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Wednesday, June 1, 2016
Venue: Federal Reserve Board | 20th and C Streets, N.W. | Washington, D.C.
1:30 – 1:35 Welcoming Remarks and Administrative Announcements
Amol Vaidya, Program Manager, Division of Banking Supervision and Regulation, Board of Governors of the Federal Reserve System
1:35 – 1:40 Welcome and Introduction of Chair Yellen
Mike Gibson, Director, Division of Banking Supervision and Regulation, Board of Governors of the Federal Reserve System
1:40 – 1:50 Inaugural Address
Janet Yellen, Chair, Board of Governors of the Federal Reserve System
2:15 – 2:45 Keynote Address
Introduction by Steve Merriett, Associate Director, Division of Banking Supervision and Regulation, Board of Governors of the Federal Reserve System
Adam Ludwin, Co-Founder and Chief Executive Officer, Chain
The meeting of Wall Street and Silicon Valley has created a wide range of firms with the potential to increase the efficiency of the financial sector. The session will bring together some of the so called FinTech firms to discuss the opportunities allowed by new technologies to create innovative services. What kind of services are Fin Techs better prepared to provide? Are the biggest innovations coming from technologies or business models? How financial sector innovations can be further induced? Are the new firms competing with traditional banking and financial firms or their services are complementary? What is the prospectus for Fin Tech firms in terms of financial services market share?
Moderator: Art Lindo, Senior Associate Director, Banking Supervision and Regulation, Board of Governors of the Federal Reserve System
- Rob Frohwein, Head, Kabbage
- Daniel Egan, Director, Behavioral Finance and Investing, Betterment
4:30 – 5:45 Session 2: Block Chain - The surge and potential transformational nature of distributed ledger technology
Block chain, the record technology of asset ownership that underpins bitcoin, has been subject of a lively debate and keen interest of banks and other financial institutions. Some claim that block chain could represent a radical departure of longstanding financial networks and that its growing use will allow for faster, more flexible and innovative payments systems. Panelists will discuss the challenges and opportunities of the new technology: What exactly is block chain? What are the most promising uses? How safe is the system? Can it represent a disruption to traditional settlement arrangements? What are the main legal and operational challenges?
Moderator: Dong He, Deputy Director, Monetary and Capital Markets Department, International Monetary Fund
- Perianne Boring, Founder and President, Chamber of Digital Commerce
- Jeff Garzik, Co-Founder and Chief Executive Officer, Bloq, and Bitcoin Core Developer
- Fredrik Voss, Vice President Blockchain Innovation, NASDAQ
- Tom Jessop, Managing Director, Technology Business Development, Goldman Sachs
Thursday, June 2, 2016
Venue: The International Monetary Fund Headquarters | 1900 Pennsylvania Ave., N.W. Washington, D.C.
9:30 – 9:45 Welcoming Remarks
José Viñals, Financial Counsellor and Director, Monetary and Capital Markets Department, International Monetary Fund
9:45 – 11:15 Session 3: Technological challenges and opportunities to traditional banks
With the new Fin Techs starting to take its place in the financial sector, the impact on traditional banks has been one of the question marks in the spotlight. Strategies to respond to the competition posed by the fintechs is only one part of the story; for example, some banks are harnessing the technologies themselves to streamline its processes and reach new market niches. In this session, we hear from industry leaders on the changing banking market dynamics and the specific challenges and opportunities certain technologies are posing to traditional banks across the globe.
Have they changed the banking sector business environment forever, or is it a passing trend? Banks will discuss changing strategies, from business models to back-office functions, as well as the makeup of its labor force. Will traditional banks play a different kind of role for the financial sector?
Moderator: Mario Guadamillas, Practice Manager, Finance and Markets Global Practice, The World Bank
- Martin Holtmann, Manager, Global Industry, Financial Markets, Digital Finance and Microfinance - Financial Institutions Group, International Finance Corporation (IFC)
- Alan McIntyre, Senior Managing Director, Global Banking, Accenture
- Hollis Hart, President, Citi International Franchise Management (Ret.)
11:30 – 1:00 Session 4: How the regulatory framework should be adapted to deal with Fin Techs?
The innovations emerging from the FinTech sector carry enormous transformative power for the financial sector. They also bring new risks that must, as far as possible, be anticipated, prevented and managed.
Nevertheless, most FinTech firms are building financial products outside of the traditional regulatory perimeter. While remaining cautious not to stifle innovation regulators should remain alert around potential high risks associated with consumer protection and financial stability. What are the main risks to financial stability? How to avoid consumers’ exploitation by lack of information and knowledge on new products? What’s the most promising regulatory approach? What are the lessons from similar experiences?
