RegStream

An international financial regulatory conference (Conference) jointly co-organised by the Hong Kong Monetary Authority (HKMA) and the Bank for International Settlements (BIS) was successfully concluded today (24 March) in Hong Kong. The Conference brought together over 100 senior officials of central banks and regulatory authorities as well as top executives of financial institutions from more than 25 economies.

This Conference followed a two-day meeting of the Basel Committee on Banking Supervision (BCBS) held in Hong Kong on 22-23 March, which was the first physical meeting of the Committee outside of Basel since the outbreak of the coronavirus pandemic in 2020, to discuss the latest banking regulatory and supervisory policies to help maintain global financial stability.

This Conference also marks Hong Kong’s first large-scale conference for the international financial regulatory community after all social distancing measures in the city were lifted in early March and the border between Hong Kong and the Mainland re-opened in January.

Carrying the theme of “Future-proof Supervision for an Innovative Banking World”, the Conference was kicked off by a keynote speech delivered by Mr Pablo Hernández de Cos, Governor of the Bank of Spain and the Chair of the BCBS, on how macro-prudential tools can complement micro-prudential supervision to strengthen financial stability in an ever-changing financial world. Other distinguished speakers of the Conference also shared their valuable insights on how to enhance the resilience of the banking system, and better prepare for the future in light of the opportunities and challenges brought about by crypto assets, from the perspectives of both financial regulators and market players.

Mr Eddie Yue, Chief Executive of the HKMA, said “This year marks the 30th anniversary of the HKMA, and we are pleased to have the opportunity to co-host the Conference with the BIS and host the BCBS meeting in Hong Kong. These are the first large-scale international meetings for the financial regulatory community after Hong Kong’s full return to normal. The enthusiastic response to these two events is a clear testimony to Hong Kong’s return to the international arena. Several more international financial meetings are in the pipeline this year to showcase ‘Hong Kong is back!’, with more details to be announced soon. At the same time, the HKMA will continue to actively participate in the work of the BIS and the BCBS in order to contribute to global financial stability. ”    

Mr Tao Zhang, Chief Representative of the BIS Office for Asia and the Pacific (BIS Asian Office), said “The BIS is delighted to co-organise such an important conference with the HKMA in Hong Kong, the host city for the BIS Asian Office. The Conference provides an excellent opportunity for global financial regulators and industry leaders to come together to exchange views on topics which are crucial to maintaining global financial stability. We look forward to continuing close collaboration and dialogue with the HKMA and other member central banks on various initiatives in the future. ”

This year marks the 30th anniversary of the HKMA and 25 years since the   BIS Asian Office opened in Hong Kong.

Hong Kong Monetary Authority 24 March 2023

Mr Eddie Yue, Chief Executive of the Hong Kong Monetary Authority, delivers welcome remarks at the HKMA-BIS Joint Conference.

Mr Pablo Hernández de Cos, Governor of the Bank of Spain and Chair of the Basel Committee on Banking Supervision, delivers the keynote speech.

(From left) Mr Norman Chan, Senior Advisor of the Hong Kong Academy of Finance and former Chief Executive of the Hong Kong Monetary Authority, moderates a panel discussion on “How regulatory authorities and banks cope with an ever-changing financial world”. Ms Victoria Saporta, Executive Director of the Bank of England; Mr Makoto Minegishi, Deputy Director- General of the Bank of Japan; Mr Wayne Byres, former Chair of the Australian Prudential Regulation Authority; and Mr Bill Winters, Group Chief Executive of Standard Chartered Bank PLC, exchange views on how to make the banking system more resilient amid the fast-changing financial landscape.

(From left) Mr Arthur Yuen, Deputy Chief Executive of the Hong Kong Monetary Authority, hosts a fireside chat on “The future of crypto developments”. Mr Korbinian Ibel, Director General of the European Central Bank; and Mr Naveen Mallela, Global Head of Coin Systems, Onyx by J. P. Morgan, share their insights on the lessons learnt from recent crypto incidents and explore the future of the crypto market.

Mr Tao Zhang, Chief Representative of the Bank for international Settlements representative office for Asia and the Pacific, delivers closing remarks.

About the Bank for International Settlements

The Bank for International Settlements (BIS) is an international organisation established in 1930 and owned by central banks. Its headquarters is located in Basel, Switzerland. The mission of the BIS is to foster cooperation and communication among central banks around the world in their pursuit of global financial stability. The Basel Committee on Banking Supervision is hosted and located at the BIS. The BIS Representative Office for Asia and the Pacific is located in Hong Kong. The BIS Innovation Hub also has an office in Hong Kong and is undertaking projects to develop public goods in the technology space to support central banks and improve the functioning of the financial system.

About the Basel Committee on Banking Supervision

The Basel Committee on Banking Supervision (BCBS) was established by central bank governors from the Group of Ten countries in 1974. The BCBS holds meetings regularly every year. Currently, it has 45 members from 28 jurisdictions, consisting of central banks and banking supervisory authorities. The BCBS is responsible for setting international banking regulatory standards and promoting banking regulatory reforms with the aim of ensuring global financial stability. The BCBS reports to the Group of Central Bank Governors and Heads of Supervision (GHOS) – its oversight body – and seeks its endorsement for major decisions.