Daily Mirror (Sri Lanka)

Central Bank hosts FSB RCG Asia Meeting

-

The Financial Stability Board (FSB) Regional Consultati­ve Group for Asia (RCG Asia) met on April 29, 2024 in Colombo.

The discussion­s were centred around recent financial market developmen­ts and vulnerabil­ities that warranted closer monitoring. Accordingl­y, the group discussed ways to promote the implementa­tion of FSB regulatory framework for crypto-asset activities across the region and recent developmen­ts in artificial intelligen­ce, its growing use in the financial sector and implicatio­ns for financial stability.

The members also reviewed progress being made within the region on addressing financial risks from climate change and discussed progress on enhancing cross-border payments and the key challenges in making them faster, cheaper and more transparen­t and inclusive.

The meeting was co-chaired by Central Bank Governor Dr. Nandalal Weerasingh­e and Hong Kong Monetary Authority (HKMA) Chief Executive Eddie Yue. Members from Brunei Darussalam, China, Hong Kong SAR, India, Indonesia, Japan, Korea, Malaysia, Pakistan, the Philippine­s, Singapore, Sri Lanka, Thailand and Vietnam attended the meeting.

The FSB has six Regional Consultati­ve Groups, establishe­d under the FSB Charter, to bring together financial authoritie­s from FSB member and non-member countries to exchange views on vulnerabil­ities affecting financial systems and on initiative­s to promote financial stability.

The FSB coordinate­s the work of national financial authoritie­s and internatio­nal standard setting bodies at the internatio­nal level and develops and promotes the implementa­tion of effective regulatory, supervisor­y and other financial sector policies in the interest of financial stability.

 ?? ?? From left: FSB Principal Economist Michael Chui, HKMA Chief Executive Eddie Yue, Central Bank Governor Dr. Nandalal Weerasingh­e and FSB Secretary General Dr. John Schindler
From left: FSB Principal Economist Michael Chui, HKMA Chief Executive Eddie Yue, Central Bank Governor Dr. Nandalal Weerasingh­e and FSB Secretary General Dr. John Schindler

Newspapers in English

Newspapers from Sri Lanka