SBP Governor raises concerns on cyber crimes in financial technologies

Financial Technologies and Cyber Security

Keeping in view the increasing use of the technology in the world, the Governor of State Bank of Pakistan (SBP) Ashraf Mahmood Wathra has stated regarding the financial technologies (FinTech) and the cyber security that the co-operation should be increased to reduce the danger of the cyber crime.

While talking to the members of the Regional Consultation Group (RCG) for Asia in a meeting, he raised the concerns about the financial technologies and the cyber security. He said that the RCG Asia should increase the co-operation and the monitoring of the developments in the field of financial technology.

The dangers to the FinTech can be reduced and the chances for its developments would be increased if the RCG Asia assists. The Governer of State Bank was co-chairing the 10th meeting of the Financial Stability Board (FSB) of RCG Asia along with Norman T.L Chan of Hong Kong Monetary Authority.

According to the statement issued by the State Bank of Pakistan (SBP), this meeting was organized on 27th of May, 2016 in Kuala Lumpur, Malaysia.

The establishment of the FSB was done in collaboration among the international organizations that set the standards and the national financial authorities. It was established for monitoring, and creating the rules and the other policies for the financial sectors to achieve the financial stabilization.

Other than its national members, with the help of its six regional consultation groups, FSB gets the access to the 65 other areas that are not its members. Its establishment was completed in 2011. Now, RCG Asia includes the financial authorities and the local banks of 16 different countries.

During the meeting, the members of RCG Asia exchanged the ideas on the weaknesses and the financial stabilities, such as divergent monetary policies adopted by various jurisdictions and the persistently low commodity prices, and their potential impact for the region.

Other than that, the discussions were done on the corporate governance. In these discussions, the concerns were raised that how the responsibilities can be divided into the boards and the senior authorities in the financial technologies with the help of stable governance and how the monitoring of the performance can be done and the attitude of the employees can be changed.

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