Sochi Accord: FinTech for Financial Inclusion

Financial technology (FinTech) is transforming the financial inclusion landscape through innovations that are rapidly broadening financial access and enhancing the affordability and quality of financial services.

With a view to encourage such developments, the Sochi Accord was launched during the 2018 AFI GPF in Russia. Unanimously endorsed by the AFI membership council, the accord commits AFI members to develop regulatory or policy interventions that balance innovation in technology-based FinTech with oversight. It encourages peer learning and progress on FinTech for financial inclusion, including the exchange of tested and transformative solutions to accelerate access and use of financial services.

Such transformative solutions aim at accelerating the access and usage of financial services with a special focus on closing the gender gap, managing climate change risks, mitigating de-risking challenges, including forcibly displaced persons, reducing the financing gap for the micro, small and medium enterprises (MSMEs), and lowering costs for cross-border remittances while promoting financial stability and integrity.

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