Time of Event
10:00-12:00 Tokyo time
Summary
Rapid advancements in financial technology, or fintech, are opening the door to greater financial inclusion and sustainable development in Asia and the Pacific. However, the growing knowledge gap between innovators and regulators regarding fintech and business models that apply it threatens to undermine the benefits while giving rise to new challenges.
If inadequately addressed, associated risks such as fraud, data privacy breaches, and other cyber vulnerabilities could increasingly harm consumers and financial stability. Regulatory deficiencies could also hinder competitiveness and growth within the fintech sector. Yet, for many policy makers, particularly in the region’s developing economies, keeping pace with fintech innovation is extremely difficult given their frequent lack of specialized knowledge and skills.
Cohosted by Cambridge University’s Cambridge Centre for Alternative Finance, the World Economic Forum, and ADBI, this roundtable for select policy makers from developing countries in Asia and the Pacific broke down systemic challenges in the adoption of innovation in finance, particularly as it relates to poverty reduction, economic development, and financial inclusion. It was conducted under Chatham House Rules.
Objectives
- Discuss critical local and cross-border issues pertaining to fintech, regulatory innovation, digital financial literacy, and financial inclusion
- Examine keys to strengthening fintech innovation and regulatory knowledge in developing Asia and the Pacific
- Explore ways to better meet evolving regulatory needs within the fintech sector
Target Participants
Select government officials from Asian Development Bank developing member countries
Output
- Improved policy maker knowledge of fintech and regulatory innovation, digital financial literacy, and financial inclusion
- Enhanced fintech regulation capacity and recognition of related development needs
- Greater impetus for networking, collaboration, and cooperation between government officials and experts for promoting fintech development
Partners
- Cambridge Centre for Alternative Finance, the University of Cambridge Judge Business School
- World Economic Forum
- UK Aid