Towards Financial and Digital Inclusion in Asia-Pacific’s Rapid Economic Growth
Photo by Norbert Braun on Unsplash
Asia and the Pacific are the regions with the fastest economic growth rate in the world. While this means improving the lives of its people, this growth has yet to reach every level of society. In fact, poverty and unemployment are two of many problems faced by people with low-economic levels in the regions.
These struggles are exacerbated by the COVID-19 pandemic. To address this, the Griffith Asia Institute established the Inclusive Growth Hub to accelerate digital and financial inclusion for the poor and vulnerable.
What is the Inclusive Growth Hub?
Griffith Asia Institute (GAI) is a global research center of Griffith Business School, Australia. It focuses on studying and engaging with regions within the borders of Asia and the Pacific, using the UN’s Sustainable Development Goals as the principle. GAI also collaborates with think tanks, businesses, government bodies, and those who can help bring their research to the forefront of the discussion.
GAI established the Inclusive Growth Hub in 2022. As the name sounds, the hub focuses on researching and designing capacity-building activities to create positive economic outcomes for the people at the base of the economic pyramid across Asia-Pacific regions.
“One of the most pressing issues concerning levels of inequality in the region, including financial and digital inclusion, is to understand and appreciate the scale of the problem and ensure that it is given an appropriate level of attention by key stakeholders,” said Shawn Hunter, the Inclusive Growth Hub’s Program Leader.
Financial and digital inclusion
The transformation toward digital-based services and appliances is the key to rebuilding the economy after the pandemic and enhancing resilience against future disasters. However, the digital transformation often excludes vulnerable groups, such as women, the elderly, people with disabilities, and the poor.
The Inclusive Growth Hub focuses on increasing access to financial products that are relevant, safe, and affordable for the aforementioned vulnerable groups. Not only that, but the hub also focuses on widening the opportunities for vulnerable groups to participate in digital activities. Their primary methods are policy-making, research, and guidelines development.
A multi-stakeholder partnership is crucial to achieving the hub’s goals. Therefore, the Griffith Asian Studies researchers have partnered with organizations focusing on the economy, such as the Asian Development Bank and the Asia-Pacific Economic Cooperation (APEC).
The pursuit of leaving no one behind
The Inclusive Growth Hub moves with the spirit of leaving no one behind. As we continuously seek growth and transformations to create a better life for all, we should not forget that these developments must include those who need them the most. Changing narratives through policy-making and multi-stakeholder collaboration is one of the keys to achieving sustainability.
Editor: Nazalea Kusuma
Kresentia Madina
Madina adalah Asisten Manajer Publikasi Digital di Green Network Asia. Ia adalah lulusan Program Studi Sastra Inggris dari Universitas Indonesia. Madina memiliki 3 tahun pengalaman profesional dalam publikasi digital internasional, program, dan kemitraan GNA, khususnya dalam isu-isu sosial dan budaya.
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