Stay ConnectedPacific Exchanges is a podcast from the Federal Reserve Bank of San Francisco. The show features interviews with experts in economics and finance to explore emerging trends around the world such as new uses of financial technology and their impacts on financial health and inclusion.
The views expressed are not necessarily those of the Federal Reserve Bank of San Francisco or of the Federal Reserve System.
We’re excited to share a special episode in partnership with our colleagues in the San Francisco Fed’s Community Development group. Our teams recently collaborated on a special issue of the Community Development Innovation Review in partnership with the Aspen Institute’s Financial Security program, which examined the potential ways financial technology can promote racial equity in the financial system. Today’s episode is a corollary to our recently concluded Financial Inclusion & Beyond series where we explored what we can learn from efforts around the world to improve financial inclusion and wellbeing.
The event included a fireside chat with San Francisco Fed President Mary Daly and Ida Rademacher, Executive Director of the Aspen Institute’s Financial Security Program, and a panel discussion with several journal contributors moderated by Rocio Sanchez-Moyano, a senior researcher in the Community Development group.
Some take-aways from the live event include:
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The views expressed are not necessarily those of the Federal Reserve Bank of San Francisco or of the Federal Reserve System.
In the final episode of Financial Inclusion & Beyond, your series hosts take a look back at key themes and takeaways from our conversations.
Some of the key takeaways we review include:
The views expressed are not necessarily those of the Federal Reserve Bank of San Francisco or of the Federal Reserve System.
Our Pacific Exchanges team recently hosted a special Financial Inclusion and Beyond live virtual event that explored lessons from around the world in the use of technology and public policy to build more inclusive financial systems and drive financial health.
The event was moderated by Sean Creehan, the team's lead for financial health and inclusion, and brought together professionals from different corners of the financial inclusion and health spaces, including Greta Bull, the president and chief executive officer of the Consultative Group to Assist the Poor (CGAP); José Quiñonez, the founding chief executive officer of Mission Asset Fund (MAF); Arjuna Costa, a managing partner at Flourish Ventures; and Ting Jiang, a behavioral economist.
We’re excited to share the live event in full as a special episode of Financial Inclusion and Beyond. Regular listeners of the podcast will recognize these voices from their episodes throughout the season; the live event allowed them to discuss how they were managing the challenges to inclusion posed by the COVID-19 pandemic.
Some take-aways from the live event include:
The views expressed are not necessarily those of the Federal Reserve Bank of San Francisco or of the Federal Reserve System.
In episode nine of Financial Inclusion & Beyond, we spoke with Grovetta Gardineer, the Senior Deputy Comptroller for Bank Supervision Policy at the Office of the Comptroller of the Currency. As a veteran bank regulator with more than three decades of experience in banking supervision, policy and regulation, Grovetta is a well-known leader and expert in the space of compliance and community programs.
We sat down to discuss lessons learned from the COVID crisis, financial inclusion challenges here in the United States, as well as the role public policy and regulation should play. Key takeaways from the discussion include:
Join Our Live Event May 18!
We will be hosting a live virtual event to mark the release of Financial inclusion & Beyond, the fourth season of our Pacific Exchanges podcast with a panel of four experts who appear in the series. We’ll discuss their lessons learned from the COVID-19 crisis and how the pandemic has underscored the importance of building inclusive financial systems that enable everyone’s financial health and promote equal opportunities. Details and registration link here.
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The views expressed are not necessarily those of the Federal Reserve Bank of San Francisco or of the Federal Reserve System.
In episode eight of Financial Inclusion & Beyond, we spoke with Tracy Basinger, the recently retired head of supervision here at the San Francisco Fed. Tracy has spent her career focused on the impact of financial services on everyday citizens. From leading consumer protection here at the San Francisco Fed to overseeing a nationwide team considering policy solutions for small businesses suffering during the COVID-19 crisis, Tracy has thought long and hard about the role of public policy, regulation, and technology in promoting a more inclusive financial system.
We get into examples of financial innovations that are promoting inclusion and the challenges for regulators and policymakers who want to minimize risks to consumers and the broader financial system while not getting in the way of positive change. And we talk about how to shift from a historical mindset that focused on preventing exclusion to one that thinks about ways to promote inclusion and broader notions of financial health and wellbeing.
Key takeaways from the discussion include:
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The views expressed are not necessarily those of the Federal Reserve Bank of San Francisco or of the Federal Reserve System.
