Chapter 16 - From the Ground Up: The Financial Inclusion Frontier

Abstract

Recent innovations in fintech and blockchain technology have captured the imaginations of people around the world, and the attention of the banking world. As everyone prepares for a new era in Digital Banking and Internet Finance, now is a uniquely opportune moment to harness the power of innovation for an undisputed good: Financial Inclusion. Starting with M-PESA in Kenya, innovations in financial inclusion have been instrumental in bringing financial services to those that need it the most. At this moment, fintech innovation and financial inclusion are meeting in an unlikely place: Myanmar. After emerging from decades of isolation and economic mismanagement under military rule, Myanmar now has the fastest growing economy in Southeast Asia, and, uniquely, the 52 million people that live in the country are gaining access to the latest technology for the first time. At this exciting point in Myanmar's history, there is an opportunity for true digital leapfrogging for financial inclusion. This chapter gives a detailed picture of Myanmar amid its unprecedented transformation, and a seminal call for the innovators of the world in fintech and digital banking to consider Myanmar the next financial inclusion frontier.