Financial Inclusion in Asia-Pacific

By Elena Loukoianova, Yongzheng Yang, Si Guo, Leni Hunter, Sarwat Jahan, Fazurin Jamaludin, Umang Rawat, Johanna Schauer, Piyaporn Sodsriwiboon, Yiqun Wu

September 18, 2018

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Elena Loukoianova, Yongzheng Yang, Si Guo, Leni Hunter, Sarwat Jahan, Fazurin Jamaludin, Umang Rawat, Johanna Schauer, Piyaporn Sodsriwiboon, and Yiqun Wu. Financial Inclusion in Asia-Pacific, (USA: International Monetary Fund, 2018) accessed December 21, 2024

Disclaimer: The views expressed herein are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

Summary

Asia has made significant progress in financial inclusion, but both its across-country and intra-country disparities are among the highest in the world. The 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; but 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 several important areas such as online (internet) purchases, electronic payments, mobile money, and mobile government transfers. This Departmental Paper aims to take stock of the development and current state of financial inclusion and shed light on policies to advance financial inclusion in the region. The research focuses on the impact of financial inclusion on economic growth, poverty reduction, and inequality, linkages between financial inclusion and macroeconomic policies, as well as structural policies that are important for improving financial inclusion. Given the increasing importance of financial technologies (fintech), the paper also provides a snapshot of the fintech landscape in the Asia-Pacific.

Subject: Financial inclusion, Financial markets, Financial services, Fintech, Income inequality, Mobile banking, National accounts, Technology

Keywords: A number of Asia-Pacific EMDCs, Adverse selection, Asia and Pacific, Asia-Pacific country, Asia-Pacific region, Central bank, DP, DPPP, Financial inclusion, Fintech, Fintech company, Fintech use, Fiscal policy, Gini coefficient, Global, Income inequality, Interest rate, Mobile banking, Monetary policy shock, Pacific Islands, Per capita income, Savings account, Sub-Saharan Africa

Publication Details

Pages:

139
Volume:

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DOI:

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Issue:

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Series:

Departmental Paper No. 2018/017
Stock No:

FIAPEA
ISBN:

9781484371015
ISSN:

2616-5333

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