World Summit on Management Sciences
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Accepted Abstracts

Financial Empowerment in the Digital Economy

Mohamad Fazli Sabri*
Universiti Putra, Malaysia

Citation: Sabri MF (2020) Financial Empowerment in the Digital Economy. SciTech Management Sciences 2020. Thailand 

Received: December 06, 2019         Accepted: December 16, 2019         Published: December 16, 2019

Abstract

 
The world’s economy is now digitally driven. Today, it’s estimated that the Digital Economy is worth USD3 trillion.Digitization of economies creates benefits and efficiencies as digital technologies drive innovation and fuel job opportunities and economic growth. The digital economy also permeates all aspects of society, influencing the way people interact and brings about broad sociological changes. Access to the internet is not a privilege nor a luxury, it is a necessity and survival tool. As such, it triggers new challenges in terms of consumer protection approaches.In the context of advanced digital financial services, financial education and financial consumer protection are the bedrock to ensure the advancement of digital financial services. Specifically for the vulnerable, regulatory policies would be able to protect them from inappropriate financial products and services that may be a determent to their current financial state.  Meanwhile, the usage of the technologies in an inclusive way could provide benefits to their financial state. Financially empowered individuals are informed and skilled; they know where to get help with their financial challenges. This sense of empowerment can build confidence that they can effectively use their financial knowledge, skill, and resources to reach their goals.In a nutshell, this paper is going to discuss the trends, opportunities and challenges in the digital economy. The current paper also intended to highlight the importance of financial literacy to empower consumers in their daily finance activities.