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Fintech Index Country Infographics

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ING’s Economics Department has developed a fintech index that assesses a country’s fintech environment. The index covers three broad aspects that can influence and drive FinTech investment decisions. In total 73 developing and emerging economies are included.

The index is built on three key concepts:
1. The (potential) demand for fintech-led financial inclusion which considers the urgency for fintech to financially include individuals as well as MSMEs, especially those located in rural areas far away from bank branches.
2. The market supply side of fintech technologies. This is an assessment of a country’s supportive environment for FinTech.
3. The political and regulatory risk environment. This is a proxy for a country’s investment climate. A country could have a high urgency for fintech, good infrastructure and ecosystem, but may be less attractive due to an unstable investment climate. As such, it might not fit the investment mandate.

Publié dans : Économie & finance

Fintech Index Country Infographics

  1. 1. Country index NEXT Click on country for FinTech infographic Country index
  2. 2. 0.02% 0.04% 62% 38% 2015 2050 Expected population growth 2015 vs 2050 Demographics (Source: United Nations) Population and share in world population GDP per capita (dollars) WorldAlbania Albania 200% 150% 100% 50% 0% -50% -7% 32% Albania World GDP (2015, billion dollars) and share in world GDP Albania Urgency for Financial Inclusion (Source: World Bank / IFC) (% of population over 15 years old) (% of MSMEs) 8% 18% 34% 40% Developing World Rank #10 Developing World Rank #32 FinTech Ecosystem (Source: World Bank / Global Innovation Index) 6 20 Albania Developing World Developing World Rank #35 Developing World Rank #7 No credit needs Unserved Upper middle income economies Underserved Well-served Political and Regulatory Stability FinTech Ecosystem FinTech Infrastructure Urgency for Financial Inclusion Banked Unbanked Strength of Legal Rights Political Stability Control of Corruption Innovation Time to Start a Business Electricity Coverage Internet Penetration Mobile Penetration Rural Population Poverty MSMEs Unserved Unbanked Population 1 2 3 4 5 6 7 8 9 10 4 3 2 1 0 Most Innovative Innovative Moderately Innovative Least innovative 3 FinTech Opportunities (Source: World Bank) Birth Registration (% of children under 5 who are registered) Private Credit Bureau Coverage (% of population covered by private credit agencies) Public Credit Registries (% of population covered by public credit agencies) Cost of remittances (average % of money sent) FinTech Infrastructure (Source: ITU) Albania Developing World 105 Albania Developing World Albania 0% Developing World 28% Albania 27% Developing World 13% Electricity Reliability BiometricsUnbanked Population MSME Credit Gap Alternative Credit Scoring Virtual Currencies (in days) Time to Start a Business Innovation Index (% individuals using the internet) Internet Use Density (subscriptions per 100 inhabitants) Mobile Subscription Density 1.5 mln Developing World Rank #63 0.1 mln Enterprises 2.9 mln World rank #66 $11.5 bln World rank #57 Least Urgent Moderately Urgent Urgent Most Urgent 99% Most Urgent Urgent Moderately Urgent Least Urgent 8.1% 106 36% 63% $10,004.9 $3,965.0 Economy (Source: IMF / Worldbank) PREVIOUS NEXTCountry index
  3. 3. Political and Regulatory Stability FinTech Ecosystem FinTech Infrastructure Urgency for Financial Inclusion Strength of Legal Rights Political Stability Control of Corruption Innovation Time to Start a Business Electricity Reliability 0.14% 1% 5% 62% 32% 0.34% 71% 29% 2015 2050 Expected population growth 2015 vs 2050 Demographics (Source: United Nations) Population and share in world population GDP per capita (dollars) WorldAngola Angola 25.0 mln World rank #26 $102.6 bln World rank #18 200% 150% 100% 50% 0% -50% Angola World Angola Urgency for Financial Inclusion (Source: World Bank / IFC) (% of population over 15 years old) (% of MSMEs) 9.3 mln Developing World Rank #30 Developing World Rank #62 Developing World Rank #58 FinTech Ecosystem (Source: World Bank / Global Innovation Index) Angola Developing World Developing World Rank #67 Developing World Rank #63 No credit needs Unserved Upper middle income economies Underserved Well-served Banked Unbanked Electricity Coverage Internet Penetration Mobile Penetration Rural Population Poverty MSMEs Unserved Unbanked Population 1 2 3 4 5 6 7 8 9 10 4 3 2 1 0 Most Innovative Innovative Moderately Innovative Least innovative 1 FinTech Opportunities (Source: World Bank) Birth Registration (% of children under 5 who are registered) Private Credit Bureau Coverage (% of population covered by private credit agencies) Public Credit Registries (% of population covered by public credit agencies) Cost of remittances (average % of money sent) FinTech Infrastructure (Source: ITU) Angola Developing World 105 Angola Developing World Angola 0% Developing World Angola 3% Developing World 0.8 mln Enterprises BiometricsUnbanked Population MSME Credit Gap Alternative Credit Scoring Virtual Currencies (in days) Time to Start a Business Innovation Index (% individuals using the internet) Internet Use Density (subscriptions per 100 inhabitants) Mobile Subscription Density 28% 13% 36 20 Least Urgent Moderately Urgent Urgent Most Urgent 36% Most Urgent Urgent Moderately Urgent Least Urgent 16.9% 61 36% 12% $10,004.9 $4,102.1 GDP (2015, billion dollars) and share in world GDP Economy (Source: IMF / Worldbank) 32% 162% PREVIOUS NEXTCountry index
  4. 4. Political and Regulatory Stability FinTech Ecosystem FinTech Infrastructure Urgency for Financial Inclusion Strength of Legal Rights Political Stability Control of Corruption Innovation Time to Start a Business Electricity Reliability 0.01% 9% 33% 28% 30% 0.04% 83% 17% 2015 2050 Expected population growth 2015 vs 2050 Demographics (Source: United Nations) Population and share in world population GDP per capita (dollars) WorldArmenia Armenia 3.0 mln World rank #64 $10.6 bln World rank #59 200% 150% 100% 50% 0% -50% Armenia World Armenia Urgency for Financial Inclusion (Source: World Bank / IFC) (% of population over 15 years old) (% of MSMEs) 2.0 mln Developing World Rank #59 Developing World Rank #3 Developing World Rank #14 FinTech Ecosystem (Source: World Bank / Global Innovation Index) Armenia Developing World Developing World Rank #27 Developing World Rank #11 No credit needs Unserved Lower middle income economies Underserved Well-served Banked Unbanked Electricity Coverage Internet Penetration Mobile Penetration Rural Population Poverty MSMEs Unserved Unbanked Population 1 2 3 4 5 6 7 8 9 10 4 3 2 1 0 Most Innovative Innovative Moderately Innovative Least innovative 4 FinTech Opportunities (Source: World Bank) Birth Registration (% of children under 5 who are registered) Private Credit Bureau Coverage (% of population covered by private credit agencies) Public Credit Registries (% of population covered by public credit agencies) Cost of remittances (average % of money sent) FinTech Infrastructure (Source: ITU) Armenia Developing World 105 Armenia Developing World Armenia 94% Developing World Armenia 0% Developing World 0.2 mln Enterprises BiometricsUnbanked Population MSME Credit Gap Alternative Credit Scoring Virtual Currencies (in days) Time to Start a Business Innovation Index (% individuals using the internet) Internet Use Density (subscriptions per 100 inhabitants) Mobile Subscription Density 28% 13% 20 3 Least Urgent Moderately Urgent Urgent Most Urgent 100% Most Urgent Urgent Moderately Urgent Least Urgent 1.5% 115 36% 58%$10,004.9 $3,499.8 GDP (2015, billion dollars) and share in world GDP Economy (Source: IMF / Worldbank) 32% -10% PREVIOUS NEXTCountry index
  5. 5. Political and Regulatory Stability FinTech Ecosystem FinTech Infrastructure Urgency for Financial Inclusion Strength of Legal Rights Political Stability Control of Corruption Innovation Time to Start a Business Electricity Reliability 0.07% 4% 10% 41% 45% 0.13% 71% 29% 2015 2050 Expected population growth 2015 vs 2050 Demographics (Source: United Nations) Population and share in world population GDP per capita (dollars) WorldAzerbaijan Azerbaijan 9.7 mln World rank #47 $53.0 bln World rank #30 200% 150% 100% 50% 0% -50% Azerbaijan World Azerbaijan Urgency for Financial Inclusion (Source: World Bank / IFC) (% of population over 15 years old) (% of MSMEs) 5.3 mln Developing World Rank #43 Developing World Rank #3 Developing World Rank #38 FinTech Ecosystem (Source: World Bank / Global Innovation Index) Azerbaijan Developing World Developing World Rank #31 Developing World Rank #1 No credit needs Unserved Upper middle income economies Underserved Well-served Banked Unbanked Electricity Coverage Internet Penetration Mobile Penetration Rural Population Poverty MSMEs Unserved Unbanked Population 1 2 3 4 5 6 7 8 9 10 4 3 2 1 0 Most Innovative Innovative Moderately Innovative Least innovative 2 FinTech Opportunities (Source: World Bank) Birth Registration (% of children under 5 who are registered) Private Credit Bureau Coverage (% of population covered by private credit agencies) Public Credit Registries (% of population covered by public credit agencies) Cost of remittances (average % of money sent) FinTech Infrastructure (Source: ITU) Azerbaijan Developing World 105 Azerbaijan Developing World Azerbaijan 0% Developing World Azerbaijan 34% Developing World 0.4 mln Enterprises BiometricsUnbanked Population MSME Credit Gap Alternative Credit Scoring Virtual Currencies (in days) Time to Start a Business Innovation Index (% individuals using the internet) Internet Use Density (subscriptions per 100 inhabitants) Mobile Subscription Density 28% 13% 20 3 Least Urgent Moderately Urgent Urgent Most Urgent 94% Most Urgent Urgent Moderately Urgent Least Urgent 1.3% 111 36% 77% $10,004.9 $5,496.3 GDP (2015, billion dollars) and share in world GDP Economy (Source: IMF / Worldbank) 32% 12% PREVIOUS NEXTCountry index
  6. 6. Political and Regulatory Stability FinTech Ecosystem FinTech Infrastructure Urgency for Financial Inclusion Strength of Legal Rights Political Stability Control of Corruption Innovation Time to Start a Business Electricity Reliability 0.27% 4% 10% 39% 47% 2.19% 71% 29% 2015 2050 Expected population growth 2015 vs 2050 Demographics (Source: United Nations) Population and share in world population GDP per capita (dollars) WorldBangladesh Bangladesh 161.0 mln World rank #7 $195.1 bln World rank #13 200% 150% 100% 50% 0% -50% Bangladesh World Bangladesh Urgency for Financial Inclusion (Source: World Bank / IFC) (% of population over 15 years old) (% of MSMEs) 80.5 mln Developing World Rank #5 Developing World Rank #48 Developing World Rank #64 FinTech Ecosystem (Source: World Bank / Global Innovation Index) Bangladesh Developing World Developing World Rank #52 Developing World Rank #62 No credit needs Unserved Lower middle income economies Underserved Well-served Banked Unbanked Electricity Coverage Internet Penetration Mobile Penetration Rural Population Poverty MSMEs Unserved Unbanked Population 1 2 3 4 5 6 7 8 9 10 4 3 2 1 0 Most Innovative Innovative Moderately Innovative Least innovative 1 FinTech Opportunities (Source: World Bank) Birth Registration (% of children under 5 who are registered) Private Credit Bureau Coverage (% of population covered by private credit agencies) Public Credit Registries (% of population covered by public credit agencies) Cost of remittances (average % of money sent) FinTech Infrastructure (Source: ITU) Bangladesh Developing World 105 Bangladesh Developing World Bangladesh 0% Developing World Bangladesh 1% Developing World 10.6 mln Enterprises BiometricsUnbanked Population MSME Credit Gap Alternative Credit Scoring Virtual Currencies (in days) Time to Start a Business Innovation Index (% individuals using the internet) Internet Use Density (subscriptions per 100 inhabitants) Mobile Subscription Density 28% 13% 2020 Least Urgent Moderately Urgent Urgent Most Urgent 37% Most Urgent Urgent Moderately Urgent Least Urgent 4.1% 83 36% 14% $10,004.9 $1,211.7 GDP (2015, billion dollars) and share in world GDP Economy (Source: IMF / Worldbank) 32% 26% PREVIOUS NEXTCountry index
  7. 7. Political and Regulatory Stability FinTech Ecosystem FinTech Infrastructure Urgency for Financial Inclusion Strength of Legal Rights Political Stability Control of Corruption Innovation Time to Start a Business Electricity Reliability 0.07% 7% 17% 36% 40% 0.13% 2015 2050 Expected population growth 2015 vs 2050 Demographics (Source: United Nations) Population and share in world population GDP per capita (dollars) WorldBelarus Belarus 9.5 mln World rank #48 $54.6 bln World rank #29 200% 150% 100% 50% 0% -50% Belarus World Belarus Urgency for Financial Inclusion (Source: World Bank / IFC) (% of population over 15 years old) (% of MSMEs) Developing World Rank #3 Developing World Rank #7 FinTech Ecosystem (Source: World Bank / Global Innovation Index) Belarus Developing World Developing World Rank #22 Developing World Rank #8 No credit needs Unserved Upper middle income economies Underserved Well-served Banked Unbanked Electricity Coverage Internet Penetration Mobile Penetration Rural Population Poverty MSMEs Unserved Unbanked Population 1 2 3 4 5 6 7 8 9 10 4 3 2 1 0 Most Innovative Innovative Moderately Innovative Least innovative 4 FinTech Opportunities (Source: World Bank) Birth Registration (% of children under 5 who are registered) Private Credit Bureau Coverage (% of population covered by private credit agencies) Public Credit Registries (% of population covered by public credit agencies) Cost of remittances (average % of money sent) FinTech Infrastructure (Source: ITU) Belarus Developing World 105 Belarus Developing World Belarus 0% Developing World Belarus 67% Developing World 0.3 mln Enterprises BiometricsUnbanked Population MSME Credit Gap Alternative Credit Scoring Virtual Currencies (in days) Time to Start a Business Innovation Index (% individuals using the internet) Internet Use Density (subscriptions per 100 inhabitants) Mobile Subscription Density 28% 13% 20 3 Least Urgent Moderately Urgent Urgent Most Urgent 100% Most Urgent Urgent Moderately Urgent Least Urgent 1.5% 124 36% 62% $10,004.9 $5,740.5 28% 72% GDP (2015, billion dollars) and share in world GDP Economy (Source: IMF / Worldbank) 32% -14% 2.2 mln Developing World Rank #58 PREVIOUS NEXTCountry index
  8. 8. Political and Regulatory Stability FinTech Ecosystem FinTech Infrastructure Urgency for Financial Inclusion Strength of Legal Rights Political Stability Control of Corruption Innovation Time to Start a Business Electricity Reliability 0.003% 4% 11% 39% 46% 0.01% 66% 34% 2015 2050 Expected population growth 2015 vs 2050 Demographics (Source: United Nations) Population and share in world population GDP per capita (dollars) WorldBhutan Bhutan 0.8 mln World rank #72 $2.0 bln World rank #73 200% 150% 100% 50% 0% -50% Bhutan World Bhutan Urgency for Financial Inclusion (Source: World Bank / IFC) (% of population over 15 years old) (% of MSMEs) 0.4 mln Developing World Rank #71 Developing World Rank #39 Developing World Rank #59 FinTech Ecosystem (Source: World Bank / Global Innovation Index) Bhutan Developing World Developing World Rank #50 Developing World Rank #37 No credit needs Unserved Lower middle income economies Underserved Well-served Banked Unbanked Electricity Coverage Internet Penetration Mobile Penetration Rural Population Poverty MSMEs Unserved Unbanked Population 1 2 3 4 5 6 7 8 9 10 4 3 2 1 0 Most Innovative Innovative Moderately Innovative Least innovative 1 FinTech Opportunities (Source: World Bank) Birth Registration (% of children under 5 who are registered) Private Credit Bureau Coverage (% of population covered by private credit agencies) Public Credit Registries (% of population covered by public credit agencies) Cost of remittances (average % of money sent) FinTech Infrastructure (Source: ITU) Bhutan Developing World 105 Bhutan Developing World Bhutan 23% Developing World Bhutan 0% Developing World 0.03 mln Enterprises BiometricsUnbanked Population MSME Credit Gap Alternative Credit Scoring Virtual Currencies (in days) Time to Start a Business Innovation Index (% individuals using the internet) Internet Use Density (subscriptions per 100 inhabitants) Mobile Subscription Density 28% 13% 20 15 Least Urgent Moderately Urgent Urgent Most Urgent 100% Most Urgent Urgent Moderately Urgent Least Urgent NA 87 36% 40% $10,004.9 $2,532.5 GDP (2015, billion dollars) and share in world GDP Economy (Source: IMF / Worldbank) 32% 23% PREVIOUS NEXTCountry index
  9. 9. Political and Regulatory Stability FinTech Ecosystem FinTech Infrastructure Urgency for Financial Inclusion Strength of Legal Rights Political Stability Control of Corruption Innovation Time to Start a Business Electricity Reliability 0.05% 5% 13% 38% 44% 0.15% 59% 41% 2015 2050 Expected population growth 2015 vs 2050 Demographics (Source: United Nations) Population and share in world population GDP per capita (dollars) WorldBolivia Bolivia 10.7 mln World rank #45 $33.2 bln World rank #39 200% 150% 100% 50% 0% -50% Bolivia World Bolivia Urgency for Financial Inclusion (Source: World Bank / IFC) (% of population over 15 years old) (% of MSMEs) 4.3 mln Developing World Rank #45 Developing World Rank #68 Developing World Rank #46 FinTech Ecosystem (Source: World Bank / Global Innovation Index) Bolivia Developing World Developing World Rank #47 Developing World Rank #31 No credit needs Unserved Lower middle income economies Underserved Well-served Banked Unbanked Electricity Coverage Internet Penetration Mobile Penetration Rural Population Poverty MSMEs Unserved Unbanked Population 1 2 3 4 5 6 7 8 9 10 4 3 2 1 0 Most Innovative Innovative Moderately Innovative Least innovative 2 FinTech Opportunities (Source: World Bank) Birth Registration (% of children under 5 who are registered) Private Credit Bureau Coverage (% of population covered by private credit agencies) Public Credit Registries (% of population covered by public credit agencies) Cost of remittances (average % of money sent) FinTech Infrastructure (Source: ITU) Bolivia Developing World 105 Bolivia Developing World Bolivia 43% Developing World Bolivia 15% Developing World 1.2 mln Enterprises BiometricsUnbanked Population MSME Credit Gap Alternative Credit Scoring Virtual Currencies (in days) Time to Start a Business Innovation Index (% individuals using the internet) Internet Use Density (subscriptions per 100 inhabitants) Mobile Subscription Density 28% 13% 20 50 Least Urgent Moderately Urgent Urgent Most Urgent 76% Most Urgent Urgent Moderately Urgent Least Urgent 5.4% 92 36% 45% $10,004.9 $3,095.4 GDP (2015, billion dollars) and share in world GDP Economy (Source: IMF / Worldbank) 32% 49% PREVIOUS NEXTCountry index
  10. 10. Political and Regulatory Stability FinTech Ecosystem FinTech Infrastructure Urgency for Financial Inclusion Strength of Legal Rights Political Stability Control of Corruption Innovation Time to Start a Business Electricity Reliability 0.02% 3% 8% 41% 48% 0.05% 47% 53% 2015 2050 Expected population growth 2015 vs 2050 Demographics (Source: United Nations) Population and share in world population GDP per capita (dollars) WorldBosnia and Herzegovina Bosnia and Herzegovina 3.8 mln World rank #61 $16.0 bln World rank #48 200% 150% 100% 50% 0% -50% Bosnia and Herzegovina World Bosnia and Herzegovina Urgency for Financial Inclusion (Source: World Bank / IFC) (% of population over 15 years old) (% of MSMEs) 1.6 mln Developing World Rank #62 Developing World Rank #71 Developing World Rank #26 FinTech Ecosystem (Source: World Bank / Global Innovation Index) Bosnia and Herzegovina Developing World Developing World Rank #48 Developing World Rank #5 No credit needs Unserved Upper middle income economies Underserved Well-served Banked Unbanked Electricity Coverage Internet Penetration Mobile Penetration Rural Population Poverty MSMEs Unserved Unbanked Population 1 2 3 4 5 6 7 8 9 10 4 3 2 1 0 Most Innovative Innovative Moderately Innovative Least innovative 3 FinTech Opportunities (Source: World Bank) Birth Registration (% of children under 5 who are registered) Private Credit Bureau Coverage (% of population covered by private credit agencies) Public Credit Registries (% of population covered by public credit agencies) Cost of remittances (average % of money sent) FinTech Infrastructure (Source: ITU) Bosnia and Herzegovina Developing World 105 Bosnia and Herzegovina Developing World Bosnia and Herzegovina 10% Developing World Bosnia and Herzegovina 38% Developing World 0.2 mln Enterprises BiometricsUnbanked Population MSME Credit Gap Alternative Credit Scoring Virtual Currencies (in days) Time to Start a Business Innovation Index (% individuals using the internet) Internet Use Density (subscriptions per 100 inhabitants) Mobile Subscription Density 28% 13% 20 67 Least Urgent Moderately Urgent Urgent Most Urgent 100% Most Urgent Urgent Moderately Urgent Least Urgent 9.7% 90 36% 65% $10,004.9 $4,197.8 GDP (2015, billion dollars) and share in world GDP Economy (Source: IMF / Worldbank) 32% -19% PREVIOUS NEXTCountry index
  11. 11. Political and Regulatory Stability FinTech Ecosystem FinTech Infrastructure Urgency for Financial Inclusion Strength of Legal Rights Political Stability Control of Corruption Innovation Time to Start a Business Electricity Reliability 0.02% 3% 8% 31%58% 0.03% 51% 49% 2015 2050 Expected population growth 2015 vs 2050 Demographics (Source: United Nations) Population and share in world population GDP per capita (dollars) WorldBotswana Botswana 2.3 mln World rank #69 $14.4 bln World rank #49 200% 150% 100% 50% 0% -50% Botswana World Botswana Urgency for Financial Inclusion (Source: World Bank / IFC) (% of population over 15 years old) (% of MSMEs) 0.8 mln Developing World Rank #67 Developing World Rank #67 Developing World Rank #35 FinTech Ecosystem (Source: World Bank / Global Innovation Index) Botswana Developing World Developing World Rank #4 Developing World Rank #41 No credit needs Unserved Upper middle income economies Underserved Well-served Banked Unbanked Electricity Coverage Internet Penetration Mobile Penetration Rural Population Poverty MSMEs Unserved Unbanked Population 1 2 3 4 5 6 7 8 9 10 4 3 2 1 0 Most Innovative Innovative Moderately Innovative Least innovative 3 FinTech Opportunities (Source: World Bank) Birth Registration (% of children under 5 who are registered) Private Credit Bureau Coverage (% of population covered by private credit agencies) Public Credit Registries (% of population covered by public credit agencies) Cost of remittances (average % of money sent) FinTech Infrastructure (Source: ITU) Botswana Developing World 105 Botswana Developing World Botswana 51% Developing World Botswana 0% Developing World 0.1 mln Enterprises BiometricsUnbanked Population MSME Credit Gap Alternative Credit Scoring Virtual Currencies (in days) Time to Start a Business Innovation Index (% individuals using the internet) Internet Use Density (subscriptions per 100 inhabitants) Mobile Subscription Density 28% 13% 20 48 Least Urgent Moderately Urgent Urgent Most Urgent 72% Most Urgent Urgent Moderately Urgent Least Urgent 18.6% 169 36% 28% $10,004.9 $6,360.6 GDP (2015, billion dollars) and share in world GDP Economy (Source: IMF / Worldbank) 32% 50% PREVIOUS NEXTCountry index
  12. 12. Political and Regulatory Stability FinTech Ecosystem FinTech Infrastructure Urgency for Financial Inclusion Strength of Legal Rights Political Stability Control of Corruption Innovation Time to Start a Business Electricity Reliability 2.41% 9% 21% 32% 38% 2.83% 32% 68% 2015 2050 Expected population growth 2015 vs 2050 Demographics (Source: United Nations) Population and share in world population GDP per capita (dollars) WorldBrazil Brazil 207.8 mln World rank #4 $1,774.7 bln World rank #3 200% 150% 100% 50% 0% -50% Brazil World Brazil Urgency for Financial Inclusion (Source: World Bank / IFC) (% of population over 15 years old) (% of MSMEs) 51.0 mln Developing World Rank #8 Developing World Rank #72 Developing World Rank #20 FinTech Ecosystem (Source: World Bank / Global Innovation Index) Brazil Developing World Developing World Rank #20 Developing World Rank #10 No credit needs Unserved Upper middle income economies Underserved Well-served Banked Unbanked Electricity Coverage Internet Penetration Mobile Penetration Rural Population Poverty MSMEs Unserved Unbanked Population 1 2 3 4 5 6 7 8 9 10 4 3 2 1 0 Most Innovative Innovative Moderately Innovative Least innovative 3 FinTech Opportunities (Source: World Bank) Birth Registration (% of children under 5 who are registered) Private Credit Bureau Coverage (% of population covered by private credit agencies) Public Credit Registries (% of population covered by public credit agencies) Cost of remittances (average % of money sent) FinTech Infrastructure (Source: ITU) Brazil Developing World 105 Brazil Developing World Brazil 79% Developing World Brazil 55% Developing World 16.0 mln Enterprises BiometricsUnbanked Population MSME Credit Gap Alternative Credit Scoring Virtual Currencies (in days) Time to Start a Business Innovation Index (% individuals using the internet) Internet Use Density (subscriptions per 100 inhabitants) Mobile Subscription Density 28% 13% 20 83 Least Urgent Moderately Urgent Urgent Most Urgent 96% Most Urgent Urgent Moderately Urgent Least Urgent 8.1% 127 36% 59% $10,004.9 $8,538.6 GDP (2015, billion dollars) and share in world GDP Economy (Source: IMF / Worldbank) 32% 15% PREVIOUS NEXTCountry index
