HKMA and BIS Conclude International Financial Conference on Emerging Technologies

The Hong Kong Financial Authority (HKMA) and the Financial institution for Worldwide Settlements (BIS) efficiently concluded a world monetary convention in Hong Kong on October 31, 2024. The occasion, which was supported by the International Affiliation of Danger Professionals (GARP), introduced collectively over 100 representatives from worldwide our bodies, central banks, regulatory authorities, monetary establishments, expertise corporations, consultancy corporations, and academia from all over the world.

Give attention to Rising Applied sciences

Following the fifteenth International Danger Discussion board, the convention centered on the theme ‘Alternatives and Challenges of Rising Applied sciences within the Monetary Ecosystem.’ Keynote speaker Sarah Breeden, Deputy Governor of the Financial institution of England for Monetary Stability, addressed how applied sciences like synthetic intelligence and tokenization are reshaping the monetary panorama.

Eddie Yue, Chief Govt of the HKMA, emphasised the transformative affect of expertise in finance. He highlighted the significance of collaboration in addressing the challenges posed by technological developments, stating, “Know-how is a sport changer within the monetary business. Whereas we embrace the immense alternatives it gives, we should additionally strengthen collaboration amongst all events to successfully tackle the challenges it presents.”

Business Insights and Collaboration

Distinguished audio system shared insights on getting ready the business for technological evolution. The BIS, represented by Tao Zhang, emphasised its function in aiding stakeholders to harness the advantages of tokenization and synthetic intelligence whereas mitigating related dangers. Zhang famous, “Working intently with central banks and different stakeholders, the BIS can play a vital function in help of their efforts.”

The convention supplied a superb platform for contributors to debate the stability between innovation and threat administration in a quickly evolving monetary ecosystem. Panel discussions lined matters corresponding to operational resilience, effectivity, and stability implications of tokenization, and the affect of synthetic intelligence on central banks.

Concerning the Organizing Establishments

The BIS, headquartered in Basel, Switzerland, is a world group established to help central banks of their pursuit of world financial and monetary stability. It has a consultant workplace and an innovation hub in Hong Kong, marking the fifth anniversary of the Hong Kong Centre of the BIS Innovation Hub.

GARP, a non-profit group, focuses on threat administration schooling and certification. It gives the Monetary Danger Supervisor (FRM®) and Sustainability and Local weather Danger (SCR®) certifications, amongst others, and promotes collaboration amongst practitioners, teachers, and regulators.

For extra particulars, go to the Hong Kong Financial Authority.

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