An international financial conference (Conference), jointly organised by the Hong Kong Monetary Authority (HKMA) and the Bank for International Settlements (BIS) and supported by the Global Association of Risk Professionals (GARP), was successfully concluded today (31 October) in Hong Kong. This Conference followed the 15th Global Risk Forum co-hosted by the HKMA and GARP on 30 October, and brought together over 100 representatives from international bodies, central banks, regulatory authorities, financial institutions, technology firms, consultancy firms and academia around the world.
Building on the success of the inaugural Conference last year, the HKMA co-organised this significant event with the BIS for the second time. The Conference this year focused on the theme of “Opportunities and Challenges of Emerging Technologies in the Financial Ecosystem”, and featured a keynote address by Ms Sarah Breeden, Deputy Governor of the Bank of England for Financial Stability. Other distinguished speakers of the Conference also shared their valuable insights on how artificial intelligence, tokenisation, and other technologies are transforming the financial landscape and how the industry can better prepare for these changes.
Mr Eddie Yue, Chief Executive of the HKMA, said, “Technology is a game changer in the financial industry. While we embrace the immense opportunities it offers, we must also strengthen collaboration among all parties to effectively address the challenges it presents. This Conference provides an excellent opportunity to leverage the collective insights of relevant stakeholders on the opportunities and challenges brought about by technological advancements. The HKMA will work hand in hand with the banking industry to foster a safe and smooth digital transformation journey.”
Mr Tao Zhang, Chief Representative of the BIS Office for Asia and the Pacific, said, “Working closely with central banks and other stakeholders, the BIS can play a crucial role in support of their efforts to reap the benefits of tokenisation and artificial intelligence while addressing associated challenges.”
Hong Kong Monetary Authority
31 October 2024
About the Bank for International Settlements
The Bank for International Settlements (BIS) is an international organisation established in 1930 and owned by central banks. Its headquarters is located in Basel, Switzerland. The mission of the BIS is to support co-operation among central banks around the world in their pursuit of global monetary and financial stability. The BIS Representative Office for Asia and the Pacific is located in Hong Kong. The BIS also has an innovation hub centre in Hong Kong and is undertaking projects to develop public goods in the technology space to support central banks and improve the functioning of the financial system. This year marks the 5th anniversary of the Hong Kong Centre of the BIS Innovation Hub.
About the Global Association of Risk Professionals
The Global Association of Risk Professionals (GARP) is a non-partisan, not-for-profit membership organisation focused on elevating the practice of risk management. GARP offers the leading global certification for risk managers in the Financial Risk Manager (FRM®), as well as the Sustainability and Climate Risk (SCR®) Certificate, Risk and AI (RAI™) Certificate, and ongoing educational opportunities through Continuing Professional Development. Through the GARP Benchmarking Initiative (GBI®) and GARP Risk Institute, GARP sponsors research in risk management and promotes collaboration among practitioners, academics, and regulators. Founded in 1996 and governed by a Board of Trustees, GARP is headquartered in Jersey City, New Jersey, the United States, with offices in London and Hong Kong.
Mr Eddie Yue, Chief Executive of the Hong Kong Monetary Authority, delivers welcoming remarks at the HKMA-BIS Joint Conference.
Ms Sarah Breeden, Deputy Governor of the Bank of England for Financial Stability, delivers a keynote speech.
(From left) Mr Yeow Seng Tan, Chair of Operational Resilience Group, Basel Committee on Banking Supervision and Executive Director and Chief Cyber Security Officer, Technology and Cyber Risk Supervision Department of the Monetary Authority of Singapore, moderates a panel discussion titled “How the rise of technology will make or break the future of the financial industry” with Mr Balbir Bakhshi, Chief Risk Officer of London Stock Exchange Group plc; Mr James Elwes, Chief Information Officer, Asia Pacific of HSBC; and Mr Til Schuermann, Global Head of Finance and Risk Practice of Oliver Wyman.
Mr Gaston Gelos, Deputy Head of Monetary and Economic Department and Head of Financial Stability Policy of the Bank for International Settlements (right), moderates a presentation titled “Tokenisation and platforms: implications for efficiency and stability” by Dr Dong He, Deputy Director, Monetary and Capital Markets Department of the International Monetary Fund (left).
Mr Norman Chan, Senior Advisor of the Hong Kong Academy of Finance and former Chief Executive of the Hong Kong Monetary Authority (left), moderates a fireside chat titled “Artificial intelligence and implications for central banks” with Ms Cecilia Skingsley, Head of BIS Innovation Hub (right).
Mr Tao Zhang, Chief Representative of the Bank for International Settlements Office for Asia and the Pacific, delivers closing remarks.
