Visa：Empowering Rural Revitalization through Fintech Development

Visa

Executive Summary

The implementation of rural revitalization is a major strategic deployment made by the Chinese government. Finance is an important force to support rural revitalization. Compared with poverty alleviation, promoting rural revitalization pays more attention to development. The demand for financial resources is larger, and the focus of financial support to rural areas has also changed. In September 2020, Visa and the Development Research Center (DRC) of the State Council launched two-year joint research on “Empowering rural revitalization in China through fintech development”. The purpose of this paper is to explain key research findings and provide policy recommendations by DRC, with case studies from Visa as supplemental materials.

Key Words: Fintech, rural revitalization, small and micro businesses, financial education

Finance is an important support for rural revitalization. Compared with poverty alleviation, promoting rural revitalization pays more attention to economic and social developments. The demand for financial resources is larger and involves more aspects. Although the total supply of rural finance has continued to grow in recent years, it is still far from the goal of rural revitalization. Moving forward, fintech will serve as an important means. It is necessary to actively break down the constraints that restrict the application of fintech in rural areas, while enhancing the ability of financial services to revitalize rural areas.

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Visa：Empowering Rural Revitalization through Fintech Development