Rapid advancements in financial technology, or fintech, are opening the door to greater financial inclusion and sustainable development in Asia and the Pacific. However, the growing knowledge gap between innovators and regulators regarding fintech and business models that apply it threatens to undermine the benefits while giving rise to new challenges.

If inadequately addressed, associated risks such as fraud, data privacy breaches, and other cyber vulnerabilities could increasingly harm consumers and financial stability. Regulatory deficiencies could also hinder competitiveness and growth within the fintech sector. Yet, for many policy makers, particularly in the region’s developing economies, keeping pace with fintech innovation is extremely difficult given their frequent lack of specialized knowledge and skills.

Co-hosted by Cambridge University’s Cambridge Centre for Alternative Finance, the World Economic Forum, and ADBI, this roundtable for select policy makers from developing countries in Asia and the Pacific broke down systemic challenges in the adoption of innovation in finance, particularly as it relates to poverty reduction, economic development, and financial inclusion. It was conducted under Chatham House Rules.

See more about this ADBI event.