Meetings Blog


Everything in APEC builds to a crescendo around the APEC Leaders meeting held every November. ABAC’s activity is structured in the same way, building up to the Dialogue held during the November meeting between APEC Leaders and the Members of ABAC.

In 2017, Vietnam acting as APEC Chair has set the year’s diary, and maintained focus on priority issues that were set at a preparatory meeting, called the Informal Senior Official Meeting (or iSOM). While there have been many meetings of APEC officials and Ministers over the course of the year, the bulk of the work has been organised around three major clusters of meetings – called SOMs, or Senior Officials Meetings.

Linking into this programme of meetings, ABAC meets four times: ABAC1will be held in Bangkok, Thailand during19-23 Feb, 2017; ABAC2 in Seoul, Korea during 26-29 April, 2017; ABAC3 in Toronto, Canada during 23-28 July, 2017; and the final meeting coinciding with the APEC Leaders Meeting and APEC CEO Meeting in Da Nang in Vietnam during 05-11 Nov, 2017.

The TPG Executive Director David Dodwell and TPG staff Kristine Yang will attend these ABAC meetings and the key APEC meetings. Running a live blog while attending the meetings, we are delighted to deliver news and commentary from the meetings on a first-hand basis.

 

 
 


Blogging on ADB-ABAC-APFF Fintech Workshop

July 5, 2017

Kristine Yang

Fintech in the payment area has been the key driver of this wave. Driven by e-commerce, the rapid development of e-payment and m-payment has not only changed people’s behavior but also people’s mindset. Perhaps the most interesting example is that today even beggars in China accept digital payment. This actually underpins the bigger picture of digitalization and deregulation in the financial service across the region. Despite different economic development across different countries/economies, it has become compellingly clear that market players as well as policy makers have to embrace a more integrated global payment system.
 
An APEC research report supported by PayPal looked into the E-payment Readiness across APEC economies, which examines four areas of development: the regulatory and policy environment, infrastructure, demand and innovation. It shows Hong Kong ranked the 7th among all 21 APEC economies with favorable policy environment and embracing innovation. But questions were also raised on whether Hong Kong is being truly innovative in financial services, or just renovating traditional financial institutions.
 
Perhaps the most well-known FinTech innovation is the development of block chain technology, or distributed ledger technology. Although there is still skepticism toward cryptocurrencies (such as bitcoin and Litecoin) underpinned by block chain (block chain is not equal to bitcoin), companies today are already going for “initial coin offerings”, or ICOs. Instead of offering stocks through traditional Initial Public Offerings (IPOs), ICO financing relies on virtual currency, which offers a speedy, cost-efficient, boundary-barriers free, and encrypted payment. This may become a game changer in the future.
 
Today cryptocurrencies still face issues, such as volatile exchange rate movements, and some illegal activities. These can technically be managed, but it essentially depends on regulators’ willingness to recognize and address the issues. This in turn touches on a fascinating and more fundamental question for policy makers – whether to focus regulation on financial institutions or on financial activities.  This question remains unanswered. So far, a large part of the emphasis for RegTech still surrounds the compliance process, i.e. Know Your Customers (KYC), anti-money laundering (AML), anti-terrorism financing, etc.

 

Previous Blogs:


2017

Kristine at ADB-ABAC-APFF Fintech Workshop - Blog 2

Kristine at ABD-ABAC-APFF Fintech Workshop - Blog 1

Dodwell's Blog on SOM2 in Ha Noi - Post 3


Dodwell's Blog on SOM2 in Ha Noi - Post 2

Dodwell's Blog on SOM2 in Ha Noi - Post 1

Kristien's Blog on iSOM in Ha Noi - Post 2

Kristine's Blog on iSOM in Ha Noi - Post 1

2016

Dodwell's Blog on SOM3 in Peru - Post 4

Dodwell's Blog on SOM3 in Peru - Post 3

Dodwell's Blog on SOM3 in Peru - Post 1 & 2


Dodwell' Blog on SOM2 in Peru - Post 
1

2015

Dodwell' Blog on SOM3 in Cebu - Post 8

Dodwell's Blog on SOM3 in Cebu - Post 7


Dodwell's Blog on SOM3 in Cebu - Post 6

Dodwell's Blog on SOM3 in Cebu - Post 5

Dodwell's Blog on SOM3 in Cebu - Post 4

Dodwell's Blog on SOM3 in Cebu - Post 3

Dodwell's Blog on SOM3 in Cebu - Post 2

Dodwell's Blog on SOM3 in Cebu - Post 1 

Dodwell's Blog on SOM 2 in Boracay - Post 5

Dodwell's blog on SOM 2 in Boracay - Post 4

Dodwell's blog on SOM2 in Boracay - Post 3


Dodwell's blog on SOM2 in Boracay - Post 2

Dodwell's blog on Som2 in Boracay - Post 1

Dodwell's blog on High Level Policy Dialogue on Human Capacity Building

Dodwell's closing blog on ABAC2 in Mexico April 2015


Dodwell's blog on ABAC2 in Mexico April 2015

2014

Dodwell's blog on iSOM in Manila December 2014


Dodwell's blog on SOM3 in Beijing, September 2014

Dodwell's blog: US will start issuing APEC Business Travel Cards from 12 June, 2014

Dodwell's blog on SOM2 in Qiangdao May 2014