Her Majesty Queen Máxima of the Netherlands, the United Nations Secretary-General’s Special Advocate for Financial Health (UNSGSA), delivered opening remarks at the Global FinTech Hackcelerator on Day 1 of the Singapore FinTech Festival, held in Singapore 6-8 November 2024.
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Ladies and Gentlemen,
It is a great pleasure to provide opening remarks for this year’s Global FinTech Hackcelerator. I am delighted to see the focus on financial health this year and am pleased that my office could contribute as a thematic partner to this critical initiative.
As we gather for today’s demo presentations, I want to acknowledge the hard work of every team and the invaluable support from the corporate sponsors. Your commitment to fintech innovation and experimentation is crucial to enhancing the financial health of households and micro-entrepreneurs worldwide. The Singapore FinTech Festival, alongside the Monetary Authority of Singapore (MAS), has been an invaluable partner and platform, consistently driving the conversation on inclusive fintech and bringing together partners who are at the frontier of expanding financial services to billions of people globally.
Today, I am especially pleased that our focus goes beyond mere access to finance to financial health. It centers on building products that meet people’s real needs, equipping them with the tools necessary to build resilience and, importantly, to enhance their financial health.
For the past 15 years as the UN Secretary-General’s Special Advocate, I have advocated for policies and business practices that ensure people have access to affordable, effective, and secure financial services. While more than three-quarters of adults globally now have access to formal financial services, this access alone doesn’t guarantee improved financial well-being. We see this disconnect across different contexts—both in developed and emerging markets.
Consider these findings: Nearly 4 in 10 Americans lack sufficient funds to cover a $400 emergency expense. Less than 1 in 5 adults in Kenya can meet basic daily needs, handle unexpected costs, and invest in future opportunities. In Brazil, almost 80% of surveyed adults worry about managing monthly expenses or meeting financial needs in old age. In my country, the Netherlands, we have over 99.7% financial inclusion, but one-third of households are financially vulnerable.
In Asia, similar trends persist, with many families struggling with financial challenges, from managing unforeseen expenses to dealing with household debt. Climate change and inflation exacerbate these challenges, making it even harder to manage day-to-day finances and plan ahead.
Meanwhile, essential financial products that foster resilience—such as insurance and savings—are not widely adopted. This gap underscores the need for solutions that not only address immediate financial needs but also help people secure a stable financial future.
Simply opening the doors to financial services is not enough. We must go further. We need to enhance people’s financial health by ensuring they have the tools to manage expenses, handle financial shocks, achieve personal goals, and build confidence in their financial lives.
It is inspiring to see each of you dedicating your talent and energy to this mission. As we deepen our shared commitment to financial health, I look forward to engaging with you and learning about your solutions. May your presentations inspire new ways for us to work together to create a future where financial health serves as a foundation for everyone’s prosperity.
I wish all the teams the best of luck in today’s presentations and eagerly await the exciting innovations you’ll share. Thank you.