Visa harnesses mobile tech for Chinese financial education push

Visa harnesses mobile tech for Chinese financial education push

Visa is teaming up with local organisations in China to promote financial inclusion and education through mobile technology.

The US-based card scheme has formed a partnership with the China Foundation for Development of Financial Education (CFDFE) to build a "China Financial Inclusion and Education International Demonstration Zone".

The zone - covering 33 "poverty stricken" rural counties in Heilongjiang Province, Jilin Province and the Inner Mongolia Autonomous Region - will see the partners work over the next three years to bring financial education to some five million people in farming households.

Meanwhile, a separate deal with the China Foundation for Poverty Alleviation (CFPA) will focus on using mobile technology to provide financial education to farmers and herders in eight poverty-stricken counties in Inner Mongolia.

Mobiles will also be used to help train local CFPA Microfinance employees, promote internet financial services in rural China, and support the development of financial inclusion and poverty alleviation.

Visa CEO Charlie Scharf says that the new partnerships "demonstrate our full commitment to continuously promote inclusive development and growth and also support the development of financial inclusion in China".

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