The inadequacy in the conventional banking system has impacted the rise of the digital lending industry. The key leaders of the industry have aimed at reducing the inadequacies that are in the conventional banking system, where financial transactions related lending take place with speed and efficiency. However, the main challenge for the digital payments market in terms of ESG arises in the aspect of governance, since data protection and privacy remain a challenge.

Why is it important to have ESG?

The abbreviation ESG stands for environmental, social and corporate governance. It is a measurement that takes into account a company's social and environmental impact on the global community. It brings awareness to the different climate issues that are occurring and encourages businesses to adopt practices and policies that are better for the environment. ESG not only helps businesses by attracting a more diverse workforce to bring in new ideas, but it also helps businesses have a greater positive impact on our world.

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