Popkova A.S. DIGITAL FINANCIAL INCLUSION BANK: CHINA'S EXPERIENCE

The Bulletin of the Institute of Economics of the Russian Academy of Sciences № 5/2023. Finance.

Anna S. Popkova

Cand. Sci. (Econ.), Associate Professor, Head of the Department for Monitoring of Socio-Economic Development, Institute of Economics of the National Academy of Sciences of Belarus, Minsk, Belarus

DIGITAL FINANCIAL INCLUSION BANK: CHINA'S EXPERIENCE

114-135

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Abstract

The article discusses the experience of WeBank, China's digital financial inclusion bank recognized as the best digital bank in the world. The indicators of WeBank's successful activity over the past five years are analyzed. It is revealed that the main clients of WeBank are socially vulnerable groups, small and medium-sized enterprises. The main success factors of WeBank have been identified and studied. They include digital innovation in customer service, development of the platform business model, social media integration, significant cost reduction, quick and affordable credit products, enhanced security measures, crossfunctional teamwork of employees, and regular research into user behavior. It is proposed to implement the Chinese digital banking experience in the Eurasian Economic Union member states.

Keywords: digital bank, inclusive financing, digital financial technologies.

JEL: Е51, G21, M14, L31

EDN: ENBMCY

DOI: https://doi.org/10.52180/2073-6487_2023_5_114_135

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Manuscript submission date: 31.08.2023

For citation:

Popkova A.S. Digital Financial Inclusion Bank: China’s Experience // Vestnik Instituta Ekonomiki Rossiyskoy Akademii Nauk. 2023. № 5. Pp. 114-135. (In Russ.). https://doi.org/10.52180/2073-6487_2023_5_114_135 EDN: ENBMCY

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