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Published in:
2018 | OriginalPaper | Chapter
10. Study on Technologies for Financial Inclusion in BRICS
Authors : Xijun Zhao, Boyang Wei, Mengzhu Shao
Published in: BRICS Innovative Competitiveness Report 2017
Publisher: Springer Singapore
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Abstract
Financial inclusion, initially proposed by the UN in 2005, stresses utilizing complete financial infrastructure to expand financial services to underdeveloped areas and low-income groups with affordable cost. Compared with traditional finance, Financial Inclusion attaches more attention to the equitable access of the whole society to financial services. Vast requirements such as financial management, investment and consumption of the high income group can be satisfied through financial services. Now, low-income group is entitled to financial services because this is an equal financial service system aimed at serving the broad masses. At the G20 Hangzhou Summit in 2016, developing financial inclusion had been an important topic attracting vast attention from member states of the G20.