Financial Inclusion and the G20 Agenda. ISI Regional Statistics Conference Bali, March 2017

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1 Financial Inclusion and the G20 Agenda ISI Regional Statistics Conference Bali, March 2017

2 Overview o G20 established in o Most important industrial and emerging economies (~86% of World GDP). o Central forum for international cooperation in economic and financial policies. o Aiming at strengthening and broader sharing the benefits of globalisation. o Presidency changing on a yearly basis: China 2016 Germany 2017 Argentina 2018.

3 Priorities of the G20 Summit - Shaping an interconnected world Building resilience Improving sustainability Assuming responsibility - World Economy - Trade and Investment - Employment - Financial markets / International financial architecture - International tax cooperation - Climate and energy - Agenda Digitalisation - Global health - Empowering women - Tackling the causes of displacement - Partnership with Africa - Fighting terrorism - Anti-corruption - Agriculture / food security

4 Priorities of the Finance Track 1. Enhancing economic resilience 2. Improving investment conditions: Partnership with Africa 3. Shaping digitalisation Ensuring continuity, pursuing the G20 agenda: Strengthening the international financial architecture Making taxation fair and reliable worldwide Fostering financial market stability Combat money laundering and terrorist financing Green finance Implementation and compliance monitoring play an increasingly important role.

5 Overview of finance track events

6 Financial Inclusion and the G20 - Global Partnership for Financial Inclusion G20 Leaders recognised financial inclusion as one of the main pillars of the global development agenda at the G20 Summit in Seoul (2010) and endorsed a Financial Inclusion Action Plan (FIAP). Launch of the Global Partnership for Financial Inclusion (GPFI) in December 2010: main implementing mechanism for the FIAP GPFI is an inclusive platform for G20 countries, non-g20 countries and relevant stakeholders for peer learning, knowledge sharing, policy advocacy and coordination.

7 Financial Inclusion and the 2017 G20 Agenda Focal areas for the GPFI guided by priorities of the German G20 Presidency: Review and Update of the Financial Inclusion Action Plan Implementation of the High Level Principles for Digital Financial Inclusion Leverage relevance of and increasing Financial Literacy Implementation of the G20 Action Plan on SME Financing Financial Inclusion of Vulnerable Groups: Forcibly Displaced Persons Further work on improving conditions for remittances

8 Implementation of High Level Principles of Digital Financial Inclusion (1) World Bank report on emerging practices of digital financial inclusion Promote a digital approach Digital and financial literacy and awareness Digital financial services infrastructure eccosystem Outreach and learning among G20 and non G20 countries Balance innovation and risk Peer exchange Responsible digital financial practices to consumer protection Track digital financial inclusion progress Enabling legal and regulatory framework Customer identification for digital financial services

9 Implementation of High Level Principles of Digital Financial Inclusion (2) Report of the OECD /International Network for Financial Education (INFE) on ensuring financial education and consumer protection for all in the digital age Promote a digital approach Digital and financial literacy and awareness Digital financial services infrastructure eccosystem Outreach and learning among G20 and non G20 countries Balance innovation and risk Peer exchange Responsible digital financial practices to consumer protection Track digital financial inclusion progress Enabling legal and regulatory framework Customer identification for digital financial services

10 Leverage relevance of and increasing Financial Literacy o Aspects of affordability and the ability to use financial services, which involves a certain level of financial literacy. o OECD/INFE report on the level of financial literacy in G20 countries; surveys based on OECD/INFE toolkit as starting point to foster research on the impact of financial literacy programmes.

11 Implementation of the G20 Action Plan on SME Financing G20 Action Plan on SME Financing Implementation Framework: - self-assessment by all G20 countries regarding the status of frame conditions for SME financing - consolidation into a baseline report by mid 2017, to be updated every two years. Investigate how innovative financing approaches, programs and platforms may promote integration of SMEs into sustainable global value chains Increasing Resilience against Climate-Related Risks, in particular for rural SMEs

12 Financial Inclusion of Vulnerable Groups: Forcibly Displaced Persons Defining fields of action on the basis of available surveys and drafting policy recommendations in consultation with non-g20 countries (temporary working group to draft a policy paper). Report by the Alliance for Financial Inclusion (AFI) to examine current regulatory practice including the role of the central bank or the financial regulator and other sectoral actors, and to consider related challenges and how these are being/could best be addressed. Workshop/conference/event to engage relevant countries and stakeholders and to link with other relevant work realms (humanitarian) or G20 work streams (e.g. remittances)

13 Improving the Framework for Remittances Remittances are a key source of income for millions of households and businesses Efforts to strengthen competition, making use of new digital technologies Improving transaction infrastructure Strengthening consumer protection Address the issue of de-risking: improve regulatory framework conditions for remittances. Achieve the right balance between the need to combat money laundering and the financing of terrorism and keeping the costs of sending remittances to the receiving countries low (goal of Agenda 2030).

14 Statistics: Measuring Dimensions of Financial Inclusion Update and Review of the Financial Inclusion Indicators during CHN Presidency Ability to use financial services, i.e. minimal barriers to provide services and products 1. Access 2. Usage Actual usage of financial services/products (e.g., regularity, frequency) German Presidency: G20 Data on Financial Literacy and Inclusion through surveys based on OECD/INFE toolkit in 2016/2017 Further work on fostering evaluation of financial literacy programmes Assess an intervention s effects and costeffectiveness 4. Impact Financial Inclusion 3. Quality Ability of the financial service or product to meet the needs of the consumer

15 Overview of GPFI timeline GPFI Seminar The Way Forward GPFI Meeting + Workshop FIAP- Update G20 Conference Digitising finance, financial inclusion & financial literacy G20 Finance Ministers and Central Bank Governors Meeting Workshop SME-Finance G20 Finance Ministers and Central Bank Governors Meeting GPFI Forum + GPFI Plenary Responsible Finance Forum G20 Summit 27 Oct. 2016, Basel Jan. 2017, Wiesbaden 25/26 Jan. 2017, Wiesbaden 24. Feb. 2017, Frankfurt Mar. 2017, Baden- Baden Apr. 2017, D.C May May 2017, 2017, Berlin Berlin 07/08 July 2017, Hamburg

16 Questions & Answers Thank you for your attention. Contact Beatrice Timmermann Deutsche Bundesbank G20 presidency coordination team Wilhelm-Epstein-Str Frankfurt am Main

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