Study on the Empowerment of Inclusive Finance by Financial Technology in WeBank

Abstract

The United Nations introduced the concept of inclusive finance in 2005, aiming to support economic entities from all social strata in need of financial services. In China, inclusive finance is of paramount importance due to challenges such as a large population, regional disparities, wealth inequality, and ongoing financing obstacles for small businesses and low-income individuals. The recent three years of the pandemic have exacerbated economic difficulties, highlighting the need for a focus on small and micro enterprises. This paper takes WeBank as its research subject to investigate a case study of its endeavors in the field of financial technology, specifically concerning the advancement of inclusive finance. This research not only holds substantial academic significance and provides a wealth of theoretical insights but also carries substantial practical importance for traditional banks aiming to achieve digital transformation and innovative development.