From 28 to 30 April, AFI’s South Asia Region Financial Inclusion Initiative (SARFII) members are meeting in the Maldives to exchange insight and explore opportunities to advance financial inclusion in the region.

The event, co-hosted with the Maldives Monetary Authority (MMA), features a two-day training session presented by AFI and MMA, assessing emerging frauds and risks related to digital financial services in South Asia.

“South Asia has been at the forefront of revolutionizing financial services through the adoption of innovative digital financial products,” said AFI Chief Operating Officer, Chee Soo Yuen. “While the surge in uptake of these products spells good news overall for financial inclusion, the region has reported increased incidents of fraud, money laundering, cyber threats, and data breaches, all of which undermine consumer confidence, and threaten the attainment of financial inclusion targets.”

“We need policy and regulatory frameworks that effectively mitigate the risks associated with digital financial services,” said Ahmed Imad, Deputy Governor of the Maldives Monetary Authority. “This includes implementing stringent identity verification protocols, enhancing cybersecurity measures, and fostering greater transparency and accountability among service providers. We also need to enhance financial literacy and awareness among users, empowering them to make informed decisions and recognize potential threats.”

In addition to exploring how policy makers can promote safe, inclusive and resilient digital ecosystems which foster financial inclusion, SARFII members shared insights, experiences and recommendations on advancing women’s financial inclusion in South Asia.

The event is being attended by all eight SARFII members: Bangladesh Bank, Central Bank of Sri Lanka, Insurance Development and Regulatory Authority Bangladesh, Maldives Monetary Authority, Microcredit Regulatory Authority of Bangladesh, Nepal Rastra Bank, Royal Monetary Authority of Bhutan, and State Bank of Pakistan. 

You can learn more about AFI’s South Asia Region Financial Inclusion Initiative on its webpage.