  13. 13. Political and Regulatory Stability FinTech Ecosystem FinTech Infrastructure Urgency for Financial Inclusion Strength of Legal Rights Political Stability Control of Corruption Innovation Time to Start a Business Electricity Reliability 0.07% 5% 14% 38% 43% 0.10% 37% 63% 2015 2050 Expected population growth 2015 vs 2050 Demographics (Source: United Nations) Population and share in world population GDP per capita (dollars) WorldBulgaria Bulgaria 7.2 mln World rank #53 $49.0 bln World rank #33 200% 150% 100% 50% 0% -50% Bulgaria World Bulgaria Urgency for Financial Inclusion (Source: World Bank / IFC) (% of population over 15 years old) (% of MSMEs) 2.3 mln Developing World Rank #57 Developing World Rank #44 Developing World Rank #2 FinTech Ecosystem (Source: World Bank / Global Innovation Index) Bulgaria Developing World Developing World Rank #17 Developing World Rank #14 No credit needs Unserved Upper middle income economies Underserved Well-served Banked Unbanked Electricity Coverage Internet Penetration Mobile Penetration Rural Population Poverty MSMEs Unserved Unbanked Population 1 2 3 4 5 6 7 8 9 10 4 3 2 1 0 Most Innovative Innovative Moderately Innovative Least innovative 4 FinTech Opportunities (Source: World Bank) Birth Registration (% of children under 5 who are registered) Private Credit Bureau Coverage (% of population covered by private credit agencies) Public Credit Registries (% of population covered by public credit agencies) Cost of remittances (average % of money sent) FinTech Infrastructure (Source: ITU) Bulgaria Developing World 105 Bulgaria Developing World Bulgaria 0% Developing World Bulgaria 65% Developing World 0.5 mln Enterprises BiometricsUnbanked Population MSME Credit Gap Alternative Credit Scoring Virtual Currencies (in days) Time to Start a Business Innovation Index (% individuals using the internet) Internet Use Density (subscriptions per 100 inhabitants) Mobile Subscription Density 28% 13% 2018 Least Urgent Moderately Urgent Urgent Most Urgent 100% Most Urgent Urgent Moderately Urgent Least Urgent 9.1% 129 36% 57%$10,004.9 $6,819.9 GDP (2015, billion dollars) and share in world GDP Economy (Source: IMF / Worldbank) 32% -27% PREVIOUS NEXTCountry index
  14. 14. Political and Regulatory Stability FinTech Ecosystem FinTech Infrastructure Urgency for Financial Inclusion Strength of Legal Rights Political Stability Control of Corruption Innovation Time to Start a Business Electricity Reliability 0.02% 2% 8% 74% 16% 0.25% 87% 13% 2015 2050 Expected population growth 2015 vs 2050 Demographics (Source: United Nations) Population and share in world population GDP per capita (dollars) WorldBurkina Faso Burkina Faso 18.1 mln World rank #32 $11.1 bln World rank #58 200% 150% 100% 50% 0% -50% Burkina Faso World Burkina Faso Urgency for Financial Inclusion (Source: World Bank / IFC) (% of population over 15 years old) (% of MSMEs) 8.5 mln Developing World Rank #31 Developing World Rank #33 Developing World Rank #45 FinTech Ecosystem (Source: World Bank / Global Innovation Index) Burkina Faso Developing World Developing World Rank #56 Developing World Rank #65 No credit needs Unserved Low income economies Underserved Well-served Banked Unbanked Electricity Coverage Internet Penetration Mobile Penetration Rural Population Poverty MSMEs Unserved Unbanked Population 1 2 3 4 5 6 7 8 9 10 4 3 2 1 0 Most Innovative Innovative Moderately Innovative Least innovative 2 FinTech Opportunities (Source: World Bank) Birth Registration (% of children under 5 who are registered) Private Credit Bureau Coverage (% of population covered by private credit agencies) Public Credit Registries (% of population covered by public credit agencies) Cost of remittances (average % of money sent) FinTech Infrastructure (Source: ITU) Burkina Faso Developing World 105 Burkina Faso Developing World Burkina Faso 0% Developing World Burkina Faso 0% Developing World 0.9 mln Enterprises BiometricsUnbanked Population MSME Credit Gap Alternative Credit Scoring Virtual Currencies (in days) Time to Start a Business Innovation Index (% individuals using the internet) Internet Use Density (subscriptions per 100 inhabitants) Mobile Subscription Density 28% 13% 20 13 Least Urgent Moderately Urgent Urgent Most Urgent 77% Most Urgent Urgent Moderately Urgent Least Urgent NA 81 36% 11% $10,004.9 $613.0 GDP (2015, billion dollars) and share in world GDP Economy (Source: IMF / Worldbank) 32% 136% PREVIOUS NEXTCountry index
  15. 15. Political and Regulatory Stability FinTech Ecosystem FinTech Infrastructure Urgency for Financial Inclusion Strength of Legal Rights Political Stability Control of Corruption Innovation Time to Start a Business Electricity Reliability 0.004% 3% 8% 42% 47% 0.15% 93% 7% 2015 2050 Expected population growth 2015 vs 2050 Demographics (Source: United Nations) Population and share in world population GDP per capita (dollars) WorldBurundi Burundi 11.2 mln World rank #43 $3.1 bln World rank #71 200% 150% 100% 50% 0% -50% Burundi World Burundi Urgency for Financial Inclusion (Source: World Bank / IFC) (% of population over 15 years old) (% of MSMEs) 5.7 mln Developing World Rank #42 Developing World Rank #7 Developing World Rank #70 FinTech Ecosystem (Source: World Bank / Global Innovation Index) Burundi Developing World Developing World Rank #70 Developing World Rank #70 No credit needs Unserved Low income economies Underserved Well-served Banked Unbanked Electricity Coverage Internet Penetration Mobile Penetration Rural Population Poverty MSMEs Unserved Unbanked Population 1 2 3 4 5 6 7 8 9 10 4 3 2 1 0 Most Innovative Innovative Moderately Innovative Least innovative 1 FinTech Opportunities (Source: World Bank) Birth Registration (% of children under 5 who are registered) Private Credit Bureau Coverage (% of population covered by private credit agencies) Public Credit Registries (% of population covered by public credit agencies) Cost of remittances (average % of money sent) FinTech Infrastructure (Source: ITU) Burundi Developing World 105 Burundi Developing World Burundi 0% Developing World Burundi 4% Developing World 0.4 mln Enterprises BiometricsUnbanked Population MSME Credit Gap Alternative Credit Scoring Virtual Currencies (in days) Time to Start a Business Innovation Index (% individuals using the internet) Internet Use Density (subscriptions per 100 inhabitants) Mobile Subscription Density 28% 13% 20 4 Least Urgent Moderately Urgent Urgent Most Urgent 75% Most Urgent Urgent Moderately Urgent Least Urgent NA 46 36% 5% $10,004.9 $276.0 GDP (2015, billion dollars) and share in world GDP Economy (Source: IMF / Worldbank) 32% 156% PREVIOUS NEXTCountry index
  16. 16. Political and Regulatory Stability FinTech Ecosystem FinTech Infrastructure Urgency for Financial Inclusion Strength of Legal Rights Political Stability Control of Corruption Innovation Time to Start a Business Electricity Reliability 0.02% 3% 8% 41% 48% 0.21% 87% 13% 2015 2050 Expected population growth 2015 vs 2050 Demographics (Source: United Nations) Population and share in world population GDP per capita (dollars) WorldCambodia Cambodia 15.6 mln World rank #39 $18.0 bln World rank #47 200% 150% 100% 50% 0% -50% Cambodia World Cambodia Urgency for Financial Inclusion (Source: World Bank / IFC) (% of population over 15 years old) (% of MSMEs) 9.3 mln Developing World Rank #29 Developing World Rank #73 Developing World Rank #36 FinTech Ecosystem (Source: World Bank / Global Innovation Index) Cambodia Developing World Developing World Rank #11 Developing World Rank #56 No credit needs Unserved Low income economies Underserved Well-served Banked Unbanked Electricity Coverage Internet Penetration Mobile Penetration Rural Population Poverty MSMEs Unserved Unbanked Population 1 2 3 4 5 6 7 8 9 10 4 3 2 1 0 Most Innovative Innovative Moderately Innovative Least innovative 3 FinTech Opportunities (Source: World Bank) Birth Registration (% of children under 5 who are registered) Private Credit Bureau Coverage (% of population covered by private credit agencies) Public Credit Registries (% of population covered by public credit agencies) Cost of remittances (average % of money sent) FinTech Infrastructure (Source: ITU) Cambodia Developing World 105 Cambodia Developing World Cambodia 37% Developing World Cambodia 0% Developing World 1.2 mln Enterprises BiometricsUnbanked Population MSME Credit Gap Alternative Credit Scoring Virtual Currencies (in days) Time to Start a Business Innovation Index (% individuals using the internet) Internet Use Density (subscriptions per 100 inhabitants) Mobile Subscription Density 28% 13% 20 87 Least Urgent Moderately Urgent Urgent Most Urgent 73% Most Urgent Urgent Moderately Urgent Least Urgent 12.2% 133 36% 19% $10,004.9 $1,158.7 GDP (2015, billion dollars) and share in world GDP Economy (Source: IMF / Worldbank) 32% 45% PREVIOUS NEXTCountry index
  17. 17. Political and Regulatory Stability FinTech Ecosystem FinTech Infrastructure Urgency for Financial Inclusion Strength of Legal Rights Political Stability Control of Corruption Innovation Time to Start a Business Electricity Reliability 0.04% 5% 12% 56% 27% 0.32% 89% 11% 2015 2050 Expected population growth 2015 vs 2050 Demographics (Source: United Nations) Population and share in world population GDP per capita (dollars) Economy (Source: IMF / Worldbank) WorldCameroon Cameroon 23.3 mln World rank #28 $29.2 bln World rank #40 200% 150% 100% 50% 0% -50% Cameroon World Cameroon Urgency for Financial Inclusion (Source: World Bank / IFC) (% of population over 15 years old) (% of MSMEs) 11.9 mln Developing World Rank #26 Developing World Rank #39 Developing World Rank #51 FinTech Ecosystem (Source: World Bank / Global Innovation Index) Cameroon Developing World Developing World Rank #62 Developing World Rank #52 No credit needs Unserved Lower middle income economies Underserved Well-served Banked Unbanked Electricity Coverage Internet Penetration Mobile Penetration Rural Population Poverty MSMEs Unserved Unbanked Population 1 2 3 4 5 6 7 8 9 10 4 3 2 1 0 Most Innovative Innovative Moderately Innovative Least innovative 2 FinTech Opportunities (Source: World Bank) Birth Registration (% of children under 5 who are registered) Private Credit Bureau Coverage (% of population covered by private credit agencies) Public Credit Registries (% of population covered by public credit agencies) Cost of remittances (average % of money sent) FinTech Infrastructure (Source: ITU) Cameroon Developing World 105 Cameroon Developing World Cameroon 0% Developing World Cameroon 7% Developing World 0.8 mln Enterprises BiometricsUnbanked Population MSME Credit Gap Alternative Credit Scoring Virtual Currencies (in days) Time to Start a Business Innovation Index (% individuals using the internet) Internet Use Density (subscriptions per 100 inhabitants) Mobile Subscription Density 28% 13% 20 15 Least Urgent Moderately Urgent Urgent Most Urgent 66% Most Urgent Urgent Moderately Urgent Least Urgent 4.5% 72 36% 21% $10,004.9 $1,250.8 GDP (2015, billion dollars) and share in world GDP 107% 32% PREVIOUS NEXTCountry index
  18. 18. Political and Regulatory Stability FinTech Ecosystem FinTech Infrastructure Urgency for Financial Inclusion Strength of Legal Rights Political Stability Control of Corruption Innovation Time to Start a Business Electricity Reliability 14.78% 3% 8% 41% 48% 18.66% 21% 79% 2015 2050 Expected population growth 2015 vs 2050 Demographics (Source: United Nations) Population and share in world population GDP per capita (dollars) WorldChina China 1,371.2 mln World rank #1 $10,866.4 bln World rank #1 200% 150% 100% 50% 0% -50% China World China Urgency for Financial Inclusion (Source: World Bank / IFC) (% of population over 15 years old) (% of MSMEs) 239.2 mln Developing World Rank #2 Developing World Rank #60 Developing World Rank #1 FinTech Ecosystem (Source: World Bank / Global Innovation Index) China Developing World Developing World Rank #46 Developing World Rank #23 No credit needs Unserved Upper middle income economies Underserved Well-served Banked Unbanked Electricity Coverage Internet Penetration Mobile Penetration Rural Population Poverty MSMEs Unserved Unbanked Population 1 2 3 4 5 6 7 8 9 10 4 3 2 1 0 Most Innovative Innovative Moderately Innovative Least innovative 4 FinTech Opportunities (Source: World Bank) Birth Registration (% of children under 5 who are registered) Private Credit Bureau Coverage (% of population covered by private credit agencies) Public Credit Registries (% of population covered by public credit agencies) Cost of remittances (average % of money sent) FinTech Infrastructure (Source: ITU) China Developing World 105 China Developing World China 0% Developing World China 90% Developing World 103.5 mln Enterprises BiometricsUnbanked Population MSME Credit Gap Alternative Credit Scoring Virtual Currencies (in days) Time to Start a Business Innovation Index (% individuals using the internet) Internet Use Density (subscriptions per 100 inhabitants) Mobile Subscription Density 28% 13% 20 31 Least Urgent Moderately Urgent Urgent Most Urgent NA Most Urgent Urgent Moderately Urgent Least Urgent 10.4% 93 36% 50% $10,004.9 $7,924.7 Economy (Source: IMF / Worldbank) GDP (2015, billion dollars) and share in world GDP -3% 32% PREVIOUS NEXTCountry index
