Side Event

Future Financial Landscape Driven by AI and Fintech Innovations

ASEAN+3 Future Initiatives Working Group 4 on Fintech and ADB Joint Seminar

Saturday, 4 May 2024, 4:00 pm - 6:00 pm (Asia/Tbilisi)
Courtyard by Marriott

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This seminar addressed the impact of recent advances in AI and fintech innovations on the financial industry. While this transformation can bring extensive benefits, addressing challenges is equally important. Regulators should drive the transformation, emphasizing collaborative efforts to harmonize policies in the borderless digital world.

Welcome Address

Ji-Young ChoiDeputy Minister for International Affairs, Ministry of Economy and Finance, Republic of Korea

With extensive experience in international financial policy and international development, Ji-Young Choi has developed deep expertise in international affairs. Before taking on his current role, he served as director general of the International Finance Bureau and director general of the Task Force for Supply Chain and Economic Security. He also worked at the World Bank Group as a senior economist. Mr. Choi holds a PhD in economics from the University of Missouri and a BA in business administration from Korea University.

Scott MorrisVice-President (East Asia, Southeast Asia, and the Pacific), ADB

Scott Morris joined ADB in November 2023 and has over 25 years of experience in international economic policymaking and research. Prior to joining ADB, he was a senior fellow at the Center for Global Development (CGD) in Washington, DC, where he led work on development finance. Mr. Morris has held senior roles in the US government, including deputy assistant secretary for development finance and debt in the US Treasury, where he oversaw US participation in multilateral development banks, including ADB, and the Paris Club. He also managed the international and monetary policy portfolio of the Committee on Financial Services, US House of Representatives.

Congratulatory Remarks

Kouqing LiDirector, ASEAN+3 Macroeconomic Research Office (AMRO)

Kouqing Li began serving as director of AMRO on May 27, 2022. Before joining AMRO, he was president of the Asia-Pacific Finance and Development Institute and Shanghai National Accounting Institute, two leading institutions affiliated with the Ministry of Finance of the People’s Republic of China. Mr. Li also sat on the Global Council of the Global Development Learning Network and the Expert Panel of Shanghai Data Exchange. As an active player in regional financial cooperation, Mr. Li has a profound understanding of APEC and ASEAN+3 financial cooperation mechanisms. He spearheaded important strategies and initiatives to promote regional financial cooperation. Furthermore, he has driven strategic partnerships with many international organizations, government agencies, research institutions, and think tanks in Asia and the Pacific. Mr. Li is well-versed in macroeconomic and financial research, covering the areas of finance management, digital economy, supply chain, and low-carbon economy. He holds a PhD in business administration; a master’s of economics, major in trade economics; and a bachelor’s of economics, major in trade economics from the Shanghai University of Finance and Economics.

Session 1: ASEAN+3 Fintech Landscapes and Its Impact on the Region

Presenters

Kevin ChengGroup Head and Lead Economist, Director, ASEAN+3 Macroeconomic Research Office (AMRO) 

Kevin C. Cheng is responsible for leading an economist group in undertaking macroeconomic and financial market surveillance on member economies in the ASEAN+3 region. Prior to joining AMRO, he was head of financial stability surveillance at the Hong Kong Monetary Authority (HKMA) from 2017 to 2022, responsible for leading six teams of economists and financial specialists in identifying emerging risks and vulnerabilities and their transmission paths in the financial system, monitoring global financial markets, as well as leading a data-driven approach to facilitate risk monitoring and surveillance. Before this, Mr. Cheng served in various positions at the International Monetary Fund for 15 years. He made notable contributions to formulating the overall strategic directions and priorities of the IMF and key work program of the IMF Executive Board, as well as conducting Article IV Missions across Asia, Europe, and Africa. Mr. Cheng holds a PhD in economics from University of Chicago, and a bachelor’s degree in economics and mathematics from the University of British Columbia. He is also a chartered financial analyst and financial risk manager. Mr. Cheng is concurrently an adjunct professor in the Faculty of Business and Economics at the University of Hong Kong.

Sungbok LeeSenior Research Fellow, Korea Capital Market Institute (KCMI)

Sungbok Lee has conducted studies of financial sectors since 2012, particularly on the issues of retail financial services, financial innovations, consumer protection, financial regulation, and group-wide supervision. Recently, his research focused on the relationship between financial digitalization and financial stability. Before joining KCMI in 2012, he worked for the Financial Supervisory Service of Korea. Mr. Lee earned his PhD in economics from Texas A&M University. His original academical interests are theories of competition, collusion, and two-sided markets and related empirical studies.

