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ADBI–Bank of Thailand to promote discussion on innovative financial technology

They are finding that digitized finance is disrupting their traditional approaches to savings and lending, and they need to find ways to provide electronic services and to meet their customers’ growing demands.


ADB Last Updated at 03 Aug 2018, 09:08 IST Thailand
ADBI–Bank of Thailand to promote discussion on innovative financial technology
  • They are finding that digitized finance is disrupting their traditional approaches to savings and lending, and they need to find ways to provide electronic services and to meet their customers’ growing demands. (Image Credit: Twitter)

Improved access to financial services improves the welfare of households and the viability of small businesses, including by expanding their potential to invest in new technology and increase productivity, thus supporting economic development. Financial systems have been expanding in Asian countries, offering more services for savings, credit, investment, insurance, and retirement.

However, much remains to be done to provide quality services at low cost to people and small business, including in urban and rural areas and poorer regions where banks and other financial institutions are less likely to see profitable opportunities.

The development of information and communications technologies (ICTs) provides opportunities to increase financial inclusion, but digital finance also requires financial awareness and literacy. Consumers need to be fully informed of the costs and risks of the financial products on offer.

The spread of digitized finance is also having an impact on the traditional activities of commercial and retail banks. They are finding that digitized finance is disrupting their traditional approaches to savings and lending, and they need to find ways to provide electronic services and to meet their customers' growing demands.

The conference will gather leading academics, policy makers, and industry practitioners to discuss academic findings, experiences of industry practitioners, and policy considerations related to the use of innovative financial technology to promote financial inclusion and financial and economic development.

The conference will be one in a series of high-level events to commemorate the 75th anniversary of the establishment of the Bank of Thailand (BOT). The event will begin on August 6, 2018, and will end on August 7, 2018, in Bangkok, Thailand.

OBJECTIVES
  • Promote discussion on innovative financial technology to promote financial inclusion
  • Assess the lessons learned from Asian and other economies regarding the potential for financial innovation to promote financial inclusion and economic development
  • Contribute to the empirical literature and regional policy dialogue

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