SINGAPORE — Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona Jr. and his counterparts from Asia-Pacific central banks agreed to strengthen cooperation on issues confronting the region’s financial systems.
During the Executives’ Meeting of East Asia Pacific Central Banks (EMEAP) on July 23, the central bank governors approved initiatives to strengthen consumer protection and help financial industries manage the opportunities and risks associated with artificial intelligence (AI).
One initiative calls for creating a task force to facilitate information-sharing among central banks to improve scam prevention and detection. The group will also focus on helping financial institutions harness AI’s benefits while managing the risks that come with its use.
The meeting also endorsed the launch of a training program on central bank policy and operations for junior central bankers.
Speaking to his counterparts, Remolona emphasized the importance of regional cooperation as financial systems and economies face challenges in the region and around the world.
At the 15th Informal Meeting of the EMEAP Governors and Heads of Supervisory Authorities on July 24, also in Singapore, Remolona and his counterparts shared best practices and insights on the responsible adoption and use of AI by financial institutions.
Participants recognized the importance of responsible AI use in protecting financial consumers and helping institutions manage risks while taking advantage of opportunities presented by the technology.
The central bank governors and financial regulators also discussed the macro-financial implications of supply disruptions in the region.
EMEAP is a cooperative forum of 11 central banks and monetary authorities in the East Asia and Pacific region. It provides a platform for members to exchange views on economic and financial developments, strengthen regional cooperation, and advance work on monetary and financial stability. PR
