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By Linda Arthur. Posted December 30, 2021
Innovation is playing a vital role in the economic, social, and environmental progress of Asia and the Pacific and has been an important factor in the region's rapid and successful transformation. However, many countries in the region lag behind, innovating at a fraction of the pace as countries in similar or even lower income groups.
The coronavirus disease (COVID-19) pandemic has created challenges for tax administrations and is constraining tax revenue in many countries. Its impacts have caused the global economy to slow down, leading to reduced tax collection. However, the pandemic has also changed social habits and encouraged people to use digital technologies.
By Huang Yiping. Posted February 26, 2021
Financial technology (fintech) is rapidly changing the financial landscape in the People’s Republic of China (PRC), with important implications for financial inclusion and macroeconomic stability (Huang 2020). Fintech in the PRC started at the end of 2004 when the mobile payment service Alipay first came online. However, fintech did not grow dramatically until 2013, when the online money market fund Yu’ebao started to receive investments from Alipay users.
By Hans Genberg. Posted February 1, 2021
Digital transformation is changing how and by whom financial services are provided, bringing benefits to consumers in the form of expanded and simplified access to financial services. However, this transformation is also affecting the financial services industry in ways that could lead to greater risks to systemic financial stability.
The rapid success of modern platforms is a testament to their ability to scale efficiently to the needs of many while providing an undeniable and significant advantage over the older methods that had so far dominated value exchanges. Powered by the public Internet and robust local connectivity, digital platforms rose to the challenge of developing newer, more efficient alternatives in their respective focus areas.
By Bihong Huang. Posted December 13, 2019
Financial inclusion for women has been embraced by policy makers as an important development priority. However, despite women having lower risk preferences and higher creditworthiness, the gender gap in access to finance is still prevalent in the traditional credit market. This is due to various factors, such as differences in employment opportunities, legal obstacles, cultural norms, and limited access to the guarantee mechanism, among others.
The digital age poses both challenges and opportunities for many developing countries in Asia and the Pacific. In recent years, we have seen jobs in various sectors become obsolete. At the same time, we see new economic spaces being created demanding new skills and competencies. This also necessitates finding innovative ways to facilitate learning and to promote knowledge sharing, especially in the context of economic development.
By Gerald Sun. Posted September 19, 2019
Small and medium-sized enterprises (SMEs) are the backbone of the Asian economy. They already account for over 95% of all businesses in Asia and employ an estimated 60% of the region’s workforce (Mastercard and the Economist Intelligence Unit 2019). Hence, helping SMEs grow can translate directly into economic and workforce expansion.
By Sayuri Shirai. Posted August 8, 2019
There are currently over 2,000 crypto assets like Bitcoin that can be exchanged for goods and services in many countries anonymously, instantaneously, and at any time. These emerging forms of private sector money, or crypto currencies, provide their own units of account and are based on ledger technology such as blockchain which makes the falsification of transaction data difficult. Unlike cash, transactions using crypto assets are also technically traceable and a positive or negative interest rate can be charged, potentially improving the effectiveness of monetary policy.
By Peter J. Morgan. Posted June 28, 2019
Education is a key driver for sustainable development (UNESCO 2018). However, the goal of realizing education for all in the Digital Age faces two major challenges. First, many countries and economies are still not ensuring quality education for all. Millions of children and youth still lack the necessary tools to realize their potential amid economic, political, and social strife. Second, with the emergence of the fourth Industrial Revolution and the growing use of automation, big data, and artificial intelligence, human labor is being substituted increasingly by machines or algorithms.
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