The Financial Stability Board (FSB) Regional Consultative Group for Asia (RCG Asia) met on May 22 in Colombo.
The Central Bank of Sri Lanka (CB) hosted the meeting for the second time, following the hosting of the RCG Asia meeting in April 2024.
The meeting was co-chaired by the Governor of the Central Bank, Dr. Nandalal Weerasinghe and Chief Executive of the Hong Kong Monetary Authority, Eddie Yue.
Representatives from Australia, Brunei Darussalam, Cambodia, China, Hong Kong SAR, India, Indonesia, Japan, Korea, Malaysia, Pakistan, Philippines, Singapore, Sri Lanka, Thailand, and Vietnam participated in the meeting. Representatives from FSB, International Monetary Fund and the World Bank were also present.
The discussions at the meeting covered a broad range of issues relevant to financial system stability. Key topics included global and regional financial vulnerabilities, efforts to enhance cross-border payments, developments and risks associated with non-bank financial intermediation, and regulatory reforms relating to securitisation markets.
Members shared experiences, identified potential risks, and explored collaborative approaches to strengthen financial resilience across the region. FSB has six Regional Consultative Groups, established under the FSB Charter, to bring together financial authorities from FSB member and non-member countries to exchange views on vulnerabilities affecting financial systems and on initiatives to promote financial stability.
