Despite all the hype around fintech and cryptocurrencies, financial innovation still generates a particular degree of scepticism – not least among the millions plunged into poverty by the 2008 global financial crisis. For them and many others, the term “financial innovation” sparks memories of banks’ efforts to bundle a patchwork of questionable loans into an abstract and complex set of products, with names like “mortgage-backed securities” and “collateralized loan obligations.” Nonetheless, financial innovation lives on.

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