A Critical Look at Using Financial Technology Policy to Promote the Sustainable Development Goal

New financial technologies (FinTech) may not represent a new era for sustainable development—at least not as currently conceived. Many of the gains espoused by the UN and other cheerleaders come from rebranding the online equivalents of traditional savings, investment and tax payment activities. Most of these claims have no supporting evidence, beyond ad hoc anecdotes and stories. The existing evidence hardly forms a reliable basis for the very specific technologies and services recommended by international organizations. We show that abstract and nebulous advice on changing countries' payments, banking, securities, and others' laws helps explain why such advice will likely have little effect on promoting financial inclusion, saving, mobile payments, and the UN's Sustainable Development Goals.