Technology, innovation boost financial inclusion in China

An industrywide consensus to develop financial inclusion in China with a greater reliance on available technologies has been reached, financial service professionals and experts said.

Zeng Gang, deputy director of the National Institution for Finance and Development, said digital driven innovation will become the most important way of developing financial inclusion, which means making financial services accessible and affordable to all individuals and businesses, regardless of net worth and size.

"China will continue to deepen digital financial inclusion, which will restructure traditional financial models and become a direction of business transition for financial institutions. Digital financial inclusion will bring changes to financial concepts and the organizational structure of financial institutions, restructure their business procedures, and improve their data integration capability and technical skills," said Zeng in delivering a report at the second China financial inclusion innovation and development summit recently held by People's Daily.