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G20 - Central Bank - WEF - UN - IMF - WHO - Part 3

G20 Chair’s Summary and Outcome Document


First G20 Finance Ministers and Central Bank Governors Meeting

Bengaluru, February 24-25, 2023


All G20 Finance Ministers and Central Bank Governors agreed to paragraphs 1, 2 and paragraphs 5 to 17 along with Annexes 1 and 2.


Part 3


4. BIS Committee on Payments and Market Infrastructures (CPMI) to deliver an interim report on Fast Payment System (FPS) interlinking governance, risk management and oversight considerations and the final report on ISO 20022 harmonisation guidelines for cross-border payments. 5. Side event for sharing country experiences on the interoperability of National Fast Payment Systems for bilateral/multilateral seamless cross-border payments. 6. FSB to provide, in April 2023, its finalized report on achieving greater convergence in cyber incident reporting. 7. FSB to submit its consultative report on strengthening financial institutions’ ability to manage third-party risks and outsourcing that includes expectation for financial authorities’ oversight of financial institutions’ reliance on critical service providers (including BigTech and FinTech). We also look forward to the side event in July 2023 on Policy Issues Concerning Third Party Risk Management Framework including on BigTech and FinTech. 8. FSB to provide a report on its analysis of the hidden leverage in NBFI in September 2023 and also a consultation report on addressing liquidity mismatch in open-ended funds (OEFs) in July 2023, and we ask the FSB to provide an overall progress report on implementation of G20 NBFI reforms in October 2023. 9. FSB to provide in July 2023 a progress report on the Roadmap for Addressing Financial Risks from Climate Change. 10. FSB to report in October 2023 its progress report on the implementation of the G20 Roadmap for Enhancing Cross-Border Payments. 11. FSB, in coordination with the ISSB and IOSCO, to prepare a report on the progress of jurisdictions and firms on climate-related financial disclosures by October 2023. 12. Revised G20/OECD Principles of Corporate Governance in August 2023. Financial Inclusion 1. A Global Report on progress in implementing the G20 GPFI High-Level Principles on Digital Financial Inclusion 2. Review of progress on the National Remittances Plans (NRPs) against the commitments in the G20 Plan to Facilitate Remittance Flows (2014), and the release of the second


3. IMF and the FSB to jointly submit a synthesis paper integrating the macroeconomic and regulatory perspectives of crypto assets in September 2023.

4. BIS Committee on Payments and Market Infrastructures (CPMI) to deliver an interim report on Fast Payment System (FPS) interlinking governance, risk management and oversight considerations and the final report on ISO 20022 harmonisation guidelines for cross-border payments.

5. Side event for sharing country experiences on the interoperability of National Fast Payment Systems for bilateral/multilateral seamless cross-border payments.

6. FSB to provide, in April 2023, its finalized report on achieving greater convergence in cyber incident reporting.

7. FSB to submit its consultative report on strengthening financial institutions’ability to manage third-party risks and outsourcing that includes expectation for financial authorities’ oversight of financial institutions’ reliance on critical service providers (including BigTech and FinTech). We also look forward to the side event in July 2023 on Policy Issues Concerning Third Party Risk Management Framework including on BigTech and FinTech.

8. FSB to provide a report on its analysis of the hidden leverage in NBFI in September 2023 and also a consultation report on addressing liquidity mismatch in open-ended funds (OEFs) in July 2023, and we ask the FSB to provide an overall progress report on implementation of G20 NBFI reforms in October 2023.

9. FSB to provide in July 2023 a progress report on the Roadmap for Addressing Financial Risks from Climate Change.

10. FSB to report in October 2023 its progress report on the implementation of the G20 Roadmap for Enhancing Cross-Border Payments.

11. FSB, in coordination with the ISSB and IOSCO, to prepare a report on the progress of jurisdictions and firms on climate-related financial disclosures by October 2023.

12. Revised G20/OECD Principles of Corporate Governance in August 2023.

Financial Inclusion

1. A Global Report on progress in implementing the G20 GPFI High-Level Principles on Digital Financial Inclusion

and scams.


2. Review of progress on the National Remittances Plans (NRPs) against the commitments in the G20 Plan to Facilitate Remittance Flows (2014), and the release of the second update on the NRPs with a focus on the impact of innovative payment services to develop a menu of best practices of inclusive country-specific policies for payment services and remittance regulation as options for the updated NRPs.


3. Regulatory Toolkit for MSME’s access to digital financial services.


4. Report on SME best practices and innovative instruments to overcome common constraints in SME financing


5. Update of GPFI Terms of Reference

Financial Action Task Force


1. FATF's work on the use of big tech and crowdfunding platforms to solicit donations, and the use of crypto assets to make transfers for terrorist financing.


2. Completion of FATF's project on ransomware and further work on cyber-enabled fraud and scams.

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