  19. 19. Political and Regulatory Stability FinTech Ecosystem FinTech Infrastructure Urgency for Financial Inclusion Strength of Legal Rights Political Stability Control of Corruption Innovation Time to Start a Business Electricity Reliability 0.40% 5% 30% 33% 32% 0.66% 62% 38% 2015 2050 Expected population growth 2015 vs 2050 Demographics (Source: United Nations) Population and share in world population GDP per capita (dollars) WorldColombia Colombia 48.2 mln World rank #16 $292.1 bln World rank #10 200% 150% 100% 50% 0% -50% Colombia World Colombia Urgency for Financial Inclusion (Source: World Bank / IFC) (% of population over 15 years old) (% of MSMEs) 22.5 mln Developing World Rank #14 Developing World Rank #28 Developing World Rank #18 FinTech Ecosystem (Source: World Bank / Global Innovation Index) Colombia Developing World Developing World Rank #26 Developing World Rank #15 No credit needs Unserved Upper middle income economies Underserved Well-served Banked Unbanked Electricity Coverage Internet Penetration Mobile Penetration Rural Population Poverty MSMEs Unserved Unbanked Population 1 2 3 4 5 6 7 8 9 10 4 3 2 1 0 Most Innovative Innovative Moderately Innovative Least innovative FinTech Opportunities (Source: World Bank) Birth Registration (% of children under 5 who are registered) Private Credit Bureau Coverage (% of population covered by private credit agencies) Public Credit Registries (% of population covered by public credit agencies) Cost of remittances (average % of money sent) FinTech Infrastructure (Source: ITU) Colombia Developing World 105 Colombia Developing World Colombia 89% Developing World Colombia 0% Developing World 4.3 mln Enterprises BiometricsUnbanked Population MSME Credit Gap Alternative Credit Scoring Virtual Currencies (in days) Time to Start a Business Innovation Index (% individuals using the internet) Internet Use Density (subscriptions per 100 inhabitants) Mobile Subscription Density 28% 13% 20 11 4 Least Urgent Moderately Urgent Urgent Most Urgent 97% Most Urgent Urgent Moderately Urgent Least Urgent 6.2% 116 36% 56%$10,004.9 $6,056.1 Economy (Source: IMF / Worldbank) GDP (2015, billion dollars) and share in world GDP 14% 32% PREVIOUS NEXTCountry index
  20. 20. Political and Regulatory Stability FinTech Ecosystem FinTech Infrastructure Urgency for Financial Inclusion Strength of Legal Rights Political Stability Control of Corruption Innovation Time to Start a Business Electricity Reliability 0.07% 4% 13% 38% 45% 0.07% 35% 65% 2015 2050 Expected population growth 2015 vs 2050 Demographics (Source: United Nations) Population and share in world population GDP per capita (dollars) WorldCosta Rica Costa Rica 4.8 mln World rank #59 $51.1 bln World rank #32 200% 150% 100% 50% 0% -50% Costa Rica World Costa Rica Urgency for Financial Inclusion (Source: World Bank / IFC) (% of population over 15 years old) (% of MSMEs) 1.3 mln Developing World Rank #64 Developing World Rank #50 Developing World Rank #5 FinTech Ecosystem (Source: World Bank / Global Innovation Index) Costa Rica Developing World Developing World Rank #7 Developing World Rank #9 No credit needs Unserved Upper middle income economies Underserved Well-served Banked Unbanked Electricity Coverage Internet Penetration Mobile Penetration Rural Population Poverty MSMEs Unserved Unbanked Population 1 2 3 4 5 6 7 8 9 10 4 3 2 1 0 Most Innovative Innovative Moderately Innovative Least innovative FinTech Opportunities (Source: World Bank) Birth Registration (% of children under 5 who are registered) Private Credit Bureau Coverage (% of population covered by private credit agencies) Public Credit Registries (% of population covered by public credit agencies) Cost of remittances (average % of money sent) FinTech Infrastructure (Source: ITU) Costa Rica Developing World 105 Costa Rica Developing World Costa Rica 100% Developing World Costa Rica 28% Developing World 0.3 mln Enterprises BiometricsUnbanked Population MSME Credit Gap Alternative Credit Scoring Virtual Currencies (in days) Time to Start a Business Innovation Index (% individuals using the internet) Internet Use Density (subscriptions per 100 inhabitants) Mobile Subscription Density 28% 13% 20 24 4 Least Urgent Moderately Urgent Urgent Most Urgent 100% Most Urgent Urgent Moderately Urgent Least Urgent 8.3% 151 36% 60% $10,004.9 $10,629.8 Economy (Source: IMF / Worldbank) GDP (2015, billion dollars) and share in world GDP 20% 32% PREVIOUS NEXTCountry index
  21. 21. Political and Regulatory Stability FinTech Ecosystem FinTech Infrastructure Urgency for Financial Inclusion Strength of Legal Rights Political Stability Control of Corruption Innovation Time to Start a Business Electricity Reliability 0.09% 4% 9% 40% 47% 0.14% 46% 54% 2015 2050 Expected population growth 2015 vs 2050 Demographics (Source: United Nations) Population and share in world population GDP per capita (dollars) WorldDominican Republic Dominican Republic 10.5 mln World rank #46 $67.1 bln World rank #24 200% 150% 100% 50% 0% -50% Dominican Republic World Dominican Republic Urgency for Financial Inclusion (Source: World Bank / IFC) (% of population over 15 years old) (% of MSMEs) 3.4 mln Developing World Rank #52 Developing World Rank #38 Developing World Rank #34 FinTech Ecosystem (Source: World Bank / Global Innovation Index) Dominican Republic Developing World Developing World Rank #53 Developing World Rank #20 No credit needs Unserved Upper middle income economies Underserved Well-served Banked Unbanked Electricity Coverage Internet Penetration Mobile Penetration Rural Population Poverty MSMEs Unserved Unbanked Population 1 2 3 4 5 6 7 8 9 10 4 3 2 1 0 Most Innovative Innovative Moderately Innovative Least innovative 3 FinTech Opportunities (Source: World Bank) Birth Registration (% of children under 5 who are registered) Private Credit Bureau Coverage (% of population covered by private credit agencies) Public Credit Registries (% of population covered by public credit agencies) Cost of remittances (average % of money sent) FinTech Infrastructure (Source: ITU) Dominican Republic Developing World 105 Dominican Republic Developing World Dominican Republic 75% Developing World Dominican Republic 23% Developing World 0.5 mln Enterprises BiometricsUnbanked Population MSME Credit Gap Alternative Credit Scoring Virtual Currencies (in days) Time to Start a Business Innovation Index (% individuals using the internet) Internet Use Density (subscriptions per 100 inhabitants) Mobile Subscription Density 28% 13% 20 15 Least Urgent Moderately Urgent Urgent Most Urgent 88% Most Urgent Urgent Moderately Urgent Least Urgent 6.6% 83 36% 52% $10,004.9 $6,373.6 Economy (Source: IMF / Worldbank) GDP (2015, billion dollars) and share in world GDP 26% 32% PREVIOUS NEXTCountry index
  22. 22. Political and Regulatory Stability FinTech Ecosystem FinTech Infrastructure Urgency for Financial Inclusion Strength of Legal Rights Political Stability Control of Corruption Innovation Time to Start a Business Electricity Reliability 0.14% 9% 20% 32% 39% 0.22% 54% 46% 2015 2050 Expected population growth 2015 vs 2050 Demographics (Source: United Nations) Population and share in world population GDP per capita (dollars) WorldEcuador Ecuador 16.1 mln World rank #38 $100.9 bln World rank #19 200% 150% 100% 50% 0% -50% Ecuador World Ecuador Urgency for Financial Inclusion (Source: World Bank / IFC) (% of population over 15 years old) (% of MSMEs) 6.2 mln Developing World Rank #38 Developing World Rank #69 Developing World Rank #57 FinTech Ecosystem (Source: World Bank / Global Innovation Index) Ecuador Developing World Developing World Rank #57 Developing World Rank #26 No credit needs Unserved Upper middle income economies Underserved Well-served Banked Unbanked Electricity Coverage Internet Penetration Mobile Penetration Rural Population Poverty MSMEs Unserved Unbanked Population 1 2 3 4 5 6 7 8 9 10 4 3 2 1 0 Most Innovative Innovative Moderately Innovative Least innovative 1 FinTech Opportunities (Source: World Bank) Birth Registration (% of children under 5 who are registered) Private Credit Bureau Coverage (% of population covered by private credit agencies) Public Credit Registries (% of population covered by public credit agencies) Cost of remittances (average % of money sent) FinTech Infrastructure (Source: ITU) Ecuador Developing World 105 Ecuador Developing World Ecuador 53% Developing World Ecuador 0% Developing World 1.8 mln Enterprises BiometricsUnbanked Population MSME Credit Gap Alternative Credit Scoring Virtual Currencies (in days) Time to Start a Business Innovation Index (% individuals using the internet) Internet Use Density (subscriptions per 100 inhabitants) Mobile Subscription Density 28% 13% 20 51 Least Urgent Moderately Urgent Urgent Most Urgent 92% Most Urgent Urgent Moderately Urgent Least Urgent 4.7% 79 36% 49% $10,004.9 $6,248.1 Economy (Source: IMF / Worldbank) GDP (2015, billion dollars) and share in world GDP 43% 32% PREVIOUS NEXTCountry index
  23. 23. Political and Regulatory Stability FinTech Ecosystem FinTech Infrastructure Urgency for Financial Inclusion Strength of Legal Rights Political Stability Control of Corruption Innovation Time to Start a Business Electricity Reliability 0.04% 4% 12% 39% 45% 0.08% 65% 35% 2015 2050 Expected population growth 2015 vs 2050 Demographics (Source: United Nations) Population and share in world population GDP per capita (dollars) WorldEl Salvador El Salvador 6.1 mln World rank #56 $25.9 bln World rank #43 200% 150% 100% 50% 0% -50% El Salvador World El Salvador Urgency for Financial Inclusion (Source: World Bank / IFC) (% of population over 15 years old) (% of MSMEs) 2.9 mln Developing World Rank #54 Developing World Rank #42 Developing World Rank #43 FinTech Ecosystem (Source: World Bank / Global Innovation Index) El Salvador Developing World Developing World Rank #8 Developing World Rank #43 No credit needs Unserved Lower middle income economies Underserved Well-served Banked Unbanked Electricity Coverage Internet Penetration Mobile Penetration Rural Population Poverty MSMEs Unserved Unbanked Population 1 2 3 4 5 6 7 8 9 10 4 3 2 1 0 Most Innovative Innovative Moderately Innovative Least innovative 2 FinTech Opportunities (Source: World Bank) Birth Registration (% of children under 5 who are registered) Private Credit Bureau Coverage (% of population covered by private credit agencies) Public Credit Registries (% of population covered by public credit agencies) Cost of remittances (average % of money sent) FinTech Infrastructure (Source: ITU) El Salvador Developing World 105 El Salvador Developing World El Salvador 34% Developing World El Salvador 28% Developing World 0.6 mln Enterprises BiometricsUnbanked Population MSME Credit Gap Alternative Credit Scoring Virtual Currencies (in days) Time to Start a Business Innovation Index (% individuals using the internet) Internet Use Density (subscriptions per 100 inhabitants) Mobile Subscription Density 28% 13% 2017 Least Urgent Moderately Urgent Urgent Most Urgent 99% Most Urgent Urgent Moderately Urgent Least Urgent 4.4% 145 36% 27% $10,004.9 $4,219.4 Economy (Source: IMF / Worldbank) GDP (2015, billion dollars) and share in world GDP 4% 32% PREVIOUS NEXTCountry index
