WEF pinpoints shared principles for an inclusive financial system
Through The EDISON Alliance, the World Economic Forum (WEF) issued a document that identifies seven multistakeholder principles for an inclusive financial system which are suggested as a shared framework for different stakeholders in financial services ecosystems. The seven principles, which are meant to promote a systematic approach to financial inclusion that brings together all participants as co-creators of a financial system, necessitate private-private and public-private collaboration.
- Inclusive by design: reaching the maximum number of people and businesses with mainstream financial services and supporting specialized financial services to include the rest.
- Integrated system: providing the user with an integrated financial services experience through open standards and market-driven interoperability.
- Digitally led: expanding digital access as a leading channel for the delivery of financial services while maintaining robust physical access channels.
- Economically sustainable and commercially viable: balancing cost, affordability, and quality and enabling inclusion as a commercial strategy beyond philanthropy.
- Informed by data: creating relevant financial solutions and maintaining security by using data responsibly
- Trusted: deepening trust in financial services through technology, transparency, and consumer protection.
- Effectively regulated: enabling innovation and competition while maintaining stability, integrity, and consumer protection.