The Development Research Center of the State Council (hereafter referred to as DRC) and US-based payment technology company Visa Inc signs a memorandum of understanding in Beijing, March 24, 2018. [Photo by Jing Shuiyu/chinadaily.com.cn]

The Development Research Center of the State Council (hereafter referred to as DRC) signed a memorandum of understanding with US-based payment technology company Visa Inc. on Saturday, in a move to leverage digital technology innovation to enhance inclusive finance in China.

According to the MOU, the two sides will make joint efforts to conduct research into the development of digital inclusive finance in China.

The partnership can contribute to advancing the government's goal of poverty alleviation by 2020, Wang Yiming, vice-president of DRC, said at a press conference.

Al Kelly, CEO of Visa Inc, said China is playing a leading role in financial inclusion, with remarkable progress in introducing financial services to the population.

DRC and Visa will work together to understand the challenges, progress and innovations to date, and recommend paths forward, Kelly said.

China has made rural areas the key focus in developing inclusive finance, as part of its commitment to deliver the rural revitalization strategy in full swing.