At the Bank of England, we place a very strong emphasis on learning from best practice around the world. Given the transformative outcomes in the Chinese economy and fintech sector, for example the rapid growth of digital payments, we know there is a lot we can learn. It is for this reason that the Bank of England is engaging in dialogue on these topics through a programme led by our Centre for Central Banking Studies, supported by the UK government. The wider UK government is also engaging with China on fintech issues through the UK Government’s Prosperity Fund. The second priority is to leverage existing forums to promote global co-operation and co-ordination on technology issues. Regulators across the globe are not always going to agree on what technologies they want to use and how they fit into regulatory frameworks. However, global financial institutions for policy coordination such as the FSB, BIS and IMF provide important forums in which we can highlight concerns and work to find agreement where it exists. At the Bank of England we want to work with our partners to ensure we harness the benefits of technology in a way that maintains financial stability. And we want to work with our international partners to ensure fintech is supported by international cooperation, rather than creating new dislocation. We believe these goals are achievable and that if met, they herald the promise of a better finance for the people we serve, both in the UK and in China and globally.
Muhammad bin Ibrahim: Financial markets and the ringgit - our journey forward Opening remarks by Mr Muhammad bin Ibrahim, Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the Financial Market Association (PPKM) Annual Dinner "Financial Markets and the Ringgit: Our Journey Forward", Kuala Lumpur, 18 November 2016. * * * It is my great pleasure to address the members of the financial market industry at the Financial Market Association of Malaysia’s annual dinner. This dinner regularly held towards the end of the year, has developed its own unique tradition and camaraderie. Another year is passing by and we find ourselves in a very familiar situation; heightened volatility and uncertainty, low growth and low interest rates. The specificities or circumstances behind these may be different and indeed some of these developments were considered highly unexpected or even irrational. Hindsight, which gives us 20/20 vision, does not necessarily provide us with a better understanding. The global markets continue to be imbued with financial market and policy uncertainties. To add to this, are the evolving geopolitical uncertainties and challenges arising from Brexit and the impending changes following the recently concluded US presidential elections. 2016 is turning out to be a year of many surprises, something that policy makers tend to be uneasy with. I hope 2017 will bring less of these, but then for financial market players, surprises, volatilities and uncertainties are not totally undesirable as they also bring along lucrative trading opportunities.