The Commonwealth has launched a new Financial Technology programme to boost governments’ capacity and knowledge of the industry.
The move will see over 100 finance professionals from Commonwealth governments funded to attend online fintech courses offered by the University of Oxford and the University of Cambridge.
Commonwealth Secretary-General Patricia Scotland said: “In light of the COVID-19 crisis, we have accelerated and focused our support for work on fintech. Many countries across the Commonwealth are suffering from the growing economic impact of the pandemic. One way they can work to diversify their economies and look to build back capacity is by supporting and building their fintech industries.
“This initiative provides valuable opportunities for our member countries to build expertise and knowledge of the fintech industry which can be leveraged to benefit and diversify their economies.”
Employed to its full capacity, fintech could help Commonwealth countries diversify their economies after the COVID-19 crisis, increase efficiency, expand financial inclusion, and promote growth.
Participants will learn about fintech from both the perspective of a regulator and from the viewpoint of the innovative entrepreneurs driving the growth of the fintech industry across the world.
The Cambridge course focuses on helping regulators and policymakers understand the technologies behind fintech and the potential regulatory and policy implications.
The Oxford course will help participants understand the fintech market, predict trends, and develop their own fintech innovations.
The training is a joint project between the Commonwealth Secretariat, the University of Oxford’s Said Business School and Centre for Alternative Finance at the University of Cambridge’s Judge Business School.
Each course will feature guest speakers from around the Commonwealth.
The training is part of the Commonwealth’s new Fintech Toolkit, set to launch later this year, offering Commonwealth governments technical guidance and support to boost their fintech industries.