Moderator: Aditya Narain, Deputy Director, Monetary and Capital Markets Department, International Monetary Fund
- Yoshihiro Kawai, Secretary General, International Association of Insurance Supervisors
- Carolyn Wilkins, Senior Deputy Governor, Bank of Canada
- Fritz Zurbrugg, Vice-Chairman of the Governing Board, Swiss National Bank
- Sheila M’Mbijjewe, Deputy Governor, Central Bank of Kenya
1:00 – 2:30 Luncheon (registered participants & invitees only)
Keynote Speaker: Mark Wetjen, Managing Director, Global Public Policy, DTCC
2:30 – 4:00 Session 5: Impact of technological transformation of the financial sector on Emerging Markets and Developing Economies
In this session, we focus on EMDEs first and foremost, on the effect that this fintech transformation has had and will have going forward, particularly in areas of lending and payments. EMDEs are no strangers to the financial access-enhancing effect of technological advances. What are the trends in this arena, and how will it be influenced by the recent variety of fintech advancements? Three viewpoints are shared, that of the development community active in this area, an EMDE standard setter, and a Fin Tech active in EMDEs.
Moderator: Massimo Cirasino, Adviser, Financial Infrastructure and Access, Finance and Markets Global Practice, The World Bank Group
- Lorenza Martínez Trigueros, Director General of Payment Systems and Corporate Services, Banco de México
- Konstantin Peric, Deputy Director, Financial Services for the Poor, Bill and Melinda Gates Foundation
- Shamina Singh, Executive Director, MasterCard Center for Inclusive Growth
- Alejandro Picos, Vice President, Paypal
4:15 – 5:45 Session 6: Cyber Security in Traditional and Digitized Financial Services
Cyber security is a key issue for investors, consumers and regulators in the financial services industry. The increasing use of and dependency on digital technologies makes stakeholders wonder what risks lie ahead. What are the most significant emerging cyber threats? What safeguards can be implemented to minimize major breaches and financial services disruptions? What steps can regulators take to ensure that financial institutions are prepared?
Moderator: Kenneth Montgomery, First Vice President and Chief Operating Officer of the Federal Reserve Bank of Boston
- Earl Crane, Chief Executive Officer, Emergent Network Defense
- Col. Cedric Leighton, Founder and President, Cedric Leighton Associates
- Michael Woodson, Information Systems Security Director, VP, State Street Bank
6:30 – 8:00 Dinner
Keynote Speaker: Kausik Rajgopal, Global Lead, Digital Payments Practice, and Leader of McKinsey’s Silicon Valley Office
Friday, June 3, 2016
Venue: The World Bank Main Complex Building | 1818 H Street, N.W., Washington, D.C.
8:50 – 9:00 Welcoming Remarks
Mario Guadamillas, Practice Manager, The World Bank Group
9:00 – 9:20 Opening Address
Joaquim Levy, Managing Director and Chief Financial Officer, The World Bank Group
9:20 – 11:20 Session 7: Digitization of finance and the state-of-the-art of cross-border and global coordination
While financial technology innovations rage on and regulation and policies over these entities and activities follow, a look into the cross-border aspects and global coordination of policies and regulation is appropriate…. What are the opportunities or challenges for global coordination in this technological transformation of the financial sector? What are the cross-border issues that arise, and how should regulators work together to shape new standards that may result from the new financial technology innovations? What is the impact of digitization on coordination?
Moderator: Ceyla Pazarbasioglu, Senior Adviser, Finance and Markets Global Practice, The World Bank.
- Greta Bull, Director, Chief Executive Officer , Consultative Group to Assist the Poor (CGAP)
- Adrienne A. Harris, Special Assistant to the President for Economic Policy, National Economic Council
- Min Liao, Director-General, China Banking Regulatory Commission, Shanghai Office
- John Schindler, Chair, Financial Stability Board (FSB) Financial Innovation Framework
- Michaela Erbenova, Division Chief, Monetary and Capital Markets Department, International Monetary Fund
- Amol Vaidya, Program Manager, Division of Banking Supervision and Regulation, Board of Governors of the Federal
- Mario Guadamillas, Practice Manager, the World Bank Group
- Yejin Carol Lee, Financial Sector Specialist, Finance and Markets Global Practice, the World Bank Group
- Jose Pignano, Senior Supervisory Financial Analyst, Board of Governors of the Federal Reserve System
- Caio Fonseca Ferreira, Senior Financial Sector Expert, International Monetary Fund Ellen Gaston, Financial Sector Expert, International Monetary Fund