  24. 24. Political and Regulatory Stability FinTech Ecosystem FinTech Infrastructure Urgency for Financial Inclusion Strength of Legal Rights Political Stability Control of Corruption Innovation Time to Start a Business Electricity Reliability 0.08% 7% 14% 38% 41% 1.35% 78% 22% 2015 2050 Expected population growth 2015 vs 2050 Demographics (Source: United Nations) Population and share in world population GDP per capita (dollars) WorldEthiopia Ethiopia 99.4 mln World rank #10 $61.5 bln World rank #28 200% 150% 100% 50% 0% -50% Ethiopia World Ethiopia Urgency for Financial Inclusion (Source: World Bank / IFC) (% of population over 15 years old) (% of MSMEs) 45.5 mln Developing World Rank #11 Developing World Rank #46 Developing World Rank #63 FinTech Ecosystem (Source: World Bank / Global Innovation Index) Ethiopia Developing World Developing World Rank #72 Developing World Rank #64 No credit needs Unserved Low income economies Underserved Well-served Banked Unbanked Electricity Coverage Internet Penetration Mobile Penetration Rural Population Poverty MSMEs Unserved Unbanked Population 1 2 3 4 5 6 7 8 9 10 4 3 2 1 0 Most Innovative Innovative Moderately Innovative Least innovative 1 FinTech Opportunities (Source: World Bank) Birth Registration (% of children under 5 who are registered) Private Credit Bureau Coverage (% of population covered by private credit agencies) Public Credit Registries (% of population covered by public credit agencies) Cost of remittances (average % of money sent) FinTech Infrastructure (Source: ITU) Ethiopia Developing World 105 Ethiopia Developing World Ethiopia 0% Developing World Ethiopia 0% Developing World 2.3 mln Enterprises BiometricsUnbanked Population MSME Credit Gap Alternative Credit Scoring Virtual Currencies (in days) Time to Start a Business Innovation Index (% individuals using the internet) Internet Use Density (subscriptions per 100 inhabitants) Mobile Subscription Density 28% 13% 2019 Least Urgent Moderately Urgent Urgent Most Urgent 7% Most Urgent Urgent Moderately Urgent Least Urgent 7.8% 43 36% 12% $10,004.9 $619.1 Economy (Source: IMF / Worldbank) GDP (2015, billion dollars) and share in world GDP 90% 32% PREVIOUS NEXTCountry index
  25. 25. Political and Regulatory Stability FinTech Ecosystem FinTech Infrastructure Urgency for Financial Inclusion Strength of Legal Rights Political Stability Control of Corruption Innovation Time to Start a Business Electricity Reliability 0.02% 5% 10% 39% 46% 0.05% 60% 40% 2015 2050 Expected population growth 2015 vs 2050 Demographics (Source: United Nations) Population and share in world population GDP per capita (dollars) WorldGeorgia Georgia 3.7 mln World rank #62 $14.0 bln World rank #51 200% 150% 100% 50% 0% -50% Georgia World Georgia Urgency for Financial Inclusion (Source: World Bank / IFC) (% of population over 15 years old) (% of MSMEs) 1.8 mln Developing World Rank #60 Developing World Rank #2 Developing World Rank #22 FinTech Ecosystem (Source: World Bank / Global Innovation Index) Georgia Developing World Developing World Rank #18 Developing World Rank #30 No credit needs Unserved Lower middle income economies Underserved Well-served Banked Unbanked Electricity Coverage Internet Penetration Mobile Penetration Rural Population Poverty MSMEs Unserved Unbanked Population 1 2 3 4 5 6 7 8 9 10 4 3 2 1 0 Most Innovative Innovative Moderately Innovative Least innovative 3 FinTech Opportunities (Source: World Bank) Birth Registration (% of children under 5 who are registered) Private Credit Bureau Coverage (% of population covered by private credit agencies) Public Credit Registries (% of population covered by public credit agencies) Cost of remittances (average % of money sent) FinTech Infrastructure (Source: ITU) Georgia Developing World 105 Georgia Developing World Georgia 75% Developing World Georgia 0% Developing World 0.1 mln Enterprises BiometricsUnbanked Population MSME Credit Gap Alternative Credit Scoring Virtual Currencies (in days) Time to Start a Business Innovation Index (% individuals using the internet) Internet Use Density (subscriptions per 100 inhabitants) Mobile Subscription Density 28% 13% 20 2 Least Urgent Moderately Urgent Urgent Most Urgent 100% Most Urgent Urgent Moderately Urgent Least Urgent 1.4% 129 36% 45% $10,004.9 $3,796.0 Economy (Source: IMF / Worldbank) GDP (2015, billion dollars) and share in world GDP -14% 32% PREVIOUS NEXTCountry index
  26. 26. Political and Regulatory Stability FinTech Ecosystem FinTech Infrastructure Urgency for Financial Inclusion Strength of Legal Rights Political Stability Control of Corruption Innovation Time to Start a Business Electricity Reliability 0.05% 2% 7% 44% 47% 0.37% 65% 35% 2015 2050 Expected population growth 2015 vs 2050 Demographics (Source: United Nations) Population and share in world population GDP per capita (dollars) WorldGhana Ghana 27.4 mln World rank #25 $37.9 bln World rank #36 200% 150% 100% 50% 0% -50% Ghana World Ghana Urgency for Financial Inclusion (Source: World Bank / IFC) (% of population over 15 years old) (% of MSMEs) 11.0 mln Developing World Rank #27 Developing World Rank #36 Developing World Rank #49 FinTech Ecosystem (Source: World Bank / Global Innovation Index) Ghana Developing World Developing World Rank #16 Developing World Rank #46 No credit needs Unserved Lower middle income economies Underserved Well-served Banked Unbanked Electricity Coverage Internet Penetration Mobile Penetration Rural Population Poverty MSMEs Unserved Unbanked Population 1 2 3 4 5 6 7 8 9 10 4 3 2 1 0 Most Innovative Innovative Moderately Innovative Least innovative 2 FinTech Opportunities (Source: World Bank) Birth Registration (% of children under 5 who are registered) Private Credit Bureau Coverage (% of population covered by private credit agencies) Public Credit Registries (% of population covered by public credit agencies) Cost of remittances (average % of money sent) FinTech Infrastructure (Source: ITU) Ghana Developing World 105 Ghana Developing World Ghana 16% Developing World Ghana 0% Developing World 1.5 mln Enterprises BiometricsUnbanked Population MSME Credit Gap Alternative Credit Scoring Virtual Currencies (in days) Time to Start a Business Innovation Index (% individuals using the internet) Internet Use Density (subscriptions per 100 inhabitants) Mobile Subscription Density 28% 13% 20 14 Least Urgent Moderately Urgent Urgent Most Urgent 71% Most Urgent Urgent Moderately Urgent Least Urgent 8.9% 130 36% 23% $10,004.9 $1,381.4 Economy (Source: IMF / Worldbank) GDP (2015, billion dollars) and share in world GDP 83% 32% PREVIOUS NEXTCountry index
  27. 27. Political and Regulatory Stability FinTech Ecosystem FinTech Infrastructure Urgency for Financial Inclusion Strength of Legal Rights Political Stability Control of Corruption Innovation Time to Start a Business Electricity Reliability 0.09% 6% 4% 33% 57% 0.22% 59% 41% 2015 2050 Expected population growth 2015 vs 2050 Demographics (Source: United Nations) Population and share in world population GDP per capita (dollars) WorldGuatemala Guatemala 16.3 mln World rank #36 $63.8 bln World rank #26 200% 150% 100% 50% 0% -50% Guatemala World Guatemala Urgency for Financial Inclusion (Source: World Bank / IFC) (% of population over 15 years old) (% of MSMEs) 6.1 mln Developing World Rank #39 Developing World Rank #45 Developing World Rank #44 FinTech Ecosystem (Source: World Bank / Global Innovation Index) Guatemala Developing World Developing World Rank #30 Developing World Rank #42 No credit needs Unserved Lower middle income economies Underserved Well-served Banked Unbanked Electricity Coverage Internet Penetration Mobile Penetration Rural Population Poverty MSMEs Unserved Unbanked Population 1 2 3 4 5 6 7 8 9 10 4 3 2 1 0 Most Innovative Innovative Moderately Innovative Least innovative 2 FinTech Opportunities (Source: World Bank) Birth Registration (% of children under 5 who are registered) Private Credit Bureau Coverage (% of population covered by private credit agencies) Public Credit Registries (% of population covered by public credit agencies) Cost of remittances (average % of money sent) FinTech Infrastructure (Source: ITU) Guatemala Developing World 105 Guatemala Developing World Guatemala 9% Developing World Guatemala 19% Developing World 1.1 mln Enterprises BiometricsUnbanked Population MSME Credit Gap Alternative Credit Scoring Virtual Currencies (in days) Time to Start a Business Innovation Index (% individuals using the internet) Internet Use Density (subscriptions per 100 inhabitants) Mobile Subscription Density 28% 13% 2019 Least Urgent Moderately Urgent Urgent Most Urgent 97% Most Urgent Urgent Moderately Urgent Least Urgent 4.8% 111 36% 27% $10,004.9 $3,903.5 Economy (Source: IMF / Worldbank) GDP (2015, billion dollars) and share in world GDP 70% 32% PREVIOUS NEXTCountry index
  28. 28. Political and Regulatory Stability FinTech Ecosystem FinTech Infrastructure Urgency for Financial Inclusion Strength of Legal Rights Political Stability Control of Corruption Innovation Time to Start a Business Electricity Reliability 0.01% 2% 6% 45% 47% 0.17% 94% 6% 2015 2050 Expected population growth 2015 vs 2050 Demographics (Source: United Nations) Population and share in world population GDP per capita (dollars) WorldGuinea Guinea 12.6 mln World rank #41 $6.7 bln World rank #65 200% 150% 100% 50% 0% -50% Guinea World Guinea Urgency for Financial Inclusion (Source: World Bank / IFC) (% of population over 15 years old) (% of MSMEs) 6.8 mln Developing World Rank #35 Developing World Rank #20 Developing World Rank #71 FinTech Ecosystem (Source: World Bank / Global Innovation Index) Guinea Developing World Developing World Rank #49 Developing World Rank #71 No credit needs Unserved Low income economies Underserved Well-served Banked Unbanked Electricity Coverage Internet Penetration Mobile Penetration Rural Population Poverty MSMEs Unserved Unbanked Population 1 2 3 4 5 6 7 8 9 10 4 3 2 1 0 Most Innovative Innovative Moderately Innovative Least innovative 1 FinTech Opportunities (Source: World Bank) Birth Registration (% of children under 5 who are registered) Private Credit Bureau Coverage (% of population covered by private credit agencies) Public Credit Registries (% of population covered by public credit agencies) Cost of remittances (average % of money sent) FinTech Infrastructure (Source: ITU) Guinea Developing World 105 Guinea Developing World Guinea 0% Developing World Guinea 0% Developing World 0.6 mln Enterprises BiometricsUnbanked Population MSME Credit Gap Alternative Credit Scoring Virtual Currencies (in days) Time to Start a Business Innovation Index (% individuals using the internet) Internet Use Density (subscriptions per 100 inhabitants) Mobile Subscription Density 28% 13% 20 8 Least Urgent Moderately Urgent Urgent Most Urgent 58% Most Urgent Urgent Moderately Urgent Least Urgent NA 87 36% 5% $10,004.9 $531.3 Economy (Source: IMF / Worldbank) GDP (2015, billion dollars) and share in world GDP 118% 32% PREVIOUS NEXTCountry index
  29. 29. Political and Regulatory Stability FinTech Ecosystem FinTech Infrastructure Urgency for Financial Inclusion Strength of Legal Rights Political Stability Control of Corruption Innovation Time to Start a Business Electricity Reliability 0.03% 8% 18% 36% 38% 0.11% 70% 30% 2015 2050 Expected population growth 2015 vs 2050 Demographics (Source: United Nations) Population and share in world population GDP per capita (dollars) WorldHonduras Honduras 8.1 mln World rank #50 $20.2 bln World rank #46 200% 150% 100% 50% 0% -50% Honduras World Honduras Urgency for Financial Inclusion (Source: World Bank / IFC) (% of population over 15 years old) (% of MSMEs) 3.9 mln Developing World Rank #47 Developing World Rank #36 Developing World Rank #53 FinTech Ecosystem (Source: World Bank / Global Innovation Index) Honduras Developing World Developing World Rank #45 Developing World Rank #53 No credit needs Unserved Lower middle income economies Underserved Well-served Banked Unbanked Electricity Coverage Internet Penetration Mobile Penetration Rural Population Poverty MSMEs Unserved Unbanked Population 1 2 3 4 5 6 7 8 9 10 4 3 2 1 0 Most Innovative Innovative Moderately Innovative Least innovative 2 FinTech Opportunities (Source: World Bank) Birth Registration (% of children under 5 who are registered) Private Credit Bureau Coverage (% of population covered by private credit agencies) Public Credit Registries (% of population covered by public credit agencies) Cost of remittances (average % of money sent) FinTech Infrastructure (Source: ITU) Honduras Developing World 105 Honduras Developing World Honduras 36% Developing World Honduras 22% Developing World 0.7 mln Enterprises BiometricsUnbanked Population MSME Credit Gap Alternative Credit Scoring Virtual Currencies (in days) Time to Start a Business Innovation Index (% individuals using the internet) Internet Use Density (subscriptions per 100 inhabitants) Mobile Subscription Density 28% 13% 20 14 Least Urgent Moderately Urgent Urgent Most Urgent 94% Most Urgent Urgent Moderately Urgent Least Urgent 4.3% 96 36% 20% $10,004.9 $2,495.6 Economy (Source: IMF / Worldbank) GDP (2015, billion dollars) and share in world GDP 39% 32% PREVIOUS NEXTCountry index
