Peter Zhang
Oct 31, 2024 20:58
The Hong Kong Monetary Authority and BIS co-host an international conference focusing on emerging technologies in finance, attracting key stakeholders globally.
Overview of the Conference 🌍
The international finance conference, convened by the Hong Kong Monetary Authority (HKMA) and the Bank for International Settlements (BIS), reached a successful conclusion on October 31, 2024. Supported by the Global Association of Risk Professionals (GARP), this gathering saw participation from over 100 representatives spanning various sectors, including international organizations, central banks, regulatory bodies, financial institutions, tech companies, consulting agencies, and academia, all coming from diverse global backgrounds.
Emerging Technologies in the Spotlight 🔍
The event was a follow-up to the 15th Global Risk Forum and was themed ‘Opportunities and Challenges of Emerging Technologies in the Financial Ecosystem.’ Keynote speaker Sarah Breeden, the Bank of England’s Deputy Governor for Financial Stability, addressed the ways in which innovations such as artificial intelligence and tokenization are transforming the finance sector.
In his remarks, Eddie Yue, Chief Executive of the HKMA, spotlighted the revolutionary effects of technology on the financial landscape. He stressed the need for cooperation in order to tackle the hurdles that come with technological growth, asserting, “Technology acts as a game changer within the finance sector. While we capitalize on the tremendous opportunities it brings, we need to bolster cooperation among various parties to tackle the challenges effectively.”
Insights from Industry Leaders 🤝
Prominent speakers provided crucial insights into how the finance industry can adapt to technological advancements. Tao Zhang, representing the BIS, emphasized the institution’s commitment to helping stakeholders leverage the advantages of tokenization and artificial intelligence while managing the risks involved. Zhang remarked, “By collaborating closely with central banks and other stakeholders, the BIS plays a pivotal role in supporting their initiatives.”
The conference served as a vital forum for discussing the delicate balance between innovation and risk management in a swiftly transforming financial environment. Panel discussions explored various topics, including operational resilience, the efficiency of tokenization, and the implications of artificial intelligence on central banking practices.
About the Organizing Entities 🏢
The BIS, with its headquarters in Basel, Switzerland, functions as an international institution dedicated to assisting central banks in achieving global monetary and financial stability. This institution has a representative office and an innovation hub in Hong Kong, celebrating the fifth anniversary of the BIS Innovation Hub there.
GARP, a non-profit entity, focuses on education and certification in risk management. It offers various credentials, including the Financial Risk Manager (FRM®) and Sustainability and Climate Risk (SCR®) certifications, and aims to foster collaboration among industry professionals, scholars, and regulators.
Hot Take 💡
This year’s conference highlighted the increasing interconnection between technology and finance, illustrating how emerging technologies create both opportunities and challenges for the global financial system. As the sector evolves, the importance of collaboration among various stakeholders cannot be overstated, ensuring that the benefits of technological advancements are harnessed while supporting robust risk management frameworks. Continued discourse and cooperation among industry players will be essential for adapting to the changes that lie ahead.
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