Asia-Pacific central banks, including the Bangko Sentral ng Pilipinas (BSP), have agreed to set up a task force to strengthen information-sharing and improve the detection and prevention of digital scams across the region.
The initiative was approved at a meeting of Executives’ Meeting of East Asia-Pacific Central Banks (EMEAP) governors in Singapore, where policymakers also agreed to deepen cooperation on artificial intelligence and other risks facing financial systems.
BSP Governor Eli Remolona Jr. and his counterparts backed measures aimed at strengthening consumer protection as digital financial services expand and scams become increasingly sophisticated.
The new task force will facilitate information-sharing among member central banks to bolster their ability to identify and respond to scams.
The governors also agreed to work on helping financial institutions capture the benefits of artificial intelligence while managing risks arising from its adoption.
At a separate meeting of EMEAP governors and financial supervisory authorities, officials exchanged practices and insights on the responsible use of AI by financial institutions, highlighting its role in protecting consumers and managing financial risks.
Policymakers also discussed the potential macro-financial impact of supply disruptions in the region.
Remolona stressed the need for closer regional cooperation as economies and financial systems confront evolving domestic and global challenges.
The governors also endorsed a training program on central bank policy and operations for junior central bank officials.
EMEAP groups 11 central banks and monetary authorities across East Asia and the Pacific and serves as a forum for cooperation on economic, monetary and financial stability issues.