In episode seven of Financial Inclusion & Beyond, we spoke with Matt Homer, Deputy Commissioner of the Research and Innovation division of the New York State Department of Financial Services. Matt is an expert on the use of data and technology for social good. He has previously held positions in the U.S. government and financial technology sectors where he has focused on issues like the role of digital identity in promoting financial inclusion and wellbeing.
We get into the benefits of inclusive technology, but also the potential for digitization to exclude some vulnerable populations, and the unexpected challenges policymakers and firms face in delivering new financial services to people that previously lacked access We also discuss the broader trade-offs between inclusion, privacy, and other emerging data rights.
Key takeaways from the discussion include:
Please note that the initial interview was recorded prior to the onset of the COVID-19 crisis.
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The views expressed are not necessarily those of the Federal Reserve Bank of San Francisco or of the Federal Reserve System.
In episode six of Financial Inclusion & Beyond, we spoke with Chris Calabia, the Senior Advisor for Supervisory and Regulatory Policy, Financial Services for the Poor at the Bill & Melinda Gates Foundation. Chris leads the Foundation’s global efforts to promote a regulatory framework that enables digital financial innovation. Previously he was a Senior Vice President and Banking Supervisor at the Federal Reserve Bank of New York.
We sat down to discuss how to drive financial health for the world's poor by improving access to essential financial services through better public policy and regulation. Chris also shared his insights from the Gates Foundation’s efforts to help promote access to financial services among the unbanked, poor and women, especially in lower and middle income countries around the world. Key takeaways from the discussion include:
Please note that the initial interview was recorded prior to the onset of the COVID-19 crisis.
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The views expressed are not necessarily those of the Federal Reserve Bank of San Francisco or of the Federal Reserve System.
In episode five of Financial Inclusion & Beyond, we spoke with Ting Jiang, a behavioral economist who researches and designs products for behavioral change. At the time of this recording, which took place prior to the pandemic, Ting was associated with Duke University's Center for Advanced Hindsight.
We sat down to discuss the way behavioral scientists and product designers can work together to build better financial products that help people take action to improve their financial health. Key takeaways from the discussion include:
Please note that the initial interview was recorded prior to the onset of the COVID-19 crisis.
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The views expressed are not necessarily those of the Federal Reserve Bank of San Francisco or of the Federal Reserve System.
In episode four of our series Financial Inclusion & Beyond, we spoke with José Quiñonez, the founding chief executive officer of Mission Asset Fund (MAF) and a visiting professor at UC Berkeley, Department of City and Regional Planning. MAF uses innovative national models for integrating financially excluded, low-income communities into the mainstream.
We sat down to discuss how the formal financial system leaves credit invisible (individuals without a credit background) behind. José discussed how MAF is helping those that have typically been left out get integrated into the formal financial system. MAF is drawing on the rich tradition of lending circles to help the low-income and immigrant communities develop a credit history and join the financial system. Key takeaways from the discussion include:
Please note that the initial interview was recorded prior to the onset of the COVID-19 crisis.
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The views expressed are not necessarily those of the Federal Reserve Bank of San Francisco or of the Federal Reserve System.
In episode three of Financial Inclusion & Beyond, we spoke with Arjuna Costa, managing partner of Flourish Ventures, a leading social impact fund focused on financial health. Arjuna invests in entrepreneurs around the world to catalyze innovations that help people achieve financial health.
We sat down to discuss the way entrepreneurs are harnessing the power of behavioral economics and customer-centric design to meet the everyday financial challenges of low income populations. Key takeaways from the discussion include:
Please note that the initial interview was recorded prior to the onset of the COVID-19 crisis.
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The views expressed are not necessarily those of the Federal Reserve Bank of San Francisco or of the Federal Reserve System.
In episode two of our series Financial Inclusion & Beyond, we spoke with Greta Bull, the chief executive officer of CGAP (the Consultative Group to Assist the Poor) and a director at the World Bank. Greta is an expert in development finance, primarily focused on small and medium enterprise finance, microfinance, and digital financial services.
We sat down to discuss the history of financial inclusion efforts and the evolution of the financial inclusion movement, the micro and macro effects of inclusion, and lessons learned from various efforts around the globe. Key takeaways from the discussion include:
Please note that the initial interview was recorded prior to the onset of the COVID-19 crisis.
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The views expressed are not necessarily those of the Federal Reserve Bank of San Francisco or of the Federal Reserve System.
We’re excited to launch our latest season, Financial Inclusion & Beyond, an exploration of what we can learn from efforts around the world to improve financial inclusion, health, and wellbeing. This is a topic we’ve explored in previous episodes on fintech, and we're eager to ground global insights in the context of our modern challenges amid the COVID 19 crisis and renewed efforts to promote racial equity in the US financial system.
