At the BIS Innovation Summit 2024 in May, HKMA’s Eddie Yue and Chia Der Jiun from MAS highlighted the balance between AI innovation and regulatory frameworks, discussing financial stability, cyberthreats, and ethical AI deployment.
Under chairman Cho Yong-byoung, the Korea Federation of Banks will focus on enhancing industry ethics and innovation, aiming to combat misrepresentation while fostering trust and transparency
Eli Shoshani, head for Asia Pacific at Bottomline Technologies, emphasised the rapid advancements and innovations in artificial intelligence and other technologies reshaping the payment industry, particularly in Asia.
Opening up payment systems for wider usage and standardising with ISO 20022 will achieve speed, security, transparency and traceability in cross-border payments
Radha Pillay, regional head for Asia Pacific at Smartsream, cautions against being too reliant on a single provider or technology, particularly for cloud solutions where very few platforms dominate the entire market.
Jacqueline Keogh, Western Union’s global head of payments sales, discusses some key points regarding regulation and innovation in the industry as well as the need for better collaboration amongst financial institutions.
Luca Corsini, the head of global transaction banking at UniCredit, talks about the new regulation requiring banks to open up their data to third parties.
Mark Taylor, Sales Director, Asia Pacific at SmartStream Technologies, discusses the impact of regulatory developments such as MiFID II and intraday liquidity reporting and how the company is positioning itself in the market today.