Financial Stability Board’s Regional Consultative Group for Asia Meets in Colombo
The Financial Stability Board (FSB) Regional Consultative Group for Asia (RCG Asia) convened on April 29, 2024, in Colombo. The discussions primarily focused on recent developments in financial markets and identified vulnerabilities requiring closer monitoring.
During the meeting, the group explored strategies to advance the implementation of the FSB regulatory framework for crypto-asset activities across the region. Additionally, discussions centered on recent advancements in artificial intelligence, its increasing utilization in the financial sector, and the implications for financial stability.
Members also assessed progress within the region regarding addressing financial risks associated with climate change. Furthermore, they deliberated on efforts to enhance cross-border payments, highlighting challenges in making them faster, cheaper, and more transparent and inclusive.
The meeting was co-chaired by Dr. Nandalal Weerasinghe, the Governor of the Central Bank of Sri Lanka (CBSL), and Mr. Eddie Yue, Chief Executive of the Hong Kong Monetary Authority (HKMA). Representatives from Brunei Darussalam, China, Hong Kong SAR, India, Indonesia, Japan, Korea, Malaysia, Pakistan, Philippines, Singapore, Sri Lanka, Thailand, and Vietnam attended the gathering.
Established under the FSB Charter, the FSB has six Regional Consultative Groups that bring together financial authorities from member and non-member countries to exchange views on vulnerabilities affecting financial systems and initiatives to promote financial stability. The FSB plays a pivotal role in coordinating the efforts of national financial authorities and international standard-setting bodies, fostering the implementation of effective regulatory, supervisory, and other financial sector policies to uphold financial stability.
