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

See all articles by Douglas W. Arner

Douglas W. Arner

The University of Hong Kong - Faculty of Law; University of Hong Kong

Ross P. Buckley

University of New South Wales (UNSW) - Faculty of Law

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

Arner, Douglas W. and Arner, Douglas W. and Buckley, Ross P. and Zetzsche, Dirk Andreas and Veidt, Robin, Sustainability, FinTech and Financial Inclusion (November 1, 2019). 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), Available at SSRN: https://ssrn.com/abstract=3387359 or http://dx.doi.org/10.2139/ssrn.3387359

Douglas W. Arner

University of Hong Kong ( email )

Pokfulam Road
Hong Kong, Hong Kong
China

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) - Faculty of Law ( 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)

European Banking Institute ( email )

Frankfurt
Germany

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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