FRC participates in Global Policy Forum

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      From September 12 to 15, the Global Policy Forum of the Alliance for Financial Inclusion (AFI) was held in the Philippines under the theme “For Sustainable and Inclusive Financial Prosperity 2023”, in which Head of Financial Regulatory Commission (FRC) D.Bayarsaikhan represented Mongolia. Organized by the Central Bank of the Philippines, the forum was attended by representatives of private sector, financial regulatory organizations and central banks from more than 60 countries, where they discussed how to reach everyone in the fiscal sector, especially vulnerable groups. In addition, the meeting reviewed the work of the past year, approved the main direction to be focused on in the coming year, and discussed the activity report to expand the activity status of the association.

During the conference, the representatives of the FRC participated in the meetings of seven working groups.

FRC PARTICIPATES IN EASTERN EUROPE AND CENTRAL ASIA’S POLICY INITIATIVE MEETING

The 12th meeting of AFI’s Eastern Europe and Central Asia Policy Initiative (ECAPI) was held. Head of FRC D.Bayarsaikhan opened the meeting and said, “Despite the major challenges facing the world economy and financial market, I thank the member countries of the ECAPI for their successful cooperation in the direction of improving financial stability and strengthening financial knowledge. I will use all my efforts to strengthen the previous achievements and intensify the future activities to increase financial access in the region.” At the meeting, the member organizations exchanged opinions on the challenges and ways to overcome regulatory organizations in increasing financial access, policy changes, new initiatives, and measures in this area, and discussed and approved the action plan for 2023 to 2025.

The Financial Regulatory Commission was previously elected as the Alliance’s Board of Directors twice and as the head of the Eastern Europe and Central Asia Regional Initiative from 2021 to 2023, and it was highly valued by member countries for its work of new proposals and initiatives for regional policy regulation based on market development trends and location.

FRC PRESENTS POLICY MEASURES TO DEVELOP GREEN FINANCIAL INDUSTRY

The Global Policy Forum organized “For Sustainable and Inclusive Financial Development and Prosperity 2023” session. At the session, they exchanged opinions on good practices for increasing financial access, determining policy priorities, sustainable development, and greening of the financial sector in member countries, and closing the gap in financial access.

Head of FRC D.Bayarsaikhan, President of the Central Bank of Fiji Arif Ali, Director of Leadership Program Sara Buitoni, and Director of Strategy and Finance of the Philippine Island Bank Eric Roberto M. Luchango participated as panelists at the session. A total of 150 representatives from more than 50 countries participated in this branch meeting and discussed how to develop small and medium-sized industries in a green way, how to support green policies, and how to increase the role of financial regulatory organizations. D.Bayarsaikhan discussed policy measures and initiatives implemented by Mongolia, including the Financial Regulatory Commission, in the context of developing an accessible and green financial sector, the problems faced by micro, small and medium-sized businesses in obtaining green financing, and ways to solve them. In presenting the experience and further development, the participants of the meeting emphasized that they would study and exchange ideas from the experience and methods of the member organizations and expressed their cooperation in this direction in the future.

In addition, on this day, a roundtable meeting was held under the theme of “Cooperation between the public and private sector to increase the participation of women, youth and SMEs in the economy”, and representatives of financial regulatory organizations, central banks or member organizations, and representatives of the private sector participated and exchanged opinions. At the same time, all representatives were divided into four subsections: “Artificial intelligence”, “Young entrepreneurs”, “Accelerating digital financial services”, “Increasing financial access for people with disabilities”. They discussed how to reduce and solve the problems of financial access facing young entrepreneurs, micro, small and medium enterprises with the help of innovation and new initiatives, and how to coordinate with the policies and supporting principles of AFI.

Amarjargal Munkhbat

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