35% of the population of the Federated States of Micronesia had access to the internet at the beginning of 2022.
Micronesia, Federated States of
No Open Banking
According to the International Monetary Fund (IMF), Fintech could potentially allow Pacific island countries to alleviate the impact of structural impediments and persistent challenges, such as geographic remoteness and dispersion, small scale, limited infrastructure, and fragile correspondent banking relationships. Fintech solutions can complement existing efforts to promote financial inclusion, enhance financial sector development, and increase inclusive growth potential, thereby reducing poverty.