ABU DHABI, June 27, 2021 (WAM) – The United Arab Emirates recently participated in the second meeting of the Global Partnership for Financial Inclusion (GPFI) of the G20 Finance Track, which took place virtually. The meeting discussed the impact of COVID-19 on remittances, future developments and possible solutions to existing challenges for cross-border payments and remittances, digital financial solutions to promote resilience and financial literacy, and the financing of micro, small and medium enterprises (MSME) and digital financial inclusion.
Mariam Al Hajri, Deputy Director of the General Budget at the Ministry of Finance; as well as Thuraya Al Hashemi, Project Manager at the Ministry of Finance, represented the United Arab Emirates G20 team attending the meeting. Members of the G20 and invited countries, non-G20 invited members of the GPFI, representatives of international organizations and GPFI affiliate partners attended the meeting which was held this year under the Italian presidency of the G20.
During the meeting, the UAE G20 team discussed the UAE’s global competitiveness in low-cost remittances, which is one of the important G20 goals and Sustainable Development Goals at the 2030 horizon.
The team also looked at the country’s second place in the global ranking on the list of remittance exporters, noting that what the UAE has been able to achieve in this area is due to advanced digital infrastructure and networks. interconnected payment systems available in the country’s financial sector. The UAE also called for greater global collaboration on exploring the use of stablecoins and blockchain networks to enable faster, cheaper and more secure transactions.
The UAE also stressed the importance of maintaining flexible legislative systems for consumer protection to facilitate the provision of new financial channels capable of reaching people outside the financial system in developing countries, as well as ” accelerate innovation in financial technology. In addition, the UAE highlighted the need for effective partnerships with the private sector, due to their positive impact on improving financial flexibility and increasing the level of digital financial inclusion.
At the end of the meeting, participants reviewed progress on reports being prepared by GPFI this year, with an agreement to continue providing support until the reports are completed. Additionally, members agreed to continue to provide support as the reports progress. The final version of the GPFI reports is expected to be delivered before the third and final GPFI meeting of the year on October 4, 2021.