Senior policymakers and financial leaders emphasized the critical role of technology, collaboration, and regulatory agility in driving inclusive finance and shared progress during a panel discussion at the Tsinghua PBCSF Global Finance Forum, May 17-18, Shenzhen. The session, moderated by Ali Ghiyazuddin Mohammad of AFI, featured insights from experts representing China, Laos, and the Alliance for Financial Inclusion (AFI).
Wang Zhongmin, Former Vice Chairman, National Council for Social Security Fund, underscored the transformative potential of AI and cloud computing in reducing costs and expanding access. He highlighted China’s success in leveraging platforms like Alipay and WeChat Pay to enable zero-marginal-cost financial services, particularly for rural populations and SMEs. “Open-source AI and cloud infrastructure democratize access to cutting-edge tools, lowering innovation costs and fostering shared prosperity,” he noted. He also advocated for regulatory sandboxes to balance innovation with risk management.
Soulysak Thamnuvong, Director General of the Bank of Laos, outlined challenges in a cash-dependent, dollarized economy where 70% of transactions use foreign currency. Despite reducing financial exclusion by 11% over 15 years, Laos faces hurdles such limited digital literacy and infrastructure. “De-dollarization and telco-driven e-money services are key to reaching underserved areas,” he said, stressing the need for cross-border learning, particularly from China’s digital payment models.
Peng Lifeng of the People's Bank of China (PBOC) detailed China's multi-pronged approach, including targeted relending policy (lowering the interest rate on relending for agricultural and small enterprises to 1.5%), financial literacy promotion, and robust consumer protection frameworks. He emphasized integrating inclusive finance with green and pension finance, citing a new 500 billion RMB service consumption and elderly care relending. "Ensuring physical bank access for cash-reliant seniors is equally important in the digitization process" he added.
Chee Soo Yuen from AFI highlighted persistent gender gaps, with 740 million women globally excluded from formal financial services. She cited Nepal’s QR code payment systems empowering female entrepreneurs as a model for bridging divides. “Shared progress means uplifting overlooked groups—women, rural communities, and SMEs—through tailored policies and data-driven strategies,” she stated. AFI’s Maya Declaration, with 1,300 commitments across 78 countries, aims to align financial inclusion with UN Sustainable Development Goals.
Panelists unanimously called for stronger public-private collaboration. Thamnuvong emphasized Laos’ efforts to align regulators, banks, and fintechs through dialogue and capacity building. Wang urged regulators to embrace competition while maintaining leverage controls, citing China’s antitrust measures as a safeguard.
Looking ahead, innovations like digital national IDs, open banking, and AI-driven risk assessment were flagged as game-changers. Peng outlined PBoC’s focus on interlinking inclusive finance with green transitions and disaster resilience, while Chee stressed the need for global knowledge exchange: “Developed and developing nations must learn from each other to address exclusion universally.”
The discussion concluded with consensus that technology alone is insufficient without equitable access. As Mohammad noted, “Progress is only real when shared—inclusive finance remains our most powerful tool to ensure no one is left behind.”
