According to the World Bank, digital financial inclusion is a growing need that will help to eradicate poverty. As the President of the World Bank Group explains: “Universal access to financial services is within reach—thanks to new technologies, transformative business models and ambitious reforms… As early as 2020, such instruments as e-money accounts, along with debit cards and low-cost regular bank accounts, can significantly increase financial access for those who are now excluded.”
More and more people in Southeast Asia can now access the financial services they need from the convenience of their mobile phone. Even those without a bank account can now get a loan or buy insurance to protect themselves. This is especially important among the gig economy workers, who find it difficult to show a stream of steady income needed to secure financial services.
For example, gig economy workers can buy microinsurance to protect themselves when they work. They can procure the protection when they have income and stop paying for the service when they are not working, something not possible with a conventional insurance contract.