The international community will face many challenges in implementing finance in the future, necessitating a solution that balances the goals of finance, integration and consumer protection in the context of global development.

Deputy governor of the State Bank of Viet Nam (SBV), Nguyen Thi Hong expressed the sentiment during a speech at the Asia Pacific Forum on Financial Inclusion in Hoi An on July 11-12, stressing that financial inclusion had achieved success in the past, but there were still many problems.

“The international community is still seeking ways to deal with several challenges. The ratio of poor people approaching financial services was still low, while gender inequality and the gap between the rich and the poor is still evident,” Hong said.

She said awareness and education on finance among people needed to be improved, while the legal framework on supervision and protection of consumers was not yet strong enough.

She also added that financial infrastructure and service development lacked investment, especially in the context of booming information technology and global digitalisation.

Hong said the forum, which has been held for seven consecutive years, offered co-operation opportunities, policy dialogues and experience sharing among APEC members in boosting sustainable development and poverty alleviation.

Financial inclusion has been a major focus of many economic and financial forums, including APEC, the United Nations, ASEAN, G20, the World Bank, Asia Development Bank, Organization for Economic Co-operation and Development, and others.

As a host of APEC this year, the State Bank of Viet Nam and international partners have selected the topic: “Finance for Agriculture and Rural Development” for this year’s co-operation programme.

The programme will help developing members approach financial inclusion, and seek a sustainable finance solution to narrow the development gap among countries.

The forum will prelude the Financial Ministers Meeting of the 2017 APEC (Asia-Pacific Economic Co-operation) Summit in Hoi An city this October. Also on this occasion, SBV in co-operation with the World Bank and International Finance Corporation will host the 4th meeting on Finance Infrastructure reform in Hoi An today.— VNS