  30. 30. Political and Regulatory Stability FinTech Ecosystem FinTech Infrastructure Urgency for Financial Inclusion Strength of Legal Rights Political Stability Control of Corruption Innovation Time to Start a Business Electricity Reliability 2.82% 5% 6% 41% 48% 17.85% 47% 53% 2015 2050 Expected population growth 2015 vs 2050 Demographics (Source: United Nations) Population and share in world population GDP per capita (dollars) WorldIndia India 1,311.1 mln World rank #2 $2,073.5 bln World rank #2 200% 150% 100% 50% 0% -50% India World India Urgency for Financial Inclusion (Source: World Bank / IFC) (% of population over 15 years old) (% of MSMEs) 441.1 mln Developing World Rank #1 Developing World Rank #56 Developing World Rank #27 FinTech Ecosystem (Source: World Bank / Global Innovation Index) India Developing World Developing World Rank #58 Developing World Rank #45 No credit needs Unserved Lower middle income economies Underserved Well-served Banked Unbanked Electricity Coverage Internet Penetration Mobile Penetration Rural Population Poverty MSMEs Unserved Unbanked Population 1 2 3 4 5 6 7 8 9 10 4 3 2 1 0 Most Innovative Innovative Moderately Innovative Least innovative 3 FinTech Opportunities (Source: World Bank) Birth Registration (% of children under 5 who are registered) Private Credit Bureau Coverage (% of population covered by private credit agencies) Public Credit Registries (% of population covered by public credit agencies) Cost of remittances (average % of money sent) FinTech Infrastructure (Source: ITU) India Developing World 105 India Developing World India 22% Developing World India 0% Developing World 49.6 mln Enterprises BiometricsUnbanked Population MSME Credit Gap Alternative Credit Scoring Virtual Currencies (in days) Time to Start a Business Innovation Index (% individuals using the internet) Internet Use Density (subscriptions per 100 inhabitants) Mobile Subscription Density 28% 13% 20 29 Least Urgent Moderately Urgent Urgent Most Urgent 72% Most Urgent Urgent Moderately Urgent Least Urgent 6.7% 79 36% 26% $10,004.9 $1,581.6 Economy (Source: IMF / Worldbank) GDP (2015, billion dollars) and share in world GDP 30% 32% PREVIOUS NEXTCountry index
  31. 31. Political and Regulatory Stability FinTech Ecosystem FinTech Infrastructure Urgency for Financial Inclusion Strength of Legal Rights Political Stability Control of Corruption Innovation Time to Start a Business Electricity Reliability 1.17% 4% 8% 45% 43% 3.51% 64% 36% 2015 2050 Expected population growth 2015 vs 2050 Demographics (Source: United Nations) Population and share in world population GDP per capita (dollars) WorldIndonesia Indonesia 257.6 mln World rank #3 $861.9 bln World rank #5 200% 150% 100% 50% 0% -50% Indonesia World Indonesia Urgency for Financial Inclusion (Source: World Bank / IFC) (% of population over 15 years old) (% of MSMEs) 119.3 mln Developing World Rank #3 Developing World Rank #66 Developing World Rank #41 FinTech Ecosystem (Source: World Bank / Global Innovation Index) Indonesia Developing World Developing World Rank #13 Developing World Rank #48 No credit needs Unserved Lower middle income economies Underserved Well-served Banked Unbanked Electricity Coverage Internet Penetration Mobile Penetration Rural Population Poverty MSMEs Unserved Unbanked Population 1 2 3 4 5 6 7 8 9 10 4 3 2 1 0 Most Innovative Innovative Moderately Innovative Least innovative 2 FinTech Opportunities (Source: World Bank) Birth Registration (% of children under 5 who are registered) Private Credit Bureau Coverage (% of population covered by private credit agencies) Public Credit Registries (% of population covered by public credit agencies) Cost of remittances (average % of money sent) FinTech Infrastructure (Source: ITU) Indonesia Developing World 105 Indonesia Developing World Indonesia 0% Developing World Indonesia 49% Developing World 41.1 mln Enterprises BiometricsUnbanked Population MSME Credit Gap Alternative Credit Scoring Virtual Currencies (in days) Time to Start a Business Innovation Index (% individuals using the internet) Internet Use Density (subscriptions per 100 inhabitants) Mobile Subscription Density 28% 13% 20 48 Least Urgent Moderately Urgent Urgent Most Urgent 69% Most Urgent Urgent Moderately Urgent Least Urgent 6.9% 132 36% 22% $10,004.9 $3,346.5 Economy (Source: IMF / Worldbank) GDP (2015, billion dollars) and share in world GDP 25% 32% PREVIOUS NEXTCountry index
  32. 32. Political and Regulatory Stability FinTech Ecosystem FinTech Infrastructure Urgency for Financial Inclusion Strength of Legal Rights Political Stability Control of Corruption Innovation Time to Start a Business Electricity Reliability 0.02% 4% 9% 40% 47% 0.04% 22% 78% 2015 2050 Expected population growth 2015 vs 2050 Demographics (Source: United Nations) Population and share in world population GDP per capita (dollars) WorldJamaica Jamaica 2.7 mln World rank #67 $14.0 bln World rank #50 200% 150% 100% 50% 0% -50% Jamaica World Jamaica Urgency for Financial Inclusion (Source: World Bank / IFC) (% of population over 15 years old) (% of MSMEs) 0.5 mln Developing World Rank #70 Developing World Rank #3 Developing World Rank #40 FinTech Ecosystem (Source: World Bank / Global Innovation Index) Jamaica Developing World Developing World Rank #29 Developing World Rank #33 No credit needs Unserved Upper middle income economies Underserved Well-served Banked Unbanked Electricity Coverage Internet Penetration Mobile Penetration Rural Population Poverty MSMEs Unserved Unbanked Population 4 3 2 1 0 Most Innovative Innovative Moderately Innovative Least innovative 2 FinTech Opportunities (Source: World Bank) Birth Registration (% of children under 5 who are registered) Private Credit Bureau Coverage (% of population covered by private credit agencies) Public Credit Registries (% of population covered by public credit agencies) Cost of remittances (average % of money sent) FinTech Infrastructure (Source: ITU) Jamaica Developing World 105 Jamaica Developing World Jamaica 22% Developing World Jamaica 0% Developing World 0.5 mln Enterprises BiometricsUnbanked Population MSME Credit Gap Alternative Credit Scoring Virtual Currencies (in days) Time to Start a Business Innovation Index (% individuals using the internet) Internet Use Density (subscriptions per 100 inhabitants) Mobile Subscription Density 28% 13% 20 3 Least Urgent Moderately Urgent Urgent Most Urgent 100% Most Urgent Urgent Moderately Urgent Least Urgent 8.7% 112 36% 43% $10,004.9 $5,137.9 Economy (Source: IMF / Worldbank) GDP (2015, billion dollars) and share in world GDP -3% 32% 1 2 3 4 5 6 7 8 9 10 PREVIOUS NEXTCountry index
  33. 33. Political and Regulatory Stability FinTech Ecosystem FinTech Infrastructure Urgency for Financial Inclusion Strength of Legal Rights Political Stability Control of Corruption Innovation Time to Start a Business Electricity Reliability 0.05% 4% 9% 37% 50% 0.10% 75% 25% 2015 2050 Expected population growth 2015 vs 2050 Demographics (Source: United Nations) Population and share in world population GDP per capita (dollars) WorldJordan Jordan 7.6 mln World rank #51 $37.5 bln World rank #37 200% 150% 100% 50% 0% -50% Jordan World Jordan Urgency for Financial Inclusion (Source: World Bank / IFC) (% of population over 15 years old) (% of MSMEs) 3.7 mln Developing World Rank #48 Developing World Rank #31 Developing World Rank #22 FinTech Ecosystem (Source: World Bank / Global Innovation Index) Jordan Developing World Developing World Rank #2 Developing World Rank #18 No credit needs Unserved Upper middle income economies Underserved Well-served Banked Unbanked Electricity Coverage Internet Penetration Mobile Penetration Rural Population Poverty MSMEs Unserved Unbanked Population 4 3 2 1 0 Most Innovative Innovative Moderately Innovative Least innovative 3 FinTech Opportunities (Source: World Bank) Birth Registration (% of children under 5 who are registered) Private Credit Bureau Coverage (% of population covered by private credit agencies) Public Credit Registries (% of population covered by public credit agencies) Cost of remittances (average % of money sent) FinTech Infrastructure (Source: ITU) Jordan Developing World 105 Jordan Developing World Jordan 0% Developing World Jordan 2% Developing World 0.4 mln Enterprises BiometricsUnbanked Population MSME Credit Gap Alternative Credit Scoring Virtual Currencies (in days) Time to Start a Business Innovation Index (% individuals using the internet) Internet Use Density (subscriptions per 100 inhabitants) Mobile Subscription Density 28% 13% 20 12 Least Urgent Moderately Urgent Urgent Most Urgent 99% Most Urgent Urgent Moderately Urgent Least Urgent 6.0% 179 36% 53%$10,004.9 $4,940.0 Economy (Source: IMF / Worldbank) GDP (2015, billion dollars) and share in world GDP 54% 32% 1 2 3 4 5 6 7 8 9 10 PREVIOUS NEXTCountry index
  34. 34. Political and Regulatory Stability FinTech Ecosystem FinTech Infrastructure Urgency for Financial Inclusion Strength of Legal Rights Political Stability Control of Corruption Innovation Time to Start a Business Electricity Reliability 0.25% 4% 10% 40% 46% 0.24% 46% 54% 2015 2050 Expected population growth 2015 vs 2050 Demographics (Source: United Nations) Population and share in world population GDP per capita (dollars) WorldKazakhstan Kazakhstan 17.5 mln World rank #34 $184.4 bln World rank #16 200% 150% 100% 50% 0% -50% Kazakhstan World Kazakhstan Urgency for Financial Inclusion (Source: World Bank / IFC) (% of population over 15 years old) (% of MSMEs) 5.9 mln Developing World Rank #41 Developing World Rank #9 Developing World Rank #28 FinTech Ecosystem (Source: World Bank / Global Innovation Index) Kazakhstan Developing World Developing World Rank #1 Developing World Rank #2 No credit needs Unserved Upper middle income economies Underserved Well-served Banked Unbanked Electricity Coverage Internet Penetration Mobile Penetration Rural Population Poverty MSMEs Unserved Unbanked Population 4 3 2 1 0 Most Innovative Innovative Moderately Innovative Least innovative 3 FinTech Opportunities (Source: World Bank) Birth Registration (% of children under 5 who are registered) Private Credit Bureau Coverage (% of population covered by private credit agencies) Public Credit Registries (% of population covered by public credit agencies) Cost of remittances (average % of money sent) FinTech Infrastructure (Source: ITU) Kazakhstan Developing World 105 Kazakhstan Developing World Kazakhstan 81% Developing World Kazakhstan 0% Developing World 0.8 mln Enterprises BiometricsUnbanked Population MSME Credit Gap Alternative Credit Scoring Virtual Currencies (in days) Time to Start a Business Innovation Index (% individuals using the internet) Internet Use Density (subscriptions per 100 inhabitants) Mobile Subscription Density 28% 13% 20 5 Least Urgent Moderately Urgent Urgent Most Urgent 100% Most Urgent Urgent Moderately Urgent Least Urgent 1.5% 187 36% 73% $10,004.9$10,508.4 Economy (Source: IMF / Worldbank) GDP (2015, billion dollars) and share in world GDP 27% 32% 1 2 3 4 5 6 7 8 9 10 PREVIOUS NEXTCountry index
  35. 35. Political and Regulatory Stability FinTech Ecosystem FinTech Infrastructure Urgency for Financial Inclusion Strength of Legal Rights Political Stability Control of Corruption Innovation Time to Start a Business Electricity Reliability 0.09% 2% 7% 43% 48% 0.63% 45% 55% 2015 2050 Expected population growth 2015 vs 2050 Demographics (Source: United Nations) Population and share in world population GDP per capita (dollars) WorldKenya Kenya 46.1 mln World rank #17 $63.4 bln World rank #27 200% 150% 100% 50% 0% -50% Kenya World Kenya Urgency for Financial Inclusion (Source: World Bank / IFC) (% of population over 15 years old) (% of MSMEs) 12.0 mln Developing World Rank #25 Developing World Rank #51 Developing World Rank #37 FinTech Ecosystem (Source: World Bank / Global Innovation Index) Kenya Developing World Developing World Rank #55 Developing World Rank #29 No credit needs Unserved Lower middle income economies Underserved Well-served Banked Unbanked Electricity Coverage Internet Penetration Mobile Penetration Rural Population Poverty MSMEs Unserved Unbanked Population 4 3 2 1 0 Most Innovative Innovative Moderately Innovative Least innovative FinTech Opportunities (Source: World Bank) Birth Registration (% of children under 5 who are registered) Private Credit Bureau Coverage (% of population covered by private credit agencies) Public Credit Registries (% of population covered by public credit agencies) Cost of remittances (average % of money sent) FinTech Infrastructure (Source: ITU) Kenya Developing World 105 Kenya Developing World Kenya 14% Developing World Kenya 0% Developing World 2.3 mln Enterprises BiometricsUnbanked Population MSME Credit Gap Alternative Credit Scoring Virtual Currencies (in days) Time to Start a Business Innovation Index (% individuals using the internet) Internet Use Density (subscriptions per 100 inhabitants) Mobile Subscription Density 28% 13% 20 26 3 Least Urgent Moderately Urgent Urgent Most Urgent 67% Most Urgent Urgent Moderately Urgent Least Urgent 9.2% 81 36% 46% $10,004.9 $1,376.7 Economy (Source: IMF / Worldbank) GDP (2015, billion dollars) and share in world GDP 107% 32% 1 2 3 4 5 6 7 8 9 10 PREVIOUS NEXTCountry index
