Message from the Chief Manager
Welcome to the E-Guardian! This is the FSDC’s 1st quarterly e-newsletter providing you with a snapshot of the work undertaken by the FSDC.
The e-newsletter is part of the FSDC’s Public Relations program as we strive to keep stakeholders informed on relevant developments in the financial systems. The FSDC Group is a new addition to the Reserve Bank and was established on 27 April 2009. The Group focuses on development issues within Fiji’s financial system and how the role of the Reserve Bank could be enhanced in these areas.
The FSDC was initially established with 2 units – Financial Systems Development Unit and the Financial Systems Compliance Unit. In August 2009, with the transfer of administration of the Capital Markets Development Authority to the Reserve Bank, the Capital Markets Unit was established. In February 2010, another unit was added to the Group – the Settlements and Payments Systems Unit – bringing the total number of units in the Group to 4. Details of each unit and management are listed on page 5.
Over the March quarter, the Group has spear-headed developments in Microfinance with the formation of the National Financial Inclusion Taskforce (NFIT) to look into creating an enabling environment for the development and growth of the Microfinance Sector in Fiji. Various policies and initiatives to develop the capital markets were also undertaken. A complaints management framework for Fiji’s financial system was also formulated and all complaints against licensed financial institutions are handled by the Group. The Group also manages the FIJICLEAR settlements and payments systems and has publicised the usage of FIJICLEAR as a payment system option for the public.