FinTech is leading to rapid innovations in the financial services industry. These innovations can enhance financial inclusion by broadening financial access "at scale" and improving the affordability and quality of financial services through "efficiency".

Such transformative solutions aim at accelerating access and usage of financial services with special focus on closing of the gender gap, management of climate change risks, the mitigation of de-risking challenges, the inclusion of forcibly displaced persons, reducing the financing gap for the MSMEs, and lowering costs for cross-border remittances along with promotion financial stability and integrity. We also identified ways in which we can strengthen peer learning and knowledge sharing with an aim to develop regulatory or policy interventions to balance innovations and oversight.

Read the Sochi Accord to learn more.