FSB RCG for Asia discusses FinTech, correspondent banking, macroprudential policies and financial market integrityRef No : 45/2017 29 Nov 2017 Embargo : For immediate release
The Financial Stability Board (FSB) Regional Consultative Group (RCG) for Asia met in Sydney today at a meeting hosted by the Reserve Bank of Australia.
Members of the FSB RCG for Asia began by considering vulnerabilities in the global financial system, including complacency in global markets about risks and their potential impact on Asia. Members discussed equity market valuations and the growth of Japanese banks’ overseas operations.
Members received an update on the FSB’s current activities which focus on continued implementation of the agreed post-crisis policy reforms to support a level playing field and reduce regulatory arbitrage opportunities; and evaluating the effects of the reforms in order to inform adjustments, where needed, without compromising their objectives. The FSB also continues to monitor and address emerging vulnerabilities, where current areas of focus include misconduct risk, the withdrawal of correspondent banking relationships, FinTech and climate-related financial risk.
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