AFI members join forces to foster inclusive global finance standards

How can we make global financial standards proportionate, without compromising safety? This is just one of the themes members from AFI’s Global Standards and Proportionality Working Group explored in Eswatini this past week.

Co-hosted by the Central Bank of Eswatini and the Ministry of Finance from 20-23 May, the 19th GSPWG meeting was a chance for members to learn from each other’s challenges and successes in implementing financial stability and integrity standards that are conducive to financial inclusion.

“We covered critical global topics impacting contemporary financial regulation – from the introduction of global sustainable finance standards through to the supervisory implications of developments in artificial intelligence (AI),” said AFI’s Head of Policy Analysis & Guidance, Robin Newnham.

Members and private sector players discussed the risks and opportunities associated with new technologies like virtual assets and AI, while Cenfri – an independent African economic impact agency – shared strategies to help prevent money laundering and terrorism financing regulation from negatively impacting financial inclusion.

A session dedicated exclusively to forcibly displaced persons explored practical steps policymakers can take to include FDPs within their formal financial systems, while adhering to the requirements of global financial standards.

“The group’s workplan focuses on adopting proportionality in global standards implementation to safeguard inclusive finance for women, youth, forcibly displaced persons, and other disadvantaged groups”, explained Newnham.

Four members received recognition for their contributions to the GSPWG:

– Clarence Blay, Bank of Ghana
– Florabelle M. Santos-Madrid, Bangko Sentral Ng Pilipinas
– Carmen Elena Pineda, Banco Central de Reserva de El Salvador
– Phephile Dlamini, Central Bank of Eswatini