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Building ecosystems in digital finance for innovation and inclusion
Journal of Digital Banking,
10
(1),
40-53
(2025)
Abstract
Globally, 1.4 billion adults remain unbanked, with many more inadequately served by existing financial services. Technological advancements are transforming the accessibility and affordability of financial products, enabling the viability of high-volume, low-value financial products. The demand for access to a greater number of services and more personalised products and services is growing, placing the industry in a position where new ways of working are required to meet these needs. To address the needs of all consumers, especially those who are unserved or underserved, a robust and collaborative ecosystem is essential. Such an ecosystem fosters innovation across both supply and demand while also enhancing essential enablers such as regulations, policies, infrastructure and technology. Participation in this ecosystem requires significant changes to organisational culture, technology, governance and business models. This paper concludes that effective change management is crucial for organisations to successfully navigate and derive value from these evolving ecosystems. This article is also included in The Business & Management Collection which can be accessed at https://hstalks.com/business/.
Keywords: ecosystem; financial inclusion; banks; digital banks; FinTech; digital finance; mobile money; collaboration; embedded finance; open banking
The full article is available to subscribers to the journal.
Author's Biography
Sarah Corley is a keynote speaker and adviser to the digital finance and FinTech industry and has supported the formation of more than 20 digital finance and FinTech associations. Sarah is dedicated to connecting and catalysing collaborations to advance financial inclusion. Through AllianceDFA, she leverages a global platform of digital finance and FinTech associations to enhance market engagement, strengthen ecosystems and champion industry best practices.
Victor Malu , the chair of DFPAK, is also the founder of Future Systems Consulting Ltd. and the senior business development lead at the Mojaloop Foundation. He has over 35 years of experience in the financial sector, spanning banking and nongovernmental organisations, and continues to contribute to financial system development projects, where he hopes to resolve financial challenges that affect micro and small enterprises at the bottom of the pyramid. Victor has made tremendous contributions to digital finance, payment systems, policy and regulation, social protection, affordable housing and data.
Aries Setiadi is the executive director of AFTECH, a forum that enhances the competitiveness of the FinTech industry through policy advocacy on financial inclusion and literacy. Previously, Aries worked at the Ministry of Finance, where he gained valuable insights into public finance and policy. He is also an adjunct lecturer at Politeknik Keuangan Negara STAN Indonesia.
