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Jakarta Post

How fintech firms drive financial inclusion in Asia

  • Giancarlo Viterbo

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PREMIUM
Manila   /   Wed, July 24, 2019   /  12:00 pm
How fintech firms drive financial inclusion in Asia Illustration of financial technology (fintech). (Shutterstock/File)

Bringing the billions of unbanked and underserved people around the world into the formal financial system is no easy feat. The traditional structures of financial institutions — physical branch networks — have limited their reach to where they can set up a bank branch or an ATM, making them unable to deliver their services to far-flung communities. This financial exclusion, which is more prominent in emerging markets, is seen as a major deterrent to personal and community development. The 2017 Global Findex from The World Bank reveals that the poor “account for a disproportionate share of the unbanked [population]”. These communities resort to informal sources for their loans, savings and investments that often have unfair rates and deals.  It is a massive pain point being addressed by financial technology (fintech). From mobile wallets to web-based pl...

Disclaimer: The opinions expressed in this article are those of the author and do not reflect the official stance of The Jakarta Post.