FSI-GPFI Conference on Global SSBs and Innovative Financial Inclusion
FSI and the G20's Global Partnership for Financial Inclusion (GPFI) convened the fourth biennial conference on global standard-setting bodies (SSBs) and innovative financial inclusion on October 25-26, 2018 in Basel, Switzerland. The conference took place in the context of accelerating change in the financial services landscape in countries across the income spectrum, including expanding opportunities for financial inclusion; it also covered new challenges for country-level authorities and for SSBs. Luiz Awazu Pereira da Silva, the BIS Deputy General Manager, said that fintech has brought a new paradigm to the design and implementation strategies for financial inclusion.
Participants discussed the implications of changes brought about by fintech, since the first biennial FSI-GPFI conference in 2012, for financial regulation and supervision and the work of the SSBs. Participants explored examples of adapting regulatory, supervisory, and safety net practices to take into account the fintech developments, the ways for financial sector authorities to leverage the technologies driving fintech to support their own work, and the application of the concept of proportionality in the implementation and assessment of international standards.
Conference discussions also addressed, among others, the use and protection of consumer data, which is key to the digitization focus of financial inclusion priorities under the Argentine G20 presidency. A primary objective of the conference was to foster coordination and collaboration among SSBs on issues of cross-cutting relevance to financial inclusion. In this context, the conference explored lessons learned from the ongoing coordinated action among SSBs on risk reduction as well as the new collaboration imperatives that accompany possible fintech breakthroughs of financial inclusion relevance. The conference culminated in a session where senior representatives from SSBs and other participants examined the implications of innovative financial inclusion for global standards and guidance. The final session brought forward the key topics on which further coordination, collaboration, and information-sharing might be beneficial.
Related Links
Keywords: International, Banking, Financial Inclusion, Fintech, SSB, Proportionality, GPFI, FSI
Previous Article
FED to Limit Use of Qualitative Objection in the 2019 CCAR ExerciseRelated Articles
BIS and Central Banks Experiment with GenAI to Assess Climate Risks
A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe
Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures
Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.
Singapore to Mandate Climate Disclosures from FY2025
Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
EBA Proposes Standards Related to Standardized Credit Risk Approach
The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
ECB to Expand Climate Change Work in 2024-2025
Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.