November 15, 2017

ASEAN Financial Inclusion Conference’s Yangon Outcomes recommend regional collective commitments for financial inclusion

Ygn Out
Myanmar Economic Bank MD Daw Yin Yin Mya reads out Yangon Outcomes for Financial Inclusion in ASEAN on the final day of ASEAN Financial Inclusion Conference hosted by Myanmar in Yangon for enhancing access to finance for people in the ASEAN region. Photo: Ye Myint

Yangon, 30 Oct— The ASEAN Financial Inclusion Conference hosted by Myanmar in Yangon concluded with the release of “Yangon Outcomes for Financial Inclusion” on Thursday, producing a set of recommendations on realization of objectives to accelerate financial inclusion in the ASEAN region.
“We made a successful conference as international organizations including UNDP, UNCDF and Australian Aid gave pledges in a spirit of goodwill to continue to support for implementation of financial inclusion programmes in the region,” said Managing Director Daw Yin Yin Mya of Myanmar Economic Bank, who presented the Yangon Outcomes for Financial Inclusion in ASEAN at the conference.
Ways and means of making access to financial services possible for people without access to banking in the region were sought and approved to accelerate actions for financial inclusion, she added.
According to the Yangon Outcomes statement, the ASEAN Finance and Central Bank Deputies Working Group (AFDM-WG) will be asked to realize the success of the objectives of the Yangon Outcomes, including engagement with other working groups and the establishment of a Financial Inclusion Advisory Group to support their activities.
The AFDM-WG will present the Yangon Outcomes to the ASEAN Finance Deputies Meeting to be held soon and implementation of the outcomes will take place following the decision of ASEAN Finance Ministers’ Meeting in Malaysia next year, Daw Yin Yin Mya, the working group chair, told The Global New Light of Myanmar.
On the final day of the conference, paper presentations and panel discussions on the role of finance in women’s economic empowerment took place, focusing on how to effectively empower women in the economy.
Throughout the two-day conference, presentation of two key papers at the plenary sessions and 13 papers at the four breakout session were carried out.
In his speech at the opening of the conference, Union Minister U Win Shein said financial inclusion remains lower than 30 percent in Myanmar and around 20 percent in Indonesia, the Philippines, Laos and Cambodia, pointing out that much work remains to be done.— GNLM

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