The Financial Stability Board’s Regional Consultative Group for Asia convened in Colombo on April 29, focusing on recent developments and vulnerabilities in financial markets that require closer scrutiny. Discussions revolved around promoting the implementation of the FSB regulatory framework for crypto-asset activities across Asia, as well as exploring the implications of artificial intelligence’s increasing use in the financial sector on financial stability.
During the meeting, members also assessed regional progress in addressing financial risks associated with climate change and deliberated on ways to enhance cross-border payments. The key challenges discussed included the need to make cross-border payments faster, more affordable, and transparent, ensuring inclusivity across diverse financial landscapes.
Co-chaired by Dr. Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka, and Eddie Yue, Chief Executive of the Hong Kong Monetary Authority, the meeting saw participation from representatives of various Asian economies, including Brunei Darussalam, China, India, Japan, Singapore, and Vietnam, among others. The gathering underscored the collaborative efforts within the region to navigate evolving financial dynamics and promote financial stability across borders.