Financial Market Development and Inclusion Program

Financial stability and capital market development need to be coupled with reforms to increase access to financial services for the poor and thus maximize the economic impact of development. Reforms to increase financial inclusion should be holistic and require complementary reforms in financial literacy, consumer protection, and financial technology. Financial technology provides new opportunities to enhance access, but it also poses its own challenges. In particular, the development of financial technology requires an overarching financial technology framework that pursues development and consumer protection.