We begin the series with a conversation with our very own San Francisco Fed president Mary Daly. We get into why the Fed cares about financial health and inclusion, how we're engaging and learning from a community of subject matter experts and the general public, and the significant work ahead of us. Key takeaways from the discussion include:
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The views expressed are not necessarily those of the Federal Reserve Bank of San Francisco or of the Federal Reserve System.
We’re excited to share a sneak preview of our upcoming series, Financial Inclusion & Beyond, where we’ll be exploring lessons from around the world on how a combination of public policy and technology can create a more inclusive financial system and promote financial health and wellbeing for everyone. We started recording this before the pandemic, and it’s taken us a little longer to get this to you as we record from home, but the events of the past year have only reinforced to us that this a crucially important topic. Stay tuned for the release of the entire series starting April 15.
In this episode of our series Rethinking Asia, we spoke with Chad Bown, Reginald Jones Senior Fellow at the Peterson Institute for International Economics. Chad is an expert on trade, having worked on the issue at the World Bank, the White House Council of Economic Advisors, and the World Trade Organization.
We sat down to discuss the recent trade disagreement between South Korea and Japan. While, rooted in the countries’ deep historical, political, and social tensions dating back to the early 20th century, the attitudes and tactics adopted in the dispute reflect broader global sentiments surrounding trade. Key takeaways from the discussion include:
The views expressed are not necessarily those of the Federal Reserve Bank of San Francisco or of the Federal Reserve System.
In this episode of our series Rethinking Asia, we sat down with Nick Lardy, senior fellow at the Peterson Institute for International Economics. Nick is one of the world's most prominent analysts of China's economic development and the role of its private sector in generating growth.
We sat down to discuss Nick’s new book, The State Strikes Back: The End of Economic Reform in China? Nick walked us through some troubling statistics about the Chinese private sector’s diminishing role as measured from a number of data sources and qualitative indicators of slowing economic reform. Key takeaways from the discussion include:
The role of the private sector has been significantly diminished over the last decade as indicated by a wide range of data related to access to credit and share of investment, and sector-level growth.
China’s state sector has undergone a massive amount of consolidation, with the number of state-owned enterprises (SOEs) declining by roughly 50%, while at the same time state-owned assets grew five-fold. Despite this consolidation—or perhaps because of the implied reduction in competition it brings—the efficiency of SOEs continues to lag that of private companies by a wide margin.
While Chinese President Xi Jinping has recently indicated the banking sector should direct more funds to the private sector, it remains to be seen whether this state-oriented growth pattern will reverse any time soon.
The views expressed are not necessarily those of the Federal Reserve Bank of San Francisco or of the Federal Reserve System.
In this episode of our series Rethinking Asia, we spoke with Brad Setser, a Senior Fellow for International Economics at the Council on Foreign Relations. Brad also served as the deputy assistant secretary for international economic analysis in the U.S. Treasury and was previously the director for international economics, serving jointly on the staff of the National Economic Council and the National Security Council.
Brad walked us through the evolution and recent trends in cross-border capital flows in Asia. In the wake of the Global Financial Crisis, capital flows were primarily driven by current account surplus countries in Asia, whose governments were investing money abroad to offset appreciatory pressures on their exchange rates. In recent years, however, divergent global interest rates, economic developments, and a search for yield have spawned a complex web of flows across the Pacific. Key takeaways from the discussion with Brad include:
The views expressed are not necessarily those of the Federal Reserve Bank of San Francisco or of the Federal Reserve System.
In this episode, we continued our ongoing series on fintech in Asia with Toshio Taki, the co-founder of Money Forward, a Japanese fintech firm that provides financial management tools for individuals and small businesses. In addition to his role at Money Forward, Toshio also serves as a director of the Japan Association for Financial APIs, promoting the use of open APIs (application programming interface) in Japan.
Toshio talked us through the open banking and API landscape in Japan, highlighting where recent changes in regulation are encouraging further development, and comparing Japan to global peers in this area. Through his work both at Money Forward and with the Association, Toshio is pushing for greater adoption and integration of financial technology services among Japanese clients, and looking in particular to help draw Japan’s economy away from its heavily cash-reliant systems.
The views expressed are not necessarily those of the Federal Reserve Bank of San Francisco or of the Federal Reserve System.
