ABAC submitted the 2018 Progress Report of the APFF (Asia Pacific Financial Forum), the APFIF (Asia Pacific Financial Inclusion Forum) and the APIP (Asia Financial Infrastructure Partnership) to APEC Finance Ministers.
As an annex to the ABAC Letter to Finance Ministers, the report titled “FINANCING ASIA-PACIFIC INTEGRATION IN THE DIGITAL AGE” has been sent to the Finance Minister of Papua New Guinea (2018 Chair) and to the APEC Secretariat, for circulation to all 21 APEC finance ministries and ABAC’s fellow international organizations, such as ADB, IMF, OECD and World Bank Group.
This Progress Report covers the following areas to provide information and high-level recommendations to support Cebu Action Plan in the Asia Pacific:
- Bringing Financial Services to Digital Age
- Promoting Legal, Policy and Institutional Ecosystems to Facilitate Financing of MSMEs
- Financing the Expansion of the Region’s Infrastructure
- Strengthening Financial Resilience
- Expanding the Region’s Long-Term Investors Base (i.e. Infrastructure Investment, Regulation and Accounting) (page 15)
- Expanding Microinsurance Coverage in APEC (page 16-17)
- Disaster Risk Financing and Insurance (page 17)
- Innovative Health Financing Mechanism (page 17-18)
As for insurance, retirement and long-term investment, the progress report covers topics, including
The Asia-Pacific Financial Forum (APFF), a platform for public-private collaboration to develop robust and integrated financial markets in the region, was proposed by the APEC Business Advisory Council (ABAC) and adopted by the APEC Finance Ministers at their 2013 annual meeting in Bali. The APFF identified undertakings to advance development in key areas of financial 5markets that are critical to the region’s economic aspirations. These areas are: (a) lending infrastructure; (b) trade and supply chain finance; (c) insurance and retirement income; (d) financial market infrastructure and cross-border practices; (e) capital markets; and (f) linkages and cross-border issues.