KARACHI: State Bank of Pakistan Governor Ashraf Mahmood Wathra has stressed on the importance of financial technology and cyber security in an increasingly technology dependent world
Wathra, who was the co-chair of the 10th meeting of Financial Stability Board (FSB) Regional Consultative Group for Asia (RCG Asia), hosted by Bank Negara Malaysia in Kuala Lumpur, reiterated FSB’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.
In the meeting, members of FSB RCG for Asia discussed 2016 policy priorities: promoting full, consistent and timely implementation of the international financial reforms; finalising the design of the remaining post-crisis reforms; and addressing new risks and vulnerabilities. They next considered vulnerabilities in the global financial system, their potential impact on Asia and possible policy responses and regional financial stability issues.
In terms of new risks and vulnerabilities, members discussed the latest developments in financial technology and implications for financial stability. Related to this, they exchanged views on the latest trends and challenges in cyber security, supervisory approaches to enhance information technology risk management at financial institutions and market infrastructures, and the need for cooperation in cyber intelligence sharing, both domestically and cross-border.
