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What has recently come under the spotlight is the use of mobile technology to ensure that
the poor in developing countries have greater access to financial services. Widely used even
among the poor, mobile phones are utilized in receiving social welfare benefits, or making
payments and deposits, thereby guaranteeing efficiency and reducing transaction costs.
In particular, the British Department for International Development (DFID) utilizes its
knowhow from the country's advanced financial sector to help the poor in developing
economies have better access to financial services. Based on their experience of developing
fair trade, the DFID promotes fair trade for the development of private sectors in recipient
countries. The United Kingdom pursues the most active level of private sector development
among donor countries by developing innovative business models and catalyzing private
investment in education, public health, and other basic services. It also emphasizes private
sector development in marginalized countries. Direct governmental involvement does not
take place often; most of the projects are undertaken in the form of separate funds or
financing collected for private organizations. Capitalizing on its competitiveness in the
financial sector, the country provides technology development funds for microfinance
providers to help improve financial access 8 .
Similarly, the United States Agency for International Development (USAID) expanded the
department for public-private cooperation into the Office of Innovation and Development
Alliances (IDEA) in 2012. With a former business consultant as its director, the office
executes private sector development strategies that implement innovative and creative ideas
according to the condition and environment of recipient countries 9 .
2) Sector - Convergence with Overall Areas of Development
This means that the underlying economic value of culture is realized in combination with
the overall sectors of development. It is the closest domain to culture as a separate sector, but
the convergence with other areas is carried out given that culture is still not a sector on its
own. Here are the prime examples of convergence between culture and industry, or culture
and education that indicate the scope of this domain:
A. Culture Converged with Industry (The Preservation of Cultural Heritage to Ensure
Development and Cultural Independence)
8 Jeong, Jiseon and Juyeong Lee (2011). The current status of international support for private sector
development and challenges ahead of Korea. Korea Institute for International Economic Policy. p. 128.
9 http://idea.usaid.gov/