MICROCAPITAL BRIEF: World Bank Group, Committee on Payments & Market Infrastructures (CPMI), UN's International Telecommunication Union Launch "Financial Inclusion Global Initiative" to Study Digital Finance

The World Bank Group, the Switzerland-based Committee on Payments and Market Infrastructures (CPMI) and the UN’s International Telecommunication Union (ITU) recently introduced a Financial Inclusion Global Initiative to aid research in digital finance in developing countries. The program focuses on China, Mexico and Egypt with the goal of recommending policy interventions for increasing financial inclusion.

The World Bank Group (WBG) is a multilateral development organization headquartered in the US that aims to improve living standards for people in developing countries. WBG encompasses (1) the World Bank, which consists of the International Bank for Reconstruction and Development and the International Development Association; (2) the International Finance Corporation (IFC);(3) the Multilateral Investment Guarantee Agency; and (4) the International Centre for Settlement of Investment Disputes. As of 2016, WBG is comprised of 189 member nations with commitments of USD 60 billion to 12,700 loans, grants, equity investments and guarantees to its members and private businesses.

CPMI seeks to promote safe and efficient payments and clearings, with the intent of supporting the world economy. The committee is part of the Bank for International Settlements: an organization based in Basel, Switzerland, with approximately 60 member central banks. The bank’s goal is to facilitate stability and cooperation among central banks.

ITU was founded in Paris in 1865 as the International Telegraph Union and is now an agency of the United Nations. With 193 member countries, it aims to connect people around the world, especially those in underdeveloped regions. ITU works primarily in three sectors: radiocommunication, standardization and economic and social development.

By Ryan Gauthier, Research Associate