At the invitation of the General Director of the Bank for International Settlements (BIS), the State Bank of Vietnam (SBV) delegation led by Deputy Governor Nguyen Thi Hong attended the 2019 BIS Annual General Meeting held between June 29-30, 2019 in Basel, Switzerland.
Within the framework of the Meeting, the delegation attended the annual meeting of the BIS Board of Directors, listened to the BIS Annual Economic Report and the reports of the BIS-attached committees and fora such as the Financial Stability Board (FSB), the Financial Stability Institute (FSI), the Basel Committee on Banking Supervision (BCBS), the Irving Fisher Committee on Central Bank Statistics (IFC), the Committee on Payments and Market Infrastructures (CPMI), as well as some other independent organizations such as the International Organization of Securities Commissions (IOSCO)... In general, according to the BIS, the global economy remains stable; although growth continues, there are signs of deceleration due to increasing risks of trade and geopolitical tensions.
This year's general meeting focused on analyzing and assessing the factors affecting banking governance and ways to strengthen banks’ risk management to help banks develop strongly in the current global context. In addition, the conference also discussed financial services and Big Tech in the context of major technology companies such as Alibaba, Amazon, Facebook, Google and Tencent participating in the financial markets with products of payment, savings, loans,... making financial transactions more effective, enhancing financial accessibility, but also posing new risks, which are different from the conventional financial risks. The Meeting emphasized the need to balance the policies of financial stability, market competition principles, and the policies to effectively protect user data. The Meeting also called for accelerating cooperation between the national regulatory agencies to support the stabilization of the global financial market, especially when the Big Tech companies are enhancing their provision of cross-border financial services.
SBV Deputy Governor Nguyen Thi Hong meets Governor of the Bank of Japan Haruhiko Kuroda
SBV Deputy Governor Nguyen Thi Hong meets Mr. Benoit Coeuré - Member of the Executive Board of the European Central Bank
SBV delegation takes photos with Mr. Agustín Carstens - BIS General Manager
The SBV delegation also met and had working sessions with Mr. Jens Weidmann - President of the Deutsche Bundesbank and Chairman of the BIS Board of Directors, Mr. Agustín Carstens - BIS General Manager, Governor Haruhiko Kuroda of the Bank of Japan, senior officials of the European Central Bank, as well as the Governor of several central banks, which are key members of the BIS, to discuss the possibilities of promoting cooperation in some areas of common interest.
VA