HKMA and BIS Conclude International Financial Conference on Emerging Technologies

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HKMA and BIS Conclude International Financial Conference on Emerging Technologies

The Hong Kong Monetary Authority (HKMA) and the Bank for International Settlements (BIS) successfully concluded an international financial conference in Hong Kong on October 31, 2024. The event, which was supported by the Global Association of Risk Professionals (GARP), brought together over 100 representatives from international bodies, central banks, regulatory authorities, financial institutions, technology firms, consultancy firms, and academia from around the world.

Focus on Emerging Technologies

Following the 15th Global Risk Forum, the conference centered on the theme 'Opportunities and Challenges of Emerging Technologies in the Financial Ecosystem.' Keynote speaker Sarah Breeden, Deputy Governor of the Bank of England for Financial Stability, addressed how technologies like artificial intelligence and tokenization are reshaping the financial landscape.

Eddie Yue, Chief Executive of the HKMA, emphasized the transformative impact of technology in finance. He highlighted the importance of collaboration in addressing the challenges posed by technological advancements, stating, "Technology is a game changer in the financial industry. While we embrace the immense opportunities it offers, we must also strengthen collaboration among all parties to effectively address the challenges it presents."

Industry Insights and Collaboration

Distinguished speakers shared insights on preparing the industry for technological evolution. The BIS, represented by Tao Zhang, emphasized its role in aiding stakeholders to harness the benefits of tokenization and artificial intelligence while mitigating associated risks. Zhang noted, "Working closely with central banks and other stakeholders, the BIS can play a crucial role in support of their efforts."

The conference provided an excellent platform for participants to discuss the balance between innovation and risk management in a rapidly evolving financial ecosystem. Panel discussions covered topics such as operational resilience, efficiency, and stability implications of tokenization, and the impact of artificial intelligence on central banks.

About the Organizing Institutions

The BIS, headquartered in Basel, Switzerland, is an international organization established to support central banks in their pursuit of global monetary and financial stability. It has a representative office and an innovation hub in Hong Kong, marking the 5th anniversary of the Hong Kong Centre of the BIS Innovation Hub.

GARP, a non-profit organization, focuses on risk management education and certification. It offers the Financial Risk Manager (FRM®) and Sustainability and Climate Risk (SCR®) certifications, among others, and promotes collaboration among practitioners, academics, and regulators.

For more details, visit the Hong Kong Monetary Authority.

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