Developing Asia’s capital markets: Fintech opportunities, risks and challenges
A speech by Greg Medcraft, Chairman, Australian Securities and Investments Commission, International Institute of Finance Chief Risk Officer Forum (Singapore), 17 November 2016
Thank you Mark for the invitation to deliver this keynote speech. Before I do, I want to congratulate you and the Asia Securities Industry and Financial Markets Association (ASIFMA) on your 10th anniversary. You have been an important and influential contributor to the regulatory debate in this region. Your thought leadership and advocacy of your members’ interests has been much appreciated.
I would like to focus today on the role financial technology (fintech) is playing in refashioning financial services and capital markets in this region. I will do so through the dual lens of a financial services and markets conduct regulator and a former investment banker. I will touch on three points:
- the first is to give you a sense of the level and type of fintech activity and developments in our region
- the second is to outline the potential impact of these developments – and the opportunities, benefits and risks they bring
- the third is to outline the challenges we as regulators and policymakers face in addressing these opportunities and risks, and how we are responding.