PayPal Participates in Inaugural White House FinTech Summit

[Gunnar Larson]

PayPal Participates in Inaugural White House FinTech Summit

https://publicpolicy.paypal-corp.com/news/paypal-participates-inaugural-white-house-fintech-summit

On June 10th, [ June 15, 2016 ]  the White House hosted its first FinTech
Summit to examine the changing landscape of financial services, illustrate
the nexus between FinTech and Administration priorities, and discuss future
policy development. Adrienne Harris, Assistant to the President for
Economic Policy, hosted the event. Specific panel sessions were chaired by
Penny Pritzker, the U.S. Secretary of Commerce; Jason Furman, the Chairman
of the Council of Economic Advisors; and Gayle Smith, Administrator of the
US Agency for International Development. Over 250 stakeholders also
attended the event from financial institutions, start-ups, academia, and
policymaking bodies.

PayPal’s VP of Corporate Affairs, Franz Paasche, participated in an
afternoon panel entitled, “Filling the Gaps: FinTech’s Role in Financial
Inclusion & Development”, moderated by Gayle Smith. Other panelists
included Vikas Raj (Accion Venture Lab), Ryan Falvey (Center for Financial
Services Innovation Financial Solutions Lab), Greta Bull (Consultative
Group to Assist the Poor), and Jo Ann Barefoot (Harvard Kennedy School).
The goal of the panel was to discuss the millions of people globally that
do not have access to basic financial services. The discussion highlighted
innovations that promote access to identification required to participate
in the financial system, relevant and safe products that are administered
responsibly, as well as affordability and consumer choice for these
products.

PayPal’s contribution focused on the ways that technology is working to
address these issues for consumers, businesses and our society at large.
The panel addressed the potential opportunity for FinTech to make a
difference for the financial health of those underserved by the global
financial system. In addition, opportunities created by the global flows of
money and products through Cross-border digital payments system, like
PayPal and Xoom, were discussed as ways to help families easily, quickly
and affordably send remittances back home to relatives and friends, often
in emerging countries. Small business lending was another area that was
highlighted for its development opportunities. PayPal’s Working Capital
program in particular was discussed as filling the gap in access to capital
<http://www.mitpressjournals.org/doi/abs/10.1162/inov_a_00239> and credit
for small business owners, which was left in the wake of the 2008 financial
crisis.

PayPal’s contribution to the panel also focused on the need for partnership
and collaboration to bring financial participation and financial health at
scale to the billions who don’t have access to financial services or are
not able to participate. To address this challenge at scale globally, the
private sector, governments, and non-governmental institutions and
non-profits will need to work together. PayPal is working to extend its
impact on advancing financial participation and health by collaborating
with two non-profits, Village Capital and Kiva. PayPal and Village Capital
are directly supporting 40 promising entrepreneurs
<http://www.businesswire.com/news/home/20160308005583/en/Village-Capital-PayPal-Strengthen-Relationship-Improve-Access>
in
Latin America, India, and the US, who have technology-based solutions to
many of these financial participation challenges. Kiva has crowdsourced
nearly $861 million in increments as little as $25 for 2 million
entrepreneurs in 84 countries – with every single Kiva loan
<https://www.paypal.com/stories/us/paypal-and-kiva-celebrate-entrepreneurs-in-nyc>
processed
by PayPal.

The panel provided fruitful discussion on the opportunities FinTech
presents, the issues that currently prevent people from achieving financial
health globally, and the potential of innovation and technology to improve
people’s lives. PayPal’s goal is to improve the way people manage and move
their money through technology; this summit provided an opportunity for
PayPal to feature our mission as well as the products and services we have
produced to deliver on that mission.
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