Ceyla Pazarbasioglu, World Bank Vice President for Equitable Growth and one of our board members recently spoke at the "Fintech Festival" in Singapore on the current financial and technological divide between developed and undeveloped countries. Her speech indirectly underscores the importance of Toronto Centre in assisting emerging markets and developing countries in stabilizing their financial systems through the training of regulators and supervisors.
“Most of the poor do not have access to financial services, about 1.7 billion people do not have any transaction account, be it a bank account or mobile account. We are trying to do this and make full financial inclusion for all adults by 2020 but we need to make progress still and the last mile has been the most challenging. So what does this mean? Giving aid to the poor is not going to lift them from poverty, the poor need to participate and work in the economy, and this is going to be difficult and impossible if they can't make simple financial transactions, save regularly or have access to credit or insurance products." - Ceyla Pazarbasioglu