Open-borders banking: A futuristic vision of global financial inclusion

In the last decade, several strategies have been used to expand financial inclusion globally, with the promise of granting wider access to financial services, building more efficient payment services, supporting entrepreneurship, securing savings, creating jobs and building financial resilience to shocks. Many countries
have allowed commercial banks, microfinance institutions, fintech companies and major Big Tech players to provide basic financial services to unbanked and underserved populations. Some governments have used policies and regulations to influence people and businesses to own formal accounts of any type and
use digital payment services, while other efforts have included investing in digital identity systems, fast payment systems and removing structural and non-structural barriers to financial inclusion — all aimed at increasing the demand and supply of formal financial services. While these efforts are necessary and important, they have been mostly country-centred and do not go far enough in accelerating financial inclusion across borders.

I propose a vision of digital financial inclusion for the future, which I call cross-border digital financial inclusion. This vision involves using digital technology to bring unbanked residents in one country into the formal financial system of another, so that they can access and use financial services available elsewhere while remaining in their home country.