Geared up for growth: Shaping a fit for purpose financial system
A ‘fit for purpose’ financial system is essential in promoting inclusive and sustainable growth within emerging markets. How do leading markets rate against fit for purpose targets? How can policymakers, regulators and financial services organisations actively shape a fit for purpose financial system?
Our fit for purpose framework
Our fit for purpose framework aims to help finance ministries and regulators actively shape financial system development by identifying gaps, defining priorities and learning from the experience of counterparts in other markets. It can also help to identify commercial opportunities for both domestic and international groups, along with FinTech innovators looking to bridge gaps and accelerate development.
Financial systems matter
Financial system development is critical in tackling poverty and sustaining economic growth over the long-term. Drawing on the research, analysis and experience of our experts from around the world, this paper seeks to define the end goal of a fit for purpose financial system and set targets against which current state and future progress can be gauged in seven leading emerging markets. A fit for purpose financial system fosters inclusion, investment, access to credit and support for people when they retire, while promoting efficiency and protecting against systemic risks.
Geared up for growth
Emerging market economies remain fragile in areas ranging from their susceptibility to commodity price movements to their limited resilience against natural catastrophes. Restricted access to finance is holding back investment in both business expansion and infrastructure. And income inequality is significantly higher than developed counterparts.
Financial system development is critical in tackling poverty and sustaining economic growth over the long-term. Drawing on the research, analysis and experience of our experts from around the world, this paper seeks to define the end goal of a fit for purpose financial system and set targets against which current state and future progress can be gauged in seven leading emerging markets.
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Hugh Harley
Australia, Global Emerging Markets Financial Services Leader
Tel: +61 (2) 8266 5746
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