Jan Hommen attends the 11th Beijing Mayor Advisory Council Meeting

ING Group CEO Jan Hommen was one of the keynote presenters at the 11th annual meeting of the International Business Leaders Advisory Council for the Mayor of Beijing (IBLAC), held in late May in Beijing, China.

International Business Leaders Advisory Council (IBLAC)

China reinventing microfinance

This year, 22 advisers presented and discussed a variety of topics on Beijing’s economic and social development. Jan Hommen presented an advisory paper on microfinance entitled ‘China reinventing Microfinance’. The presentation highlighted microfinance as a proven tool for economic development by creating access to financial services.
It focusses on self-employment activities of migrants in Beijing and connected areas because of their increasing demand but limited access to financial services. Microfinance can help fill this gap.

The main recommendation was to explore two existing models in China, namely Small Loan Companies and Village/Town Banks. Regulatory liberalisation and the use of global best practices were also mentioned as important contributing factors.

It will help Beijing enhance regional cooperation within China by focusing on the financial needs of migrant workers.

Promoting growth in service trade

After the meeting, Mr Hommen was invited to attend the welcome dinner for the first China (Beijing) International Fair for Trade in Services. This Fair was in line with one of the IBLAC discussion topics - promoting the growth of service trade in Beijing. This event was organised by the Chinese Ministry of Commerce, together with the Beijing municipal government to promote trade in services as a driving force in developing world economic growth.

About the International Business Leaders Advisory Council

The IBLAC for the Mayor of Beijing was initiated in 1999. IBLAC members include chairmen and CEOs of the world’s best-known multinational corporations. Currently, IBLAC has 30 members from 30 multinational corporations operating in 18 different industries in 11 countries and regions. The IBLAC meeting draws on the international experience of the member advisers to further develop Beijing and to help multinational corporations better understand the city. It expands co-operation and provides an important forum for an exchange of views with Beijing.

About ING Microfinance

ING entered the microfinance sector in 2004 with ING Microfinance Support and the first wholesale loans to microfinance institutions worldwide. In addition, it started providing retail services to the microfinance sector in India via rural branches of ING Vysya Bank Ltd. Via this channel, ING services joint liability groups and individual clients.

ING serves around 400,000 micro-entrepreneurs worldwide.

Lending to the poor requires high responsibilities. Therefore, ING endorsed the Client Protection Principles (CPP) in 2010 and hosted the second round of signing of the Principles for Investors in Inclusive Finance (PIIF) in 2011. ING’s implementation of the PIIF in India was recognised by the Principles of Responsible Investments (PRI) as a best practice for the sector.