ABAC Initiatives for the Finance Ministers Process

Transcription

1 2016/SFOM14/007 Session 7 ABAC Initiatives for the Finance Ministers Process Purpose: Information Submitted by: APEC Business Advisory Council 14 th Senior Finance Officials Meeting Trujillo, Peru May 2016

2 EXECUTIVE SUMMARY The FMP has entrusted 3 initiatives to ABAC the Asia-Pacific Forum on Financial Inclusion, the Asia-Pacific Financial Forum (APFF) and the Asia-Pacific Infrastructure Partnership (APIP). Under the Cebu Action Plan, ABAC is undertaking various activities through these initiatives related to financing MSMEs, financial inclusion/literacy, the Asia Region Funds Passport, disaster risk financing and insurance, capital market development and long-term investment. Several of these activities are being undertaken through the APFF s six work streams (Financial Infrastructure Development Network, Trade and Supply Chain Finance Work Stream, Capital Market Work Stream, Financial Market Infrastructure/Cross-Border Practices Work Stream, Insurance and Retirement Income Work Stream, and Linkages and Structural Issues Work Stream). Over 300 individual experts from over 150 organizations are actively participating in these work streams, including firms, international and domestic industry associations, government agencies, regulatory bodies, and international and academic/research organizations. These work streams are led by sherpas and core group members coming from a wide range of these organizations. Required Action/Decision Points It is recommended that the Senior Finance Officials: 1. Note the reported activities and encourage interested finance ministries to actively collaborate with ABAC in undertaking them to advance the Cebu Action Plan.

3 APEC Business Advisory Council Report on ABAC Initiatives for the Finance Ministers Process ABAC Initiatives for the APEC Finance Ministers Process Finance Ministers Process (FMP) 21 APEC Finance Ministries Observers: ADB, IMF, OECD, WBG, ABAC FMP Policy Initiatives APEC Finance and Development Institute Financial Regulators Training Initiative APEC Financial Institutions Dealing with SMEs Asia-Pacific Forum on Financial Inclusion Asia-Pacific Financial Forum (APFF) Asia-Pacific Infrastructure Partnership (APIP) APEC PPP Experts Advisory Panel Asia Region Funds Passport (ARFP) Initiatives entrusted to ABAC 1

4 The APFF Structure APEC Finance Ministers Process (FMP) Asia-Pacific Financial Forum (APFF) APEC Business Advisory Council (ABAC) APFF Work Streams Financial Infrastructure Development Network Trade / Supply Chain Finance Capital Markets Financial Market Infrastructure / Cross-Border Practices Insurance / Retirement Income Linkages / Structural Issues Credit Information Secured Transactions Accounts Receivables Finance Classic repo markets Derivatives Information for Investors Asia Region Funds Passport Retirement /Long- Term Investment Disaster Risk Financing /Insurance The APFF Network Securities industry Banking (general, trade finance, secured lending, factoring) Insurance and Pensions Asset management Business and consumer credit information Chambers of commerce International / domestic industry associations Firms Investment / commercial banks Insurers and pension funds Non-bank lenders Asset managers Law, accounting, consultancy firms Corporates Credit rating agencies Credit bureaus Finance ministries Justice ministries Trade ministries Development assistance agencies Foreign affairs ministries Government agencies Regulatory bodies Central banks Securities, banking, insurance regulators International regulatory organizations Academic / research institutions International organizations ADB BIS IMF OECD World Bank/IFC UNCITRAL Over 150 organizations Over 300 individual experts 2

