The SBV co-organizes the annual Asia - Pacific Forum on Financial Inclusion

For 7 consecutive years, the Forum has been a cooperative channel for policy dialogue and experience exchanges between APEC economies with partners in the context of increasing the role of financial inclusion in poverty reduction and sustainable growth.

The event was attended by SBV Deputy Governor Nguyen Thi Hong, leaders of SBV departments, representatives from Government Office, Ministry of Finance, Ministry of Agriculture and Rural Development, Ministry of Labor – Invalids and Social Affairs, Ministry of Information and Communications, Ministry of Foreign Affairs, Central Vietnam Women’s Union, managers and leading experts in Financial Inclusion for agricultural and rural development; experts from international organizations, central banks and ministries of finance, etc.

SBV Deputy Governor Nguyen Thi Hong chaired the 7th annual Asia – Pacific Forum on Financial Inclusion.

In the keynote opening speech, SBV Deputy Governor Nguyen Thi Hong emphasized the importance and role of the annual Asia-Pacific Forum on accelerating Financial Inclusion to member countries: “There is undeniable fact that, thanks to applicable initiatives, positive cooperation between countries, international organizations and partners, the term of “financial inclusion” has gradually become more familiar and well-known as well as been recognized in many countries, especially in developing countries, thereby, countries can design their own strategy on financial inclusion that fits their social and economic development conditions”.

SBV Deputy Governor Nguyen Thi Hong delivered the opening speech.

However, in spite of several successes in global implementation of financial inclusion, there are still challenges for international community including: the small number of poor people accessing official financial services, the inequality gender, the gap between the rich and the poor and development, insufficient education of financial literacy and financial inclusion for public, the lack of legal framework for monitoring and protecting consumers, poor financial infrastructure, and development of financial services and products in the digital age.

At the APEC Forum on Financial Inclusion, the leading experts on financial inclusion, and the parties involving in developing financial inclusion exchanged and discussed on methods and abilities to balance the targets between financial inclusion, integration and consumer protection in order to maximize benefits from financial inclusion in line with with characteristics and development level of each countries thereby meeting growth requirements in the new context.

With theme “Finance for Agriculture and Rural development”, the main substance of the Forum focused on discussing the orientation of financial inclusion for sustainable agricultural and rural growth – one of four cooperative priorities within framework of the APEC 2017 Finance Ministers cooperation progress. These include: (1) Fixing the definition of term “financial inclusion”; digital applications to accelerate financial inclusion; (2) the role of credit and financial products/services in supporting economy and enhancing living condition of people in agricultural and rural areas; (3) Prospect and policies to promote new technologies in financial services; (4) financial education contributes to improve awareness of public in saving and investing; (5) proper environment for micro-finance products and services; (6) development of micro-insurance; (7) online finance supply chain: challenges and policy requirements; and (8) digital format development as an essential requirement for development.

The discussions and exchanges at the Forum are important and necessary for Vietnam as well as other countries in the early stages of accessing financial inclusion. This is also the main substance proposed by the SBV for the whole year APEC 2017 from the Meeting of Deputy Finance Ministers and Deputy Governors of Central Banks on February 2017 in Nha Trang city, Khanh Hoa province. The outcome of discussion will be included in “Report on researching the fact and strategy to enhance financial awareness in APEC economies”, thereby proposing the appropriate solutions and policies of reforming as well as cooperative priorities in order to promote a dynamic and sustainable financial inclusion in APEC economies.

 

Delegates at the Forum.

Also in the framework of financial-banking cooperation events in APEC 2017, after APEC Forum on Financial Inclusion, SBV will continue to coordinate with International Finance Corporation (IFC) to hold the Fourth Conference on Financial Infrastructure Development Network (FIND) on July 12, 2017.

Thoa Le