The FinTech Impact Report: Working through the world’s to-do list #FinTechforPeople But there is still work to do… 03 | ILL-SECURED PRODUCTS / SERVICES CAUSE FINANCIAL 19% of the FinTechs we assessed INSECURITY have some form of negative impact Digital innovations have revolutionised access to finance, but in some cases they also expose on people, where on average it is a customers to new unregulated risks and the potential for financial loss from early iterations of new 28 asset classes and alternative market platforms. Early regulator engagement, alongside greater very low negative impact. awareness and responsibility in founding teams, is required in light of the potential impact these propositions can have on customers and markets. 04 | REMITTANCES ARE STILL TOO COSTLY UK remitters paid £304 million more The UK’s average costs have gone down by an average of 0.06% per quarter since the ‘Reduced in 2022 than they would have if Inequality’ SDG Number 10 was introduced in Q3 2015.30 This rate of progress is too slow for the UK to companies had priced transactions come close to reaching the