Using Technology to Improve Financial Inclusion
Can blockchain be used to increase access to banking services?
Last year saw inflation levels skyrocket amid the outbreak of wars in Europe and the Middle East. Today, 108.4 million people are displaced worldwide. These individuals have joined the world’s unbanked, experiencing firsthand the failings of traditional financial systems as they are left without access to essential financial services and real-time cross-border payments. A more resilient and efficient financial system is needed to bridge these technical and physical borders . Achieving this, however, requires an innovative approach.
The economic benefits of greater financial access and inclusion are widely acknowledged: boosting gross domestic product (GDP), increasing banking revenues and contributing more broadly to the world’s economic growth, with parallel benefits at the individual and local levels. Some banks have attempted to make banking more affordable with low-cost transactions and widening access to basic transaction accounts. Blockchain technology, with its lower transaction fees, security and privacy control and frictionless payments, is gaining momentum as a viable solution. It promises to provide a new financial ecosystem that can bring financial interoperability to individuals and businesses worldwide. In order to achieve this, it first needs to establish trust with its users and address the vulnerabilities of the technology.
Join us for this in-person panel discussion and networking drinks reception, hosted by the Financial Times in partnership with the Stellar Development Foundation in Davos on the sidelines of the World Economic Forum Annual Meeting. The discussion will seek to determine how best to advance global financial access and inclusion, blockchain’s contribution to this cause and how it will address the concerns surrounding blockchain technology.
Key Discussion Points
To what extent do geopolitical trends exacerbate the need for financial access and inclusion?
What is the role of mobile wallets and digital currencies in creating a borderless financial ecosystem?
What are some examples of how blockchain solutions have been tailored to meet the needs of a local community and vulnerable populations?
Why Attend?
Understand
The big picture, not just the individual strands of the business you work in
Connect
And build relationships with some of the biggest names in your industry
Discover
New approaches and strategies to help win market share
© Financial Times Live
FT Live and its journalism are subject to a self-regulation regime under the FT Editorial Code of Practice
