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The FinTech revolution: A perspective from Asia

José de Luna-Martínez's picture

Will cash and checks still exist 15 or 20 years from now given the increasing digitization of money? Is the smartphone our new bank? Will many people working in the financial sector industry lose their jobs due to growing use of technology, robots, algorithms, and online banking? Is financial technology (FinTech) the solution to providing financial services to the 2 billion people in the planet that still lack access to finance? Will digital currencies and other innovative FinTech products pose systemic risks in the future? What is the best approach to regulate FinTech companies?

Natural Capital Accounting: Going beyond the numbers

Stig Johansson's picture
Guatemala. World Bank

Here are some facts that you might not know: Do these numbers just seem like bits of trivia? In fact, these are all important results that came out of natural capital accounting (NCA) – a system for generating data on natural resources, such as forests, energy and water, which are not included in traditional statistics. NCA follows standards approved by the United Nations to ensure trust, consistency and comparison across time and countries.
The results above are among the numerous NCA findings that are being generated every year, with support from a World Bank-led global partnership called Wealth Accounting and the Valuation of Ecosystem Services (WAVES). In response to the growing appetite for information on NCA, WAVES has set up a new Knowledge Center bringing together resources on this topic.

Long-term finance for infrastructure essential to ending poverty

Bertrand Badré's picture
A worker at a power substation in Kabul, Afghanistan. © Graham Crouch/World Bank

​Fifteen years from now, will you remember where you were when the UN General Assembly adopted the Sustainable Development Goals (SDGs)?

Friday, September 25, 2015 may not be one of those days that the general public will remark on, but it is a milestone in development history. The SDGs set a new and ambitious agenda that we at the World Bank Group, together with our partners, will work to achieve along with our own goals of ending poverty and boosting shared prosperity by 2030.

Part of the #Youthbiz movement? Share your story!

Valerie Lorena's picture

Also available in: Français | العربية

A boat trip from Port Elizabeth to Kingstown, in the Caribbean country of Saint Vincent and the Grenadines, is a one-hour trip that locals take several times a day. It was during one of these journeys that the boat of Kamara Jerome, a young Vincentian fisherman, ran out of gas six miles from Bequia City in what is termed locally as the "Bequia Channel." While waiting for help with strong wind gusts and the sun on his head, the idea of developing a boat that would run with wind and solar energy was born. Soon after, the idea became a prototype; a boat using green technology was on the water making 20-year-old Jerome a winner of international innovation competitions and a role model to other Caribbean youth. 
In Mexico, young engineer Daniel Gomez runs a multimillion bio-diesel company originally conceived as a research project for his high school chemistry class. Gomez and his partners - Guillermo Colunga, Antonio Lopez, and Mauricio Pareja - founded SOLBEN (Solutions in bio-energy in Spanish) in their early twenties. 
Although Daniel and Kamara have different educational backgrounds, they do share one important skill, the ability to identify a problem, develop an innovative solution, and take it to the market. In other words, being an entrepreneur, an alternative to be economically active, that seems to work and not only for a few.

Consolidating Gains: Gender Diversity in Business Leadership

Rudaba Z. Nasir's picture

Can we envision a time when we will no longer be surprised to hear that a woman is leading an energy or technology company? Can closing the gender gap in leadership, especially in male-dominated industries, be a possibility in fewer than 100 years?

Today’s dynamic women in top leadership positions are opening up the possibility of answering these questions with a resounding “Yes!” They have shattered glass ceilings and paved the way forward for countless others trying to uproot deeply entrenched ideas about women’s and men’s differing roles and opportunities in business and society. As a result, more and more women are now recognizing and making progress towards transcending the glass walls that also silo them in certain managerial functions, such as human resources and communications.

However, a new report by the International Labour Organization (ILO) released last week reminds us that gender diversity gains are not always sustained. Featuring unique data collected from 1,300 private sector companies in 39 developing countries, the report states that concerted efforts are required to consolidate progress and change mindsets while fighting unconscious biases at all levels of society.

