BSP, regional peers agree to strengthen cooperation
Central bank governors from the Asia-Pacific region have agreed to enhance cooperation on financial system stability and consumer protection. Key initiatives include a task force for scam prevention and guidelines for the responsible use of artificial intelligence in finance.
Why it matters
Regional financial cooperation is essential for managing cross-border economic risks and ensuring the safe integration of AI into global banking systems.
SINGAPORE — Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona Jr. and his counterparts from Asia-Pacific central banks agreed to strengthen cooperation on issues confronting the region’s financial systems.During the Executives’ Meeting of East Asia Pacific Central Banks (EMEAP) on July 23, the central bank governors approved initiatives to strengthen consumer protection and help financial industries manage the opportunities and risks associated with artificial intelligence (AI).One initiative calls for creating a task force to facilitate information-sharing among central banks to improve scam prevention and detection.
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