10 AFI members attend GPFI Conference on SSBs and Financial Inclusion
The Alliance for Financial Inclusion (AFI) had 10 member institutions represented at the G20 Global Partnership for Financial Inclusion (GPFI) Conference on Standard-Setting Bodies (SSBs) and Financial Inclusion themed "Promoting Financial Inclusion Through Proportionate Standards and Guidance" hosted by the Financial Stability Unit of the Bank for International Settlements in Basel, Switzerland, on 29 October 2012.
Those AFI members in attendance included: Comisión Nacional Bancaria y de Valores (CNBV); La Secretaría de Hacienda y Crédito Público de México (SCHP); Reserve Bank of India (RBI); State Bank of Pakistan (SBP); Bangko Sentral ng Pilipinas (BSP); National Treasury of South Africa; Superintendencia de Banca, Seguros y AFP del Peru (SBS); Banque Centrale des Etats de l'Afrique de l'Ouest (BCEAO); Bank Indonesia (BI); and Bank Negara Malaysia (BNM). Participants included senior policymakers, regulators and supervisors from G-20 and non-G-20 countries as well as representatives from five SSBs — the Basel Committee on Banking Supervision, the Committee on Payment and Settlement Systems, the Financial Action Task Force, the International Association of Deposit Insurers, and the International Association of Insurance Supervisors. The event afforded an opportunity for direct engagement with the SSBs, whose remit is of direct relevance for financial inclusion policymakers.
The critical role the AFI Network assumes in sharing best practices among policymakers in regard to the proportionate implementation of global standards was highlighted at the conference. Peer learning was recognized as key to providing policymakers with practical guidance and examples in order to achieve synergies between financial inclusion goals and the complementary objectives of financial stability, financial intergrity and consumer protection.
During the "Proportionality in Practice" session, the BSP, CNBV and SBP each presented their experiences on the application of global standard in a proportionate manner that does not constrain innovation geared toward the expansion of access to the financial system. The presentations built on a set of five country case studies documented by AFI on behalf of the GPFI in 2011.
The event was followed on 30 October 2012 by a meeting that focused on technical aspects and practical dimensions on the promotion of financial inclusion through proportionate standards and guidance, which will inform the future work plan of the GPFI.
Additionally, the conference was welcomed as a "substantial demonstration of growing commitment among (SSBs) to provide guidance and to engage with the GPFI to explore the linkages among financial inclusion, financial stability, financial integrity and financial consumer protection,” according to the communiqué from the G20 Meeting of Finance Ministers and Central Bank Governors held 4-5 November 2012 in Mexico City, Mexico.