Fostering Innovation and Collaboration with Asian Regulators

On April 23, 2024, financial regulators from several Asian countries convened at Money20/20 Asia for a closed-door roundtable discussion. The closed-door meeting, held at the Queen Sirikit National Convention Center in Bangkok, focused on exchanging perspectives and fostering responsible growth through collaboration on key initiatives in open infrastructure, payments, and innovation.

Attendees The meeting was attended by representatives from various regulatory bodies:

• Dr. Daranee Saeju, Assistant Governor, Payment Systems Policy and Financial Consumer Protection Group, Bank of Thailand
• Mr. Buncha Manoonkunchai, Senior Director, Payment Systems and Financial Technology Policy Department, Bank of Thailand
• Ms. Wijitleka Marome, Director, Payment Systems and Financial Technology Policy Department, Bank of Thailand
• Mr. Ryosuke Ushida, Chief Fintech Officer, Japan FSA
• Mr. George Chou, Chief Fintech Officer, HKMA
• Dr. Wong Huei Ching, Executive Director, SC Malaysia
• Mr. Melchor Plabasan, Senior Director, Technology Risk and Innovation Supervision Department, Bangko Sentral ng Pilipinas

Discussion Topics The roundtable covered several areas of interest in the fintech sector:

• Central Bank Digital Currencies (CBDCs): Updates on retail and wholesale implementations
• Crypto assets and stablecoins: Regulatory approaches Tokenized deposits: Potential applications and implications
• Payment systems: Domestic and cross-border considerations
• Regional cooperation: Possibilities for expanded collaboration
• Technology in regulation: Applications of AI, machine learning, and data analytics

Key Points Regulators exchanged views on the opportunities and challenges associated with these initiatives. The discussion included updates on regulatory frameworks for stablecoins and the use of regulatory sandboxes in different jurisdictions. The meeting addressed the balance between encouraging innovation and maintaining consumer protection and financial stability. Participants also noted the challenge of attracting and retaining staff with relevant expertise in the rapidly evolving fintech sector.

Outcome The roundtable provided a forum for Asian regulators to share information on market developments and regulatory approaches in their respective jurisdictions. Participants discussed potential areas for future cooperation in regulating the fintech sector. The meeting concluded with an acknowledgment of the ongoing need for dialogue and information sharing among regulators as the fintech landscape continues to evolve.

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