JAKARTA,RAKYAT NEWS — Bank Indonesia (BI) recently hosted a crucial meeting with financial authorities from East Asia and the Pacific to discuss pressing challenges and recent developments in the financial sector. This important gathering, known as the 56th Executives’ Meetings of East Asia Pacific Central Banks (EMEAP) Working Group On Banking Supervision (WGBS), took place from August 29-30, 2024, in Bali. BI is currently serving as the chair of EMEAP for the 2024-2026 term.

Deputy Governor Juda Agung emphasized the significance of the meeting, highlighting its focus on enhancing financial stability, promoting policy innovation, and strengthening banking supervision practices. The conference aimed to foster greater cooperation and synergy among central banks and financial authorities across the region.

Key topics discussed included the rapid advancements in financial digitalization, the ongoing transition to green finance, updates on Basel Core Principles, and the increasing importance of cybersecurity. These themes were deemed crucial for maintaining and improving the stability and effectiveness of financial systems.

The EMEAP WGBS members reached a consensus on several key initiatives. These initiatives are focused on three main areas: advancing sustainable finance, refining macroprudential policies, and supporting banking recovery efforts.

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One of the major outcomes of the meeting was the agreement to enhance the capacity of financial authorities. This involves prioritizing risk management and digitalization within the financial sector, which will be central to the group’s future collaborative efforts.

Juda Agung pointed out that the global financial landscape is undergoing significant transformation, driven primarily by rapid technological advancements and the push toward green finance. These changes present both opportunities and challenges, necessitating adaptive policy responses and effective supervisory practices.