September 30, 2022 | News
The UK can lead the way in preparing ordinary citizens for a world without cash, so everyone can benefit from fintech, say experts at the University of Surrey, who have just launched the new Centre for Sustainable and Explainable Fintech (SAEF).
SAEF will focus on how the revolution in financial technology is bringing greater access to finance locally and globally – from the processing of global payments to the role of central banks and cryptocurrencies.
Professor Bonnie Buchanan, Director of SAEF at the University of Surrey, said: “While cashless payments and NFTs have slowly become the norm, the world of fintech has been very much the domain of those in the financial markets and technologists. At SAEF, we believe that fintech literacy is a matter of fairness – it can help the UK address global challenges such as wealth inequality, biodiversity, trust in institutions and regulation.
“SAEF will examine not only the transformation in financial services that fintech has introduced, but also the appropriate regulations and ethical use of fintech to maintain a stable financial system.
“We want to share our knowledge, research and expertise because everyone has a stake in the development of these crucial technologies.”
SAEF launches Wednesday, 28 September, aiming to help establish the UK as the world’s leading fintech eco-system home.
The launch comes after Gallup Poll found that 13 per cent of Americans use only cash for all purchases, and 64 per cent believe America will be a cashless society within their lifetime.
Professor Steve Wood, Dean of Surrey Business School, added: “The launch of the Surrey Business School Centre for Sustainable and Explainable Fintech (SAEF) is timely and complements the inter-disciplinary research focus within the School that includes banking, financial regulation, valuation, digital economy, entrepreneurship and data analytics.”