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.

  1. Inclusive by design: reaching the maximum number of people and businesses with mainstream financial services and supporting specialized financial services to include the rest.
  2. Integrated system: providing the user with an integrated financial services experience through open standards and market-driven interoperability.
  3. Digitally led: expanding digital access as a leading channel for the delivery of financial services while maintaining robust physical access channels.
  4. Economically sustainable and commercially viable: balancing cost, affordability, and quality and enabling inclusion as a commercial strategy beyond philanthropy.
  5. Informed by data: creating relevant financial solutions and maintaining security by using data responsibly
  6. Trusted: deepening trust in financial services through technology, transparency, and consumer protection.
  7. Effectively regulated: enabling innovation and competition while maintaining stability, integrity, and consumer protection.