Background to the Symposium
The COVID19 crisis has accelerated and intensified the digitalisation trend that was already observed prior to the pandemic, reinforcing pre-existing trends around the greater use of digital financial services and suggesting further growth potential for these markets. The increased use of digitally-enabled financial services has helped economies avoid a complete standstill during the pandemic and has the potential to support a digitally-enabled recovery, improve economic resilience in times of stress, and foster financial inclusion. At the same time, the deployment of innovative technologies in finance gives rise to new overriding challenges and risks, and could amplify risks already present in financial markets.
Building on the work of the Committee on Financial Markets’ Experts Group on Finance and Digitalisation, as well as on the blockchain centre forum and project, this Symposium aims to share knowledge about developments and policy frameworks around the use of financial technologies - including the blockchain - in finance, in order to harness benefits while addressing risks, as well as to disseminate good practices in the Asian region and beyond. The Symposium brings together high-ranking officials from finance ministries/treasuries, central banks and securities regulators from Asian and OECD member countries, as well as experts from international organisations, private sector representatives and academics.
