Sustainability, FinTech and Financial Inclusion
European Banking Institute Working Paper Series 2019/41
University of Luxembourg Law Working Paper No. 006-2019
UNSW Law Research Paper No. 19-63
University of Hong Kong Faculty of Law Research Paper No. 2019/038
European Business and Organization Law Review (Forthcoming)
26 Pages Posted: 16 May 2019 Last revised: 15 Jan 2020
Douglas W. Arner
The University of Hong Kong - Faculty of Law
Ross P. Buckley
University of New South Wales (UNSW) - UNSW Law & Justice
Dirk A. Zetzsche
Universite du Luxembourg - Faculty of Law, Economics and Finance; Heinrich Heine University Dusseldorf - Center for Business & Corporate Law (CBC); European Banking Institute
Robin Veidt
University of Luxembourg - Faculty of Law, Economics and Finance
Date Written: November 1, 2019
Abstract
We argue that sustainable balanced development is preconditioned on financial inclusion, and that FinTech is the key driver for financial inclusion. In turn, the full potential of FinTech to support the Sustainable Development Goals will only be realized with a progressive approach to developing infrastructure to support digital financial transformation.
Our research suggests the best way to think about such a strategy is to focus on four primary pillars. The first pillar requires the building of digital identity and simplified account opening and e-KYC systems. This is supported by the second pillar of open interoperable electronic payments systems.The third pillar involves using the infrastructure of the first and second to underpin electronic provision of government services and payments. The fourth pillar – digital financial markets and systems – supports broader access to finance and investment. Implementing the four pillars is a major journey, but one with tremendous potential to transform financial inclusion and sustainable growth.
Keywords: Sustainable Investment, Sustainable Development Goals, Financial Inclusion, FinTech, Sustainability, RegTech, KYC
JEL Classification: K22, K23, O16, O33
Suggested Citation: Suggested Citation
Douglas W. Arner

The University of Hong Kong - Faculty of Law ( email )
Pokfulam Road
Hong Kong, Hong Kong
China
HOME PAGE: http://hub.hku.hk/rp/rp01237
Ross P. Buckley

University of New South Wales (UNSW) - UNSW Law & Justice ( email )
Sydney, New South Wales 2052
Australia
Dirk Andreas Zetzsche (Contact Author)
Universite du Luxembourg - Faculty of Law, Economics and Finance ( email )
Luxembourg, L-1511
Luxembourg
HOME PAGE: http://wwwen.uni.lu/recherche/fdef/research_unit_in_law/equipe/dirk_andreas_zetzsche
Heinrich Heine University Dusseldorf - Center for Business & Corporate Law (CBC) ( email )
Universitaetsstr. 1
D-40225 Düsseldorf
Germany
+49 211 81 15084 (Phone)
+49 211 81 11427 (Fax)
Robin Veidt
University of Luxembourg - Faculty of Law, Economics and Finance ( email )
4, rue Alphonse Weicker
Luxembourg-Kirchberg, L-2721
Luxembourg
HOME PAGE: http://https://wwwen.uni.lu/research/fdef/research_unit_in_law/people/robin_veidt
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