series of articles that acknowledge Channel VAS’s leading role, expertise and thought leadership, Mr Haidar underlined the critical role fintechs play in emerging economies, where their solutions are proving to be a lifeline.

At World Economic Forum website, Bassim Haidar reminds that “providing robust fintech solutions to such regions is not a matter of convenience, as it is in the first world, but one of necessity, since they bridge gaps for unbanked people that the existing banking sector cannot”, adding that “now, with added challenge of this pandemic, the issue of accessibility has been brought to the fore”. Fintech solutions, such as those offered from Channel VAS, replace physical transactions, something which is very important at the time of social distancing.

Emerging countries are mobile-first markets and as the citizens “are forced to reconcile their need for interaction with restrictions on physical contact”, their smartphone is the only solution to stay in contact, which in turn has led to high demand for data consumption. With the use of advanced technologies, such as machine learning, big-data analytics and artificial intelligence, fintechs can overcome the load of mobile networks and “really make a difference”.

Remaining realistic, Mr Haidar admits that some fintech companies may not manage to maintain their operation as a result of the pandemic and the economic crisis. “For those that do manage to stay afloat communication is key” he argues. “They should keep their clients regularly updated, be clear with them and let them know that while the working environment may have changed, the company is still open for business to the available extent”. He adds that they should take full advantage of the benefits of technology and continue to provide the best possible service to clients, building a strong reputation.

“Most importantly, however, as the whole world shifts towards a new reality, there will be an abundance of post-pandemic opportunities for businesses. There will be new niches and exciting ideas, as people realise that the digital tools on which they have relied during this disruption are in fact providing important services, regardless of the conditions”, Mr Haidar concluded.