The pandemic is changing consumer behavior and expectations in the Pacific, particularly when it comes to using digital tools for financial transactions.
Lotte is focusing on expanding and further developing the private and finance sectors in the Pacific sub-region as well as improving the quality, reliability, and availability of critical infrastructure in both rural and urban areas to boost economic growth, create jobs, and provide access to public and financial services. She previously worked as Director for International Economic Policy at the Swedish Ministry of Finance, financial supervision and regulation expert at the Swedish Financial Supervisory Authority and the Swedish Central Bank, and as a consultant to the International Monetary Fund.
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New digitized financial services are coming to previously poorly connected areas in Southeast Asia and the Pacific. It should be inclusive and cost effective, and serve the interests of people at large.
Worldwide, there are 1.7 billion people who are outside of the formal banking and financial system. They struggle with high fees and risky systems to undertake even simple financial transactions. Digital innovations offer new ways to bring them out of financial darkness.
Adopting international standards can help include cyber risk in fintech regulatory sandboxes.
As companies increasingly turn to insurance against cyber attacks, insurance firms are figuring out how to quantify such risk.
Participants at the Global Infrastructure Forum 2018 agreed that scaling up infrastructure investment requires nuance, innovation, and cooperation.
Digital financial service providers and regulators must work together to secure an open, digital financial ecosystem.