In this episode, we continue our ongoing Rethinking Asia series with Louis Kuijs, the head of Asia Economics at Oxford Economics. His background includes a particular focus on China, reflecting experience in both the public and private sectors covering banking, macroeconomic, and policy issues in the world’s second largest economy.
We spoke with Louis about the ongoing trade tiff between the United States and China. He shared his thoughts on the regional economic and structural effects of evolving international trade patterns, China’s path to further integrating into the global financial system, and consequences for the broader U.S.-China relationship from the trade dispute fallout.
The views expressed are not necessarily those of the Federal Reserve Bank of San Francisco or of the Federal Reserve System.
In this episode of our series Rethinking Asia, we spoke with Ken Hokugo, head of Corporate Governance and the director of Hedge Fund Investments at Japan’s Pension Fund Association, which manages more than $120 billion in assets. Ken is also a globally recognized expert on and strong advocate for Japanese corporate governance reform. The opinions expressed by Ken in the podcast are solely his and not those of his organization, the Pension Fund Association.
Ken discussed some of the challenges that Japan faces implementing corporate governance reform. Notably, the practice of cross-shareholdings and the lack of truly independent directors sacrifice corporate success for management stability and dampen investor confidence in Japanese stocks. Ken discusses how cross-shareholding, among other practices, is entrenched due to a host of historic and structural factors. Some of our main takeaways from our exchange with Ken include:
The views expressed are not necessarily those of the Federal Reserve Bank of San Francisco or of the Federal Reserve System.
In this next episode of our series Rethinking Asia, we pick up where we left off last episode looking at the role of debt in China’s economy. We spoke with Charlene Chu, a senior partner for China macro-financial research at Autonomous Research, an independent research firm. Well known for her analysis of China’s shadow banking industry, Charlene previously was a senior director covering Chinese financial institutions at Fitch Ratings.
Charlene gave her assessment of the recent rise in Chinese debt and why she thinks a painless deleveraging is unlikely. While China has implemented some reforms in recent years, it has mostly avoided deleveraging. Previously, China relied on a high deposit base to support credit expansion, but new credit consistently outstrips deposit growth making the levels of credit growth unsustainable. Some of Charlene’s main takeaways include:
The views expressed are not necessarily those of the Federal Reserve Bank of San Francisco or of the Federal Reserve System.
In the next two episodes of our series Rethinking Asia, we look at the issue of China’s rising debt. In this first interview, we spoke with Yukon Huang, a senior fellow with the Asia Program at the Carnegie Endowment for International Peace. A renowned expert on China’s economy and its global impact, Yukon formerly served as the World Bank’s country director for China.
Yukon walked us through the recent growth and composition of China’s debt, and why he is more worried about the structural issues behind the debt than the overall level. He also highlighted several important distinctions, such as the large role of shadow banking and the property market, that make China’s debt situation different compared to that of most emerging markets. Some of Yukon’s main takeaways include:
The views expressed are not necessarily those of the Federal Reserve Bank of San Francisco or of the Federal Reserve System.
In this episode of our series Rethinking Asia, we spoke with Frederic Neumann, Managing Director and Co-Head of Asian Economics Research at HSBC. Currently based in Hong Kong, Fred previously taught graduate level courses at schools in the United States and holds a Ph.D. in International Economics and Asian Studies from the Johns Hopkins School of Advanced International Studies.
Fred guided us through the complex economic dynamics at play between China and ASEAN members. We learned why intra-Asian trade is expected to increase as more trade agreements are signed within Asia, and how China’s Belt and Road infrastructure investment can best help Southeast Asian economies. Some of our main takeaways from our exchange with Fred include:
An earlier period of fierce competition between China and Southeast Asia has given way to an era of greater complementarity with many areas of mutual benefit in the region including increased trade and tourism and integrated supply chains.
The views expressed are not necessarily those of the Federal Reserve Bank of San Francisco or of the Federal Reserve System.
In this episode of our series Rethinking Asia, we interviewed Kathy Matsui, vice chair of Goldman Sachs Japan. She is a prominent advocate for women in the workforce, serves as a policy commentator for Japan’s Cabinet Office and has served on multiple Japanese government committees aimed at promoting gender diversity. Kathy guided us through the combination of factors that have led to the current gap between the high skill and education levels of Japanese women and, in many cases, their absence from full-time work. She explained how changes in Japanese government policies and society are addressing this disconnect, and why empowering women is only part of the solution to Japan’s demographic crisis. Some of our main takeaways from our conversation with Kathy include:
The views expressed are not necessarily those of the Federal Reserve Bank of San Francisco or of the Federal Reserve System.
