Financial Inclusion and FinTech in Suriname

This paper examines the potential role FinTech can play to support Surinames financial inclusion efforts. Financial technologyor “FinTech”describes the integration of technology into financial services to improve their use and delivery to customers. More importantly, it has the potential to meet the needs of those population segments that are not the main target of traditional financial services models. FinTech applications include mobile banking, mobile money, point-of-sale, e-commerce, and digital currencies. These solutions have contributed to financial inclusion, strengthening financial development, economic growth, poverty reduction, and socioeconomic development. We find that Suriname is making progress in promoting the development and use of FinTech. Still, there is room for further improvement, especially in fostering an enabling environment to harness FinTech opportunities, strengthening broader financial sector policies, addressing potential risks, promoting international collaboration, and addressing critical country-specific challenges.