Remaking of Global Finance – Building Safer, More Inclusive and Ethically Sound Global Financial Order in Asia and Beyond
After a long period of post-global financial crisis stagnation, the world is undergoing a new golden age in global financial interconnectedness. The revolution in global finance has been powered by technological and digital innovations. The growing fintech industry is providing specialized financial services at an affordable cost using a range of digital innovations, including services that supply credit and micro loans to households, enable cross-border payment and remittances, and provide accessible bookkeeping and accounting. Digital money and crypto assets facilitate financial inclusion by providing lost-cost payment methods to those who lack bank accounts, and in the process empower millions of individuals and small and medium businesses, especially in poor Asian economies.
At the same time that fintech and decentralized organizations offer efficiency and inclusion advantages, these agents can also be sources of increased risks. The IMF warns that new technologies may disrupt the business models of established financial institutions, challenge the conduct of monetary policies, and lead to a migration of activities outside the regulated sector. Cryptoassets may pose risks related to money laundering, tax evasion, circumvention of capital controls, and other forms of illicit activity.
This panel will examine the benefits and risks posed by the digital revolution in the global financial system. Delegates will also explore the possible solutions to build a well-functioning and universally inclusive system that will make access to financial services for all adults in developing countries a reality.