CEO Brad Garlinghouse in Convo with IMF’s Ross Leckow at Singapore Fintech Festival
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CEO Brad Garlinghouse sat down with IMF’s Deputy General Counsel Ross Leckow for a fireside chat on Monday afternoon at the Singapore Fintech Festival. They engaged in a far-reaching dialogue on the opportunities blockchain and digital asset technology presents for financial institutions in ASEAN, given the the region’s unique regulatory frameworks. Both affirmed that this game-changing technology will change the world of global payments as we know it today.
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Questions and Answers
Garlinghouse: What does Fintech mean to the IMF? What’s the IFM’s interest in it?
Leckow: The IMF is devoting a lot of attention to Fintech and blockchain. Blockchain technology must be discussed in the context of other technology trends, too, such as cloud computing, digital assets, APIs, mobile and more. Our member countries are looking for advice. They want to know how to approach and unlock benefits of Fintech while also putting together regulation to minimize the risks. In addition to publishing research, the IMF is engaging closely with private sector and industry.
Last year, we put in place a high-level advisory group of industry leaders from the public and private sector to help guide our work in Fintech. We are happy to have on this advisory board leaders like Chris Larsen, Executive Chairman of Ripple’s board of directors and former CEO and co-founder of Ripple, and Sopnendu Mohanty, Chief Fintech Officer of the Monetary Authority of Singapore. We also launched, in conjunction with The World Bank, The Bali Fintech Agenda, which is the first comprehensive framework of issues that countries need to think about when designing policy for Fintech.
Some financial institutions are seeing this challenge as an opportunity. Nearly 50% of all of our global customers are based in the region, and our Singapore headquarters continues to be a growth engine for Ripple — expanding by 200% in the past year.
Garlinghouse: As the regulatory expert, what are the characteristics of ASEAN that you think will either propel this region forward in regards to blockchain, or stifle its path?
Leckow: When you discuss regulatory frameworks for blockchain and digital assets – globally, not just in ASEAN markets — the conversation is in an early stage and a lot more work needs to be done. Every country in this region also has very different needs. Some are further ahead than others in thinking through policy, and it’s not surprising that they’ve taken different regulatory approaches.
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