PRESS RELEASE
UNSGSA Queen Máxima Warns AI and Climate Change Pose New Risks to Consumers, Urges Action
Queen of the Netherlands Delivers Remarks to Responsible Finance Forum in Bengaluru
BENGALURU, India (July 6, 2023) - Financial inclusion is at a critical juncture, H.M. Queen Máxima of the Netherlands, the United Nations Secretary-General’s Special Advocate for Inclusive Finance for Development (UNSGSA), said in pre-recorded video speech urging the Responsible Finance Forum (RFF 2023) to tackle emerging risks to consumers of AI and climate change.
While digital financial services are accelerating, bringing new economic opportunities to underserved communities and helping low-income families in emerging markets better cope with financial shocks, these new risks to consumers need to be addressed to create an inclusive, fair, and equitable digital economy that works for everyone, she told the RFF 2023 event in Bengaluru.
“One way is by developing principles for responsible AI for financial services. We also need algorithm audit tools, as well as ombudsmen who can assess algorithms on behalf of customers. It will be critical to work together on this,” Queen Máxima told the gathering of over 200 policy makers, investors, donors, fintechs and financial inclusion practitioners.
Another way is empowering customers with their own data, informing them how it is collected, shared and used in the manner of open governance regimes that Brazil, the UK and India have adopted, she said.
“By implementing them early on, we can support the growth of innovative companies, foster competition, and create products that truly prioritize customer needs.”
Queen Máxima applauded RFF 2023 for addressing the links between financial inclusion and climate action, noting that four out of five unbanked adults, or 1 billion people, live in countries most vulnerable to climate change. With a digital payment account, they could receive disbursements from social programs after a natural disaster to buy food, medicine, and other essentials. An insurance payment could help them rebuild their home and protect their livelihoods. A loan could help them keep their business open.
“Access to finance is one of the keys to managing the impacts of climate change in emerging markets. It should be front and center in climate policy, bringing together both the public and private sector to support increased resilience in the face of rising climate risks,” Queen Máxima said.
The Responsible Finance Forum is a convening platform that brings together global stakeholders to share ideas, research and solutions on emerging consumer risks in inclusive finance. It aims to tackle critical questions and address consumer protection gaps to improve outcomes for low-income and vulnerable people. The RFF 2023 event, hosted by the Center for Financial Inclusion, provides an opportunity to share emerging best practice and solutions to address these risks and responsibly scale inclusive financial services.
View: UNSGSA Queen Máxima’s video address and text of her speech
What: Responsible Finance Forum (RFF)
When: July 5-7, 2023
Where: The Leela Palace Hotel, Bengaluru, India
More info: https://globalrff.org/july-2023
About the Center for Financial Inclusion:
The Center for Financial Inclusion is an independent global think-tank on inclusive finance housed within global nonprofit Accion. CFI works to advance inclusive financial services for the billions of people who currently lack the tools needed to improve their lives through rigorous research, test promising solutions, and then advocate for evidence-based change.
###For more information, contact:
Thessa Mooij (Director of Public Relations)