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June 13, 2021
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Senior Financial Officials Meeting Kicks off in Madang

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By Martha Louis – EMTV News, Madang

The senior financial officials have started off its first session this morning (June 4) in Madang with the focus on strategies.

The session explored financial literary strategies in different APEC Economies and an insight they provide for policymakers.

Assistant Governor, Bank of PNG, Elison Pidik, says the common issue raised in this morning’s session was on financial education. This morning’s session was based on insights from financial education strategies in APEC economies.

Economic Cooperation and Development or OECD, Bank of PNG and the Central Bank of Malaysia each made a presentation. The OECD presentation was on digital financial services or financial technology. It is a progress report on findings on financial literacy and financial consumer protection in APEC economies. It is used as a key to driving financial inclusion.

But it also has two challenges that we need to be aware of are; financial education the key to better use financial technology, and financial consumable protection the need to protect consumers as they use digital financial services.

Bank of PNG did a presentation on pNG’s national financial inclusion strategy 2016-20 highlighting key priority areas, objectives and actions.

While Central Bank of Malaysia gave an insight into Malaysia’s financial education strategy.

Bank of PNG, Assistant Governor, Elison Pidik, says the common point raised is financial education. It is the key to direct financial inclusion into the rural areas for those who are unbanked. It also highlights the need to teach more people so that they are well informed on the importance of savings as well as having access to financial services like banking.

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