Press Release

Senior Finance Officials Meeting (SFOM) is an opportunity to raise awareness about its National Financial Inclusion Strategy 2016-2020

04/06/2018

The APEC Senior Finance Officials are gathering in Madang to discuss ways to advance financial inclusion, accelerate infrastructure development and financing, foster international tax cooperation and transparency, and improve approaches to disaster risk financing and insurance within the APEC region.

The APEC Senior Finance Officials are gathering in Madang to discuss ways to advance financial inclusion, accelerate infrastructure development and financing, foster international tax cooperation and transparency, and improve approaches to disaster risk financing and insurance within the APEC region.

The four-days meeting which begins on Tuesday June 5-8, 2018, will include a Seminar on Financial Inclusion in APEC Economies, where delegates will share economy experiences and leading practices on how financial literacy and innovation can advance financial inclusion.

Senior finance officials will then meet to progress a range of initiatives that will be reported to APEC Finance Ministers when they meet in Port Moresby in October.

Senior Treasury, Ministry of Finance and central bank officials from across the Asia-Pacific are in Madang to participate in a financial inclusion seminar and attend an APEC Senior Finance Officials’ Meeting to advance a range of initiatives to address regional macroeconomic and financial issues, and domestic and regional financial policy priorities.

On June 5-6, the Bank of Papua New Guinea will host a Seminar on Financial Inclusion in APEC Economies: financial capability, education and technology that will explore the role of financial literacy and innovation in advancing financial inclusion.

Speakers from nine APEC economies, including Papua New Guinea, and from the APEC Business Advisory Council, Asian Development Bank, Foundation for Development Cooperation, International Finance Corporation, OECD and United Nations Capital Development Fund, will share experiences and leading practices for expanding access to useful and affordable financial products and services. Sessions will explore designing, implementing and measuring the impact of financial literacy strategies, maximizing the use of digital financial services and fostering financial innovation.

Following the seminar, delegates will visit a bank branch to view a demonstration of Papua New Guinea’s emerging digital financial services.

For Papua New Guinea, the seminar is an opportunity to raise awareness about its National Financial Inclusion Strategy 2016-2020 while learning how other economies within the APEC region develop and implement their financial literacy strategies, encourage the update of digital financial services and foster financial innovation to support financial inclusion.

On June 7-8, Papua New Guinea’s Treasury will chair a Senior Finance Officials’ Meeting that is a key step in the annual APEC Finance Ministers’ Process. At the meeting, officials will consider a range of initiatives to advance cooperation on financial inclusion, infrastructure development and financing, international tax cooperation and transparency, and disaster risk financing and insurance, as well as discuss the regional and global economic and financial outlook and what this means for APEC economies.

Outcomes from the financial inclusion seminar and Senior Finance Officials’ Meeting will inform preparations for the APEC Finance Ministers’ Meeting which will be held in Port Moresby in mid-October of 2018.