GOING for inclusive growth not only growth itself was a key point discussed at the plenary session at this year’s Asian Financial Forum where panelists were highlighting the need for reform and cooperation going into 2020.
More specifically participants looked at the pillars of both infrastructure and financial technology (fintech) innovation for the key drivers for any economy going into the future. Infrastructure development in terms of increased capacity at seaports and high-speed railway links and fintech growth focused on financial inclusion, giving basic financial services to those in need.
For the AIIB’s (Asian Infrastructure Investment Bank) president and chairman Jin Liqun the future of infrastructure development would be around being mindful of the ESG risks in future projects
It was a similar mindset for Uttama Savanayana, minister of finance, Thailand where he shared that the government was growing through a lengthy and comprehensive reform programme. “It is important that we foster and produce an innovation friendly eco-system,” Savanayana explained.
The minister in addition shared that the government had made a drive in developing a high-speed national broadband system reaching out to rural villages in Thailand and was pleased with the development of Thailand’s national payments system PromptPay making it easier for individuals to transact funds. “Inclusiveness along with innovation are key to sustainable growth,” Savanayana highlights.
When it comes to deploying technology, audience members when surveyed believed that artificial intelligence (31%) would play a major role in financial services followed by big data analytics (21%). However, when it came to risks artificial intelligence (33%) again was cited as a major concern for financial services indicating that there should be a caution in adopting new forms of technology going forward.