This session will explore core financial inclusion challenges faced in China, their approach to tackle financial inclusion bottlenecks, results and lessons learned. Topics include how China has approached (i) regulating its FinTech marketplace including the evolution of digital payments in China, FinTech Lending, and the use of alternative data; (ii) strengthening financial inclusion for last mile unbanked populations, including assessing in depth the financial needs of China’s rural populations; and, (iii) consumer protection and how to continue to protect consumers in a cashless economy.
- Jennifer ChienSenior Financial Sector SpecialistWorld Bank Group
- Daryl CollinsFormer Managing Director and CEOBFA
- Peng DengResearch FellowChinese Academy of Financial Inclusion (CAFI)
- Rundong JiangSection Chief of Financial Consumer Protection BureauPeople’s Bank of China (PBoC)
- Lina ZhangDirector, Statistics Department,NIFA
- Weihua ZhangDirector, Payment & Settlement DepartmentPeople's Bank of China (PBoC)
As Fintech becomes mainstream in many markets, how are authorities’ regulatory approaches to inclusion evolving? This session will explore Fintech innovations that expand financial inclusion, how regulators have been responding to these developments, and key regulatory enablers, opportunities and challenges that are emerging around Fintech.
- Oya Pinar Ardic AlperSenior Financial Sector SpecialistThe World Bank
- Ledia BreguDirector of Payments, Accounting and Finance DepartmentBank of Albania (BoA)
- Maria Teresa ChimientiSenior Payment Systems SpecialistThe World Bank
- Miguel Manuel DíazDirector Payment Systems & InfrastructureBanxico
- Hakima El AlamiDirector of Payment Systems and Instruments Oversight and Financial Inclusion DirectorateBank Al-Maghrib
- Thomas LammerMember of Secretariat, Committee on Payments and Market Infrastructures (CPMI)Bank for International Settlements
- Pearl MalumaneSenior Analyst in the Policy and Regulation DivisionSouth African Reserve Bank
This session will dive deep into two FinTech-related policy areas – digital payments, and open banking - to understand emerging trends and policy considerations for authorities to take a deliberate, proactive, and coordinated approach. Financial regulatory authorities are trying to balance enabling the entrance and scaling of fintech companies while also developing new approaches and regulation for activities that may not yet exist within the scope of their current regulatory environment. However, significant challenges of fintech risk monitoring and management remains, particularly in areas related to reserve fund management, information security, anti-money laundering, disclosure and transparency. Fintech business models evolve at a fast pace, making it harder for financial regulators and supervisors to anticipate gaps and inefficiencies.
The session will explore how digitization of remittances, accelerated by COVID-19, can increase financial access and inclusion and how the G20 Roadmap on Enhancing Cross-border Payments can support this development. International remittances can foster access to and use of transaction accounts by both senders and recipients. However, this potential remains largely untapped due to remittance service users electing cash-based methods over transaction accounts. COVID-19 restrictions suddenly disrupted the traditional cash-based remittance models, with agent locations being closed, having access limitations and/or facing cash logistics challenges. As a result, many money transfer operators have seen a considerable increase in mobile and online initiated remittances.
- Victoria ClelandExecutive Director, Banking, Payments & InnovationBank of England
- Raymond O. EstiokoSenior Director, Payment System Oversight Department (PSOD)Bangko Sentral ng Philipinas
- Gabriela GuibourgHead of Analysis and Policy, Payments DepartmentSveriges Riksbank
- Veronica StudsgaardFounder & CEOIAMTN Network