APFIF Explores Designing an Inclusive-Finance System for the Region’s Underserved
The 2019 Asia Pacific Financial Inclusion Forum (APFIF), a policy initiative of the APEC Finance Ministers’ Process, convened in Tokyo, Japan on the 4th and 5th of September. Hosts the FDC group, the Asian Development Bank Institute, APEC Business Advisory Council and Banking with the Poor, assembled over 50 delegates including senior government officials, international executives and industry experts from 19 Asia-Pacific economies to identify policy recommendations relevant to achieving inclusive growth and development outcomes that deliver the objectives of the Sustainable Development Goals and at least meet the economic and financial inclusion targets for the region.
Forum delegates contributed to compelling dialogue which included examination of experiences and solutions from various economies to determine the key elements of how an inclusive-finance system can be geared to address the needs of the poor and drive economic growth. The solutions discussed focused on a range of issues including the importance of developing a digital ecosystem, addressing demand-side factors and increasing opportunities for individuals and micro enterprises to boost their income through social impact investment and financing.
The outcomes of the dialogue are currently being summarised with the recommendations for policy makers and regulators to be published shortly as a report and provided to the APEC Finance Ministers in October 2019 for their consideration.