Big Push to Unleash the Potential of Digital Economy at the G20 Leaders’ Summit

G20 Leaders committed to taking “concrete actions” to accelerate access to finance globally, “particularly in the area of digital financial inclusion”.

Participants in the G20 Hangzhou Summit. Photo credit: OECD 

At the Summit held in September 4-5, 2016, in Hangzhou, China, Leaders of the G20 countries endorsed the G20 High-Level Principles for Digital Financial Inclusion, while also approving an updated version of the G20 Financial Inclusion Indicators (focused on digital financial services) and the Implementation Framework of the G20 Action Plan on SME Financing.

Seeking to unleash the potential of digital services for financial inclusion, G20 Leaders encouraged “countries to consider these principles in devising their broader financial inclusion plans” in the G20 Leaders’ Communiqué.

Inclusiveness was singled out as one of four central elements of the ‘Hangzhou Consensus’ (together with vision, integration and openness) in the Leaders’ Communiqué, which affirms their commitment to “ensure that our economic growth serves the needs of everyone and benefits all countries and all people, including in particular women, youth and disadvantaged groups”. 

The Hangzhou Action Plan, launched at the Summit, explicitly recognizes the critical importance of financial inclusion to empowering the lives of the poor. Within this framework, G20 Leaders commit to taking “concrete actions” recommended by the Global Partnership for Financial Inclusion (GPFI) to promote digital financial inclusion, and help low-income developing countries (LIDCs) to reach the “last mile” of excluded and underserved groups.

Looking ahead, G20 Leaders look forward to meeting again in Germany in 2017 and in Argentina in 2018.