Digital Financial Services In The Pacific
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Digital Financial Services In The Pacific
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Author : Asian Development Bank
language : en
Publisher: Asian Development Bank
Release Date : 2016-03-01
Digital Financial Services In The Pacific written by Asian Development Bank and has been published by Asian Development Bank this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-03-01 with Business & Economics categories.
The challenging geography and poor infrastructure of many Pacific nations mean digital financial services (DFS) are a particularly effective means of enhancing financial inclusion in the region. However, a number of major challenges confront DFS in the Pacific, including the establishment of reliable agent networks and the building of sufficient consumer trust in DFS for it to become a viable payments channel. This report examines the current use of DFS in the Pacific, analyzes the issues that need to be addressed, and provides recommendations for increasing financial inclusion in the region. This publication was produced by the Pacific Private Sector Development Initiative, a regional technical assistance facility cofinanced by the Asian Development Bank (ADB), the Government of Australia and the New Zealand government.
Strategy For Fintech Applications In The Pacific Island Countries
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Author : Sonja Davidovic
language : en
Publisher: International Monetary Fund
Release Date : 2019-08-22
Strategy For Fintech Applications In The Pacific Island Countries written by Sonja Davidovic and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-08-22 with Business & Economics categories.
The Bali Fintech Agenda highlights 12 principles for policymakers to consider when formulating their approaches to new financial technology (fintech). The agenda aims to harness the potential of fintech while managing associated risks. This paper looks at how some elements of the Bali Fintech Agenda could be used in Pacific island countries, which face significant financial-structural challenges.
Rise Of Digital Money
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Author : Yong Sarah Zhou
language : en
Publisher: International Monetary Fund
Release Date : 2024-02-25
Rise Of Digital Money written by Yong Sarah Zhou and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-02-25 with Business & Economics categories.
The departmental paper, "Rise of Digital Money: Implications for Pacific Island Countries," delves into the fast-evolving landscape of digital money in a diverse region of extremes in size, remoteness and dispersion, highlighting its significant macroeconomic and financial consequences. It provides an overview of the development of digital money and payment systems in Pacific Island Countries (PICs), assessing potential benefits and risks, with a focus on how they can harness digital technology to enhance financial inclusion and payment efficiency while minimizing risks. To this end, the paper also examines the prerequisites for successfully adopting various forms of digital money and proposes a strategic framework for policy decisions. The paper underscores the potential of digital money in advancing public policy goals, like financial inclusion and improved cross-border connectivity – given the specific characteristics of the region – while cautioning against the risks of rapid and inadequately regulated adoption. Accordingly, it advocates a gradual, well-informed approach, tailored to PICs' unique monetary and financial circumstances, including the presence of national currencies and the maturity of payment systems. Moreover, the paper suggests that a regional approach could help address capacity and scalability challenges in introducing new digital money forms and payment methods in PICs.
The Role Of Central Bank Digital Currencies In Financial Inclusion
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Author : Asian Development Bank
language : en
Publisher: Asian Development Bank
Release Date : 2023-03-01
The Role Of Central Bank Digital Currencies In Financial Inclusion written by Asian Development Bank and has been published by Asian Development Bank this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-03-01 with Business & Economics categories.
Asia and the Pacific continues to experience rapid development of innovative technology solutions driven by increased government support to help address the economic fallout of the coronavirus disease pandemic. This publication identifies the role that central bank digital currencies could play in overcoming some of the challenges of achieving financial inclusion. It proposes recommendations to aid policy makers and regulators. The publication shares insights from the Asia–Pacific Financial Inclusion Forum, a policy initiative of the Asia–Pacific Economic Cooperation Finance Ministers’ Process.
Challenges In Correspondent Banking In The Small States Of The Pacific
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Author : Jihad Alwazir
language : en
Publisher: International Monetary Fund
Release Date : 2017-04-13
Challenges In Correspondent Banking In The Small States Of The Pacific written by Jihad Alwazir and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-04-13 with Business & Economics categories.
Access to financial services in the small states of the Pacific is being eroded. Weaknesses in Anti-Money Laundering and Combating the Financing of Terrorism compliance in the context of high levels of remittances are contributing to banks’ decisions to withdraw corresponding banking relationships and close bank accounts of money transfer operators. In this paper, we gather evidence on these developments in the small states of the Pacific, discuss the main drivers, and the potentially negative impact on the financial sector and macroeconomy. We then identify the collective efforts needed to address the consequences of withdrawal of corresponding banking relationships and outline policy measures to help the affected countries mitigate the impact.