  36. 36. Political and Regulatory Stability FinTech Ecosystem FinTech Infrastructure Urgency for Financial Inclusion Strength of Legal Rights Political Stability Control of Corruption Innovation Time to Start a Business Electricity Reliability 0.01% 4% 10% 40% 46% 0.08% 82% 18% 2015 2050 Expected population growth 2015 vs 2050 Demographics (Source: United Nations) Population and share in world population GDP per capita (dollars) World Kyrgyz Republic 6.0 mln World rank #58 $6.6 bln World rank #66 200% 150% 100% 50% 0% -50% Kyrgyz Republic World Kyrgyz Republic Urgency for Financial Inclusion (Source: World Bank / IFC) (% of population over 15 years old) (% of MSMEs) 3.3 mln Developing World Rank #53 Developing World Rank #23 Developing World Rank #49 FinTech Ecosystem (Source: World Bank / Global Innovation Index) Kyrgyz Republic Developing World Developing World Rank #12 Developing World Rank #39 No credit needs Unserved Lower middle income economies Underserved Well-served Banked Unbanked Electricity Coverage Internet Penetration Mobile Penetration Rural Population Poverty MSMEs Unserved Unbanked Population 4 3 2 1 0 Most Innovative Innovative Moderately Innovative Least innovative FinTech Opportunities (Source: World Bank) Birth Registration (% of children under 5 who are registered) Private Credit Bureau Coverage (% of population covered by private credit agencies) Public Credit Registries (% of population covered by public credit agencies) Cost of remittances (average % of money sent) FinTech Infrastructure (Source: ITU) Kyrgyz Republic Developing World 105 Kyrgyz Republic Developing World Kyrgyz Republic 35% Developing World Kyrgyz Republic 0% Developing World 0.2 mln Enterprises BiometricsUnbanked Population MSME Credit Gap Alternative Credit Scoring Virtual Currencies (in days) Time to Start a Business Innovation Index (% individuals using the internet) Internet Use Density (subscriptions per 100 inhabitants) Mobile Subscription Density Kyrgyz Republic 28% 13% 20 10 2 Least Urgent Moderately Urgent Urgent Most Urgent 98% Most Urgent Urgent Moderately Urgent Least Urgent 2.1% 133 36% 30% $10,004.9 $1,103.2 Economy (Source: IMF / Worldbank) GDP (2015, billion dollars) and share in world GDP 39% 32% 1 2 3 4 5 6 7 8 9 10 PREVIOUS NEXTCountry index
  37. 37. Political and Regulatory Stability FinTech Ecosystem FinTech Infrastructure Urgency for Financial Inclusion Strength of Legal Rights Political Stability Control of Corruption Innovation Time to Start a Business Electricity Reliability 0.003% 5% 8% 40% 47% 0.03% 82% 18% 2015 2050 Expected population growth 2015 vs 2050 Demographics (Source: United Nations) Population and share in world population GDP per capita (dollars) WorldLesotho Lesotho 2.1 mln World rank #70 $2.2 bln World rank #72 200% 150% 100% 50% 0% -50% Lesotho World Lesotho Urgency for Financial Inclusion (Source: World Bank / IFC) (% of population over 15 years old) (% of MSMEs) 1.1 mln Developing World Rank #65 Developing World Rank #56 Developing World Rank #55 FinTech Ecosystem (Source: World Bank / Global Innovation Index) Lesotho Developing World Developing World Rank #36 Developing World Rank #61 No credit needs Unserved Lower middle income economies Underserved Well-served Banked Unbanked Electricity Coverage Internet Penetration Mobile Penetration Rural Population Poverty MSMEs Unserved Unbanked Population 4 3 2 1 0 Most Innovative Innovative Moderately Innovative Least innovative 2 FinTech Opportunities (Source: World Bank) Birth Registration (% of children under 5 who are registered) Private Credit Bureau Coverage (% of population covered by private credit agencies) Public Credit Registries (% of population covered by public credit agencies) Cost of remittances (average % of money sent) FinTech Infrastructure (Source: ITU) Lesotho Developing World 105 Lesotho Developing World Lesotho 1% Developing World Lesotho 0% Developing World 0.1 mln Enterprises BiometricsUnbanked Population MSME Credit Gap Alternative Credit Scoring Virtual Currencies (in days) Time to Start a Business Innovation Index (% individuals using the internet) Internet Use Density (subscriptions per 100 inhabitants) Mobile Subscription Density 28% 13% 20 29 Least Urgent Moderately Urgent Urgent Most Urgent 45% Most Urgent Urgent Moderately Urgent Least Urgent 14.6% 106 36% 16% $10,004.9 $1,021.7 Economy (Source: IMF / Worldbank) GDP (2015, billion dollars) and share in world GDP 40% 32% 1 2 3 4 5 6 7 8 9 10 PREVIOUS NEXTCountry index
  38. 38. Political and Regulatory Stability FinTech Ecosystem FinTech Infrastructure Urgency for Financial Inclusion Strength of Legal Rights Political Stability Control of Corruption Innovation Time to Start a Business Electricity Reliability 0.01% 9% 20% 36% 35% 0.03% 28% 72% 2015 2050 Expected population growth 2015 vs 2050 Demographics (Source: United Nations) Population and share in world population GDP per capita (dollars) WorldMacedonia, FYR Macedonia, FYR 2.1 mln World rank #71 $10.1 bln World rank #60 200% 150% 100% 50% 0% -50% Macedonia, FYR World Macedonia, FYR Urgency for Financial Inclusion (Source: World Bank / IFC) (% of population over 15 years old) (% of MSMEs) 0.5 mln Developing World Rank #69 Developing World Rank #1 Developing World Rank #10 FinTech Ecosystem (Source: World Bank / Global Innovation Index) Macedonia, FYR Developing World Developing World Rank #38 Developing World Rank #3 No credit needs Unserved Upper middle income economies Underserved Well-served Banked Unbanked Electricity Coverage Internet Penetration Mobile Penetration Rural Population Poverty MSMEs Unserved Unbanked Population 4 3 2 1 0 Most Innovative Innovative Moderately Innovative Least innovative 4 FinTech Opportunities (Source: World Bank) Birth Registration (% of children under 5 who are registered) Private Credit Bureau Coverage (% of population covered by private credit agencies) Public Credit Registries (% of population covered by public credit agencies) Cost of remittances (average % of money sent) FinTech Infrastructure (Source: ITU) Macedonia, FYR Developing World 105 Macedonia, FYR Developing World Macedonia, FYR 89% Developing World Macedonia, FYR 38% Developing World 0.1 mln Enterprises BiometricsUnbanked Population MSME Credit Gap Alternative Credit Scoring Virtual Currencies (in days) Time to Start a Business Innovation Index (% individuals using the internet) Internet Use Density (subscriptions per 100 inhabitants) Mobile Subscription Density 28% 13% 20 1 Least Urgent Moderately Urgent Urgent Most Urgent 100% Most Urgent Urgent Moderately Urgent Least Urgent 6.8% 105 36% 70% $10,004.9 $4,852.7 Economy (Source: IMF / Worldbank) GDP (2015, billion dollars) and share in world GDP -7% 32% 1 2 3 4 5 6 7 8 9 10 PREVIOUS NEXTCountry index
  39. 39. Political and Regulatory Stability FinTech Ecosystem FinTech Infrastructure Urgency for Financial Inclusion Strength of Legal Rights Political Stability Control of Corruption Innovation Time to Start a Business Electricity Reliability 0.01% 3% 8% 62% 27% 0.33% 94% 6% 2015 2050 Expected population growth 2015 vs 2050 Demographics (Source: United Nations) Population and share in world population GDP per capita (dollars) WorldMadagascar Madagascar 24.2 mln World rank #27 $10.0 bln World rank #61 200% 150% 100% 50% 0% -50% Madagascar World Madagascar Urgency for Financial Inclusion (Source: World Bank / IFC) (% of population over 15 years old) (% of MSMEs) 13.3 mln Developing World Rank #20 Developing World Rank #33 Developing World Rank #62 FinTech Ecosystem (Source: World Bank / Global Innovation Index) Madagascar Developing World Developing World Rank #71 Developing World Rank #72 No credit needs Unserved Low income economies Underserved Well-served Banked Unbanked Electricity Coverage Internet Penetration Mobile Penetration Rural Population Poverty MSMEs Unserved Unbanked Population 4 3 2 1 0 Most Innovative Innovative Moderately Innovative Least innovative 1 FinTech Opportunities (Source: World Bank) Birth Registration (% of children under 5 who are registered) Private Credit Bureau Coverage (% of population covered by private credit agencies) Public Credit Registries (% of population covered by public credit agencies) Cost of remittances (average % of money sent) FinTech Infrastructure (Source: ITU) Madagascar Developing World 105 Madagascar Developing World Madagascar 0% Developing World Madagascar 3% Developing World 0.9 mln Enterprises BiometricsUnbanked Population MSME Credit Gap Alternative Credit Scoring Virtual Currencies (in days) Time to Start a Business Innovation Index (% individuals using the internet) Internet Use Density (subscriptions per 100 inhabitants) Mobile Subscription Density 28% 13% 20 13 Least Urgent Moderately Urgent Urgent Most Urgent 83% Most Urgent Urgent Moderately Urgent Least Urgent 7.9% 46 36% 4% $10,004.9 $411.8 Economy (Source: IMF / Worldbank) GDP (2015, billion dollars) and share in world GDP 128% 32% 1 2 3 4 5 6 7 8 9 10 PREVIOUS NEXTCountry index
  40. 40. Political and Regulatory Stability FinTech Ecosystem FinTech Infrastructure Urgency for Financial Inclusion Strength of Legal Rights Political Stability Control of Corruption Innovation Time to Start a Business Electricity Reliability 0.01% 3% 8% 41% 48% 0.23% 84% 16% 2015 2050 Expected population growth 2015 vs 2050 Demographics (Source: United Nations) Population and share in world population GDP per capita (dollars) WorldMalawi Malawi 17.2 mln World rank #35 $6.6 bln World rank #67 200% 150% 100% 50% 0% -50% Malawi World Malawi Urgency for Financial Inclusion (Source: World Bank / IFC) (% of population over 15 years old) (% of MSMEs) 7.9 mln Developing World Rank #33 Developing World Rank #64 Developing World Rank #42 FinTech Ecosystem (Source: World Bank / Global Innovation Index) Malawi Developing World Developing World Rank #73 Developing World Rank #67 No credit needs Unserved Low income economies Underserved Well-served Banked Unbanked Electricity Coverage Internet Penetration Mobile Penetration Rural Population Poverty MSMEs Unserved Unbanked Population 4 3 2 1 0 Most Innovative Innovative Moderately Innovative Least innovative 2 FinTech Opportunities (Source: World Bank) Birth Registration (% of children under 5 who are registered) Private Credit Bureau Coverage (% of population covered by private credit agencies) Public Credit Registries (% of population covered by public credit agencies) Cost of remittances (average % of money sent) FinTech Infrastructure (Source: ITU) Malawi Developing World 105 Malawi Developing World Malawi 0% Developing World Malawi 0% Developing World 1.4 mln Enterprises BiometricsUnbanked Population MSME Credit Gap Alternative Credit Scoring Virtual Currencies (in days) Time to Start a Business Innovation Index (% individuals using the internet) Internet Use Density (subscriptions per 100 inhabitants) Mobile Subscription Density 28% 13% 20 38 Least Urgent Moderately Urgent Urgent Most Urgent 6% Most Urgent Urgent Moderately Urgent Least Urgent 15.6% 35 36% 9% $10,004.9 $381.4 Economy (Source: IMF / Worldbank) GDP (2015, billion dollars) and share in world GDP 151% 32% 1 2 3 4 5 6 7 8 9 10 PREVIOUS NEXTCountry index
