UAE Shares Digital Innovations in Payments and Remittances at G20 GPFI Meeting

 

The United Arab Emirates (UAE) has been an active participant in the Global Partnership for Financial Inclusion (GPFI) under the Finance Track of the G20 for 2023. Recently, the UAE participated in the second GPFI meeting, held on 6th-7th March in Hyderabad, India, under India's G20 Presidency. The meeting aimed to review the progress made on the GPFI workplan and the priority areas outlined for the group in 2023, including the development of the Financial Inclusion Action Plan 2023.

The UAE delegation consisted of two members, Mariam Al Hajri, Deputy Director of the General Budget Department at the Ministry of Finance, and Faiza Al Awadi, Head of Financial Consumer Protection at the Consumer Protection Department at the Central Bank of the UAE. The delegation participated alongside other G20 members, invited countries, GPFI country members, and international organisations such as the World Bank and the International Monetary Fund (IMF).



On the first day of the meeting, the UAE delegation attended a symposium on Digital Innovations in Payments and Remittances, where they discussed the latest developments in innovative digital payment systems and how they can advance financial inclusion and productivity gains. The discussion emphasised the importance of leveraging technology to promote financial inclusion, particularly in countries where access to financial services is limited.

During the GPFI meetings, the UAE team supported the GPFI’s direction to explore the role of digital public infrastructure in advancing financial inclusion. The team also emphasised the need to address the barriers to deploying digital public infrastructure to promote financial inclusion.

In discussions relating to the 2023 Financial Inclusion Action Plan, the UAE team stressed the importance of enabling both access and usability of high-quality financial products and services as key pillars to be targeted by the upcoming plan. The team also highlighted the significance of consumer protection and financial literacy in achieving the goal of financial inclusion.

The UAE's participation in the GPFI meeting reaffirms its commitment to promoting financial inclusion globally. The country has taken several initiatives to enhance financial inclusion, including launching the National Financial Inclusion Strategy and establishing the Emirates Institute for Banking and Financial Studies to enhance the capabilities of banking and financial professionals in the UAE.

In conclusion, the UAE's participation in the second G20 Global Partnership for Financial Inclusion meeting for 2023 highlights the country's efforts towards promoting financial inclusion globally. The meeting provided an opportunity for the UAE to share its insights and experiences in leveraging technology to advance financial inclusion, and contribute to the development of the Financial Inclusion Action Plan 2023, which will guide the group's work for the next three years.

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