Project Description
In collaboration with the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), the Griffith Asia Institute has developed a Policy Guidebook to support the region’s policy makers and regulators to capitalise on the opportunity to harness digital technology as an effective means to advance financial inclusion and enhance the wellbeing of those at the base of the economic pyramid, including women.
Project Personnel and Beneficiaries
• United Nations Economic and Social Commission for Asia and the Pacific (UN ESCAP). https://www.unescap.org/
• Governments and policy makers
• BoEP populations and women
Outcomes to Date
Many least developed countries (LDCs) and small island developing states (SIDs) have been able to find innovative approaches to overcome the distinct disadvantages that make it difficult to address digital financial inclusion. Their accomplishments have highlighted the importance of regional cooperation. Initiatives which bring government officials, industry leaders and development experts together to share knowledge and ideas play a critical role in facilitating the development of inclusive digital economies and enabling effective digital financial inclusion. Such initiatives facilitate regional cooperation between stakeholders to identify and promote best practice strategies to address broader factors which influence the effectiveness of DFS. Examples include managing technological innovation, developing digital ecosystems, identifying priority investment needs, developing hard and soft infrastructure (including policies to promote digital technology), enhancing data privacy laws, pr
Project Significance
The significance of strengthening economic growth and sustainable development through financial inclusion is critical for the Asia-Pacific region. Harnessing the advent of digital technology to enable financial inclusion is one of the most promising opportunities to bring millions of unserved and underserved people across the region into the formal financial sector. This is especially true for people who are living at the base of the economic pyramid (BoEP) and for women, who are disproportionately marginalized.
However, while the promise of digital finance is appealing, the introduction of digital services does not solve many of the root causes of financial exclusion and also creates new challenges for those at the BoEP. Policymakers and regulators have an important role to play to ensure that digital services are delivered responsibly and that they are achieving the desired outcomes including enhanced resilience and economic opportunity for women and other disadvantaged groups.
This policy guidebook aims to support the region’s policy makers and regulators to capitalize on the opportunity to harness digital technology as an effective means to advance financial inclusion and enhance the wellbeing of those at the BoEP.