The Asia-Pacific Financial Inclusion Forum (APFIF) was established in 2010 as part
of a policy initiative of the APEC Finance Ministers’ Process (FMP) housed in
the APEC Business Advisory Council (ABAC). One of many programs run over the
APEC calendar year, its focus is to deliver the objectives of the FMP related
to financial inclusion in alignment with the specific priorities of the APEC
Host Economy each year. The forum 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.
With
its history and experience in promoting financial inclusion across Asia and the
Pacific, leadership and coordination of the APFIF initiative have been
entrusted to the Foundation
for Development Cooperation (FDC). Since 2010, FDC and its partner the Asian Development Bank Institute (ADBI) have worked with senior APEC officials,
industry leaders and development experts to implement the Finance Ministers’
initiative.
A key
feature of the APFIF initiative is its focus on promoting financial inclusion
at the base of the economy and the positive effect this can have on the poor,
including increased resilience and opportunity. While the definitions and
objectives of financial inclusion often differ between stakeholders, the APFIF
initiative focuses on what financial inclusion means for the unserved and most
vulnerable segments of the population, including women, youth, the elderly and
the disabled.
Since
its establishment, the APFIF initiative has contributed to policy reform and
capacity building across APEC economies and a range of financial inclusion
themes such as financial literacy, remittances, supply chain financing,
consumer protection and credit information systems. More recently, the APFIF
initiative has focused on the challenges and opportunities presented by the
digital revolution and the role of digital financial services in advancing
financial inclusion. This has led to the development of recommendations for
policymakers and regulators on data use and analysis, innovative technologies
such as blockchain, digitising micro merchants and creating effective digital
ecosystems enabling participation of individuals and enterprises at the base of
the economy.
The
recommendations developed through the APFIF program of work are summarised in
reports published each year:
- 2020 - Enabling shared
prosperity through inclusive finance: leaving no one behind in the age of
disruption
- 2019 - Driving impact in the
inclusive finance ecosystem
- 2018 - The inclusion
imperative: a call to action
- 2017 - Accelerating inclusive
growth through technology and collaboration
- 2016 - Financial inclusion in
a digital age
- 2015 - Developing the lending
infrastructure for financial inclusion
- 2014 - Realizing financial
inclusion in Asia: achievements and challenges
- 2013 - Financial inclusion,
innovation and regulation: meeting the challenges of policy reform and
capacity building
- 2012 - Approaches, regulations
and cross-border issues
- 2011 - Expanding financial
access through regional public-private cooperation
