Financial Inclusion in Asia-Pacific
Departmental Papers, September 18, 2018
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Bibliographic details
- Authors: Elena Loukoianova, Yongzheng Yang, Si Guo, Leni Hunter, Sarwat Jahan, Fazurin Jamaludin, Umang Rawat, Johanna Schauer, Piyaporn Sodsriwiboon, Yiqun Wu
- Published: September 18, 2018
- Series: Departmental Papers
- DOI: https://doi.org/10.5089/9781484371015.087
Overview
- Asia has made significant progress in financial inclusion, but both its across-country and intra-country disparities are among the highest in the world.
- Gaps between the rich and the poor, rural and urban populations, and men and women remain deep.
- Income is the main determinant of the level of financial inclusion; other factors—such as geography, financial sector structure, and policies—also play important roles.
- While some countries in the Asia-Pacific region are leaders in fintech, on average the region lags behind others in areas such as online (internet) purchases, electronic payments, mobile money, and mobile government transfers.
- The paper aims to take stock of development and current state of financial inclusion and to shed light on policies to advance financial inclusion in the region.
Key Findings
- Across-country and intra-country disparities in financial inclusion in Asia-Pacific are among the highest globally.
- Primary determinants of financial inclusion:
- Income (identified as the main determinant).
- Geography.
- Financial sector structure.
- Policies.
- Technology adoption in the region:
- Some Asia-Pacific countries are fintech leaders.
- On average, the region lags in online purchases, electronic payments, mobile money, and mobile government transfers.
Research Focus and Analytical Themes
- Impact of financial inclusion on:
- Economic growth.
- Poverty reduction.
- Inequality.
- Linkages between financial inclusion and macroeconomic policies.
- Structural policies important for improving financial inclusion.
- Snapshot and analysis of the fintech landscape in the Asia-Pacific.
Policy Implications and Recommendations (as emphasized by the content)
- Advance policies that address the main determinants of inclusion: income, geography, financial sector structure, and regulator/market policies.
- Promote structural reforms and macroeconomic policy linkages that support broader and deeper financial inclusion.
- Leverage fintech where appropriate, while addressing the region’s lagging areas in electronic payments, mobile money, and mobile government transfers.
Content in this bundle
- Financial Inclusion in Asia‑Pacific