Climate smart management for farms, forests and everything in between

Diji Chandrasekharan Behr's picture
A high-level panel on adaptation-based mitigation at the Global Landscape Forum 2014 in Lima, Peru. (Photo by PROFOR)The energy at the Global Landscapes Forum held alongside the UNFCCC climate negotiations in Lima was electric—charged by the enthusiasm of the scientists, practitioners, indigenous peoples, investors, policy makers, youth and government negotiators who came together to share their latest innovations, tools and ideas for tackling climate change across land uses—from farms to forests and everything in between. Conversations were passionate as we discussed how to bring together our efforts to address climate change and achieve sustainable development at the landscape level—by working in a coordinated manner on agriculture, forests, water and more. 

A notable shift at the 2014 Forum from previous ones, in addition to the mounting numbers in attendance (the event “sold out” with registration closing weeks early), was the buzz about adaptation. It permeated across panels and speakers, making clear the conversation on land-based sectors and climate change has moved well beyond mitigation. The Program on Forests (PROFOR) contributed to advancing the conversation by convening a high-level panel on “Moving forward with adaptation-based mitigation.”    

Weekly Wire: The Global Forum

Roxanne Bauer's picture

These are some of the views and reports relevant to our readers that caught our attention this week.

The Challenge Of Connecting The Unconnected
Every time we return to or sign up for an Internet service (e.g. Facebook, Google, Gmail, YouTube, etc.), we rely on what UX experts call a “mental model” for navigating through the choices. A mental model is essentially a person’s intuition of how something works based on past knowledge, similar experiences and common sense. So even when something is new, mental models help to make sense of it, utilizing the human brain’s ability to transcode knowledge and recognize patterns. For instance, most of our grandparents can hit the ground running with changing the channel or increasing the volume when handed the remote control for the latest television available in the market today, squarely because of a well-developed mental model for TV remote control units. But our grandparents may not have the same level of success when using Internet services, smartphones or tablets. Under-developed mental models in these domains are their primary obstacles

Beyond Magic Bullets in Governance Reform
Carnegie Endowment for International Peace
Domestic reformers and external donors have invested enormous energy and resources into improving governance in developing countries since the 1990s. Yet there is still remarkably little understanding of how governance progress actually occurs in these contexts. Reform strategies that work well in some places often prove disappointing elsewhere. A close examination of governance successes in the developing world indicates that effective advocacy must move beyond a search for single-focus “magic bullet” solutions toward an integrated approach that recognizes multiple interrelated drivers of governance change.

Empowering new generations to act

Paula Caballero's picture
Photo by CIAT via CIFOR FlickrWhen I look at the rate of resource depletion, at soil erosion and declining fish stocks, at climate change’s impacts on nearly every ecosystem, I see a physical world that is slowly but inexorably degrading. I call it the "receding reality"—the new normal—slow onset phenomena that lull us into passivity and acceptance of a less rich and diverse world.

In my lifetime, I have seen waters that were teeming with multi-colored fish, turn dead like an empty aquarium. I have seen the streets of Bogota, my home town, lose thousands of trees in a matter of years.

It’s tempting to feel demoralized. But as the world’s protected area specialists, conservationists and decision makers gather in Sydney, Australia, this week for the World Parks Congress, there is also much to hope for.


How to De-Enclave the African Resource Sector for More Inclusive Growth and Development

Ken Opalo's picture
Oil drums in Ethiopia. Source - 10b travelling

The recent acceleration in growth rates across much of sub-Saharan Africa may not be purely commodity-driven, but for many of the region’s economies macro-economic stability is still dependent on prudent management of natural resources. For this reason, a strategic shift is required to shield African economies from commodity boom-burst cycles.
For much of the last half century, the dominant political economy model of natural resource management in Africa was this: states received royalties from mostly private mining companies and then were supposed to invest in public goods such as roads, hospitals, and schools. Private mining companies, for their part, would pick up the slack whenever states failed. Most of the time this happened through corporate social responsibility (CSR) initiatives, as a way of buying the social license needed to operate in specific communities.
This model has proven to be a complete failure in nearly all resource-rich African states, for a number of reasons.