Fintech to fuel growth, create jobs in Asia Pacific: UNDP

New age financial technologies (fintech) like micro credits and payments will help Asia Pacific achieve UNDP's Sustainable Development Goals (SDGs) faster by creating more jobs in micro enterprises.

At the 5th Responsible Business Forum of the United Nations Development Programme (UNDP) in Singapore today, it was observed that businesses will play a greater role in new development era in the Asia Pacific.

It called on business leaders to take a greater role in the new development era in order to support the achievement of the Sustainable Development Goals (SDGs).

New technologies promise to help catalyse the business contribution to the delivery on the SDGs, UNDP said in a statement.

"An exciting array of new technologies is making the pursuit of the SDGs a commercial proposition across a range of sectors," said Mark Cliffe, Chief Economist of ING Group.

"A great example is the rapid advances in fintech, combining mobile and internet technology, cloud computing and blockchain technology, which will facilitate explosive growth in financial inclusion. Micro payments and micro credits will fuel growth in micro-enterprises and jobs. In turn this will help the delivery of many of the other SDGs," Cliffe said.

This assumes significance specifically with relation to India in the region as there is a heartfelt need to move towards digital transactions after the Government banning Rs 500 and Rs 1000 notes two weeks ago to check currency hoarding.