Digital finance and shared prosperity: paths forward
Remarks by Luiz Pereira da Silva, Deputy General Manager of the Bank for International Settlements with Jon Frost, Head of Economics for the Americas, BIS.
Based on keynote remarks at the Silk Road Cash & Payments Conference, Almaty, Kazakhstan, 28 March 2023.
Digital finance presents both opportunities and risks to societal welfare, given its potential impact on income and wealth distribution. Public policymakers must harness technology and design adequate regulatory frameworks, rather than leaving innovation solely to the discretion of current arrangements (or the lack thereof). In particular, policymakers can work with the private sector to apply technological improvements. This can help to fill gaps in access to financial services, enable digital services more broadly and better target social policies – thus promoting more widely shared prosperity.
