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April is FinancialLiteracy Month, when the nation is focused on spreading financialliteracy education to help consumers understand how to better manage money. During our Spring Conference earlier this month, we held a session called, "Faster Payments: Accelerating FinancialInclusion."
This milestone marked a pivotal moment for the country’s financialinclusion efforts. Hasan Fawzi, OJK’s Chief Executive for Financial Sector Technology Innovation and Crypto Assets, emphasised the sandbox’s importance in preventing fraudulent schemes and enhancing consumerprotection.
This has significantly increased financialinclusion, empowering millions who previously had no access to banking services. In Ghana, MTN Mobile Money has become a vital financial tool. Governments need to create supportive regulatory frameworks that balance innovation with consumerprotection.
To make sure more people have access to these services, the government of Papua New Guinea has been putting a focus on financialinclusion. It was established to act as the industry’s apex organisation for coordinating, advocating and monitoring all financialinclusion activities in the country.
In Asia Pacific, the lack of a skilled workforce and poor digital and financialliteracy were also factors, however this trend can also be observed globally. The commitment to financialinclusion remains a cornerstone of the fintech value proposition.
The show will bring together over 3,000 senior decision-makers and 200+ speakers, sponsors, and exhibitors, and address key industry themes such as financialinclusion, sustainability, cybersecurity, and regulatory frameworks.
Consumer Duty, a set of rules aimed at enhancing consumerprotection in the financial services sector, came into force in July 2023. The Financial Conduct Authority’ s (FCA’s) new rules mean that firms selling financial products now have to meet much higher standards.
Governments and regulatory bodies are actively supporting initiatives aimed at increasing financialinclusion. They are implementing policies and regulations that promote innovation while ensuring consumerprotection and financial stability. Financialliteracy is the ability to understand finance.
We often explore how fintechs are changing the banking and payments landscapes, and sometimes look into how their solutions are supporting financialinclusion and helping people develop healthy financial habits. Another significant challenge is implementing sustainable practices and commitment to financialinclusion.
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