APFII is working to achieve a membership that will include real-time payment and trade finance facilities to over 110 countries, covering two million monthly customers. This includes:
- Extending clearing systems to process regional transactions via Blockchain:
This partnership means the Pacific is now the world's only multi-country blockchain backed payment infrastructure, and will provide faster more reliable transactions for the region's emerging economies.
- Providing life and health insurance to Tonga:
APFII is launching a project to provide life insurance to 100 percent of Tongan households by the second half of 2018. This will be expanded to the other Pacific markets, and will also include health insurance.
- Resolve burden of 'de-risking' in the Pacific to return electronic payment volumes to 80 percent of all transactions:
This has fallen to 40 percent due to lack of infrastructure in the markets from which money is sent from - including Australia, NZ, and the US. This work includes includes:
Investing $300 million in 2018 to build out financial platforms formed in partnership with IBM, local Pension Funds, and local/strategic Central Banks (*several NGOs and non-member organisations have expressed interest to co-participate).
$100 million of this investment will also be committed to resolving de-risking outside the Pacific. Three National Payment System expansions are already underway in five observer markets including Hong Kong, the United Kingdom and the United States. These markets will enable access to send county clearing systems, with the aim of deepening operational and technological partnerships.