Thomas Helbling, deputy director of the Asia and Pacific Department at the International Monetary Fund, said that the global economy seems to be heading towards a soft landing and global growth will be stronger.

"In terms of resilience, I think the most important resilience has been in China," he said. Looking forward, Helbling said that the situation in the Middle East is a concern.

"As soon as oil markets will be involved, then the risks are much higher," he said, adding that an oil price spike poses substantial risks to global growth and inflation next year.

The use of technology for financial inclusion serves as a good case study to show how innovation can allow emerging economies, such as Mongolia, to advance digitization in areas such as payment service provision.

Such economies can be even more digitally enabled than advanced economies, the panel heard.