In this episode, we continued our ongoing series on fintech in Asia by interviewing Simone di Castri, the Managing Director of the RegTech for Regulators Accelerator (R²A). The mission of R²A is to enhance the capacity of financial authorities by harnessing innovative technologies and accelerating promising RegTech (regulatory technology) solutions.
Simone guided us through some of the biggest challenges facing financial authorities, and what technological solutions R²A has been developing to help regulators in emerging markets. R²A has so far been focused on enhancing the capabilities of financial authorities in Mexico and the Philippines to better understand markets and customer needs in data-rich environments. Some of our key takeaways include:
A critical challenge in banking supervision is the time and resources required to manage and validate data collected from financial institutions; R²A is solving this using APIs that connect the central bank to financial institutions.
Fast-moving fintech actors have helped spur financial authorities to be more proactive in adopting new technologies in oversight and regulation.
The views expressed are not necessarily those of the Federal Reserve Bank of San Francisco or of the Federal Reserve System.
In this episode, we continued our ongoing series on fintech in Asia by interviewing David Hardoon, the Chief Data Officer of the Monetary Authority of Singapore (MAS). We spoke with him about the innovative uses of machine learning and the leveraging of big data among banks and the financial system more broadly.
David walked us through how the new Data Analytics Group at MAS is approaching the ethical use of data when so many financial institutions are employing new AI applications. We also discussed the need for awareness of the potential for unsupervised algorithms to either help or hinder financial inclusion. Some of our key takeaways include:
One MAS initiative, FEAT, is focused on four guiding principles for financial institutions concerning the usage of data in AI innovations: fairness, ethics, accountability, and transparency.
The views expressed are not necessarily those of the Federal Reserve Bank of San Francisco or of the Federal Reserve System.
In this episode, we revisited the topic of fintech in Asia by interviewing Sean Creehan, a senior analyst and our colleague here in the Country Analysis Unit. We talked with him about a recent paper he wrote on the how digital innovation can improve financing for small- and medium-sized enterprises (SMEs) in Asia. Sean helped us understand why SMEs, despite their essential role, receive a disproportionately small share of credit from the financial system. We also unpacked the many ways in which new financial technologies and innovative business models can boost SME access to credit and enlarge the pie of economic growth in Asia.
The views expressed are not necessarily those of the Federal Reserve Bank of San Francisco or of the Federal Reserve System.
In the fourth episode of Rethinking Asia, we interviewed Matthew Goodman, the William E. Simon Chair in Political Economy at the Center for Strategic and International Studies (CSIS). At CSIS, he leads the Reconnecting Asia program, which tracks how infrastructure is shaping economic and geopolitical realities in Asia.
Our discussion touched on Asia’s huge demand for new infrastructure and the complex geopolitical tensions among regional and multilateral actors. Matthew addressed how countries deal with the risks associated with these large projects and unpacked the role of national strategy, including China’s Belt and Road Initiative. Some of our key takeaways include:
In our third episode of our series Rethinking Asia, we spoke with Andy Rothman, an investment strategist for Matthews Asia. Prior to joining Matthews Asia, he worked for 20 years in China, and now uses that experience to shape the firm’s thoughts on China from an investment perspective.
Andy helped us understand the growth and current state of Chinese domestic consumption. We discussed China’s efforts to rebalance away from investment and exports towards consumption, and what future growth will look like in China. Some of our main takeaways from our conversation with Andy include:
The views expressed are not necessarily those of the Federal Reserve Bank of San Francisco or of the Federal Reserve System.
In the second episode of our series Rethinking Asia, we spoke with Manoj Pradhan of Talking Heads Macro in London. He's an expert in the relationship between demographics and capital markets, looking at how aging and labor force changes impact everything from global interest rates and wages to inequality. Prior to his current role, he worked as a macroeconomist at Morgan Stanley.
Manoj gives us unique perspectives on how changing demographic trends in Asia will likely affect future inflation and wage growth. We also discuss the challenges posed by aging demographics and automation. Some of our key takeaways from the exchange with Manoj include:
The views expressed are not necessarily those of the Federal Reserve Bank of San Francisco or of the Federal Reserve System.
Today, we launch a new series, Rethinking Asia, as we consider noteworthy and unusual trends in Asian finance and economics. In our first episode, we sat down with Jesper Koll, head of Japan at WisdomTree, a global asset manager. In our conversation, Jesper explains in depth the history and forces behind Japan’s distinction as a safe haven for global investors. He explains why assets like the yen and Japanese government bonds rally during periods of regional or global turmoil.
