FSB Asia Group tackles impact of work program

Cebu hosted a two-day meeting with Asia’s bankers at the ShangriLa Mactan, Cebu organized by the Bangko Sentral Ng Pilipinas (BSP) on May 16-17, 2023.

BSP Governor Felipe M. Medalla led the 23rd Financial Stability Board Regional Consultative Group for Asia (FSB-RCGA), together with FSB Chairman and President of De Nederlandsche Bank Klaas Knot, FSB Secretary General John Schindler, and FSB-RCGA cochair and Reserve Bank of India Deputy Governor M. Rajeshwar Rao along with 17 Asian jurisdictions who participated the meeting.

The RCGA members discussed the work program of the FSB and how this impacts Asia. There were specific sessions on global vulnerabilities, the increasing role of nonbank finance as well as on crypto-assets. The body provided inputs to the reference documents, including the proposed framework on crypto-assets.

“Over the last three years, we have experienced shocks that are unprecedented in many respects. These have been trying times for financial authorities. As we try to navigate a path forward, the changing times also highlight the importance of collaboration,” said Medalla.

“For Asia, collectively, we are poised to continue [to account for] the bulk of economic growth for the entire world. From my perspective, the key is [to make] the reference to Asia – although it is very hard to refer to it – as a single entity. But we, I think, can work together, and this diversity actually presents a lot of opportunities, just as it is fraught with challenges. Where all these put us is that we face a lot of interlinked uncertainties at both regional and global levels. These affect all of us. One can easily make the case that global disruptions require global solutions,” concluded Governor Medalla.

The FSB-RCGA brings together national authorities responsible for Financial Stability in 17 jurisdictions. Its members include the financial authorities from Australia, Brunei Darussalam, Cambodia, China, Hong Kong SAR, India, Indonesia, Japan, Korea, Malaysia, New Zealand, Pakistan, Philippines, Singapore, Sri Lanka, Thailand, and Vietnam.