18 Feb 2021 General insurance industry in Indonesia to reach US$5.17bn in 2025, forecasts GlobalData Posted in Insurance The general. | February 22, 2021
Putting innovation at forefront of progress 08:00 | 12/02/2021
Digital transformation will be the keyword for 2021, with the creation of an international financial hub in the country among the major tasks to carry out over the next period. Minister of Planning and Investment Nguyen Chi Dung delves into a plan to build a more prosperous and digitally-minded Vietnam.
Minister of Planning and Investment Nguyen Chi Dung
Vietnam has just accomplished the 5-year Socioeconomic Development Plan for the 2016-2020 period, as well as overcome the past 12 months with a lot of difficulties due to trade tensions among big economies, the depression of the world economy, and fighting against the pandemic and natural disasters.
2020 was mostly spent in managing COVID-19. Almost all countries had schemes announced by their central banks, which entailed a payment holiday or relaxation of some sort.
This often required a change of systems and processes with Islamic banks closely working with their respective Shariah boards. We also witnessed that some policies announced by central banks were beneficial for Islamic banking clients.
For example, profit accrued during the payment holiday period could not be capitalized on Islamic products, which in some markets was not applicable for conventional banking clients.
Business direction moved from growth to portfolio protection and stabilization. The credit underwriting criteria was tightened due to the slowdown, with greater focus on hard hit sectors like hospitality, airlines, etc.
Just a decade ago, Nigeria was heavily dependent on the traditional banking model for financial services and transactions. The need to transform the industry was obvious. In the eastern part of Africa, Kenya had begun the financial turn with M-Pesa. Launched in 2007, the service allows users to pay bills and send money through mobile phones or an agent network, regardless of whether they have bank accounts. As a result, the service impacted access to economic services with financial inclusion in Kenya rising from 27% in 2006 to 83% in 2019.
In 2012, Nigeria took major steps in its journey by launching the National Financial Inclusion Strategy (NFIS). The main goal of the NFIS is to ensure that 80% of Nigerian adults are financially included by 2020. Before this, the formal use of financial services by the adult population stood at 36.3% in 2010. To achieve the 2020 goal, the Central Bank of Nigeria (CBN) also introduced agent banking guidelines to operators. The guidelines allow mob
Consultant: Support and Development of the National FinTech Strategy for Nigeria reliefweb.int - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reliefweb.int Daily Mail and Mail on Sunday newspapers.