Harnessing Digitization For Remittances In Asia And The Pacific
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Author : Asian Development Bank
language : en
Publisher: Asian Development Bank
Release Date : 2021-07-01
Harnessing Digitization For Remittances In Asia And The Pacific written by Asian Development Bank and has been published by Asian Development Bank this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-07-01 with Business & Economics categories.
Remittances are considered a lifeline of developing countries and are especially vital for migrants and their families. Digital data technology can help alleviate many of the “pain-points” in the remittances industry. For example, it can significantly enhance the convenience, speed, security, and affordability of sending and receiving remittances. This report discusses the importance of remittances in Asia and the Pacific, the key challenges faced by the industry, and the impacts of the coronavirus disease (COVID-19 pandemic. It also includes country case studies that demonstrate the benefits of digitization and makes recommendations on how the digitization of remittances across the region can be further advanced.
The Financial Inclusion Landscape In The Asia Pacific Region A Dozen Key Findings
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Author : Mrs.Sarwat Jahan
language : en
Publisher: International Monetary Fund
Release Date : 2019-04-19
The Financial Inclusion Landscape In The Asia Pacific Region A Dozen Key Findings written by Mrs.Sarwat Jahan and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-04-19 with Business & Economics categories.
Financial inclusion is a multidimensional concept and countries have chosen diverse methods of enhancing financial inclusion with varying degrees of results. The heterogeneity of financial inclusion is particularly striking in the Asia-Pacific region as member countries range from those that are at the cutting edge of financial technology to others that are aiming to provide access to basic financial services. The wide disparity is not only inter-country but also intra-country. The focus of this paper is to take stock of the current state of financial inclusion in the Asia-Pacific region by highlighting twelve stylized facts about the state of financial inclusion in these countries. The paper finds that the state of financial inclusion depends on several factors, but a holistic approach calibrated to specific country conditions may lead to greater financial inclusion.
Fintech Policy Tool Kit For Regulators And Policy Makers In Asia And The Pacific
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Author : Asian Development Bank
language : en
Publisher: Asian Development Bank
Release Date : 2022-03-01
Fintech Policy Tool Kit For Regulators And Policy Makers In Asia And The Pacific written by Asian Development Bank and has been published by Asian Development Bank this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-03-01 with Computers categories.
The rapid growth of fintech services in Asia and the Pacific can help countries leapfrog the challenges of traditional financial services infrastructure and dramatically increase access to financial services. An inclusive fintech ecosystem is essential to support economic growth, greater equality, and lower poverty levels. This publication details how to better understand and provide an enabling policy and regulatory environment to promote responsible fintech innovation, while ensuring consumer protection and supporting inclusive economic development in the region.
Financial Digitalization And Its Implications For Asean 3 Regional Financial Stability
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Author : Asian Development Bank
language : en
Publisher: Asian Development Bank
Release Date : 2023-02-01
Financial Digitalization And Its Implications For Asean 3 Regional Financial Stability written by Asian Development Bank and has been published by Asian Development Bank this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-02-01 with Business & Economics categories.
This publication examines the impact of digitalization on the financial stability of the members of the Association of Southeast Asian Nations and the People’s Republic of China, Japan, and the Republic of Korea (ASEAN+3). The region is a global leader in digital financial services, and economic and financial links among ASEAN+3 markets are growing. The publication discusses the opportunities and risks of digitalization, explores how to manage financial integration in the digital era, and identifies changes in regulations and supervision needed to reduce risk and successfully transform the traditional banking model.
Towards Central Bank Digital Currencies In Asia And The Pacific
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Author : Mrs. Sarwat Jahan
language : en
Publisher: International Monetary Fund
Release Date : 2022-09-28
Towards Central Bank Digital Currencies In Asia And The Pacific written by Mrs. Sarwat Jahan and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-09-28 with Business & Economics categories.
Drawing on survey responses from 34 Asian economies and country case studies, this note takes stock of recent developments related to central bank digital currencies (CBDCs) and crypto assets in Asia. The survey finds that there is significant heterogeneity in terms of stage of development, but the emergence of private crypto assets has created an impetus to consider CBDCs. While most countries are engaged in research and development, with some at advanced stages of testing and pilots, very few countries are likely to issue CBDCs in the near-to-medium term, reflecting the still considerable uncertainties. Still, country experiences so far provide some key insights for others in their journey in this area.