Speeding up Financial Inclusion: Broadening our Social Responsibility Commitment
SE Asia Update & How Fintechs Can Contribute
“Globally, 69 percent of adults – 3.8 billion people – now have an account at a bank or mobile money provider, a crucial step in escaping poverty. This is up from 62 percent in 2014 and just 51 percent in 2011.” — Global Findex Report
Payment services are critical for financial inclusion because they are usually the first and most-used financial service. With mobile phones and internet access, people in remote or rural regions are now able to gain access to financial services. New providers of digital financial services also gain new opportunities in untapped markets. Leaving the notion of getting someone from ‘unbanked’ to ‘banked,’ fintechs now offer new solutions for financial inclusion via payments, money transfers, investments and more.
We bring together two regional experts from the World Bank and the Asian Development Bank who will provide status updates for SE Asia as well as projects underway in financial inclusion.
Isaku Endo, Senior Financial Sector Specialist in Finance, Competitiveness and Innovation Global Practice at the World Bank, will present the latest findings from the 2017 Global Findex – a wide-ranging data set on how people in 144 economies use financial services. The report was produced by the World Bank with funding from the Bill & Melinda Gates Foundation and in collaboration with Gallup, Inc.
Mayumi Ozaki, Senior Portfolio Management Specialist, South Asia Department, Asian Development Bank, will participate in the session sharing her expertise in financial inclusion, microfinance, SME finance, microinsurance, remittances and payment systems, banks and financial sector reform, and disaster risk finance.