APEC members discuss sustainable finance

16:29 | 16/07/2017 Economy

The international community will face many challenges in implementing finance in the future, necessitating a solution that balances the goals of finance, integration and consumer protection, in the context of global development.

Speakers at the Asia Pacific Forum on Financial Inclusion - Photo courtesy of SBV

Deputy Governor of the State Bank of Vietnam (SBV), Nguyen Thi Hong expressed the sentiment during a speech at the Asia Pacific Forum on Financial Inclusion in Hoi An city, central Quang Nam province, on July 11-12, stressing that financial inclusion had achieved success in the past, but there remains many problems ahead.

“The international community is still seeking ways to deal with a number of challenges. The ratio of poor people approaching financial services remains low, while gender inequality and the gap between the rich and the poor are still clearly evident,” Hong said.

She said awareness and education on finance amongst the public need to be improved, while the legal framework on supervision and protection of consumers is not yet strong enough.

Hong also added that financial infrastructure and service development lacked investment, especially in the context of the booming information technology sector and global digitalisation.

The Deputy Governor said the forum, which has been held for seven consecutive years, offers co-operation opportunities, policy dialogues and experience sharing among APEC members in boosting sustainable development and poverty alleviation.

Financial inclusion has been a major focus of many economic and financial forums, including APEC, the United Nations, ASEAN, G20, World Bank, Asia Development Bank, Organisation for Economic Co-operation and Development, and others.

As host of APEC this year, the State Bank of Vietnam and its international partners have selected the topic: “Finance for Agriculture and Rural Development” for this year’s co-operation programme.

The programme will help developing members approach financial inclusion, and seek out sustainable finance solutions in order to narrow the development gap among countries.

The forum will prelude the Financial Ministers Meeting of the 2017 APEC (Asia-Pacific Economic Co-operation) Summit in Hoi An city this October. Today the SBV, in co-operation with the World Bank and International Finance Corporation, will host the 4th meeting on Finance Infrastructure reform in Hoi An.