Asia: ADB forms partnership with AFI to improve access to insurance and financial services
Source: Asia Insurance Review | Dec 2017
The Asian Development Bank (ADB) has signed a memorandum of understanding (MOU) with the Alliance for Financial Inclusion (AFI) to promote greater financial inclusion in the Asia and Pacific region including access to insurance and credit services.
The MOU, signed on 8 November, will enable the two institutions to work more closely together to develop and implement programmes, including technical cooperation for capacity building, that promote digital financial services; scale up innovations; advance policy peer learning; reduce gender gap in lending; develop climate-sensitive financial inclusion policies; and increase cooperation between the public and private sectors.
The agreement was signed by Senior Director of ADB’s Sustainable Development and Climate Change Department Mr Gil-Hong Kim and AFI Executive Director Alfred Hannig. Mr Kim said: “Financial inclusion is crucial to assist people in Asia and the Pacific, particularly the poor, in accessing credit and insurance products that help them manage risk, build assets, increase their incomes, and enjoy a better life. ADB’s partnership with AFI will help boost our joint efforts in pursuing inclusive and sustainable development in the region.”
AFI Executive Director Alfred Hannig said: “Smart financial inclusion policies promoted and implemented by AFI members are reducing inequality and contributing to overall sustainable economic growth. The partnership between ADB and AFI will further advance financial inclusion, helping low income and unbanked citizens of Asia and the Pacific increase their economic welfare.”
AFI is a member-owned peer learning and knowledge sharing network of over 110 financial inclusion policy-making and regulatory institutions form 95 developing and emerging countries around the world. A