FSB’s RCG Asia convenes in Colombo with global financial institutions
Sri Lanka’s central bank announced that key discussions on financial system stability and enhancing cross-border payments took center stage at the Financial Stability Board (FSB) Regional Consultative Group for Asia (RCG Asia) meeting, held in Colombo on May 22.
The high-level gathering brought together representatives from central banks and financial regulators across Asia, alongside delegates from the International Monetary Fund (IMF), the World Bank, and the FSB. The event was co-chaired by Central Bank of Sri Lanka Governor Dr. Nandalal Weerasinghe and Chief Executive of the Hong Kong Monetary Authority Eddie Yue.
According to a statement from the Central Bank of Sri Lanka, the meeting addressed a wide range of topics crucial to the region’s financial stability. Discussions focused on global and regional financial vulnerabilities, the strengthening of cross-border payment systems, the evolving risks related to non-bank financial intermediation, and ongoing regulatory reforms in securitisation markets.
Participants shared experiences and exchanged insights on emerging financial risks, while exploring collaborative strategies to reinforce economic resilience across Asia. The gathering highlighted the importance of regional cooperation in adapting to global financial shifts and advancing more integrated and efficient payment infrastructures.
Representatives from Australia, Brunei, Cambodia, China, Hong Kong SAR, India, Indonesia, Japan, Korea, Malaysia, Pakistan, the Philippines, Singapore, Sri Lanka, Thailand, and Vietnam were present, reflecting the broad geographic scope of the RCG Asia.