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Overcoming Distrust in Banks Crucial for Fintech and Crypto Adoption

Deep-rooted distrust in banks poses a challenge to the fintech and crypto "revolution" aimed at financial inclusion in developing countries. Overcoming this distrust is crucial for these sectors to gain traction and improve access to financial services globally.


The fintech and crypto "revolution" aimed at improving financial inclusion in developing countries faces a significant hurdle: deep-rooted distrust in banks. According to Juan Pablo Ortega, CEO of online payment platform Yuno, this distrust, particularly prevalent in high-inflation countries like Argentina, poses a challenge to widespread adoption of fintech solutions.

Distrust in Banks

Ortega highlighted that in countries like Argentina, where there is a history of high inflation and economic instability, people often prefer to store their wealth in cash rather than trust banks. This lack of trust extends to other financial services, making it difficult for fintech firms to gain a foothold in these markets.

Importance of Trust

Ortega emphasized the importance of trust in financial institutions, stating that consumers are unlikely to open bank accounts with institutions they do not trust. He gave the example of a small business owner needing a loan, who may be charged exorbitant interest rates by traditional banks, further widening the wealth gap.

Fintech's Role in Building Trust

Despite these challenges, Ortega is optimistic about a financial inclusion "revolution" driven by fintech firms in Latin America, Asia, and parts of Africa. These firms, he believes, have the potential to regain consumers' trust through innovative solutions and improved services.

Case Study: Nubank

Ortega cited Brazilian fintech neobank Nubank as an example of a company making strides in building trust. Nubank's recent partnership with stablecoin issuer Circle to promote USD Coin (USDC) in Latin America is seen as a step toward offering more inclusive financial services.

Crypto Adoption in Developing Countries

Developing countries like India, Nigeria, and Vietnam lead the world in crypto adoption, according to Chainalysis' 2023 Global Crypto Adoption Index. These countries see cryptocurrencies as a way to protect against inflation and corruption, offering a lifeline to many.

Future of Financial Inclusion

Despite challenges, Ortega and other industry experts remain hopeful about the future of financial inclusion. They believe that by addressing issues of trust and offering innovative solutions, fintech firms and cryptocurrencies can play a significant role in improving access to financial services for millions of people globally.


Overcoming distrust in banks is a crucial step for the fintech and crypto "revolution" to succeed in promoting financial inclusion. By offering transparent and innovative solutions, these sectors can build trust with consumers and help bridge the gap in financial access worldwide.