Jul 27, 2015 |
Financial institutions, policy makers, investors, fin-tech companies, and regulators from 45 countries gathered recently in Izmir, Turkey, to look at innovative solutions for financing new enterprises at scale. The Turkish G20 Presidency and the Global Partnership for Financial Inclusion (GPFI) organized the two-day global workshop, Financing Entrepreneurship: Innovative Solutions, held on June 1-2, 2015. The event showcased new innovations and technology developments that are creating opportunities to accelerate small business formation and growth. About 165 attendees discussed cutting-edge practices and enabling environment reforms needed to overcome obstacles to successfully financing new enterprises at a significant scale. Following panel discussions, participants identified the most promising innovative solutions for increasing financing to small- and medium-enterprises (SMEs) in emerging markets. They are:
Jul 14, 2015 |
Updated work plans for the G20’s Global Partnership for Financial Inclusion and its four Subgroups are now available on GPFI.org. The GPFI organizes its work through four Subgroups. The overall GPFI 2015 Work Plan highlights key outcomes for each Subgroup, and includes a chart of all Subgroup outputs and a timeline of GPFI events. Key outcomes for each Subgroup in 2015 include: Regulation and Standard-Setting Bodies Subgroup: Further mainstream the work of the SSBs and other relevant global bodies and increase understanding of the interdependence of financial inclusion, stability, integrity, and consumer protection. (Read the full Work Plan.)
Jun 1, 2015 |
The GPFI is hosting the SME Finance workshop in Izmir on June 1-2, looking both at successful business models and factors that encourage or discourage innovation. Opportunities and innovations surrounding the financing of new enterprises, particularly for young and women entrepreneurs, will also be a focus of the workshop. Bankers, investors and fintech companies, along with policymakers, are among those attending the two-day workshop, which will be followed by a meeting of the GPFI.
May 14, 2015 |
The G20 Turkish Presidency welcomed this year’s celebrations of Global Money Week (GMW), an annual series of events across 100-plus countries that support financial education, inclusion, and entrepreneurship for young people. The week of events every year aims to encourage tomorrow’s adults to combine their voices in support of financial inclusion and financial education, as well as to expand their knowledge and engagement with financial issues. The Turkish G20 Presidency this year identified financial inclusion for youth as a priority.
Apr 27, 2015 |
A new report takes stock of progress on the G20’s 2010 Financial Inclusion Action Plan (FIAP), concluding that the Global Partnership for Financial Inclusion (GPFI) and G20 “made considerable progress” against the seven action items outlined in the plan. The GPFI now operates under a revised action plan – developed in 2014 under the Australian Presidency – that was deeply informed by progress on the first. The newly-released progress report deems three of the seven original action items complete. Every G20 member, for example, has committed to a concrete step toward implementing the G20 Principles for Innovative Financial Inclusion – one of the action items under the plan.
Feb 20, 2015 |
The Turkish G20 Presidency announced its priorities for financial inclusion and remittances in 2015 as well as key events for the upcoming year, in the Global Partnership for Financial Inclusion (GPFI) Turkish 2015 Priorities Paper released in January. Events Under the Turkish Presidency, several GPFI events are planned. In addition to a GPFI meeting on 3 June and the GPFI Forum and Plenary 10-11 September, two GPFI workshops will be organized. The first, on 1-2 June in Izmir, will be on finance and innovation for small- and medium-sized enterprises (SMEs). The workshop will highlight new financing tools, such as crowd investing and asset-based financing, and will also focus on youth and women entrepreneurship. The second workshop will be an outreach event for low-income developing countries (LIDCs) on the SME Finance Compact. It will be held on 9 September in Antalya preceding the final meeting of the G20 Development Working Group. Priorities
Dec 29, 2014 |
Turkey officially assumed the G20 presidency as of December 1, 2014 and announced its G20 Presidency Priorities for 2015. The three pillars of the 2015 agenda are:
Nov 18, 2014 |
G20 leaders committed to take “strong practical measures” to prioritize financial inclusion while also approving an updated Financial Inclusion Action Plan, at the G20 Leaders’ Summit held 15-16 November in Brisbane, Australia. In the G20 Leaders’ Communiqué from the summit, G20 leaders also committed to reduce the global average cost of transferring remittances to five percent.
Oct 28, 2014 |
The fast-growing field of digital finance offers huge opportunities to low-income people traditionally excluded from formal financial services. These benefits as well as the challenges of digital financial inclusion were the theme of a major conference held in Basel on 30-31 October that was attended by representatives from the six global standard-setting bodies and the GPFI. Hosted by the Financial Stability Institute of the Bank for International Settlements, the conference was the second G20 GPFI Conference on Standard Setting Bodies and Financial Inclusion. Formally opened by BIS General Manager, Jaime Caruana, the Basel gathering explored the implications of low-cost digital transaction platforms for regulators, supervisors, standard-setting bodes and customers themselves. An estimated 2.5 billion people currently use only cash in their daily lives with little or no access to formal financial services like loans, credit insurance and savings.
Sep 12, 2014 |
On 2 September 2014, the G20’s Global Partnership for Financial Inclusion (GPFI) met in Perth, Australia, to discuss progress with and next steps for the G20 in assisting countries to bring financial services to the 2.5 billion people and more than 200 million small and medium sized enterprises (SMEs) currently not being served by the formal financial system. Under the Australian presidency, the GPFI has focused on reviewing progress against the G20 Financial Inclusion Action Plan and updating the Action Plan to address new challenges and opportunities. At the 2 September meeting, delegates discussed and endorsed an updated Financial Inclusion Action Plan that includes a specific focus on the role of emerging technologies in advancing financial inclusion. The Plan contains clear and measurable goals and indicators of success. Delegates also agreed to revised Terms of Reference for the GPFI and a work plan for 2014.