IMF, BIS hail potential for fintech to tackle financial exclusion

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By Phil Thornton
25 Apr 2019

The heads of two of the world’s leading global financial regulators have hailed the potential of financial technology to help lift people out of poverty by connecting them to the banking system. But both Agustín Carstens, General Manager of the Bank for International Settlements, and Christine Lagarde, the managing director of the International Monetary Fund, warned of potential risks.

Carstens said on Thursday that new technology could play a crucial role in breaking down barriers to increased participation for both citizens and financial institutions.

His intervention came as Lagarde said fintech could play a “catalysing role” in alleviating poverty by bringing poorer people into the financial system.

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