Some of the key takeaways from our conversation with Koll include:
The views expressed are not necessarily those of the Federal Reserve Bank of San Francisco or of the Federal Reserve System.
In the final episode of our series on the Asian financial crisis, we take a look back at key themes and takeaways from our conversations. We also discuss Nick’s recent research paper on Asian bond market developments since the crisis.
Some of the key themes we review:
The views expressed are not necessarily those of the Federal Reserve Bank of San Francisco or of the Federal Reserve System.
In this episode of our series on financial technology, we sat down with Souheil Badran, president of Alipay North America. Alipay is the payments spinoff of China’s ecommerce giant Alibaba and is now part of Ant Financial, the largest fintech company in the world.
Some of the key takeaways from our conversation with Souheil include:
The views expressed are not necessarily those of the Federal Reserve Bank of San Francisco or of the Federal Reserve System.
In this episode of our series on financial technology, we sat down with Katie Macc, co-founder and chief operating officer of Juntos Global, a fintech company that serves as a bridge between financial access and financial inclusion for the world's newly banked. Kate tells us about the ways technology can help solve many of the problems facing the unbanked around the world.
Some of the key takeaways from our conversation include:
The views expressed are not necessarily those of the Federal Reserve Bank of San Francisco or of the Federal Reserve System.
In this episode of our series on financial technology, we sat down with Kate Lauer, a senior policy advisor at CGAP. Kate is an expert in microfinance, financial inclusion and global financial regulation. She is currently researching the impact of regulatory sandboxes on fintech and financial inclusion.
Some of the key takeaways from our conversation with Kate include:
The views expressed are not necessarily those of the Federal Reserve Bank of San Francisco or of the Federal Reserve System.
In the eighth episode of our series on the Asian financial crisis, we spoke with Don Hanna, a prominent international economist who has advised investors on Asia for over three decades. Don has worked as an economist at a variety of global financial institutions and multilateral organizations and lived in the region for 16 years. He has written extensively on Asia’s economic and financial development since the crisis.
Some of the key takeaways of our conversation include:
In the seventh episode of our series on the Asian financial crisis, we spoke with Barry Eichengreen, a professor of economics and political science at UC Berkeley. He's written extensively about the sequencing of financial opening in Asia and the challenges associated with cross-border capital flows. He's also authored numerous articles looking back on the lessons from the Asian financial crisis.
We spoke with Supavud Saicheua, Head of Economic Research at Phatra Securities, about Thailand’s role in the Asian financial crisis. In our conversation, Supavud discusses the economic and financial risks that developed in Thailand during the 1990s and how they led to the crisis. He also explains how the Thai economy has changed in the decades since the crisis and what risks remain today.
Some of the key takeaways of our conversation with Supavud include:
The views expressed are not necessarily those of the Federal Reserve Bank of San Francisco or of the Federal Reserve System
In the third episode of our series on the Asian financial crisis, we spoke with Changyong Rhee, the Director of Asia Pacific Department at the IMF. Changyong is a well-respected economist who has worked as an academic, an advisor to the Korean government, and at a variety of international institutions. He brings along many years of experience covering economic and financial developments in Asia.
Some of the key takeaways of our conversation with Changyong include:
The views expressed are not necessarily those of the Federal Reserve Bank of San Francisco or of the Federal Reserve System
In the next episode of our series on the Asian financial crisis, we spoke with Changyong Rhee, the Director of Asia Pacific Department at the IMF. Changyong is a well-respected economist who has worked as an academic, an advisor to the Korean government, and at a variety of international institutions. He brings along many years of experience covering economic and financial developments in Asia.
Some of the key takeaways of our conversation with Changyong include:
The views expressed are not necessarily those of the Federal Reserve Bank of San Francisco or of the Federal Reserve System
In the fourth episode of our series on the Asian financial crisis, we talked with Simon Johnson,
Some of the key takeaways of our conversation with Simon include:
The views expressed are not necessarily those of the Federal Reserve Bank of San Francisco or of the Federal Reserve System
In the third episode of our series on the Asian financial crisis, we talked with Andrew Sheng, a Distinguished Fellow at the Asia Global Institute. Andrew has worked as a central banker, financial regulator, academic, and advisor to numerous Asian financial organizations. He had firsthand experience of the Asian financial crisis when he was serving served as the Deputy Chief Executive of the Hong Kong Monetary Authority.
Some of the key takeaways of our conversation with Andrew include:
The views expressed are not necessarily those of the Federal Reserve Bank of San Francisco or of the Federal Reserve System.