Young jin KimHead of International Business, Korea Financial Telecommunications & Clearings Institute (KFTC) 

Young jin Kim works for KFTC’s international cooperation business with other countries’ central banks and international organizations such as ADB, the World Bank, the European Bank for Reconstruction and Development, and AMRO. Since joining KFTC in 2000, she has gained considerable expertise in payment and settlement infrastructure, including electronic payment networks. She played a key role in a Korea International Cooperation Agency project designing a Cambodian retail payment system. She also led the drafting of an ISO international standard, the revision of ISO 19092 (financial services-biometrics-security framework). She has an MBA from George Washington University, an MA in public administration from Seoul National University, and a BA in English language and literature from Yon-sei University.

Sung Kyun SonGeneral Manager, Fintech Center Korea, Financial Services Commission

Sung Kyun Son works closely with fintech, ITC, and other relevant organizations in the Republic of Korea and abroad. Before joining Fintech Center Korea, he was in charge of organizing the Korea National Pavilion in MWC Barcelona, Shanghai, ITU Telecom World, and Global ICT Partnership programs under the Korea Association for ICT Promotion in the Ministry of Science and ICT. He also organized Korea Fintech Week and government missions in Asia and Europe. He is a frequent speaker and moderator in global fintech seminars. He has a n MBA from Seoul National University and a BA in economics from the State University of New York in Albany.

Moderator

Christine EngstromSenior Director, Finance, Sectors Group, ADB

Christine Engstrom is responsible for ADB’s finance sector operations throughout its developing member countries in Asia and the Pacific. Prior to joining ADB, Ms. Engstrom worked at Fannie Mae in Washington, DC as a senior manager in the Capital Markets Group. She has also held various positions at the Overseas Private Investment Corporation and the International Finance Corporation, supporting private sector investment in Asia, Turkey, and Eastern Europe.

Session 2: Artificial Intelligence (AI) and Its Impacts on the Financial Sector

Presenters

Thomas AbellDirector, Digital Technology for Development Division, ADB

Thomas Abell heads the division in ADB that promotes the effective use of digital technology across programs to improve development impact. His team supports ADB developing member countries in their transition to the digital economy and provides assistance across many areas, including e-government, connectivity, tech startup ecosystems, earth observation, technology policy, and industry partnerships.

Mr. Abell has over 30 years of professional experience in digital technology, including policy and strategy, software development, and systems architecture. His experience in international development spans over 10 years across Asia, Africa, and Latin America. He has worked with governments, development organizations, NGOs, and corporations. He has authored many publications on technology innovation in development, focusing mainly on education, financial inclusion, and agriculture. Mr. Abell has master’s degrees in engineering and management, and a bachelor’s in engineering from MIT.

Hongseok ChoiResearch Fellow, Korea Institute for International Economic Policy (KIEP) 

Hongseok Choi covers international finance at the Korea Institute for International Economic Policy. Prior to this, he worked at the City University of Hong Kong as assistant professor of finance. He obtained his PhD in economics from the University of Pennsylvania and his bachelor’s degrees in physics and economics from Seoul National University. Mr. Choi’s research focuses on financial markets and asset pricing, especially on how investors make decisions under a great deal of uncertainty or ambiguity.

Bénédicte NolensHead of the Bank for International Settlements Innovation Hub, Hong Kong Centre 

Bénédicte Nolens has a distinguished career in finance and innovation. She previously served as a managing director at SC Ventures, the innovation arm of Standard Chartered Bank that leads a series of ventures in digital banking, blockchain, and SME finance. She was the vice president of international government relations at Circle, head of risk and strategy of the Hong Kong Securities and Futures Commission, managing director at Credit Suisse, and an associate and executive director at Goldman Sachs. She holds LLM and MBA degrees from the University of Chicago and the University of Leuven. She was a recipient of the China Daily Asian Women Leadership Awards for her efforts related to entrepreneurship, innovation, and charity.

Moderator

Young Sik JeongDirector, International Macroeconomics and Finance Department, Korea Institute for International Economic Policy (KIEP) 

Young Sik Jeong previously served as executive director of the New Southern Policy Department and head of the International Finance Team at KIEP. Prior to joining KIEP, he worked as a research fellow at Samsung Global Research, an affiliate of the Samsung Group based in the Republic of Korea. He has also held several positions such as director of the Korean International Finance Association and member of Enforcement Review Committee at the Financial Supervisory Service. He holds a PhD in finance from Sogang University. His research interests are international finance, financial crises, financial cooperation, real estate, and regional studies on the economies of Southeast Asia and India.