Exploring Digital Finance’s Real Promises and Challenges for Development

Exploring Digital Finance’s Real Promises and Challenges for Development

Join the NGO Committee on Financing for Development on Wednesday, 27 April 2022, 8:00 a.m. – 9:30 a.m. EDT for this official side event to the 2022 ECOSOC Financing for Development Forum.

Register here: https://us02web.zoom.us/meeting/register/tZ0qc-6orjsuGdFhyWHfljp7ZNxV526Onoc7

Speakers:

Ms. Cina Lawson, Minister of Digital Economy and Transformation of the Republic of Togo (TBC)
Dr. Purva Khera, Economist, International Monetary Fund
Mr. Johannes Ehrentraud, Senior Advisor, Financial Stability Institute, Bank for International Settlements
Ms. Sofie Blakstad, CEO of hiveonline and author of Fintech Revolution: Universal Inclusion in the New Financial Ecosystem
Ms. Anneleen Vos, Seionr Economic Policy Officer, International Rescue Committee
Mr. Prabhat Labh, CEO, Grameen Foundation India
Ms. Mercy Buku, Program Leader, Toronto Center

Moderator: Mx. Anita Thomas, Chair, NGO Committee on FfD, Representative to the UN, Women First International Fund

Co-sponsors: ManUp Campaign, Change Management Solutions, Sisters of Charity Foundation, African Development Interchange Network, IBVM

Background:

The UN Secretary General’s task force on digital finance in its report titled “People’s Money: Harnessing Digitalization to Finance a Sustainable Future,” spells out the transformational impact digital finance can have on sustainable development. Providing relief for millions around the world, supporting businesses, and protecting jobs and livelihoods, digital finance served as a lifeline during the COVID-19 pandemic. A World Bank tally of policy responses to the pandemic finds that at least 58 governments in developing countries used digital payments to deliver COVID-19 relief, of which 36 countries made payments into fully transactional accounts that were being used for saving beyond simply withdrawing cash. According to the GSMA, international remittances processed via mobile money increased by 65 percent in 2020.

Proponents of digital finance highlight its strong capabilities to reduce transaction costs, the potential of Artificial Intelligence to provide fair and equitable treatment of credit applicants, and the scalability of cloud technology, through the use of blockchain technology, to allow consumers to transact remotely and seamlessly across multiple platforms.

While the experience of COVID-19 has proven that digitalization can transform economies and lives, it needs to be shaped with both its advantages and potential risks in mind in order to bring everyone into the digital age. For technology to benefit everyone, private sector innovation must be supported by the appropriate public goods such as the public provision of foundational infrastructure, access to electricity, mobile and internet coverage.

As in the case of any disruptive technology, without combining technological advances with sound policy measures, digital technology cannot deliver on its potential to meaningfully advance financial inclusion for everyone, including the more than 2 billion unbanked people globally. Delivering on promises to advance financial inclusion can only be considered meaningful when the account holder has a fully functional account that they utilize to save, make payments, obtain manageable credit, and mitigate economic risks and is simply not utilized to withdraw cash from cash transfers from the government, which is overwhelmingly the case at this time.

By examining successful strategies that maximize digital finance’s potential while minimizing risks to the financial sector, government revenues, and at-risk populations, attendees will gain a better understanding of how digital finance can sustainably advance development objectives.

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CoNGO Notes: The NGO Committee on Financing for Development is a Substantive Committee of the Conference of NGOs in Consultative Relationship with the United Nations.

AI Readiness Check: Policy Impact, Opportunities and Challenges

World Summit on the Information Society Forum 2021

Advances in Artificial Intelligence (“AI”), machine learning and the analysis and use of data are transforming all aspects of our lives, economies and societies, in both visible as well as unforeseen ways. Bringing with them the potential to accelerate progress on the Sustainable Development Goals, the use of such AI technologies also raises many new technical, ethical and socio-economic issues.

In order to prepare for this AI revolution, Governments, in collaboration with other stakeholders, are taking various steps such as monitoring developments in AI, data use and data protection; developing national strategies for AI; introducing and enhancing data protection legislation; adopting and adapting e-government and AI in public services; creating and upgrading national databases; upgrading national infrastructure; establishing university programmes and courses; funding and incentivizing AI research and AI start-ups and registering AI patents; introducing regulatory guidance (e.g. self-driving vehicles); and so on.

This high-level dialogue will explore progress by nations with respect to AI readiness. It aims to enable exchange of knowledge and best practices within the WSIS community on policies and strategies that could be most effective to facilitate the inclusive use of AI for good.