In the second episode of our series on the Asian financial crisis, we talked with Gillian Tett, U.S. managing editor of the Financial Times. Gillian was based in Asia at the time of the crisis and witnessed it spread across the region. In the interview, she relays her experience in Asia in 1997 and how it helped her spot warning signs ahead of the 2008 global financial crisis.
Some of her key takeaways include:
The views expressed are not necessarily those of the Federal Reserve Bank of San Francisco or of the Federal Reserve System.
Twenty years ago, a financial crisis emerged across Asia and threatened the entire regional economy. The crisis led to a huge drop in economic activity, a sharp depreciation of local currencies, and massive losses to the stock markets. Drastic action by domestic policymakers and significant international aid halted the crisis, but not before it caused tremendous economic pain across the region.
In the wake of the crisis, countries across the region implemented a broad range of reforms, many of which were successful as Asia returned to rapid growth in the 2000s. However, the influence of the crisis shaped the development of the region throughout the 2000s through to today.
To mark the anniversary, today we launch a new series looking back at the crisis 20 years later. In the first episode, we sat down with David Dollar, a senior fellow at the Brookings Institution. David worked as an economist at the World Bank for 20 years, focusing on a variety of Asian economies. He also served as the U.S. Treasury’s economic and financial emissary to China, based in Beijing. David has written numerous scholarly articles on Asian economics and is a frequent public commentator on the region.
David gives a great overview of the Asian financial crisis, including its origins and long-term impacts. Some of the key takeaways include:
The views expressed are not necessarily those of the Federal Reserve Bank of San Francisco or of the Federal Reserve System.
In this episode of our series on financial technology, we sat down with Ning Tang, founder and CEO of CreditEase. Ning has been a leader in the development of China’s peer-to-peer (P2P) lending industry and has a unique perspective on the development of fintech worldwide.
Some of the key takeaways from our conversation with Ning include:
The views expressed are not necessarily those of the Federal Reserve Bank of San Francisco or of the Federal Reserve System.
In this episode of our series on financial technology, we sat down with Jason Loughnane, microfinance specialist with Accion International in Myanmar. Jason is an expert on the potential for mobile payments and other financial technologies to promote financial inclusion in emerging markets.
Some of the key takeaways from our conversation with Jason include:
The views expressed are not necessarily those of the Federal Reserve Bank of San Francisco or of the Federal Reserve System.
Asia is currently in the midst of a fintech revolution, with new technologies and startups that could disrupt various financial services in economies across the region. In this episode of Pacific Exchanges, CAU analyst Cindy Li sat down with Nicholas Borst and Sean Creehan to discuss their recent paper on fintech developments in Asia.
Some of the key takeaways from the conversation include:
The views expressed are not necessarily those of the Federal Reserve Bank of San Francisco or of the Federal Reserve System.
Shadow banking has grown quickly in China, driven by regulatory arbitrage and the growing role of non-bank financial institutions in the financial sector. In this episode of Pacific Exchanges, we sat down with our colleague Cindy Li to discuss her recent paper on shadow banking in China.
Some of the key takeaways from our conversation with Cindy include:
The views expressed are not necessarily those of the Federal Reserve Bank of San Francisco or of the Federal Reserve System.
In the fifth episode of our series on financial technology, we sat down with Zhong Wang, Head of Strategy and Overseas Payments for Baidu Wallet and Payment Services. Zhong is a veteran of both Silicon Valley and the Chinese tech industry and is an expert on the retail payments sector in China.
We invited Zhong to speak with us about why innovations in payments are occurring so rapidly in China, the competitive threat that new payment companies represent to banks, and how developments in payments may impact other parts of the Chinese financial system. The conversation covers a number of interesting topics. For example, can new payments technologies help bring financial services to China’s large underbanked population? Is there a generation gap between the young and old in terms of adopting mobile payments? Will Chinese payment companies be able to expand to other rapidly developing Asian economies? Zhong also explains what he sees as some of the biggest differences between Silicon Valley and tech companies in China.
The views expressed are not necessarily those of the Federal Reserve Bank of San Francisco or of the Federal Reserve System.
In the fourth episode of our series on financial technology, we sat down with Anju Patwardhan, a Fulbright Fellow researching fintech at Stanford University who previously served as the Chief Innovation Officer for Standard Chartered Bank, one of the world’s largest and most international banks. Anju is currently researching the potential for financial technology to increase financial inclusion, particularly for small businesses, at Stanford University. She also serves as a Venture Partner for the Fintech Investment Fund of Creditease, one of China’s largest fintech firms.
