Promoting Inclusive Financial Services to Build a Fully Connected, Digital World (By Li Xianhui)

Promoting Inclusive Financial Services to Build a Fully Connected, Digital World (By Li Xianhui)

By Li Xianhui, Global Financial Services Business Unit, Huawei Enterprise BG (

As digital technologies, the Internet, and mobile communications become more integrated with the financial services industry, financial transaction modes and service models are evolving. Digital, mobile, and intelligent financial inclusion have become significant trends. At the 2016 G20 Hangzhou Summit, the concept of Digital Financial Inclusion (DFI) was first proposed. According to the G20 Global Partnership for Financial Inclusion (GPFI), DFI refers broadly to the use of digital financial services to advance financial inclusion. The process involves the deployment of digital technologies to reach financially excluded and underserved populations, with a range of formal financial services explicitly suited to their needs and delivered responsibly, at a cost that’s affordable to customers as well as sustainable for providers.

Aligned with its vision for a fully connected, intelligent world, where digital services are available to everyone, Huawei aims to use connectivity technology to make inclusive financial services affordable and sustainable. Through various digital means, Huawei strives to provide equal, effective, comprehensive, and convenient financial products and services for all social groups, especially disadvantaged and low income households, as well as micro and small enterprises.

Three Features of DFI

DFI differs from traditional financial inclusion in three main ways:

Wider coverage : DFI relies on digital technologies such as the Internet and mobile communications to deliver reachable services within signal coverage, under the premise of wide coverage of basic communications facilities.

More accessible financial services : Big data technology enables banks and their regulators to better understand customers, manage risks, and lower the threshold for financial services. Micro and small enterprises, as well as low income households, have access to financial services such as credit and investment/financing, whereas previously they had difficulty reaching traditional financial services.

More closely related to people ’ s lives: Digital inclusive financial services are more scenario-specific. Digital technologies, especially mobile technologies, can be used to integrate financial services into work and general life, improving efficiency and boosting the economy. Financial enterprises can also build one-stop service platforms by providing digital financial services for users.

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In low- and middle-income economies in Africa, the vast majority of economically disadvantaged people are often marginalized from modern financial life and become ‘invisible’ in the financial service system. They are unable to access savings, insurance, and credit services at an affordable cost. When formal financial services are […]

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