State Bank of Pakistan (SBP) Governor Ashraf Mahmood Wathra emphasised the importance of financial technology and cyber security in an increasingly technology-dependent world during his opening address to the members of Regional Consultative Group Asia (RCG Asia). He reiterated the Financial Stability Board’s stance that the RCG Asia should expand cooperation and enhance active monitoring of financial technology developments to mitigate potential cyber risks while allowing financial technology to thrive.
He was co-chairing the 10th meeting of FSB Regional Consultative Group for Asia (RCG Asia) alongside Norman TL Chan of Hong Kong Monetary Authority. The meeting was held in Kuala Lumpur, Malaysia, on Friday. In July 2015, Governor Wathra was appointed as the co-chair of FSB-RCG Asia along with Norman TL Chan of Hong Kong Monetary Authority for a two-year term. The co-chairs are responsible for hosting RCG Asia meetings, conducting workshops, coordinating with the FSB Secretariat, and attending FSB Plenary meetings.
The FSB has been established to coordinate, at international level, the work of national financial authorities and international standard setting bodies and to develop and promote the implementation of effective regulatory, supervisory and other financial sector policies in the interest of financial stability. In addition to its own member countries, the FSB, through six regional consultative groups (RCGs), conducts outreach with around 65 other non-FSB member jurisdictions. Formed in 2011, the RCG Asia includes central banks and financial authorities of 16 jurisdictions.
During the welcoming remarks, the governor also commented on sessions pertaining to recent FSB activities and the Basel Committee for Banking Supervision’s (BCBS) second consultative document on revised standardised approach for credit risk within the BCBS capital framework.