Responsible Finance Forum 2016 | Xi’an, China
Responsible Financial Inclusion and Digital Innovation:
Focus on Asia
Technology and data are transforming financial services. We increasingly leave a big digital footprint fueled by a sharp increase in the usage of mobile phones, online payment systems and social media. Financial institutions and fintech companies are tapping into this large array of real-time digital data to gain valuable insights and extend services to poor and under-served populations who were previously overlooked. How can banks and alternative lenders provide responsible financial services to the poor in the digital era?
The Seventh Annual Responsible Finance Forum (RFF VII) was held in Xi’an on May 26, 2016 and convened over 100 regulators, donors, financial institutions and digital service providers from the public and private sectors. China’s peer-to-peer lending market had become the largest in the world, fueled by innovations in digital finance and an increase in the supply of retail investors. The government introduced its first major internet finance guidance policy in 2015 to strengthen consumer protection and curb mismanagement and fraud. The new regulations also called on providers to share their customers’ credit information data with the national registry.
“As a regulator, we are interested in educating and protecting customers while letting private sector innovation in digital financial services flourish,” said Dr Sun Tianqi, the Deputy Director-General of the Financial Consumer Protection Bureau of the People’s Bank of China. China, as holder of the 2016 G20 Presidency, identified responsible digital financial services as an ultimate priority with its endorsement of the G20 High Level Principles for Digital Financial Inclusion during the G20 Summit held in July.