5 APFF Leadership Team APFF CHAIR Hiroyuki Suzuki, Nomura Holdings Inc. APFF Coordinator: J.C. Parrenas CAPITAL MARKETS Classic Repo Markets Sherpa: Mark Austen, ASIFMA Derivatives Sherpa: Keith Noyes, ISDA Information for Investors Sherpa: Michael Taylor, Moody s Sherpa support team: Farisa Zarin/Eleni Himaras, Moody s Lead, Issuer Disclosure: Stephen Taylor/Candy Fong, Deloitte Touche Tohmatsu Ltd Lead, Bond Market Data: Thiam Hee Ng, ADB Lead, Investor Rights in Insolvency: Charles Booth, University of Hawaii Asia Region Funds Passport Sherpa: Hon Cheung/Steven Chan, State Street Core Group: Boon-Hiong Chan, Deutsche Bank * Catherine Simmons, Citi * Eugenie Shen, ASIFMA * Qiumei Yang, ICI Global * Rebecca Lentchner, BNY Mellon FINANCIAL MARKET INFRASTRUCTURE FMI/Cross-Border Practices Core Group: Beth Smits, Johns Hopkins University * Boon-Hiong Chan, Deutsche Bank * Rebecca Lentchner, BNY Mellon FMI FinTech Sherpa: David Katz, PayPal (with support from Matthew Gamser, IFC/Carlo Corazza, WB) INSURANCE AND RETIREMENT INCOME Overall Sherpa: Makoto Okubo, Nippon Life Retirement and Long-Term Investment Sherpa: Makoto Okubo, Nippon Life Lead, Retirement Savings and Lifetime Retirement Income: Vanessa Wang, Citi Lead, Long-Term Investment: Brian Murray, AIA Disaster Risk Financing and Insurance Sherpa: Douglas Barnert, Barnert Global Lead, Disaster Risk Financing: Masaaki Nagamura/Hirofumi Kasai, Tokio Marine Lead, Microinsurance: Antonis Malagardis, GIZ * Michael McCord, Microinsurance Network TRADE AND SUPPLY CHAIN FINANCE Sherpas: Boon-Hiong Chan, Deutsche Bank FINANCIAL INFRASTRUCTURE DEVELOPMENT NETWORK Credit Information Sherpas: Michael Turner/Patrick Walker, PERC/APCC (with support from Jinchang Lai/Tony Lythgoe, IFC) Philippine pilot project coordinators: Jinchang Lai/Griselda Santos, IFC * Jaime Garchitorena, CIC Secured Transactions Sherpas: Chris Wohlert/Thomas Clark, GE Capital International (with support from Jinchang Lai/Tony Lythgoe, IFC) Accounts Receivables Finance Sherpa: Boon-Hiong Chan, Deutsche Bank (with support from Jinchang Lai/Tony Lythgoe, IFC) LINKAGES AND STRUCTURAL ISSUES Sherpa: Kenneth Waller, Australian APEC Study Centre The APIP Network Legal advisers Asset mgt firms Investment banks Academic and research bodies Public sector agencies Global initiatives Utilities firms Trading companies Credit rating agencies Commercial banks Industry associations Insurers Consultancy firms Construction firms Pension funds Developers Over 60 organizations Over 80 individual experts Collaboration with: Multilateral partner institutions ADB * IFC * IDB * OECD* WB APFF Insurance and Retirement Income Work Stream 3

6 Activities Updates on Undertakings in SME Finance and Financial Inclusion 4

7 Action Agenda Financial Infrastructure Development Network (FIDN): Enabling MSMEs to use their reputational collateral (business owners financial and non-financial account and transaction data) to access loans Credit information systems legal framework, credit bureaus/registries, capacity building Enabling MSMEs to use movable assets as collateral to access loans Secured transactions/insolvency systems legal framework, collateral registries, capacity building Enabling MSMEs to sell their accounts receivables to obtain working capital (factoring) APFF Trade and Supply Chain Finance Work Stream Addressing the impact of Basel III, KYC/AML rules on lending to MSME suppliers Promoting use of e-commerce and digital trade finance Use of regional currencies in settlement and asset-based financing Financial Inclusion Promoting access of low-income households and micro-entrepreneurs to financial services (credit, savings, microinsurance, payments, pensions) Completed and Ongoing Work 2015 Nov 12, Manila: Launch of APFF Financial Infrastructure Development Network (FIDN) 2016 Mar 14-15, Manila: FIDN Conference to advance Philippines FIDN Pilot Project Preparation of FIDN-related events: 2016 May 21-22, Nanjing: China Secured Transactions Conference 2016 July 4-5, Bangkok: Mekong Credit information Sharing Meeting nd Semester, China: SME Credit Reporting Symposium nd Semester, Vietnam: Supply Chain Finance Symposium 2016 November 21-22, Hanoi: Insolvency Reform Forum Preparation of APFF trade and supply chain finance workshop: 2016 July 8, Singapore Preparatory discussions with governments to start FIDN projects: Brunei Darussalam (secured transactions) Thailand (secured transactions and credit information) 2016 April 7-8, Tokyo: 2016 Asia-Pacific Forum on Financial Inclusion Publication of report on impact of Financial Inclusion Forums 5

8 Next Steps I Holding of APFF and FIDN-related events Credit information systems: Baseline analysis of consumer and commercial credit information sharing in 21 APEC economies (under discussion with USAID) Development of 2 APEC templates for data formatting to facilitate regional convergence to support cross-border MSME and migrant worker access to finance (commercial credit reporting and consumer credit reporting) Cross-border credit data sharing pilot projects: Commercial credit data: Mekong-5: Thailand, Vietnam, China, Laos, Cambodia Consumer credit data: Oceania: Australia, New Zealand, PNG, Pacific islands Secured transactions systems: Advisory activities to introduce, improve, further develop secured transactions and insolvency laws (Philippines, Brunei, Thailand, Vietnam, China) Studies: Model codes [ABAC,UNCITRAL,OAS,EBRD] Usage of alternative dispute resolution to accelerate secured transaction reform Benefits of a harmonized APEC collateral registry to facilitate cross-border transactions Next Steps II Trade and supply chain finance: Workshop to cover the following: Aspects of TPP and good practice supply chain and finance considerations visa-vis global KYC/AML compliance standards, de-risking, e-commerce, trade facilitation and trade financing Major impediments and solutions to cross-border e-commerce, digital trade finance and electronic payments (e.g., acceptability of digital proofs of delivery, such as electronic signatures and documents; cybersecurity and anti-fraud standards in cross-border trade and supply chains. Financial inclusion: Compilation, publication and dissemination of the report of the 2016 Forum Collaboration with Peru Ministry of Economy and Finance FMP Financial Inclusion Seminar (24 May 2016, Trujillo, Peru) 6

9 Updates on Undertakings in Capital Market Development Valuation Practices Action Agenda CAPITAL MARKET DEVELOPMENT Classic (Title-Transfer) Repo Markets Legal infrastructure for OTC Derivatives Clearing Legal netting infrastructure Protection of collateral interests Margining of non-cleared OTC derivatives Availability of Information for Capital Market Investors Self-assessment templates for issuer disclosure, bond market data and investor rights in insolvency Supporting the successful launch of the Asia Region Funds Passport (ARFP) Studies and surveys Encouraging participation of more economies; convergence with other schemes Promoting local industry support VALUATION PRACTICES Dialogues with regulators, practitioners, users of services Development of tools: Audit of valuation landscape across APEC Template of best practice 7

10 Completed and Ongoing Work I Classic (Title-Transfer) Repo Markets 2015 Nov 16, Manila: ABAC-ASIFMA-ADB-ISDA Workshop for the Philippines 2016 Apr 19, Jakarta: ABAC-ASIFMA-ADB-OJK Workshop for Indonesia Legal infrastructure for OTC Derivatives Clearing 2015 Nov 16, Manila: ABAC-ASIFMA-ADB-ISDA Workshop for the Philippines Discussion with OJK Indonesia on possible workshop in 4Q 2016 Availability of Information for Capital Market Investors 2015 March, Manila: Pilot Program Workshop with Philippine Securities and Exchange Commission Ongoing discussions on future programs with Thailand, Vietnam, Malaysia and the ASEAN Capital Markets Forum. Supporting the successful launch of the Asia Region Funds Passport (ARFP) Completion of APFF Study on Tax Implications of ARFP Discussions with Chinese Taipei on possible ARFP workshop Completed and Ongoing Work II Valuation Practices - Outreach activities 2016 January, Kuala Lumpur: Malaysia Roundtable 2016, April 26, Port Moresby: Briefing for PNG government and private sector Future Roundtables to be held in Japan, Philippines, Thailand and Vietnam in coming months 2016 Autumn, Beijing: Symposium planned in partnership with CAS Valuation and its Contribution to Economic Growth Valuation Practices Completion of drafts: Audit of the valuation landscape in APEC Template of best practices for valuation 8

11 Updates on Undertakings in Financial Market Infrastructure / Cross-Border Practices Action Agenda Financial Market Infrastructure/Cross-Border Practices: Aim: Regional securities investment ecosystem to facilitate cross-border portfolio investment flows Focus: Regional cooperation to deal with multifarious changes in market access, clearing, settlement and repatriation across member economies and their timelines (including shortening of settlement cycles to T+2) Regional cooperation to deal with impact of KYC/AML rules on crossborder investment flows, focusing on aligning standards for documentation collection and reporting, use of third party industry utilities for centralized KYC/AML electronic depositary, minimum standards for data privacy, protection, security and cross-border flows. FMI FinTech (under discussion) Topics under consideration: E-payments, impact of KYC rules, cyber-security challenges, impact of data localization, FinTech literacy 9

12 Next Steps Develop a Roadmap to Improve the Regional Financial Market Infrastructure Collaboration with interested APEC finance ministries Define work plan for FMI Fintech Updates on Undertakings in Infrastructure, Insurance, Pensions and Disaster Risk Financing 10

13 Action Agenda Insurance Regulation and accounting frameworks supporting insurers long-term business and investment Expanded flow of long-term investment in infrastructure Retirement Income Reform Promote growth of supply of/demand for retirement income products to expand the pool of long-term assets Promote effective Disaster Risk Financing through: Developing sound financial and insurance markets Enhancing disaster risk evaluation through the use of data Raising public awareness on disaster risk Steering investment to upgrade disaster resilient infrastructure Knowledge sharing to prompt actions among APEC economies Public-private collaboration Microinsurance Expanding microinsurance coverage in APEC economies Completed and Ongoing Work Retirement Income and Long-Term Investment 2016 Jan 25-26, Hong Kong: Work stream discussions on 2016 deliverables 2016 May 10, Kuala Lumpur: APFF Workshop on Developing an Islamic Infrastructure Investment Platform (I3P) 2016 Apr 27, Singapore: Work stream discussions on 2016 deliverables. Ongoing: Individual dialogues of work stream members with accounting (IASB/FASB) and insurance regulatory bodies (IAIS, CIRC, ASEAN insurance regulators, etc.) Disaster Risk Financing 2016 Feb 13-14, Lima: FMP Workshop on DRF and DR Insurance and APEC Regional Working Group on DRF Microinsurance 2016 Apr 7-8, Tokyo: Session discussions at the Asia-Pacific Forum on Financial Inclusion 11

14 Next Steps Retirement Income and Long-Term Investment 2016 Jun 6-7, Taipei: Continued work stream discussions on 2016 deliverables. Continuation of engagement with accounting and insurance regulatory bodies Disaster Risk Financing Development of APEC Roadmap for DRF Microinsurance Development of APEC Roadmap for Microinsurance Updates on Undertakings in Linkages and structural issues 12

15 Regional architecture Action Agenda Financial regulation Regional coordination and integration Islamic patient capital Completed, Ongoing, Future Work Regional architecture Financial Regulation in Asia Research Team at Melbourne University working papers and articles available on Mar 23, Sydney: ABAC ARFP and Regional Financial Market Integration Industry/Regulator Dialogue 2016 Dec 7, Singapore: Workshop on regional financial architecture (Convenors: Melbourne University/Singapore Management University) Islamic patient capital Harvard University paper completed, being finalized for distribution Key ideas communicated to regulators at the first ABAC workshop on Islamic Infrastructure Investment Platform in Brunei in 2015; to be discussed again at the APFF Workshop on Developing an Infrastructure Investment Platform (I3P), 10 May, Kuala Lumpur 13

16 Updates on Undertakings in Financial Innovation 2016 Objectives and Activities Objectives Hold Roundtables among key stakeholders from the public and private sectors and major international organizations Based on the conclusions of the Roundtables, formulate recommendations on structures and processes to help member economies harness financial innovation to build bigger, robust and inclusive financial markets Activities 2016, Feb 24, San Jose: APFF Roundtable on Financial Innovation (completed) 2016, Jul 15, Hong Kong: ABAC-ASIFMA APFF FinTech Roundtable 14

