ADB President Nakao and FSS Korea Governor Discuss Fintech and Financial Inclusion

ADB President Nakao and FSS Korea Governor Discuss Fintech and Financial Inclusion

The FINANCIAL -- MANILA, PHILIPPINES (7 August 2018) — Asian Development Bank (ADB) President Mr. Takehiko Nakao and Financial Supervisory Service of Korea (FSS) Governor Mr. Suk Heun Yoon, along with FSS’s International Cooperation Department (ICD) Director General Mr. Se Hee Lim met yesterday at ADB headquarters in Manila.

Mr. Nakao and Mr. Yoon discussed new trends in financial markets and their important role in expanding access to financial services for underserved communities. They discussed collaboration to support finance sector development in ADB’s developing member countries, including development of efficient financial structures, effective regulatory frameworks, and ways to enhance financial inclusion, according to Asian Development Bank.

Mr. Nakao pointed to the need to balance innovation with regulation, competition, and financial stability. He also emphasized that development partners should help developing member countries ensure consumer protection, prevent illegal activities such as money laundering and terrorist financing, and ensure cyber security and data protection.

Mr. Yoon noted the Republic of Korea’s aims to advance fintech innovation, while similarly addressing consumer protection, sustainable financing, and cyber security.

During the FSS visit to ADB headquarters, ADB and FSS signed a cooperation agreement to support financial inclusion initiatives in Asia and the Pacific. The agreement lays the foundation for further cooperation between ADB and FSS to foster sound and inclusive financial systems in developing and emerging markets in Asia and the Pacific.

FSS is the Republic of Korea’s financial supervisory authority. It helps advance the financial industry; maintain stable, fair, and orderly markets; and protect financial consumers. In September 2011, ADB and FSS also entered in a memorandum of understanding to collaborate and share resources to benefit financial sector development in Asia and the Pacific.

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 67 members—48 from the region. In 2017, ADB operations totaled $32.2 billion, including $11.9 billion in cofinancing.