The Financial Stability Institute of the Bank for International Settlements (BIS) hosted the first annual GPFI Conference on Standard-Setting Bodies and Financial Inclusion. Under the theme “Promoting Financial Inclusion Through Proportionate Standards and Guidance,” participants discussed the progress and challenges faced by the global standard-setting bodies (SSBs) in engaging on financial inclusion. The conference was held on October 29, 2012, and convened by the GPFI.
Focused on the central theme of promoting financial inclusion through proportionate SSB standards and guidance, the discussions were informed by three Issues Papers highlighting important dimensions of the overall conference theme:
The third Issues Paper “Financial Inclusion – A Pathway to Financial Stability? Understanding the Linkages” summarizes rapid research that GPFI SubGroup Co-Chair DFID funded Implementing Partner CGAP to carry out in South Africa, examining linkages between financial inclusion, financial stability, financial integrity, and financial consumer protection. The full report on this research is available here
The conference was also an opportunity to confirm consensus on high level messages on standard-setting and financial inclusion to be proposed for inclusion in the communiqué of the G20 Finance Ministers and Central Bank Governors' meeting in early November 2012.
The conference was followed by a Technical Meeting on the same topics on October 30, 2012. Also hosted by the Financial Stability Institute of the BIS, this meeting discussed technical aspects and practical dimensions of promoting financial inclusion through proportionate SSB standards and guidance. This meeting aimed to inform the work of the GPFI Subgroup on G20 Principles for Innovative Financial Inclusion and Engagement with the Standard-Setting Bodies under the upcoming Russian G20 Presidency.
At the broadest level, the GPFI Conference and Technical Meeting responded to the call of the G20 Leaders in the 2011 Cannes Summit Declaration, reaffirmed at their Los Cabos Summit, to explore the complementarities of the work of SSBs and that of the GPFI.
Watch one short documentary and two interviews with staff from the Bangko Sentral ng Pilipinas, discussing the positive impact of proportionate financial regulation on innovation and financial inclusion in the Philippines: