Technology spurs financial inclusion

Rapid development of financial technologies, or fintech, has innovated ways of achieving inclusive finance, but it has also brought in its wake new challenges on the regulatory front, industry insiders said.

New technologies, particularly the global spread of mobile phones, can provide powerful solutions for expanding access to financial services, especially for people living in remote areas and small-scale businesses.

They can also benefit an estimated 2 billion people globally who are still excluded from the formal financial system, according to a research from the Global Partnership for Financial Inclusion, an inclusive finance platform for all G20 members.