COVID-19 has not only had but will likely have a continuing and significant economic and social impact. According to ECLAC, poverty in Latin America is projected to go from 30.3 percent to 34 percent and extreme poverty from 11 to 13.5 percent. An economic contraction of 6.5 percent is expected in Mexico. Food purchasing power is also expected to drop in many countries within Central and South America.
— Porfirio Sanchez Galindo (@PSanchezGalindo) March 27, 2020
However, Porfirio Sanchez Galindo, an economist and mathematician, believes Fintech can make a difference by bringing new technologies and the advantages of mobile communication to the problem and increasing collaboration and coordination.
Such innovations as real-time financial information and digital identity validation will enable agile business evaluations and remote transactions, such as tax payments, that don’t require the close proximity of the participants. Blockchain will also provide a secure information and transaction platform, says Porfirio Sanchez Galindo.
In Mexico in particular, the passage of the Fintech Law has made the country a pioneer in Latin America in the adoption of more cost-effective financial methods.
Porfirio Sanchez Galindo believes the advent of Fintech will serve as an advantage in collaborative creativity and adaptability to the impacts of COVID-19. See This Article.
Porfirio Sanchez Galindo is a forward-thinking businessman and entrepreneur in Mexico. He studied strategy, management and marketing at Stanford University and served as the Chief of Staff for the Secretary of the Treasury. He currently focuses on emerging tech.