  41. 41. Political and Regulatory Stability FinTech Ecosystem FinTech Infrastructure Urgency for Financial Inclusion Strength of Legal Rights Political Stability Control of Corruption Innovation Time to Start a Business Electricity Reliability 0.02% 4% 12% 62% 22% 0.24% 87% 13% 2015 2050 Expected population growth 2015 vs 2050 Demographics (Source: United Nations) Population and share in world population GDP per capita (dollars) WorldMali Mali 17.6 mln World rank #33 $13.1 bln World rank #53 200% 150% 100% 50% 0% -50% Mali World Mali Urgency for Financial Inclusion (Source: World Bank / IFC) (% of population over 15 years old) (% of MSMEs) 8.0 mln Developing World Rank #32 Developing World Rank #22 Developing World Rank #47 FinTech Ecosystem (Source: World Bank / Global Innovation Index) Mali Developing World Developing World Rank #10 Developing World Rank #66 No credit needs Unserved Low income economies Underserved Well-served Banked Unbanked Electricity Coverage Internet Penetration Mobile Penetration Rural Population Poverty MSMEs Unserved Unbanked Population 4 3 2 1 0 Most Innovative Innovative Moderately Innovative Least innovative 2 FinTech Opportunities (Source: World Bank) Birth Registration (% of children under 5 who are registered) Private Credit Bureau Coverage (% of population covered by private credit agencies) Public Credit Registries (% of population covered by public credit agencies) Cost of remittances (average % of money sent) FinTech Infrastructure (Source: ITU) Mali Developing World 105 Mali Developing World Mali 0% Developing World Mali 0% Developing World 0.7 mln Enterprises BiometricsUnbanked Population MSME Credit Gap Alternative Credit Scoring Virtual Currencies (in days) Time to Start a Business Innovation Index (% individuals using the internet) Internet Use Density (subscriptions per 100 inhabitants) Mobile Subscription Density 28% 13% 20 9 Least Urgent Moderately Urgent Urgent Most Urgent 84% Most Urgent Urgent Moderately Urgent Least Urgent 5.2% 140 36% 10% $10,004.9 $744.3 Economy (Source: IMF / Worldbank) GDP (2015, billion dollars) and share in world GDP 158% 32% 1 2 3 4 5 6 7 8 9 10 PREVIOUS NEXTCountry index
  42. 42. Political and Regulatory Stability FinTech Ecosystem FinTech Infrastructure Urgency for Financial Inclusion Strength of Legal Rights Political Stability Control of Corruption Innovation Time to Start a Business Electricity Reliability 1.56% 4% 9% 39% 48% 1.73% 61% 39% 2015 2050 Expected population growth 2015 vs 2050 Demographics (Source: United Nations) Population and share in world population GDP per capita (dollars) WorldMexico Mexico 127.0 mln World rank #8 $1,144.3 bln World rank #4 200% 150% 100% 50% 0% -50% Mexico World Mexico Urgency for Financial Inclusion (Source: World Bank / IFC) (% of population over 15 years old) (% of MSMEs) 56.4 mln Developing World Rank #7 Developing World Rank #15 Developing World Rank #10 FinTech Ecosystem (Source: World Bank / Global Innovation Index) Mexico Developing World Developing World Rank #51 Developing World Rank #12 No credit needs Unserved Upper middle income economies Underserved Well-served Banked Unbanked Electricity Coverage Internet Penetration Mobile Penetration Rural Population Poverty MSMEs Unserved Unbanked Population 4 3 2 1 0 Most Innovative Innovative Moderately Innovative Least innovative 4 FinTech Opportunities (Source: World Bank) Birth Registration (% of children under 5 who are registered) Private Credit Bureau Coverage (% of population covered by private credit agencies) Public Credit Registries (% of population covered by public credit agencies) Cost of remittances (average % of money sent) FinTech Infrastructure (Source: ITU) Mexico Developing World 105 Mexico Developing World Mexico 100% Developing World Mexico 0% Developing World 11.2 mln Enterprises BiometricsUnbanked Population MSME Credit Gap Alternative Credit Scoring Virtual Currencies (in days) Time to Start a Business Innovation Index (% individuals using the internet) Internet Use Density (subscriptions per 100 inhabitants) Mobile Subscription Density 28% 13% 20 6 Least Urgent Moderately Urgent Urgent Most Urgent 93% Most Urgent Urgent Moderately Urgent Least Urgent 5.0% 85 36% 57%$10,004.9 $9,009.3 Economy (Source: IMF / Worldbank) GDP (2015, billion dollars) and share in world GDP 29% 32% 1 2 3 4 5 6 7 8 9 10 PREVIOUS NEXTCountry index
  43. 43. Political and Regulatory Stability FinTech Ecosystem FinTech Infrastructure Urgency for Financial Inclusion Strength of Legal Rights Political Stability Control of Corruption Innovation Time to Start a Business Electricity Reliability 0.01% 7% 20% 34% 39% 0.05% 82% 18% 2015 2050 Expected population growth 2015 vs 2050 Demographics (Source: United Nations) Population and share in world population GDP per capita (dollars) WorldMoldova Moldova 3.6 mln World rank #63 $6.6 bln World rank #68 200% 150% 100% 50% 0% -50% Moldova World Moldova Urgency for Financial Inclusion (Source: World Bank / IFC) (% of population over 15 years old) (% of MSMEs) 2.5 mln Developing World Rank #56 Developing World Rank #7 Developing World Rank #4 FinTech Ecosystem (Source: World Bank / Global Innovation Index) Moldova Developing World Developing World Rank #33 Developing World Rank #24 No credit needs Unserved Lower middle income economies Underserved Well-served Banked Unbanked Electricity Coverage Internet Penetration Mobile Penetration Rural Population Poverty MSMEs Unserved Unbanked Population 4 3 2 1 0 Most Innovative Innovative Moderately Innovative Least innovative FinTech Opportunities (Source: World Bank) Birth Registration (% of children under 5 who are registered) Private Credit Bureau Coverage (% of population covered by private credit agencies) Public Credit Registries (% of population covered by public credit agencies) Cost of remittances (average % of money sent) FinTech Infrastructure (Source: ITU) Moldova Developing World 105 Moldova Developing World Moldova 11% Developing World Moldova 0% Developing World 0.1 mln Enterprises BiometricsUnbanked Population MSME Credit Gap Alternative Credit Scoring Virtual Currencies (in days) Time to Start a Business Innovation Index (% individuals using the internet) Internet Use Density (subscriptions per 100 inhabitants) Mobile Subscription Density 28% 13% 20 4 4 Least Urgent Moderately Urgent Urgent Most Urgent 100% Most Urgent Urgent Moderately Urgent Least Urgent 7.9% 108 36% 50% $10,004.9 $1,843.2 Economy (Source: IMF / Worldbank) GDP (2015, billion dollars) and share in world GDP -20% 32% 1 2 3 4 5 6 7 8 9 10 PREVIOUS NEXTCountry index
  44. 44. Political and Regulatory Stability FinTech Ecosystem FinTech Infrastructure Urgency for Financial Inclusion Strength of Legal Rights Political Stability Control of Corruption Innovation Time to Start a Business Electricity Reliability 0.02% 4% 11% 40% 45% 0.04% 8% 92% 2015 2050 Expected population growth 2015 vs 2050 Demographics (Source: United Nations) Population and share in world population GDP per capita (dollars) WorldMongolia Mongolia 3.0 mln World rank #65 $11.8 bln World rank #55 200% 150% 100% 50% 0% -50% Mongolia World Mongolia Urgency for Financial Inclusion (Source: World Bank / IFC) (% of population over 15 years old) (% of MSMEs) 0.2 mln Developing World Rank #73 Developing World Rank #12 Developing World Rank #18 FinTech Ecosystem (Source: World Bank / Global Innovation Index) Mongolia Developing World Developing World Rank #39 Developing World Rank #50 No credit needs Unserved Upper middle income economies Underserved Well-served Banked Unbanked Electricity Coverage Internet Penetration Mobile Penetration Rural Population Poverty MSMEs Unserved Unbanked Population 4 3 2 1 0 Most Innovative Innovative Moderately Innovative Least innovative FinTech Opportunities (Source: World Bank) Birth Registration (% of children under 5 who are registered) Private Credit Bureau Coverage (% of population covered by private credit agencies) Public Credit Registries (% of population covered by public credit agencies) Cost of remittances (average % of money sent) FinTech Infrastructure (Source: ITU) Mongolia Developing World 105 Mongolia Developing World Mongolia 0% Developing World Mongolia 41% Developing World 0.3 mln Enterprises BiometricsUnbanked Population MSME Credit Gap Alternative Credit Scoring Virtual Currencies (in days) Time to Start a Business Innovation Index (% individuals using the internet) Internet Use Density (subscriptions per 100 inhabitants) Mobile Subscription Density 28% 13% 20 6 4 Least Urgent Moderately Urgent Urgent Most Urgent 99% Most Urgent Urgent Moderately Urgent Least Urgent NA 105 36% 21% $10,004.9 $3,973.4 Economy (Source: IMF / Worldbank) GDP (2015, billion dollars) and share in world GDP 36% 32% 1 2 3 4 5 6 7 8 9 10 PREVIOUS NEXTCountry index
  45. 45. Political and Regulatory Stability FinTech Ecosystem FinTech Infrastructure Urgency for Financial Inclusion Strength of Legal Rights Political Stability Control of Corruption Innovation Time to Start a Business Electricity Reliability 0.01% 13% 17% 36% 34% 0.01% 40% 60% 2015 2050 Expected population growth 2015 vs 2050 Demographics (Source: United Nations) Population and share in world population GDP per capita (dollars) WorldMontenegro Montenegro 0.6 mln World rank #73 $4.0 bln World rank #70 200% 150% 100% 50% 0% -50% Montenegro World Montenegro Urgency for Financial Inclusion (Source: World Bank / IFC) (% of population over 15 years old) (% of MSMEs) 0.2 mln Developing World Rank #72 Developing World Rank #23 Developing World Rank #3 FinTech Ecosystem (Source: World Bank / Global Innovation Index) Montenegro Developing World Developing World Rank #5 Developing World Rank #6 No credit needs Unserved Upper middle income economies Underserved Well-served Banked Unbanked Electricity Coverage Internet Penetration Mobile Penetration Rural Population Poverty MSMEs Unserved Unbanked Population 4 3 2 1 0 Most Innovative Innovative Moderately Innovative Least innovative FinTech Opportunities (Source: World Bank) Birth Registration (% of children under 5 who are registered) Private Credit Bureau Coverage (% of population covered by private credit agencies) Public Credit Registries (% of population covered by public credit agencies) Cost of remittances (average % of money sent) FinTech Infrastructure (Source: ITU) Montenegro Developing World 105 Montenegro Developing World Montenegro 0% Developing World Montenegro 26% Developing World 0.04 mln Enterprises BiometricsUnbanked Population MSME Credit Gap Alternative Credit Scoring Virtual Currencies (in days) Time to Start a Business Innovation Index (% individuals using the internet) Internet Use Density (subscriptions per 100 inhabitants) Mobile Subscription Density 28% 13% 20 10 4 Least Urgent Moderately Urgent Urgent Most Urgent 99% Most Urgent Urgent Moderately Urgent Least Urgent NA 162 36% 65% $10,004.9 $6,415.0 Economy (Source: IMF / Worldbank) GDP (2015, billion dollars) and share in world GDP -8% 32% 1 2 3 4 5 6 7 8 9 10 PREVIOUS NEXTCountry index
  46. 46. Political and Regulatory Stability FinTech Ecosystem FinTech Infrastructure Urgency for Financial Inclusion Strength of Legal Rights Political Stability Control of Corruption Innovation Time to Start a Business Electricity Reliability 0.14% 5% 12% 38% 45% 0.47% 61% 39% 2015 2050 Expected population growth 2015 vs 2050 Demographics (Source: United Nations) Population and share in world population GDP per capita (dollars) WorldMorocco Morocco 34.4 mln World rank #21 $100.4 bln World rank #20 200% 150% 100% 50% 0% -50% Morocco World Morocco Urgency for Financial Inclusion (Source: World Bank / IFC) (% of population over 15 years old) (% of MSMEs) 15.2 mln Developing World Rank #18 Developing World Rank #23 Developing World Rank #25 FinTech Ecosystem (Source: World Bank / Global Innovation Index) Morocco Developing World Developing World Rank #19 Developing World Rank #13 No credit needs Unserved Lower middle income economies Underserved Well-served Banked Unbanked Electricity Coverage Internet Penetration Mobile Penetration Rural Population Poverty MSMEs Unserved Unbanked Population 4 3 2 1 0 Most Innovative Innovative Moderately Innovative Least innovative 3 FinTech Opportunities (Source: World Bank) Birth Registration (% of children under 5 who are registered) Private Credit Bureau Coverage (% of population covered by private credit agencies) Public Credit Registries (% of population covered by public credit agencies) Cost of remittances (average % of money sent) FinTech Infrastructure (Source: ITU) Morocco Developing World 105 Morocco Developing World Morocco 23% Developing World Morocco 0% Developing World 2.1 mln Enterprises BiometricsUnbanked Population MSME Credit Gap Alternative Credit Scoring Virtual Currencies (in days) Time to Start a Business Innovation Index (% individuals using the internet) Internet Use Density (subscriptions per 100 inhabitants) Mobile Subscription Density 28% 13% 20 10 Least Urgent Moderately Urgent Urgent Most Urgent 94% Most Urgent Urgent Moderately Urgent Least Urgent 7.0% 127 36% 57%$10,004.9 $2,919.3 Economy (Source: IMF / Worldbank) GDP (2015, billion dollars) and share in world GDP 27% 32% 1 2 3 4 5 6 7 8 9 10 PREVIOUS NEXTCountry index

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