Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
OMFIF / EY Report: Blockchain for Public Finance – Capital Markets and Beyond
More effective and efficient policy-making can be realised by a public finance management system that places transparency and the seamless sharing of data at its heart. A PFM system should ensure that funds reach their intended recipients and are used for their intended purpose. And it must give the central budgetary authority accurate and regular reports of how its resources are being used, providing it with the information necessary to formulate and design fiscal policy.
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The advent of digitalisation promised simplification and efficiency. However, since each entity involved in the finance management and budget delivery process uses their own systems, the consequence is often a huge duplication of effort — financial and nonfinancial reporting conducted anew at every level, requiring manual reconciliation. This duplication wastes time and resources. A more automated process would not only cut down on this, but also reduce the incidence of costly mistakes. A key challenge in the construction of an efficient PFM system is to address these problems.
Table of Contents
Improving public policy and delivery: More effective and efficient policy-making can be realised by a public finance management system that places transparency and the seamless sharing of data at its heart.
Existing challenges: Building a dedicated public finance management system that overlays internal ones will help aid data capture and sharing, delivering for the public good.
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Economic advantages of improvements: A modern PFM system would not only save on overhead and administrative costs, but bring benefits through fraud
and waste reduction, as well as better tracking what how impactful spending is.
Applications in capital markets: Green bond issuers and investors will benefit from a modern PFM system, tracking more efficiently how proceeds are spent and regulations are adhered to.
Towards better public finance management: More effective and efficient policy-making can be realised by a public finance management system that places transparency and the seamless sharing of data at its heart.
Public finance management systems have existed in one form or another for a long time but, in many cases, have failed to develop the sort of streamlined interinstitutional functionality now needed.
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