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FinTech and financial inclusion: Opportunities and challenges

Author

Listed:
  • Hollanders, Marc

    (Former Special Adviser on Financial Infrastructure, Bank for International Settlements, Switzerland)

Abstract

Financial inclusion, in essence, is about promoting broader access to and usage of financial services, in particular payment services. At the heart of payment services are transaction accounts. This paper will describe the crucial role played by transaction accounts and how stakeholders can promote access and use of these accounts. It will also look at recent FinTech developments and highlight the role innovations can play in broadening access to financial services while addressing the related risks. The discussion will be based on two reports on payment aspects of financial inclusion released by the Committee on Payments and Market Infrastructures and the World Bank. The framework developed to promote access and use of transaction accounts in the first report underpins the second report, which assesses the potential of FinTech developments for financial inclusion.

Suggested Citation

  • Hollanders, Marc, 2020. "FinTech and financial inclusion: Opportunities and challenges," Journal of Payments Strategy & Systems, Henry Stewart Publications, vol. 14(4), pages 315-325, December.
    • Handle: RePEc:aza:jpss00:y:2020:v:14:i:4:p:315-325
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    Citations

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    Cited by:

    1. Broader, Jacquelyn, 2024. "Tapping In: Leveraging Open-Loop Fare Payments to Increase Financial Inclusion," Institute of Transportation Studies, Research Reports, Working Papers, Proceedings qt88v9c0wm, Institute of Transportation Studies, UC Berkeley.
    2. Hongjie Cao & Kexin Shen & Qifan Chen & Wen Wen, 2024. "Impact of Broadband China Infrastructure Strategy on Fintech: A Quasi-Natural Experiment," Sustainability, MDPI, vol. 16(4), pages 1-20, February.
    3. Massimo Preziuso & Franziska Koefer & Michel Ehrenhard, 2023. "Open banking and inclusive finance in the European Union: perspectives from the Dutch stakeholder ecosystem," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 9(1), pages 1-27, December.
    4. Ozili, Peterson K, 2023. "Benefits of digital-only financial inclusion," MPRA Paper 118796, University Library of Munich, Germany.

    More about this item

    Keywords

    financial inclusion; FinTech; transaction account; payment services; innovation;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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