These efforts to reverse financial exclusion from the global system from termination of correspondent banking relationships can be complemented by greater use of financial technology to promote inclusion. Over the past decade, mobile and web-based payment providers have dramatically expanded access to payment services, particularly in developing countries. Consider Vodafone’s M-PESA since its launch in 2007. It has reached 23.4m customers across 11 countries, many of whom do not have bank accounts. 13 Meanwhile alternative lending models have opened up access to credit and investment. Examples include Faircent in India, which aims to provide credit on demand for all Indians, and Biva in Brazil which seeks to operate in regions traditionally underserved by banks. 14  12  In responding to a recent World Bank survey, whose results are summarised in its October 2015 ‘Report on the G20 survey on de-risking activities in the remittance market’, half of banking authorities, three quarters of large banks and a majority of local and regional respondent banks reported a decline in correspondent banking relations. 13  Data from M-PESA, http://www.vodafone.com/content/index/media/vodafone-group-releases/2015/mpesaghana.html  14  Data from Peer & Social Lending, http://peersociallending.com/investing/peer-to-peer-lending-sites-16-of-theworlds-best/  4  BIS central bankers’ speeches  If fully realised, recent developments – including expanded use of legal entity identifiers, know-your-customer utilities and even potentially distributed ledger technology – have the potential to restore correspondent banking services and remittance flows. Financial technologies can redraw the parameters of the financial system and promote inclusivity and growth.

Building the financial system we need to deliver this investment  While they are important catalysts, private niches, like social impact investing, or public sources, like Multilateral Development Banks won’t be sufficient. Achieving the SDGs will require mainstream finance. To get enough finance in the right places will require more than just fixing the fault lines that caused the last crisis. 1  At the United Nations Sustainable Development Summit in September 2015, world leaders adopted the 2030 Agenda for Sustainable Development, which included a set of 17 Sustainable Development Goals (SDGs). The SDGs aim to end poverty, hunger and inequality, support action on climate change, improve access to health and education, and build strong institutions and partnerships, over the next 15 years. For further detail on the goals, see www.undp.org/content/undp/en/home/sdgoverview/  2  Population growth figures from United Nations, Department of Economic and Social Affairs, Population Division, “World Population Prospects: The 2015 Revision”. 3  Urbanisation growth figures from United Nations Population Fund, www.unfpa.org/urbanization  4  See New Climate Economy “Infrastructure investment needs of a low carbon scenario” (2014), which estimates that there are infrastructure investment needs totalling approximately $ trillion between 2015 and 2030, in the context of a growing population and increasing urbanisation. It is estimated that adopting a low-carbon pathway increases these costs by 5%. 5  See UNCTAD “World Investment Report” (2014), which estimates that this is the annual amount of investment required to meet the SDGs by 2030.