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Asia's rapid digitalisation may pose new financial risks: BOJ chief Kazuo Ueda

Economic Times

Economic Times · 1y ago

Asia's rapid digitalisation may pose new financial risks: BOJ chief Kazuo Ueda

The BOJ governor, Kazuo Ueda, has raised concerns about the rapid digitalisation of finance in Asia, warning that while it offers benefits, it also poses risks to financial system stability. The growing popularity of digital financial services in the region has increased the need for effective cyber-security measures and enhanced anti-money laundering regulations. Ueda highlighted that new technologies such as crypto assets, tokenisation, and artificial intelligence present both opportunities and risks to the financial system. The key challenge lies in finding the right balance between harnessing the advantages of digitalisation and managing associated risks.

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Asia's rapid digitalisation may pose new financial risks, says BOJ chief Ueda

Reuters · 1y ago

Asia's rapid digitalisation may pose new financial risks, says BOJ chief Ueda

The rapid digitization of finance in Asia brings both benefits and risks to the financial system, according to Bank of Japan Governor Kazuo Ueda. While digital financial services enhance financial inclusion, they also require policymakers to manage cybersecurity risks and strengthen anti-money laundering regulations. Ueda highlighted the need for financial authorities to effectively manage risks while harnessing the advantages of financial digitization. He also emphasized the importance of applying equal regulation for the same types of financial activities and risks. The challenge lies in determining which activities and risks should be classified as the same.

FM Nirmala Sitharaman Urges Regulators to Curb Unauthorised Lending Apps

OutlookIndia

OutlookIndia · 1y ago

FM Nirmala Sitharaman Urges Regulators to Curb Unauthorised Lending Apps

Finance Minister Nirmala Sitharaman has urged financial sector regulators, including the Reserve Bank of India (RBI), to take measures to combat unauthorised lending through online apps. At a Financial Stability and Development Council (FSDC) meeting, Sitharaman emphasised the need for constant vigilance and proactive detection of emerging financial stability risks. The FSDC also discussed issues related to the implementation of decisions taken by the council, including uniform know-your-customer (KYC) norms and the simplification and digitalisation of the KYC process. The meeting aimed to strengthen inter-regulatory coordination and support the development of the financial sector for inclusive economic growth.

Italy boosts crypto risk oversight and toughens sanctions, draft shows

Economic Times

Economic Times · 1y ago

Italy boosts crypto risk oversight and toughens sanctions, draft shows

Italy is set to introduce new measures to enhance surveillance on cryptocurrency risks, imposing substantial fines for market manipulation in a draft decree under review. The proposed fines range from €5,000 to €5 million for offences such as insider trading, unlawful disclosure of inside information, and market manipulation. This move aligns with the objective of preserving financial stability and ensuring orderly markets, in line with European regulations. The global concern over the lack of underlying value in cryptocurrencies and their potential for fraud continues, with central banks and international bodies warning against the risks they pose to financial and macroeconomic stability.

'A class war in code': AI will gut India’s middle-class paychecks, CXO cautions

Business Today

Business Today · 1m ago

'A class war in code': AI will gut India’s middle-class paychecks, CXO cautions

A Chief Experience Officer cautions that AI could significantly impact India's middle class by reducing income, not just workdays. As AI accelerates work processes, it may not equitably benefit white-collar workers without asset ownership. The concern is that AI will exacerbate income inequalities despite increasing efficiency, as it favors those already in advantageous financial positions, leaving the middle class with fewer financial gains, addressing key risks associated with AI integration.

RBI to remain 'agile & proactive' in policy action amid evolving global situation: RBI Governor

YourStory

YourStory · 2m ago

RBI to remain 'agile & proactive' in policy action amid evolving global situation: RBI Governor

Amid global uncertainties, RBI Governor Sanjay Malhotra stresses the need for the central bank to remain "agile and proactive" in its policy actions. While acknowledging India's economic resilience, he warns of potential risks from an unpredictable global environment. The RBI plans to continue monitoring economic conditions and adapt promptly. Although inflation projections have improved, uncertainties and weather disturbances pose risks. Malhotra also highlights stable Indian financial markets and future plans to expand access to FX Retail.

Cryptocurrencies pose risks to EMs, India's stand remains unchanged - cenbank chief

Reuters · 1y ago

Cryptocurrencies pose risks to EMs, India's stand remains unchanged - cenbank chief

The Reserve Bank of India (RBI) Governor, Shaktikanta Das, has warned that cryptocurrencies can pose significant risks to emerging markets. Despite wider acceptance in other countries, the central bank's position on cryptocurrencies remains unchanged. Das highlighted the benefits of central bank digital currency, or e-rupee in India's case, and mentioned that the RBI is working on programmability to enable cash transfers. The central bank also plans to conduct pilots for using the e-rupee in new segments in the wholesale space. Furthermore, the RBI is exploring model-based artificial intelligence lending by financial entities.

As global rates turn, banks in India and Indonesia set to win

Reuters · 1y ago

As global rates turn, banks in India and Indonesia set to win

Investors are betting on banks in India and Indonesia to provide strong returns next year, as Asian banking sector faces peak in global interest rates and risks of slower growth. These banks have demonstrated resilient loan growth while keeping funding costs down. The hope is that a mild rate-cut cycle in 2023 will spur loan growth and be positive for the financial sector in Asia. Banks in India and Indonesia are leading in loan growth estimates for next year. However, rich valuations and upcoming elections pose potential risks for these markets.

US identifies use of AI as risk in financial system

Economic Times

Economic Times · 1y ago

US identifies use of AI as risk in financial system

According to a report released by the Financial Stability Oversight Council (FSOC), US regulators have recognized the use of artificial intelligence (AI) as a vulnerability in the financial system for the first time. The FSOC highlights the need to monitor the rapid development of AI and generative AI in particular, in order to ensure that oversight structures keep up with emerging risks. Treasury Secretary Janet Yellen suggests supporting responsible innovation while applying risk management principles and rules. The FSOC also recommends improving the ability to monitor AI innovation and identify emerging risks in the financial sector.

Taiwan May export orders rise on robust AI demand; geopolitical risks seen

Economic Times

Economic Times · 26d ago

Taiwan May export orders rise on robust AI demand; geopolitical risks seen

Taiwan's export orders increased by 18.5% in May, reaching $57.93 billion, driven by strong demand for technology products, especially in artificial intelligence. This marks the fourth consecutive month of growth. Orders from the U.S. surged by 40.1%. However, geopolitical risks and potential U.S. tariffs pose future challenges. The Ministry of Economic Affairs anticipates June export orders to grow between 16.3% and 20.7%. While electronic and telecom products demand rose, orders from China declined slightly.

Earnings pressure likely on OMCs as crude prices climb: ICICI Securities

Economic Times

Economic Times · 1m ago

Earnings pressure likely on OMCs as crude prices climb: ICICI Securities

ICICI Securities reports diverging earnings outlooks for Indian oil and gas companies due to Middle East tensions and volatile crude prices. Oil Marketing Companies may experience earnings pressure, while upstream firms might see benefits with crude around USD 73–74 per barrel. Despite market disruptions, the impact on Indian firms is manageable. However, further conflict escalation could pose risks. The brokerage maintains current estimates and recommends caution, highlighting Iran's increased crude exports amid geopolitical challenges.

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