Call for more digital banking to boost inclusive finance

A central bank official on Friday called for wider use of digital technology in order to promote inclusive finance among low-income groups, while building a proper legal framework to reduce online financial risks.

Yi Gang, vice-governor of the People's Bank of China, said at a forum in Beijing that digital technology could help low-income and disadvantaged people quickly access financial services at low costs, which is in line with what inclusive finance was about.

"But it is also of considerable importance to balance the benefits and risks in financial innovation. More efforts are needed to build a proper legal frame to help regulate the expanding internet finance industry," Yi said.