Please note that this is an on-going project.
Project Description
Griffith Asia Institute’s APEC Study Centre supports the Asian Development Bank with the implementation of the Asia-Pacific Financial Inclusion Forum, an APEC Policy Initiative. Now in its 14th year, this initiative is used to explore current opportunities and challenges associated with enhancing the value and reach of formal financial products and services and promotes concrete actions for the region’s policymakers to achieve their financial inclusion goals.
Project Personnel and Beneficiaries
The project supports the capacity development of senior officials, including policymakers and regulators, from all APEC member economies. By supporting their efforts to advance financial inclusion, the project benefits the most vulnerable segments of the population including women, youth, the elderly and the disabled.
Outcomes to Date
Now in its 14th year, annual reports published every year propose specific policy recommendations developed through the project. The most recent reports delivered in collaboration with the Griffith Asia Institute address the role of central bank digital currencies in financial inclusion and supporting micro, small and medium-sized enterprises to access green finance. These reports address a number of ways policy makers can tailor their approaches to support those at the base of the economic pyramid and create more inclusive economies.
Project Significance
The Asia-Pacific Financial Inclusion Forum (APFIF) is an APEC Policy Initiative established by APEC’s Finance Ministers in 2010. Housed within the APEC Business Advisory Council (ABAC) and led by the Asian Development Bank (ADB) with implementation support provided by the Griffith Asia Institute, it aims to deliver the objectives of APEC’s Finance Ministers’ Process relating to financial inclusion. Proposed actions aim to support efforts to accelerate financial inclusion, sustainability and digital innovation for the region.
The initiative contributes to policy reform and capacity building across the region across various aspects of financial inclusion, such as financial literacy, remittances, supply chain financing, consumer protection, credit information systems and digital financial services. The initiative achieves this by facilitating the identification and development of concrete actions that policymakers and regulators can take to extend the reach and value of financial services to everyone, including those at the base of the economy who are most in need.