{"id":2631,"date":"2020-08-27T12:50:59","date_gmt":"2020-08-27T04:50:59","guid":{"rendered":"http:\/\/faradalemedia.com\/?p=2631"},"modified":"2020-08-27T12:50:59","modified_gmt":"2020-08-27T04:50:59","slug":"digital-economy-key-in-enhancing-citizens-financial-empowerment","status":"publish","type":"post","link":"https:\/\/www2.rakansarawak.com\/?p=2631","title":{"rendered":"Digital Economy Key in Enhancing Citizens\u2019 Financial Empowerment"},"content":{"rendered":"

\"art-417-01\"<\/a>Access the full report at <\/em>https:\/\/digitalfinancingtaskforce.org\/downloads\/<\/em><\/a><\/p>\n

As countries are recovering from the social and economic impact of the COVID-19 pandemic, a new UN report highlighted the importance of digital economy, especially digital financing, in ensuring a sustainable future and empowering citizens as taxpayers and investors in their finances.<\/p>\n

‘People\u2019s Money: Harnessing Digitalization to Finance a Sustainable Future\u2019, which was released by the United Nations (UN) Secretary-General\u2019s Task Force on Digital Finance on 26 August 2020, summarised findings and recommendations by the task force since its inception in 2018, following extensive engagement with stakeholders and research.<\/p>\n

The Task Force was established to enhance understanding of the risks and benefits of the fast-moving financial technology (fintech) and digital finance sectors, and was part of the UN Secretary-General\u2019s strategy to support financing for the 2030 Agenda for Sustainable Development.<\/p>\n

In essence, the report stresses that digitalisation and its use should be a choice rather than an inevitability, given that digital financing poses risks including increased exclusion, discrimination and inequalities.<\/p>\n

By referring to the five catalytic opportunities outlined in the report to harness digitalisation in advancing a citizen-centric financial system, the Task Force believes governments will be able to utilise digitalisation for good.<\/p>\n

These opportunities are channelling domestic savings into development financing; enhancing financing for small and medium-sized businesses (SMEs); digitising public financing and making public budgets and contracts transparent; embedding the Sustainable Development Goals (SDGs) into decisions financial and capital markets; and shaping consumption decisions through improved information and choice architecture.<\/p>\n

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