, technology is shaping the future of finance. all the key players are harnessing technology to provide an efficient experience to the end user. in the indian context, improving the accessibility of financial platforms using fintech is key. therefore, designing suitable financial products that cater to specific needs of the financially excluded population, and provide acilities like digital on - boarding, is vital in achieving the objective of financial inclusion. 21. the goal of universal financial inclusion can be achieved only through synergistic efforts between the mainstream financial entities and other players like mfis, fintech etc. as they play a complementary role in championing this cause. therefore, banks and nbfcs need to explore the possibility of establishing business collaboration among themselves, and with fintech firms as it could be pivotal in accelerating the agenda of financial inclusion through innovation. in addition to incorporating emerging technology faster into their businesses, the entities engaged in microfinance could also look at collaborating with fintechs and other entities who can help them mine customer and transaction data, cross - sell products and introduce new customer - centric products and services, and streamline operations. they will also have the opportunity and need to raise the digital literacy of their customers that is not highly informed and aware and, therefore, can be susceptible to frauds. 3 / 5 bis central bankers'speeches the way forward 22. thanks to the growth of the internet and mobile phones, today we are seeing an explosion of data in several sectors of our economy. likewise, in microfinance, a lot of formal and informal data is becoming available in the form of digital footprints by low income customers who also transact on e - commerce platforms and use the internet. these digital footprints are being used by leading banks and online lending firms to lend to individuals and micro and small enterprises. artificial intelligence ( ai ) and machine learning are also finding greater application in the indian banking and financial services industry. 23. it is interesting to see that leading e - commerce companies have tied up with banks and nbfcs to offer working capital loans to their suppliers at competitive terms. most of the suppliers are micro and small entrepreneurs 24. the introduction of gst, which is one of the largest and most significant tax reforms in the world, is also helping formalise the informal economy in a significant way. as a result of a much - improved digital footprint, individuals engaged in proprietary businesses, micro and small enterprises, now become attractive clients for banks and nbfcs, thereby

shield businesses or sectors from market forces. and in some cases, we have seen policies that try to prevent market - based economic adjustments, restrict foreign ownership in certain sectors, or restrict capital flows. these policies may have short - term appeal, but, in the long run, they are counterproductive. instead, governments need to adopt the right policies - those that will encourage free and open markets and facilitate market - based economic adjustments. indeed, the strong growth seen in canada and chile is clear evidence of the benefits that come from opening our economies to global competition. central banks cannot do much directly to implement policies that encourage free and open markets and facilitate market - based economic adjustments. but central bankers do have a responsibility to advocate these policies. and we have a responsibility to work with each other in international settings to ensure that the world's financial system is conducive to the free flow of goods, services, and capital. we have a responsibility to ensure that systemically important countries are doing their part to support a well - functioning international financial system. this is why we in canada have been pushing hard for a renewal and modernization of the international monetary fund. just as the wto is charged with promoting free and fair trade in goods and services, so should the imf be the international organization dedicated to promoting a wellfunctioning, market - based international financial system. we need an imf where all members commit to playing by the rules of the game - a set of guidelines for policies that best support a market - based international financial system. for the imf to fulfill this role, we need to rekindle the spirit of internationalism that was evident 60 years ago when the fund was first established. but it is difficult to build a shared sense of trust and responsibility if key players feel that they don't have an adequate voice. what canada and others have been advocating is a multi - step approach to making the fund more representative. first, at the annual meetings this year in singapore, the fund should move to grant an " ad hoc " increase in quota to the four key countries that are clearly underweight in terms of quota and voting power : china, south korea, mexico, and turkey. then, the fund needs to move with some urgency to determine and implement a process for adjusting quotas in order to more systematically recognize the changing realities of the global economy. but how would a more representative imf go about promoting a well - functioning international monetary system? let me mention