Joint CBS-IMF-ADB Regional Seminar on FinTech and Financial Inclusion in the Pacific Island Countries

Date: Tuesday, November 13, 2018

Venue: Lefaga, Samoa

November 13, 2018

The IMF's Regional Office for Asia and the Pacific (OAP), in cooperation with the Asian Development Bank and the Central Bank of Samoa, organized a seminar on FinTech and Financial Inclusion in the Pacific. Speakers from around the globe shared their rich FinTech experience, covering the broad gamut from mobile payment solutions to cutting-edge distributed-ledger technologies (DLT) and central bank digital currencies. The seminar also had a strong component on FinTech regulation.

Agenda

Time

Program

8:30 - 9:00AM

Registration

9:00 - 9:05AM

Prayer
Pastor Alofaifo Seleni

9:05 - 9:15AM

Welcome Address
Ms. Maiava Atalina Ainuu-Enari, Governor, Central Bank of Samoa
9:15 - 9:25AM

Opening Remarks
Ms. Lotte Schou-Zibell, Chief of Finance Sector Group, ADB
9:25 - 9:50AM  Opening Remarks and Scene Setter Presentation
Mr. Kenneth Kang, Deputy Director, Asia Pacific Department, IMF

PRESENTATION
9:50 - 10:30AM  Photo Session and Coffee Break
10:30 - 11:30AM 

SESSION 1: FINTECH FOR FINANCIAL INCLUSION: MOBILE PAYMENTS, MICRO-SAVINGS/-INSURANCE

This session will present and discuss FinTech solutions for financial inclusion, with a focus on mobile money and payments, including across borders. It will also consider how FinTech could extend micro-finance, -savings, and -insurance to the underserved population of the Pacific, including women and those in remote areas. Furthermore, panelists will elaborate on how to incentivize the implementation of mobile payments solutions.

[Moderator]

Mr. Kenneth Kang, Deputy Director, Asia Pacific Department, IMF 

[Speakers/Panelists]

Mr. Faisal Ahmed, Chief Economist, Bangladesh Bank

PRESENTATION

Professor Njuguna Ndung'u, Executive Director, African Economic Research  Consortium/former Governor Central Bank of Kenya

PRESENTATION

Mr. Bram Peters, Program Manager, Pacific Financial Inclusion Program, UNDP Pacific Office

11:30 - 1:00PM

SESSION 2: CUTTING-EDGE FINTECH FOR CROSS-BORDER REMITTANCE TRANSFERS

This session will emphasize distributed-ledger technologies (DLT)/blockchain innovations and their potential for facilitating cross-border remittances payments. It will also focus on how these innovations can address some of the ‘de-risking’ concerns by facilitating customer identification and due diligence processes to ensure compliance with anti-money-laundering and combating the financing of terrorism (AML/CFT) requirements. 

[Moderator]

Ms. Lotte Schou-Zibell, Chief of Finance Sector Group, ADB

[Speakers/Panelists] 

Mr. Boon-Hiong Chan, Global Head, Market Advocacy, Deutsche Bank, Singapore

PRESENTATION

Mr. Sagar Sarbhai, Head of Regulatory Relations APAC and Middle East, Ripple, Singapore

PRESENTATION

Mr. Joseph Thompson, CEO, AID-Tech

Mr. Nick Giurietto, CEO/MD, Australian Digital Commerce Association

PRESENTATION

1:00 - 2:00PM

Lunch

2:00 - 3:30PM

SESSION 3: CRYPTO ASSETS AND THEIR REGULATION 
Based on specific country cases and experiences, this session will discuss how FinTech, specifically crypto assets, should be regulated to contain risks while encouraging innovation (including on a regional scale). Risks for consumers and investors as well as their protection would be a focus. The session will also further elaborate on how FinTech could help or hinder regulatory enforcement (prudential supervision, AML/CFT).

[Moderator]

Mr. Tommaso Mancini Griffoli, Deputy Division Chief, IMF, Monetary and Capital Markets Department

PRESENTATION

[Speakers/Panelists]

Mr. John Schindler, Senior Associate Director, Federal Reserve Bank, United States of America

PRESENTATION

Mr. Melchor T. Plabasan, Deputy Director, Bangko Sentral, Philippines

PRESENTATION

Mr. Thammarak Moenjak, Director, Financial Institutions Strategy department, Bank of Thailand

Mr. Ben Cohn-Urbach, Senior Specialist, Australian Securities and Investments Commission

Mr. Sultan Korean, Banking Commissioner, Marshall Islands

PRESENTATION

3:30 - 4:15PM

SESSION 4: PROSPECTS OF CENTRAL BANK DIGITAL CURRENCIES

This session would discuss benefits and risks of central bank digital currencies (CBDC) as a potential way forward. The session would also share a few practical country experiences as well as current state of development of CBDC. 

[Moderator]

Mr. Masudur Nizami, Financial Sector Specialist, Asian Development Bank (Sydney Office)

[Speakers/Panelists]

Mr. Tommaso Mancini Griffoli, Deputy Division Chief, IMF, Monetary and Capital Markets Department

PRESENTATION

Mr. Lindsay Boulton, Assistant Governor, Reserve Bank of Australia
4:15 - 4:30PM  Coffee Break 
4:30 - 5:15PM 

SESSION 5: CONCLUDING SESSION: THE WAY FORWARD

This session would conclude the seminar and take stock of the findings and lessons from the previous sessions. It would also offer an opportunity to discuss actions needed to implement lessons learned.

[Moderator]

Ms. Alison Stuart, Division Chief, Small States Division, Asia Pacific Department, IMF

[Speakers/Panelists]

Mr. Faisal Ahmed, Chief Economist, Bangladesh Bank

Dr. Sione N. Kioa, Governor, National Reserve Bank of Tonga

Ms. Lotte Schou-Zibell, Chief of Finance Sector Group, ADB

5:15 - 5:30PM

Concluding Remarks
Ms. Maiava Atalina Ainuu-Enari, Governor, Central Bank of Samoa