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Under the theme “Promoting financial inclusion through proportionate standards and guidance”, participants discussed the challenges faced and overcome by standard-setting bodies in their efforts to broaden financial inclusion.
The G20 Leaders have acknowledged the increasing engagement of global standard-setting bodies on financial inclusion for the 2.5 billion people around the world without access to formal financial services. HRH Princess Máxima of the Netherlands and the G20 Leaders have called upon standard-setting bodies to step up their work in this area in a manner consistent with their core mandates.
In his opening remarks, Jaime Caruana, General Manager of the BIS, noted: “This conference is an opportunity for the standard-setting bodies to deepen their discussions on financial inclusion. There is tremendous value in having these five standard-setting bodies in the same room here to share perspectives on the contributions that each can make to the delivery of sustainable high-quality financial services to entire populations around the world.”
Throughout the conference, it was emphasised that the proportionality principle – the balancing of risks and benefits against the costs of regulation and supervision – was essential both in developing global standards and guidance relevant to financial inclusion and in implementing policies at country level.
At the request of the G20 Leaders at their Los Cabos Summit, a report of the conference will go to the G20 Finance Ministers and Central Bank Governors’ meeting in Mexico in November.