The Financial Stability Board (FSB) Regional Consultative Group for Asia (RCG Asia) met on April 29, in Colombo 1.
The discussions were centered on recent financial market developments and vulnerabilities that warranted closer monitoring. Accordingly, the group discussed ways to promote the implementation of FSB regulatory framework for crypto-asset activities across the region and recent developments in artificial intelligence, its growing use in the financial sector, and implications for financial stability.
Members also reviewed progress being made within the region on addressing financial risks from climate change and discussed progress on enhancing cross-border payments and the key 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 Eddie Yue, Chief Executive, Hong Kong Monetary Authority (HKMA). Members from Brunei Darussalam, China, Hong Kong SAR, India, Indonesia, Japan, Korea, Malaysia, Pakistan, Philippines, Singapore, Sri Lanka, Thailand and Vietnam attended the meeting.
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