HONG
KONG, Jan. 15, 2025 /PRNewswire/
-- FinVolution Group (NYSE: FINV), a leading fintech service
provider in the pan-Asian region, reaffirmed its commitment
yesterday to advancing financial inclusion through cutting-edge
credit technology and strategic partnerships at the Asian Financial
Forum 2025 in Hong Kong.
Dr. Ming Gu, Senior Vice
President of FinVolution Group, shared his insights on how fintech
innovation is transforming access to credit for underserved
populations in Southeast Asia.
"Fintech is creating new pathways for underserved populations to
access credit and financial support, empowering them to invest in
their futures," he said at a thematic workshop on the future of
fintech in Southeast Asia.
Driving financial inclusion through innovation
Gu emphasized FinVolution's mission to bridge the gap between
financial institutions and underserved communities by leveraging
advanced credit technology.
The company has built its business around serving young workers
and small business owners from grassroots backgrounds, whose
financial needs are often overlooked by traditional banks and other
financial institutions.
Through user-friendly digital lending platforms and
collaborations with local partners, FinVolution has supported over
6 million borrowers and facilitated loans exceeding US$3 billion in its markets outside China as of Q3 2024.
FinVolution's AI-powered tools
enable financial institutions to better assess creditworthiness,
particularly for those without traditional credit histories, Gu
explained.
Opportunities and challenges in Southeast Asia's market
Gu highlighted Southeast Asia's
potential as a key growth market for fintech, driven by its young
population, e-commerce growth, and credit-driven consumption
habits.
"Very few regions in this world can meet all these criteria," he
said, highlighting the underpinnings of Southeast Asia's ascent as a fintech
powerhouse. "Digital lending always goes hand in hand with the
growth of e-commerce."
"The number one factor driving financial inclusion and literacy
is GDP per capita," Gu said. "Fintech and other technologies serve
as a tool to facilitate this process, but it is GDP per capita that
remains the cornerstone of development."
For instance, Indonesia's
ambitious Golden Indonesia 2045 Vision aims to accelerate the
nation's economic growth by at least 5% annually over the next two
decades.
This initiative reflects the nation's commitment to fostering
financial inclusion and leveraging technology as a catalyst for
sustainable progress.
"Indonesia is the place to
watch over the next five to 10 years," Gu added. "We are very
bullish on Southeast Asia."
Symbiotic relationship with regulators and financial
partners
Despite these opportunities, challenges such as the lack of
credit histories and increasing fraud risks persist, threatening
the future of fintech in this region.
FinVolution combats these issues with advanced proprietary risk
management systems and fraud prevention technologies.
Gu stressed the collaboration with regulators and financial
institutions in creating a robust and inclusive financial
ecosystem.
FinVolution itself adheres to stringent regulatory standards,
securing necessary licenses and aligning with local laws. This
endeavor coincides with steady improvements to Southeast Asia's regulatory stringency in
recent years, which are credited for creating an environment
conducive to fintech innovation.
"I believe a symbiotic relationship between regulators and
fintechs like us is crucial to Southeast
Asia's rise as a key global fintech hub," Gu noted.
With over 100 financial institution partners, including digital
banks and consumer finance companies, FinVolution provides
end-to-end credit tech solutions that streamline processes and
expand outreach.
FinVolution Group remains dedicated to driving financial
inclusion and innovation in Southeast
Asia. With a focus on technology and collaboration, the
company aims to empower individuals and communities while fostering
a thriving fintech ecosystem in the region.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/finvolutions-svp-ming-gu-speaks-at-asian-financial-forum-highlighting-opportunities-in-credittech-for-southeast-asias-underserved-302351525.html
SOURCE FinVolution Group
