The Philippine central bank is calling for Southeast Asian regulators to intensify regional cooperation against cybersecurity and climate-related risks.
Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr. highlighted in a statement their adoption of AI-driven supervision.
According to a report by the Philippine News Agency, Remolona identified geopolitical conflicts, digital transformation and cybersecurity, and climate-related financial risks as primary threat areas requiring closer attention from central banks and other financial regulators.
The BSP governor poses data analytics using AI and supervisory technology (SupTech) to boost the supervision of banks and monitor compliance with regulations as measures to combat the aforementioned risks.
Among the key highlights of the regional directive spoken at the South East Asian Central Banks (SEACEN) Centre’s High-Level Conference and Meeting of Deputy Governors for Financial Stability and Supervision are:
Broad Regional Delegation: The conference convened central bank deputy governors and senior regulatory officials across Southeast Asia, Hong Kong SAR, India, mainland China, South Korea, and international organisations.
Interconnected Risks: Intertwined geopolitical shifts, climate emergencies, and digital threats mean a single vulnerability can trigger wider cross-border economic instability.
Collaborative Supervision: Regulators must actively share data, align framework guidelines, and coordinate risk monitoring rather than executing isolated national policies.
Further, BSP integrated the impact of climate risks in conducting supervision.
