Promoting of Development with the Assistance of Financial Technology

Abstract

The financial service system has always served for urban families and companies. The kinds of financial products and services for the rural areas are very poor. Therefore, it is meaningful to promote the development of rural inclusive finance to improve the urban-rural dual structure. The convenience and accessibility of financial services can play important role for the rural vulnerable groups. Financial technology refers to the dynamic integration of financial services and technology industry. The innovation of financial products and services based on technology will help to reduce financial costs and promote the leap-forward development of rural finance. Rural financial infrastructures have needed to be improved, and farmers have generally got lower education degrees with a vague understanding of financial knowledge. Financial technology can help rural financial innovations in many aspects, so it is necessary to embed financial technology into rural financial services. Fintech would be useful to improve the financial environment for agriculture, rural areas and farmers. Moreover, it can improve the efficiency of rural financial services, and establish a rural credit information system. Keywords—rural; financial technology; inclusive finance; financial regulation