G20 Development Working Group Submissions
participating G20 and non-G20 countries.
In-Depth Assessment: Encouraging sstandard-
setting bodies to further incorporate financial
inclusion objectives into their work
G20 leaders agreed to harness the influence of
the G20 to help ensure that the global regulatory
environment supports national policymakers in
countries of all income levels to promote innovative
financial inclusion.
Work on this Action has been undertaken by the
GPFI Subgroup on Principles and SSBs, which is
co-chaired by Indonesia, the Republic of Korea
and the United Kingdom. The focus has been on the
Basel Committee on Banking Supervision (BCBS),
the Committee on Payment and Settlement Systems
(CPSS), the Financial Action Task Force (FATF), the
International Association of Deposit Insurers (IADI),
and the International Association of Insurance
Supervisors (IAIS). The key implementing partners
have been the AFI, CGAP and World Bank. Her
Majesty Queen Máxima of the Netherlands also
played a vital role in her capacity of the GPFI
Honorary Patron, including by co-hosting the first
high-level SSB meetings on financial inclusion, which
helped to lay the groundwork for the outcomes
delivered.
Alignment with Core G20 and DWG Mandate
The adoption of approaches to regulation and
supervision that are proportionate to risks helps
enable financial intermediaries to increase
their outreach to unbanked and under-banked
population, thereby contributing to inclusive growth,
as committed to by the G20.
COMMITMENT 33: Adopt the G20
Financial Inclusion Action Plan, including
by encouraging the standard-setting bodies
to further incorporate financial inclusion
objectives into their work
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Implementation
The GPFI has delivered the following results, among
others:
.
a 2011 white paper entitled Global Standard-
Setting Bodies and Financial Inclusion for the Poor
-Toward Proportionate Standards and Guidance;
a high level conference with the SSBs entitled
Promoting Financial Inclusion through
Proportionate Standards and Guidance in
October 2012. The conference brought together
representatives from the five global SSBs, along
with G20 and non-G20 countries. It provided an
opportunity for the SSBs to report on their progress
and challenges of incorporating financial inclusion
objectives into their work, and made it possible for
developing countries to highlight the challenges
they face in implementing global standards for
pursuing a financial inclusion agenda.
By their engagement with the international SSBs, the
GPFI and its implementing partners have supported or
helped to catalyze the following outcomes:
the BCBS reinforced the concept of proportionality
by issuing revised Basel Core Principles for Effective
Banking Supervision in 2012. Subsequently, its
Basel Consultative Group launched a work stream
on financial inclusion
the CPSS released a report on "Innovations
in retail payments" in 2012, which noted that
financial inclusion is "an important driving force
for innovations in many countries";
FATF published a revised guidance on
financial inclusion in 2013, which builds on the
comprehensive risk-based approach embedded
in its revised 2012 Recommendations, and
financial exclusion is now formally recognized
by FATF as a money laundering and terrorist
financing risk;
the IADI has prepared a paper on Financial
Inclusion and Deposit Insurance; and
the IAIS adopted revised Insurance Core
Principles in 2011, which incorporate the
proportionality principle.
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