Register here: itu.zoom.us/webinar/register/WN_aR2ctpJzRaCUeJYpLp8i4g

View the full agenda and list of panelists here: itu.int/net4/wsis/forum/2021/Agenda/Session/352

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CoNGO Notes: CoNGO is a civil society focal point with the WSIS Forum. See former CoNGO President, Cyril Ritchie, in this interview with ITU: youtube,com/watch?v=cYA8UauD28U. For more information on the NGO Committee on Sustainable Development-Vienna, please visit ngocsdvienna.org. For more information on the NGO Committee on Sustainable Development-NY, please visit ngocsd-ny.org. For more information on the NGO Committee on Education, Learning, and Literacy, please visit facebook.com/NGOCELLatUN. For more information on the NGO Committee on Financing for Development, please visit ngosonffd.org.

Ethics of Artificial Intelligence

World Summit on the Information Society Forum 2021

Artificial intelligence (AI) is a frontline technology with profound implications for human beings, cultures, societies and the environment. AI has the potential to be our ally in the struggle for a more equitable, fair, and sustainable future. It is remarkable that AI generated some of the earliest alerts about the COVID-19 outbreak, even before it was confirmed, by routinely scanning hundreds or thousands of governmental and media data sources in multiple languages. This analytical capacity has also helped accelerate the discovery of the vaccines, and even understanding the protein structures. Self-learning algorithms and smart machines are playing an increasingly important role in our efforts to recover from the current crisis. Digital platforms and infrastructure have been broadened to keep our economies, our schools and our societies going.

We must always keep in mind that AI technologies also possess significant risks and challenges, especially in terms of deepening the existing divides, exacerbating gender disparities, and infringing on human dignity and human rights. This is why there are many initiatives that have emerged to ensure that these technologies help to overcome the current crisis and mitigate future risks, while tackling the downsides. Thus, the European Union is launching its AI rulebook and UNESCO member states are negotiating the Recommendation on the Ethics of AI.

This high level session is aimed at taking stock of where we are and how to move forward with the tools that we have and that are about to be developed. Speakers will share their perspectives on how to make sure that developments in these technologies do not create new forms of exclusion and inequalities, including gender, and how to justly distribute the benefits.

Register here: itu.zoom.us/webinar/register/WN_KKDgPi8ESj6ACfGeMhB9ng

View the full program and list of speakers here: itu.int/net4/wsis/forum/2021/Agenda/Session/353

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CoNGO Notes: CoNGO is a civil society focal point with the WSIS Forum. See former CoNGO President, Cyril Ritchie, in this interview with ITU: youtube,com/watch?v=cYA8UauD28U. For more information on the NGO Committee on Sustainable Development-Vienna, please visit ngocsdvienna.org. For more information on the NGO Committee on Sustainable Development-NY, please visit ngocsd-ny.org. For more information on the NGO Committee on Education, Learning, and Literacy, please visit facebook.com/NGOCELLatUN. For more information on the NGO Committee on Financing for Development, please visit ngosonffd.org.

Artificial Intelligence: Ethical Dimensions of the Virtual World

Dear colleagues,

You are warmly invited to an online dialogue on “Artificial Intelligence: Ethical Dimensions of the Virtual World” during a side event for the Commission on Social Development, hosted by the Bahá’í International Community’s United Nations Office, the United Arab Emirates and NGO Committee on Social Development. The details for the event are:

The growing influence of artificial intelligence (AI) raises fundamental questions about the type of societies we want to build and the kinds of lives they support. This online dialogue will explore vital questions of values, vision, ethics, and purpose with regard to AI, and ways that they are being addressed in social, technological, and political terms.

Panelists:

Major Hamad Khatir, Director of International Partnership, Ministry of Interior of the United Arab Emirates
Ms. Eline Chivot, Senior Adviser on Digital Policy for the European People’s Party
Ms. Yu Ping Chang, UN representative on behalf of the Secretary General’s Special Advisor on Technology
Dr. Douglas Allen, Associate Professor of the Daniels College of Business at the University of Denver

We look forward to seeing you on Wednesday.

Sincerely,

Daniel Perell
Representative to the United Nations
Bahá’í International Community

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CoNGO Notes: For more information on the NGO Committee on Social Development, please visit ngosocdev.org. For more information on the Committee of Religious NGOs at the United Nations, please visit rngos.wordpress.com. For more information on the NGO Committee on Education, Learning, and Literacy, please visit facebook.com/NGOCELLatUN.

AI