Hence, Asia needs to be conscious of the challenges to public policy and the international community would also gain by being supportive of policies that benefit Asia and the global economy over the medium term to longer term. Such collaborative and mutually reinforcing policies are critical for growth and stability in all regions. Let me recount a few important challenges in Asia.
Two great examples in this area are the European Forum for Innovation Facilitators and the Global Financial Innovation Network, which have contributed to information sharing on the regulatory treatment of digital finance innovations and set up frameworks for the crossborder testing of such services. Second, we need to address regulatory gaps.