Fintech for Inclusion

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Fintech for Inclusion

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This session will explore core financial inclusion challenges faced in China, their approach to tackle financial inclusion bottlenecks, results and lessons learned. Topics include how China has approached (i) regulating its FinTech marketplace including the evolution of digital payments in China, FinTech Lending, and the use of alternative data; (ii) strengthening financial inclusion for last mile unbanked populations, including assessing in depth the financial needs of China’s rural populations; and, (iii) consumer protection and how to continue to protect consumers in a cashless economy.

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This session will dive deep into two FinTech-related policy areas – digital payments, and open banking - to understand emerging trends and policy considerations for authorities to take a deliberate, proactive, and coordinated approach. Financial regulatory authorities are trying to balance enabling the entrance and scaling of fintech companies while also developing new approaches and regulation for activities that may not yet exist within the scope of their current regulatory environment. However, significant challenges of fintech risk monitoring and management remains, particularly in areas related to reserve fund management, information security, anti-money laundering, disclosure and transparency. Fintech business models evolve at a fast pace, making it harder for financial regulators and supervisors to anticipate gaps and inefficiencies. 

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The session will explore how digitization of remittances, accelerated by COVID-19, can increase financial access and inclusion and how the G20 Roadmap on Enhancing Cross-border Payments can support this development. International remittances can foster access to and use of transaction accounts by both senders and recipients. However, this potential remains largely untapped due to remittance service users electing cash-based methods over transaction accounts. COVID-19 restrictions suddenly disrupted the traditional cash-based remittance models, with agent locations being closed, having access limitations and/or facing cash logistics challenges. As a result, many money transfer operators have seen a considerable increase in mobile and online initiated remittances. 

China’s DFS experience so far and lessons learned

Speaker slides

Harnessing and balancing Innovation

Speaker slides

Deep dive on policy approaches for digital payments, and open banking

Speaker slides

Banking the unbanked through international remittances: from banknotes to bytes

Raymond O. Estioko

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  • Start Date
    25 May, 2021 1:00 pm
  • End Date
    17 June, 2021 2:30 pm
  • Status
    Past
  • Organizer
    • CPMI
    • ITU
    • WBG
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