Background

The global financial architecture is undergoing significant transformation due to shifts in orthodoxy, technological advancements, changing economic dynamics, and increasing regulatory complexity, all exacerbated by rapidly evolving geopolitical dynamics. The financial sector is confronted with emerging trends that pose new challenges for regulators and the technologies necessary to manage them effectively. Payment systems that aim to reduce transaction costs, provide swift and secure settlement methods, and expand their reach have led to the rapid development of financial technology.

Additionally, more resource-rich countries are exploring innovative methods to deploy their resources, enhancing policy buffers and addressing persistent balance of payments deficits. Central banks and Governments are at the forefront of managing these transformations to maintain price and financial stability, creating the conducive environment for economic transformation, diversification, shared-growth, and development, while simultaneously safeguarding the integrity of the global financial architecture.