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.

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