PayPal Participates in Inaugural White House FinTech Summit

   [1]https://publicpolicy.paypal-corp.com/news/paypal-participates-inaugu
   ral-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 [2]access to capital 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 [3]supporting
   40 promising entrepreneurs 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 [4]every single Kiva loan 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.

References

   1. https://publicpolicy.paypal-corp.com/news/paypal-participates-inaugural-white-house-fintech-summit
   2. http://www.mitpressjournals.org/doi/abs/10.1162/inov_a_00239
   3. http://www.businesswire.com/news/home/20160308005583/en/Village-Capital-PayPal-Strengthen-Relationship-Improve-Access
   4. https://www.paypal.com/stories/us/paypal-and-kiva-celebrate-entrepreneurs-in-nyc