The Congress is a major Russian annual financial conference, bringing together distinguished experts and high-level representatives of central and commercial banks as well as non-banking financial institutions. The sessions of the Congress operate as interactive discussions, covering the major challenges which the global financial system faces today.
AFI's Executive Director, Alfred Hannig will be a participant on the first panel discussion in 1 July, "Major trends in Russia’s financial market". This session will examine the areas for development defined in the Bank of Russia’s strategic action plan, which covers all segments of the financial market for the next three years.
Policymakers and regulators from more than 20 countries in the AFI Global Standards Proportionality (GSP) Working Group met in Moscow, Russia last week, from 7-9 June, on the occasion of the group’s 4th meeting, co-hosted by the Bank of Russia.
The Conference “Financial Inclusion and Shadow Banking: Innovation and Proportionate Regulation for Balanced Growth” was held in Moscow, Russia, on 12-13 November 2015, co-hosted by Bank of Russia and the Alliance for Financial Inclusion (AFI).
The first prominent and major gathering of global stakeholders on the topic of financial inclusion and shadow banking occurred 12-13 November 2015 in Moscow as the Central Bank of Russia (CBR) and the Alliance for Financial Inclusion (AFI) co-hosted the “Financial Inclusion and Shadow Banking: Innovation and Proportionate Regulation for Balanced Growth” conference.
Financial Inclusion and Transformation of Shadow Banking -- Innovation and Proportionate Regulation for Balanced Growth
The Bank of Russia and AFI are organizing the Conference on Financial Inclusion and Shadow Banking in Moscow, Russia, on November 12 – 13, 2015. The Conference will focus on the increasing prominence of shadow banking especially in emerging economies and developing countries that are involved in financial inclusion initiatives.
The Conference will provide a balanced perspective of financial inclusion whilst promoting innovation in financial services. Appropriate oversight and proportionate regulation policies can mitigate risks emanating from shadow banking to preserve financial stability and integrity. The relevance of existing shadow banking definitions and the applicability to different environments in developed, emerging and developing countries will also be discussed.
Financial inclusion issues have recently gained considerable attention in the Russian Federation. Legislative amendments have been made in order to createsound environment for elaborating national payment system, provide further accessto financial services, develop financial markets (microfinance, banking, insurance,etc.).
The expansion of digital financial services is one of the most promising ways to increase financial inclusion. The development and expansion of new technologies, especially mobile technologies, that cover and effectively reach all economic levels in society now provide opportunities to both provide greater financial inclusion and expand economic growth of micro and small businesses.
Technical accessibility has led to the rapid expansion of new payment instruments such as e-money and mobile payments. The countries with the most dramatic changes have been those that previously had high levels of financial exclusion and lack of banking and financial institutional infrastructure especially in African and Southeast Asia. Digital financial services have the potential to be used beyond the area of payment transactions and the next step in the digital financial services development is greater interoperability and interconnectivity with financial institutions and enhanced access to credit, savings and other services such as insurance.
Studying and learning from the experiences, especially legislative and regulatory practices in several countries, which have successfully launched new digital financial service approaches, is essential for countries like Russia to explore and provide greater financial inclusion and help to promote more rapid economic growth. These topics will the main focus during the Digital Financial Services: Promoting Financial Inclusion workshop that will take place at the Central Bank of the Russian Federation on 9 October 2014.
The Central Bank of the Russian Federation (CBR) successfully hosted the 23rd International Banking Congress, held June 30-July 2 in St. Petersburg, under the theme “New Realities for the Banking Industry.” An active Alliance for Financial Inclusion (AFI) member institution, CBR highlighted among many discussions the issue of shadow banking and the importance of strengthening regulation and supervision along with the role of financial inclusion.