ADB tells Asian leaders to focus on fintech for growth
It’s the grand solution towards inclusivity.
The Asian Development Bank (ADB) sponsored a high-level dialogue at sidelines of the ongoing World Bank-International Monetary Fund meetings in Bali, Indonesia to send one strong message to world leaders.
ADB stole the spotlight to round up central bank officials from the region towards one cause as they called for wider use of digital solutions to drive inclusive growth.
“Rapidly spreading new financial technologies hold huge promise for financial inclusion,” ADB President Takehiko Nakao said in a statement.
“We must foster an enabling environment for the technologies to flourish and strengthen regional cooperation to build harmonized regulatory standards and surveillance systems to prevent international money laundering, terrorism financing, and cybercrimes.”
In particular, mobile banking, big data, and peer-to-peer transfers are seen to bring the strongest impact towards better opportunities for poor communities.
In the panel are top officials of the central banks of member-economies.