AFSA'S PPSR global engagement program—why is it important?
I recently had the pleasure of hosting an official delegation from the Hashemite Kingdom of Jordan, which also included a contingent from the International Finance Corporation (IFC), an arm of the World Bank. As mentioned in a previous Registrar’s post, hosting international delegations of this calibre—and participating in relevant forums internationally, provides a unique opportunity to share our experience and expertise in implementing and operating a secured transactions regime. And by doing this we support others on the world stage, as they work to strengthen their own financial infrastructure.
Global engagement activities play a crucial role in ASFA’s international standing. Since launching the PPSR in 2012 we’ve had the pleasure of hosting delegations of senior government officials from South East Asia, Central Asia, East Africa, the Middle East and North Africa. We’ve also presented at a range of international forums such as the Asia-Pacific Forum on Financial Inclusion, the World Bank and the International Association of Commercial Administrators conference.
As a representative of the IFC recently stated, ‘These visits truly offer a unique opportunity for our clients to learn practical issues and challenges of such reforms implementation—and they have proven to positively influence the reform process.’
We see two key benefits from driving an active international engagement program.
Firstly, we find opportunities like these provide a valuable platform for mutual knowledge sharing, growth and collaboration, enabling us to reflect on our experience, to consider other perspectives and to influence developments that are in Australia’s interests.
Secondly, these programs demonstrate how secured transaction and insolvency systems can work together to enable risk based financial decision-making, which helps to support the flow of credit within an economy.
In hosting events like this we are extremely grateful to representatives from the insolvency sector, banking and finance and information brokers/credit bureaus who generously give of their time to share their experience working with the PPSR. We are always impressed by the innovative PPSR solutions and knowledge showcased at these events, complemented by the practical insights from our stakeholders.
We look forward to continuing to liaise with our international colleagues, with the next international event scheduled for later this year.
Personal Property Securities