Leading world economist and mathematician Porfirio Sánchez Galindo said the advent of FinTech might be compared to the establishment of the first bank in Genoa, Italy, more than 600 years ago. Just as the development of modern banking revolutionized the world economy of six centuries ago, FinTech will radically alter the way money matters are handled globally going forward.
— Porfirio Sanchez Galindo (@PSanchezGalindo) July 2, 2020
FinTech is a broad term that denotes financial technology. It represents the many ways in which money and financial activities are evolving from a system based on paper-and-ink to that which flows electronically across the internet and within the many devices we now use every day. Changing from one medium to another is far more than a matter of convenience, Porfirio Sánchez said. The outcomes of FinTech will be so far-reaching, future social observers will pinpoint this era as a critical period that changed the course of history.
That’s because FinTech enables many financial activities that are impossible to accomplish with real world symbols of wealth like gold or money printed on paper. When wealth is symbolized electronically, it becomes instantly more fluid and can penetrate to areas of society that have been traditionally left behind.
Take crowdfunding, for example. Porfirio Sánchez said this enables just about anyone at any economic level to appeal directly to the market to fund a business start-up idea. Even a person living under the poverty line with a bad credit rating can launch a crowdfunding campaign on platforms like Kickstarter or GoFundMe. They can be in business with days.
Porfirio Sánchez Galindo is the former chief of staff of Mexico’s Treasury Ministry. He also worked as chief economist for Televisa, the Latin American media giant. Porfirio Sánchez is among the most sought-after FinTech consultants in Mexico today. He has gained world renown for his expertise in FinTech applications.
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