There are 1.7 billion people who are outside of the formal banking and financial system, more than half of which are in Asia and the Pacific. They struggle with high fees and risky systems to undertake even simple financial transactions. In order to improve the lives of poorest and most vulnerable, it is crucial to connect these marginalized populations with the broader economy. As we have entered the Fourth Industrial Revolution, the use of digital technology in financial services can offer new ways to bring them out of financial darkness.
The Third Asia Finance Forum will envision the future of inclusive finance by discussing how these new technologies like artificial intelligence, big data, and blockchain, as well as the rapid expansion of mobile-phone banking, are helping to bring financial services to unbanked communities. These digital technologies can boost financial inclusion by expanding how people financially transact, beyond traditional banking. Efforts in several specific areas can make a big difference, including identification, internet and electricity, interoperable payment systems, customer relationships, equality of opportunity for women, and remittances, pensions, and insurance.
The ADB Fintech Academy will also be conducted during this week to provide insight and knowledge on key hot topics surrounding financial services and the application of technology such as alternative credit scoring, central bank digital currency, cyber security, blockchain and the like.
Target Audience: Regulators, policymakers, fintech companies, finance experts, academia and think tanks.