APAC delegates gather in Colombo for largest ACG AGM in Lankan history
The 22nd annual general meeting (AGM) of the Asia-pacific Central Securities Depository Group (ACG) hosted by Central Depository Systems (Pvt.) Ltd (CDS), a fullyowned subsidiary of the Colombo Stock Exchange (CSE), commenced this week in Colombo with delegates from 25 depositories and clearing organisations in participation.
The event breaks new ground for the Sri Lankan capital market as it marks the largest gathering of depositories and clearing organisations Sri Lanka has ever hosted. This annual gathering has been held for 21 consecutive years since 1997 and is the main event in the ACG calendar. The event this year, is held on the theme ‘Fintech – shifting or shaping the future of CSDS’ and discussed areas such as the future direction of CSDS, embracing technological change and the outlook of the CSD industry with a specific focus on considerations for Asiapacific (APAC). China, Japan, India, Pakistan, Indonesia, Vietnam, South Korea, Bhutan, Nepal, Iran, Taiwan, Cambodia, Thailand, Bangladesh and Hong Kong are represented at the event.
The ACG is an association of securities depositories and clearing organisations in the APAC region and was formed in 1997 to facilitate the exchange of information and to promote mutual assistance among its members.
ACG Chairman Dr. Byungrhae Lee commenting on the spirit of the conference said, “We could maintain our independence and uniqueness and at the same time we could pursue co-prosperity through open-minded cooperation and engagement within the ACG. People say the future is about platforms, linkages, synergic effects and integration. I say, the future belongs to those who could take advantage of connectivity to their favour. In my view, this year’s ACG general meeting is the very place we could enhance our connectivity.”
Central Bank Governor Dr. Indrajit Coomaraswamy speaking on fintech and its implications on the financial services industry stated, “Whether an industry is shifting or shaping because of fintech largely depends on where the industry is. If it is not digitized, fintech will shift it. You will see that some jobs will be replaced along with trading patterns. If not, fintech can concurrently both shift and reshape the industry depending on where it envisions itself. The most important factor is for the sector and the region to have a clear view of what outcome it wants through fintech. It must not be done because it is fashionable. Fintech must be used to solve issues and open new vistas, expand business and benefit from the new types of interconnectivity it offers.”
SEC Chairman Ranel T. Wijesinha speaking at the event congratulated CDS Sri Lanka for hosting the 22nd ACG AGM and stated that the SEC is deeply committed to providing the assistance and support that is necessary for CDS Sri Lanka to play a larger role in the ACG and in the international stage.
Sharing his remarks on fintech, Wijesinha stated that embracing technology remains to be a key priority for capital markets around the world and also went on to outline the importance of strongly considering all risk management aspects when implementing innovative technologies.
CSE and CDS Chairman Ray Abeywardena speaking at the event stated, “CDS Sri Lanka was established in 1991, as the first depository in South Asia and as one the first few in the world at that time. CDS supported and acknowledged the mandate of ACG, at a very early stage, by obtaining the ACG membership in 1998, a year after the formation of the group. This year marks another milestone in our journey as we complete 20 years as a member of the ACG.”
He also stated that a number of depositaries globally are expanding on their traditional role to be more customer-facing and stated that CDS Sri Lanka will also continue to leverage on technology even further in the near future, by introducing an end-to-end digital CDS account opening process.
Other speakers of day one included Digital Asset APAC Business Development Director Jonathon Rout, Mckinsey & Company Associate Partner Dr. Andreas Waschto, China Securities Depository and Clearing Corporation Limited Deputy Chairman/ General Manager Dr. Wenhua Dai, LSEG Technology Post Trade Solutions Head Terry P. Gibson and an eminent line-up of international and local professionals as panellists.
LSEG Technology, the technology business of London Stock Exchange Group, is supporting the 22nd ACG AGM as the Platinum sponsor. SWIFT, Central Depository Services (India) Ltd (CDSL), Percival, Lankaclear, Iron One Technologies (Pvt.) Ltd and Deutsche Bank are supporting the event as Silver sponsors. HSBC and Citi Bank are supporting the event in the capacity of Bronze sponsors.