Responsible Financial Inclusion and Digital Innovation:
Focus on Asia
26 May 2016 | Thursday
Xi’an City, China
The advent of the digital revolution is lowering cost, distance, time and barriers to entry. Digital finance is forcing traditional institutions to reinvent the way they do business to meet the needs of their customers. Investing in innovation and forging joint ventures leverages the potential benefits of technology to deliver customer-centric products and services. At the same time they need to manage institutional risks and associated costs with increased compliance. This session presents the impact on consumers and customers, as financial institutions and retail providers strive to adapt and comply with evolving regulations as they scale-up financial inclusion through digital services and alternative delivery channels.
Technology enables frequent changes and service evolution which regulators try to leverage for financial inclusion. In fact, digital financial services and big data applications are rightly deemed to be a huge game changer, providing 700 million adults with access to financial services between 2011 and 2014. This session, co-moderated by IFC and GIZ, will engage two panels in an interactive exchange to look at the immense potential of digital financial services and big data for responsible financial inclusion, explore emerging trends and solutions through private and public sector initiatives towards responsible digital finance highlighting recent innovations for consumer protection, discuss the challenges and the risks of financial exclusion associated with Big Data and how they can be tackled without stifling private sector-led innovations..
Panel 1: Presence and Future of Alternative Market-Based Finance
This panel will introduce experts and industry participants to discuss potential of
market-based finance for promoting and deepening financial inclusion and developing
responsible digital financial products. Panelists will also discuss key challenges faced by
platforms, investors and borrowers.
Panel 2: Regulatory Initiatives and Emerging Good Practices
This panel will focus on the regulatory and supervisory perspective on alternative
market-based finance in Asia, featuring examples from different countries and varied
The objective of the session are to share the recently released Principles for Responsible Digital Payments; to highlight several of the key principles in action from providers and payment makers in China and the region; and consider potential implications of widespread adoption and implementation of such principles. Examples will draw on several of the principles, such as agents, data, designing for client needs and capability.
This session will explore strategic partnerships across the pillars, and will expand on evidence and emerging results from ongoing initiatives globally and in the region. The importance of consumer research and product innovation for investors, providers, development partners and policy will be discussed along with practical approaches in the context of global and industry initiatives.
This session recaps the day featuring regional and global initiatives presented, and the growing partnerships and its evolving community of innovative actors – critical for deepening private and public sector collaboration for solutions through the Responsible Finance Forum. The closing session further highlights the potential role of the G20/GPFI in advancing outcomes of RFFVII.