We invited Anju to speak with us about her experiences managing fintech activities at a bank, the potential for collaboration and competition between fintech start-ups and traditional banks, and her research activities at Stanford. This conversation touches on a number of interesting subjects. For example, are fintech start-ups competitors or partners for traditional financial institutions? What’s the role of fintech in expanding financial inclusion? Anju also explains how fintech firms are leveraging alternative data sources to improve SME lending.
Find Anju on LinkedIn and Twitter.
The views expressed are not necessarily those of the Federal Reserve Bank of San Francisco or of the Federal Reserve System.
In the third episode of our series on financial technology, we sat down with Shuhei Aoki, Executive Strategist at Hitachi and advisor to the President of Hitachi’s Information and Telecommunications Systems Company. Before joining Hitachi, Shuhei served as the Director General of Payment and Settlement Systems at the Bank of Japan. He is also an Associate Professor at Shinshu University, where he teaches and conducts research on resource allocation and macroeconomic productivity.
Hitachi is one of Japan’s leading industrial conglomerates, manufacturing everything from TVs to tanks and quite likely some of the electronics that power the device you are using to listen today. What Hitachi is not necessarily known for is financial services, but earlier this year they established a Financial Innovation Lab here in the Bay Area.
We invited Shuhei to speak with us about the reason non-financial companies are getting involved in FinTech and how the space is impacting Asia and places like Hitachi’s home market of Japan. Our chat covers a number of interesting topics, including the role of cash in an increasingly digital world, how banks view the rise of fintech, and the Bank of Japan’s early consideration of a virtual national currency not unlike Bitcoin.
The views expressed are not necessarily those of the Federal Reserve Bank of San Francisco or of the Federal Reserve System.
In the second episode of our series on financial technology, we sat down with Sacha Polverini, Senior Program Officer at the Bill and Melinda Gates Foundation and Chairman of the Focus Group on Digital Financial Services for Financial Inclusion at the International Telecommunication Union (ITU), a United Nations agency that deals with information and communication technologies.
We invited Sacha to speak with us about the challenge of financial inclusion in Asia and how fintech can make a difference. Asia is at the center of global efforts to deliver financial services to the unbanked. As of 2015, an estimated 1 billion people in Asia lacked access to a bank account. Our conversation covers a number of topics, from how we measure financial inclusion and define its success to the types of technologies that can have the greatest impact on people’s lives. Sacha talks about policy successes and experimentation in countries like Kenya and India, the role of both telecommunications and financial firms in promoting inclusion, and how smart policies can pave the way for new financial innovations aimed at serving the poor.
Sacha works at the Gates Foundation’s Financial Services for the Poor, a program which aims to foster the development of digital financial services like mobile money in the developing world. At the ITU, he chairs a committee which seeks to bring together government regulators, service providers, and international organizations to share ideas about how to scale up digital financial services globally.
Find Sacha’s writing at the Gates Foundation, ITU, and on LinkedIn and Twitter.
The views expressed are not necessarily those of the Federal Reserve Bank of San Francisco or of the Federal Reserve System.
In the first episode of our series on financial technology, we sat down with Sopnendu Mohanty, the Chief Fintech Officer at the Monetary Authority of Singapore (MAS). We invited Sopnendu to speak with us about the role of fintech in Singapore’s financial system and the central bank’s approach to encouraging innovation while managing risk.
Singapore is one of Asia’s leading financial centers, a hub of global trade, and a natural place for fintech to take root. The rapid growth of Singapore’s fintech sector has implications for both the financial sector and real economy. The MAS has recently announced a new “regulatory sandbox” approach to encourage existing financial institutions and non-traditional firms to develop fintech solutions in Singapore. The MAS itself has acted as a middleman to bring together banks and startups and has created a “regulatory sandbox” a space for experimenting with new technologies on a small scale without running into regulatory barriers.
As Chief Fintech Officer, Sopnendu is responsible for creating MAS’s development strategies and regulatory policies around technology innovation to “better manage risks, enhance efficiency and strengthen competitiveness in the financial sector”. Prior to joining MAS, he was with Citibank as their Global Head of the Consumer Lab Network and Programs, which included driving innovation programs and managing innovation labs across multiple geographies globally.
Sopnendu has held various roles in technology, finance, productivity, and business development over the past twenty years and he has been awarded four patents in the area of retail distribution of financial services.
Sopnendu on LinkedIn and Twitter
The views expressed are not necessarily those of the Federal Reserve Bank of San Francisco or of the Federal Reserve System.
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