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Financial sustainability focus of OECD event in New Zealand

Xinhua, October 12, 2016 Adjust font size:

Delegates from developed nations gathered in New Zealand Wednesday to discuss how to persuade people to save more and rein in credit.

Commerce and Consumer Affairs Minister Paul Goldsmith welcomed delegates from the Organisation for Economic Cooperation and Development (OECD) to the biannual Global Symposium on Financial Education in Auckland.

This high-level global symposium will discuss how to convince a generation who "want it now" to save and how to compete with the instant gratification of "buy now, pay later."

The program also includes seminars on consumer protection, innovation strategy, and in particular the role of digital disruption in the banking sector.

"The government watches developments in fintech (financial technology) closely to ensure its regulatory settings enable innovation," Goldsmith said in a statement.

Another focus for government had been increasing levels of trust in financial markets.

"Like every nation we seek to balance innovation, transparency and regulation, each of which are essential ingredients in developing robust financial markets that attract investment," he said.

"The recently released Global Competitiveness Index ranked New Zealand first out of 138 economies for financial market development and shows we are on the right track. I look forward to sharing some of our insights with the delegates."

The delegates to the event on Oct. 12 and 13 include officials and experts from the OECD/International Network on Financial Education, ministries of finance and education, central banks, regulatory and supervisory authorities, governmental agencies, as well as international organizations, academia, the private sector and non-governmental organizations. Endit