Fi­nan­cial Part­ner­ship

Beijing Review - - THIS WEEK ECONOMY -

The UN Eco­nomic Com­mis­sion for Africa (ECA) forged a part­ner­ship with China’s lead­ing fin­tech com­pany Ant Fi­nan­cial in Au­gust to pro­mote fi­nan­cial in­clu­sion on the con­ti­nent.

ECA Ex­ec­u­tive Sec­re­tary Vera Songwe stressed the im­por­tance of dig­i­tal fi­nan­cial in­clu­sion plat­forms for Africa’s fu­ture de­vel­op­ment and un­der­scored the pos­i­tive prospects of work­ing in part­ner­ship with Ant Fi­nan­cial.

Ant Fi­nan­cial is an af­fil­i­ate of e-com­merce giant Alibaba Group and a spe­cial­ist in online fi­nan­cial ser­vices.

Dig­i­tal fi­nan­cial in­clu­sion plat­forms could help Africa re­al­ize the global sus­tain­able de­vel­op­ment goals as well as the con­ti­nen­tal Agenda 2063, an ECA state­ment quoted Songwe as say­ing.

Not­ing that Ant Fi­nan­cial runs one of the world’s largest online pay­ment plat­forms, val­ued at $150 bil­lion, Songwe pointed out that Africa has an “op­por­tu­nity to leapfrog tech­nol­ogy for so­cial, fi­nan­cial and po­lit­i­cal in­clu­sion” by work­ing with the Chi­nese giant.

Ant Fi­nan­cial CEO Jing Xian­dong said that the com­pany serves over 650 mil­lion peo­ple on a daily ba­sis and is record­ing tremen­dous suc­cess in ef­forts to bridge the gap be­tween the rich and the poor in many coun­tries such as In­dia and the Philip­pines.

He said that he be­lieves the com­pany can repli­cate its suc­cess in Africa so that fi­nan­cial in­clu­sion can

Newspapers in English

Newspapers from China

© PressReader. All rights reserved.