Asian Development Bank to cooperate on financial inclusion initiatives in Asia and the Pacific
A meeting was held between Asian Development Bank (ADB) President Mr Takehiko Nakao and Financial Supervisory Service (FSS) of Korea Governor Mr Suk Heun Yoon, together with FSS International Cooperation Department (ICS) Director General Mr Se Hee Lim at the ADB Headquarters in Manila.
Such meetings evidence how governments and international organisations can help create an enabling environment in digital finance and also have positive externalities such as financial inclusion.
New trends in the financial markets were discussed by the senior officials. They touched on the important role in expanding access to financial services to underserved communities
Having a collaboration to support the finance sector grow in developing member countries of ADB was included in the discussion. This collaboration would encompass development of efficient financial structures, effective regulatory frameworks, and ways to enhance financial inclusion.
The need to balance innovation with regulation, competition, and financial stability was emphasised. Additionally, the idea that development partners should help developing member countries to ensure consumer protection was advocated.
Moreover, development partners should aid in preventing illegal activities such as money laundering and terrorist financing as well as assist in ensuring cybersecurity and data protection.
The cooperation agreement signed by ADB and FSS during the FSS visit to the ADB Headquarters supports financial inclusion initiatives in Asia and the Pacific. Common aims include financial technology (fintech) innovation, consumer protection, sustainable financing, and cybersecurity.
The agreement lays the foundation for further cooperation between ADB and FSS to foster sound and inclusive financial systems in developing and emerging markets in Asia and the Pacific.
FSS was established on 02 January 1999 as the Republic of Korea’s fully integrated supervisory authority under the Act on the Establishment of Financial Supervisory Organisations (Establishment Act).
The Establishment Act created the FSS as a specially legislated quasi-government supervisory authority and charged it with financial supervision across the entire financial sector. It helps advance the financial industry; maintain stable, fair and orderly markets; and protect financial consumers.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable APAC, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 67 members, 48 of which are from the region. In 2017, ADB operations totalled US$32.2 billion, including US$11.9 billion in co-financing.
In September 2011, ADB and FSS also entered in a memorandum of understanding to collaborate and share resources to benefit financial sector development in Asia and the Pacific.
An announcement released recently highlighted how the Asian Development Bank is looking at how finance and technology can aid the positive impact of migration on home countries.
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