| Matthew Hunt (Deloitte, Currency Research)
| Valeria Gallo (Deloitte)
| Ben Thornhill (Deloitte)

Deloitte’s Matthew Hunt, Valeria Gallo and Ben Thornhill joined FNA for Session 18 of the Payments Systems Broadcast as we looked ahead to see what the future of money and payments holds. 

As payment infrastructures undergo significant moerniziation, it is crucial to address how these changes impact central banks, regulators and payment system operators.

In this session, we explored the evolution of payments, focusing on strategic priorities, trends and solutions for navigating the dynamic payments landscape including: 

• The evolution of the payments landscape and the rise of real-time, interoperable payment systems 
• Opportunities and risks of emerging technologies, including blockchain and IA 
• The role of Regulatory Frameworks in balancing innovation with stability

Perttu Korhonen and Matt Grasser will join FNA’s Suptech Broadcast on Thursday, 14 December, for a session focusing on the complementary capabilities of regtech and suptech. First, they will explore how integrated architectures optimise risk management and advance supervisory objectives. Second, they will discuss what skills industry professionals need to effectively take advantage of new technologies shaping the regulatory and supervisory landscape.

Session #9 of the Suptech Broadcast brought together Matei Dohotaru, Senior Financial Sector Specialist at World Bank Group and Julapa Jagtiani, Senior Economic Advisor and Economist at the Federal Reserve Bank of Philadelphia. Together, Matei and Julapa will discuss how suptech needs in advanced economies contrast to those in emerging markets and delve into global, collaborative suptech initiatives and their impact.

| Ramunas Baravykas, Director of Data and Statistics Department, CDC, Bank of Lithuania
| Jermy Prenio, Principal Advisor, Financial Stability Institution, Bank for International Settlements (BIS)

Technology innovation is rapidly transforming financial supervision.

Session #8 of the Suptech Broadcast brought together suptech specialists Jermy Prenio (Bank for International Settlements) and Ramunas Baravykas (Bank of Lithuania), who explored the emerging technology shaping the future of the suptech landscape.

Jermy and Ramunas drew upon their extensive hands-on experience to offer a global and EU perspective on key topics, including data analytics, cross-border collaboration and the proportionality and ethics of AI to offer insight into how central bankers and policymakers can take advantage of the opportunities suptech for more effective oversight.

In an era of rapidly evolving technology and ever-increasing cyber threats, the need to strengthen our defences and ensure the resilience of financial institutions has never been more pressing. These initiatives require regulatory authorities, supervisory agencies, and financial entities to proactively address cybersecurity risks and adopt robust measures to protect the integrity of our financial systems.

In this discussion, we delved into the critical topic of cybersecurity and digital resilience in the financial services sector, with a particular focus on the implications of the recently adopted EU frameworks, DORA and NIS2.

The session covered:

• The steps regulatory authorities and supervisory agencies must take to ensure the requirements set by DORA and NIS2?
• How DORA and NIS2 compare to similar initiatives around the world
• The necessary collaborative efforts among multiple jurisdictions to enhance cyber resilience in the financial services sector
• Whether the interplay between people, processes and technology in strengthens cyber security and enhances digital resilience within the financial services sector
• How supervisory technology can increase cybersecurity
• Best practices and lessons learned from other jurisdictions or industries that could be valuable in enhancing cybersecurity and digital resilience within the EU financial sector
• The future trends or developments you would like to see in the realm of cyber resilience for the financial sector

The regulatory landscape is rapidly evolving, but what benefits does innovation offer, and how can organisations achieve the right balance between embracing innovation and ensuring consistency with relevant regulatory frameworks?

In this session of the Suptech Broadcast moderated by Thomas Nilsson, guests Carmen Barandela (Bank of England PRA) and Johannes Turner (Austrian National Bank) focused on the challenges, initiatives and best practices in achieving efficient data flows, highlighting the importance of data consistency across financial institutions.

The session also explored the role of regulatory innovation in promoting a more effective, efficient and resilient financial system crucial for supporting economic growth as Carmen and Johannes shared their insights, experience and perspectives with us.

The session covered:

• The vulnerabilities that may lead to a systemic crisis
• The amplifiers and dampeners of cyber risk
• Key technological advantages and financial innovations in realigning activity regarding Financial stability analysis
• The considerations policymakers should make when it comes to designing and piloting a CBDC
• How central bankers and supervisors make the financial system more cyber resilient

Session #2 of The Suptech Broadcast featured guests Perrtu Korhonen (Qatar Financial Centre Regulatory Authority) and Clara Machado (Banco de la República), who joined FNA to explore how payments data analytics and anomaly detection have evolved over recent years, focusing on the integration of new datasets for RTGS Stress Testing.

In this episode of FNA Talks, Kevin Gardiner, Managing Director and Global Investment Strategist at Rothschild & Co joins host Adam Csabay to highlight the key lessons from the Covid-19 crisis, assess its impact on the future of Fintech and explore the implications of CBDCs on the roles and responsibilities of Central Banks and Financial Services providers.

00:00: Introduction

01:19: To what extent has your business been affected by the COVID-19 crisis, and what key lessons would you highlight for our listeners?

04:05: Has Fintech- or innovative technology in general- provided any useful tools for tackling these disruptions?

05:13: Which key areas should fintech innovation focus on going forward?

08:12: In what ways will the financial industry be affected by developments related to CBDCs and the rise of digital money in general?

11:04: Can the Libras- or digital money issued by BigTechs- challenge Central Banks’ monopoly over monetary policy?

The first FNA Talk of the year focuses on one of the most prominent FinTech themes of 2021. Join Adam as he chats with with Moad Fahmi, Senior Advisor (Financial Technology) from the Bermuda Monetary Authority. Bermuda is one of the first jurisdictions with a regulatory framework designed specifically for digital asset businesses. We will be discussing the impacts and implications of digital currencies and crypto assets and highlight the new roles and responsibilities of central banks and financial authorities.

Index

00:00 - Introduction

01:24 - How is digital money changing the landscape of financial services including payments and settlements?

07:18 - What are the particularities of the digital assets regulation and sector in Bermuda?

12:14 - How do regulators and central banks need to change to be able to supervise and regulate the digital assets businesses?

18:20 - What are the key prerequisites for a successful regulation of digital currencies and digital assets on the cross-jurisdictional level?

23:46 - What are the potential implications of the digital money being issued by a variety of entities including the BigTechs?