Glad to have a fruitful discussion with elite #FinTech leaders on the theme of #FinancialInclusion on the 1st day of the 2021 Hong Kong FinTech Week #HKFTW #HKFinTechWeek. We had Tat Lee #WeLabBank, Venetia Lee #Alipay, David Rosa #Neat and myself in our panel moderated by Karen Man #BakerMckenzie.
My 3 key takeaways from our panel are:
1. Large FSIs and FinTechs need to be customer centric on empowering the #SMEs and under privileges to make use of finance to change their lives. It is not just a business model to make money but also a very meaningful PURPOSE. That aligns all key stakeholders to collaborate.
2. #Data is key for the success of financial inclusion. #FSI is a regulated industry. Banks need to use #DataScience to seize opportunities and manage the risk of financial inclusion while SMEs can make use of data to identify areas to improve their credit scores.
3. The success of Financial Inclusion needs #DataLiteracy democratization. Data is our customer voice in particular we need to deal with massive number of customers in the financial inclusion market. Every one in FSI needs to be reskilled or upskilled to be a #CitizenDataScientist. Major financial services incumbents are proactively working towards this direction.