FSB Asia Group Discusses Enhancing Cross-Border Payments and Risks Arising from Artificial Intelligence and Climate Change
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April 29, 2024 The Financial Stability Board (FSB) Regional Consultative Group for Asia (RCG Asia) met in Colombo. Members discussed recent financial market developments and vulnerabilities that warranted closer monitoring. Members also received an update on the FSB’s work programme and discussed how they could contribute to the FSB’s emerging market and developing economies-focused work. 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 reviewed progress being made within the region on addressing financial risks from climate change. This year, the FSB will focus on deepening its analysis of climate-related financial risks to financial stability and examining the relevance of transition plans for financial stability. Members discussed their work in supervising climate-related financial risks and how transition planning was feeding into this work. Members also discussed progress on enhancing cross-border payments and the key challenges in making them faster, cheaper, and more transparent and inclusive. The FSB’s work under the G20 Roadmap has moved to a new phase focused on implementation and includes efforts to strengthen engagement with the private sector.1 The group discussed initiatives being undertaken in their jurisdictions and within the region to address current frictions in cross-border payments, including technological innovations. The group also exchanged views on areas where greater private- and public-sector collaboration could be of most benefit in the region.
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