Evidence and Innovation for Scaling Inclusive Digital Finance
September 7-9, 2015
The advent of digital finance has brought with it the opportunity to include those without full access to formal financial services. However, increased access to and use of digital financial services, for all its benefits, does not come without risks, which are crucial to address if financial services are to enhance consumer well-being.
Responsible finance is core to the goals of Universal Financial Access by 2020 and contributes to the United Nations’ Sustainable Development Goals. Collaboration between the private sector and government to promote digital innovation can help foster inclusive financial systems that protect consumers and equip them with the tools necessary to meet their financial needs.
This Sixth Annual Responsible Finance Forum (RFFVI) brought together policymakers, financial service providers, and researchers for an evidence-based, interactive discussion on advancing inclusive and responsible financial services, financial capability programs, private sector initiatives, and proportionate consumer protection measures in a digital world.
- Drew from the latest data and impact evidence on financial services for low-income consumers in order to inform responsible digital finance policy and practice;
- Examined industry standards to minimize consumer risks in digital finance, and to share challenges and emerging solutions from the private sector, development partners, and government leaders;
- Defined the roles and actionable next steps for stakeholders across the pillars of responsible finance (industry, regulation, and consumer) with the support of development organizations; and
- Identified knowledge gaps, areas for future research, private sector innovations, and areas for collaboration with governments for responsible financial inclusion.
- Financial (Dis-) Information and Disclosure by Xavier Gine from the World Bank
- Financial Well Being in a Digital World by Kusumaningtuti Soetiono from IFSA
- The Tantalizing Promise of Financial Literacy by Greg Fischer from LSE
- Data Driven Innovation by Rohit Acharya form First Access
Additional: RFF VI Background Materials
Leading Global Experts Prioritize Key Measures to Optimize Digital Finance for World’s Poorest People
Antalya, Turkey, 10 September 2015 – How are phones and cards changing the ways the global poor access and manage their money, and what should governments and financial institutions do to ensure innovative products and services meet the need of low-income customers? These and related topics were the subject of intense discussion and debate by leading global experts at a G20-backed event this week in Antalya, Turkey, one of the countries being transformed by digital innovation.
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The forum was organized by Innovations for Poverty Action (IPA), the Federal Ministry for Economic Cooperation and Development of Germany (BMZ), the Better than Cash Alliance (BTCA), CGAP (Consultative Group to Assist the Poor), the International Finance Corporation (IFC), the United Nations Capital Development Fund (UNCDF), and the World Bank.
The Forum was supported by the Citi Foundation, the Bill & Melinda Gates Foundation, the MasterCard Foundation, the Ministry of Foreign Affairs of the Netherlands, and the G20 Turkish Presidency.
The event was managed by the Financial Times.