Promoting Global Financial Inclusion
Program in a Nutshell
- Policy Advice, Support and Formulation
- Research, Reports and Evaluations
- Policy Dialogue
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The project catalyzes public-private collective action and brings together partners to play a leading role in identifying, shaping and seizing the highest potential opportunities to accelerate progress towards full digital financial inclusion. Over two billion people worldwide are currently financially excluded and around 200-250 million small-to-medium sized enterprises underserved, resulting in poverty and insecurity, and lost economic growth and employment.
- Collaborations with Central Banks, Ministries of Finance and Ministries of ICT
- Development of reports on various topics related to digital payments and financial inclusion
- Organize conversations and policy workshops between public sectors (Central Banks, Ministries of Finance and Ministries of ICT) and private sectors at country, regional and global levels
Helping companies and governments understand the value of digital currencies to financial inclusion and aid distribution
To foster the financial inclusion agenda, the World Economic Forum brought together over 80 public and private organizations together to investigate the value of digital currencies to financial inclusion and aid distribution and the limitations of digital currencies. A series of white papers was published in 2021 to summarize the findings.
Helping governments identify potential areas of improvement to laws and regulations to foster financial inclusion
Given financial sectors are heavily regulated, laws and regulations serve an important role in providing the right incentives to promote innovation and for corporations to provide services to the underbanked. The World Economic Forum fosters and drives public-private dialogues at country, regional and global levels to bridge the gaps between laws and regulations and innovation to bring better results to financial inclusion.
In November 2021, IDB Lab, the innovation laboratory of the Inter-American Development Bank, and the World Economic Forum launch the Payments to Advance Growth for All (PAGA) program to unlock the true potential of digital payments in Latin America and the Caribbean (LAC). This initiative will bring together the public and private sectors, promoting practical recommendations for greater adoption of digital payments in the LAC region.
In support of Papua New Guinea’s agenda to develop an inclusive digital future, the World Economic Forum launched Facilitation 2.0, a novel initiative piloted in Papua New Guinea with the support of the Government of Australia. The initiative aimed to advance practical, business-driven reforms at the intersection of trade facilitation, investment, and e-commerce, blending local experience with international expertise. The initiative has helped to advance an electronic-transactions act, provided concrete recommendations to digital payments regulation reform, and created a public-private group on digital foreign direct investment.
In support of ASEAN Secretariat’s agenda to develop a regionally integrated and inclusive digital economy, the World Economic Forum gathered together senior leaders from public and private sectors to form an e-Payments Coalition and proposed a set of recommendations. The Coalition will continue to help ASEAN Secretariat in achieving its goal, in particular with respect to COVID recovery.