17 APFF Roundtable on Financial Innovation: How can we harness innovation to build bigger, robust and inclusive financial markets? 24 February Silicon Valley, California, USA FIDN Conference on Credit Infrastructure March Makati City, Philippines 2016 Asia-Pacific Forum on Financial Inclusion: Financial inclusion in a digital age 7-8 April Tokyo, Japan Repo Seminar: Developing Deep and Liquid Repo Markets in Indonesia 19 April Jakarta, Indonesia APFF Workshop on Developing an Islamic Infrastructure Investment Platform (I3P) 10 May Kuala Lumpur, Malaysia International Conference on Secured Transactions Legal Reform May Nanjing, China APFF Roundtable on Financial Innovation: How can we harness innovation to build bigger, robust and inclusive financial markets? 24 February Silicon Valley, California, USA FIDN Conference on Credit Infrastructure March Makati City, Philippines 2016 Asia-Pacific Forum on Financial Inclusion: Financial inclusion in a digital age 7-8 April Tokyo, Japan Repo Seminar: Developing Deep and Liquid Repo Markets in Indonesia 19 April Jakarta, Indonesia APFF Workshop on Developing an Islamic Infrastructure Investment Platform (I3P) 10 May Kuala Lumpur, Malaysia International Conference on Secured Transactions Legal Reform May Nanjing, China 15

18 APEC Business Advisory Council Insurance Asia-Pacific Financial Forum Roundtable on Financial Innovation How can we harness innovation to build bigger, robust and inclusive financial markets? 24 February 2016 Hosted by PayPal Corporate Campus, PayPal Headquarters Town Hall Entrance, 2161 N 1st St., San Jose, CA APFF Roundtable on Financial Innovation: 24 February, Silicon Valley, USA Highlights I: Impact of FinTech Innovations New business models Regulatory implications FinTech development being driven by: Front-end tech: e.g., API, mobile money Front-end financial services: e.g., P2P lending Back-end tech: e.g., block chain, big data, AI, security Back-end financial services: e.g., payments, underwriting Creating disruptions in various parts of the financial sector, examples: Lending: new non-bank lenders, marketplace lending, internet finance Fund transfers and payments: mobile/card payments, advanced fraud and security methods, P2P, cross-border transfer platforms Insurance: mobile access, new technologies driving operational costs, enhanced analytics for better risk decisioning 16

19 APFF Roundtable on Financial Innovation: 24 February, Silicon Valley, USA Highlights II: Current Situation Currently predominant FinTech firms powered by recent but not the newest innovations E.g., digital platforms and apps, big data, algorithms Newer technologies (e.g., block chain, artificial intelligence): still limited commercialization but have very significant potential for disruption Wide variation in levels of market penetration Payments: most developed (due to e-commerce) Lending: high investment growth, becoming significant Block chain (distributed ledger): rapidly growing from a low base Incumbent financial institutions investing heavily in FinTech Non-financial technology companies entering the financial services sectors through FinTech acquisitions and investment Big opportunities for financial inclusion in emerging markets APFF Roundtable on Financial Innovation: 24 February, Silicon Valley, USA Highlights III: Regulatory and Policy Issues RegTech: enabling financial services firms to comply more effectively with regulations How policies and regulations should respond to rapidly evolving business models powered by FinTech, especially in balancing: Critical regulatory objectives (e.g., stability, cyber security, data privacy, consumer protection, fighting crime and terrorism) with Broader policy goals (e.g., financial inclusion, efficiency, innovation, growth of trade and investment) Where the balance lies may be perceived differently in different markets (e.g., emerging vs. advanced) Various jurisdictions now moving to promote innovations to develop their financial sectors design and adoption of enabling regulatory and policy frameworks Needed: closer domestic and regional collaboration among regulators/policy makers, financial industry, FinTech startups, experts from multilateral and academic institutions a role for APEC? 17

20 In conjunction with APEC Business Advisory Council Asia-Pacific Financial Forum Workshop on Developing an Islamic Infrastructure Investment Platform (I3P) 10 May 2016 Training Room , Level 3, Sasana Kijang, Kuala Lumpur, Malaysia APFF Workshop on Developing an Islamic Infrastructure Investment Platform (I3P) BACKGROUND 2015 September 11, Cebu: At AFMM lunch dialogue with finance sector, Brunei and Malaysia encouraged ABAC to identify barriers to expansion of cross-border investment of Islamic financial institutions, especially pensions and insurance (takaful) in infrastructure 2015 October 27, Brunei: Workshop identified the need to: develop commonly accepted definitions of Shariah-compliant infrastructure projects and financial instruments develop Islamic hedging instruments develop instruments to allow Islamic long-term financial institutions to invest in infrastructure address tax discrimination against Islamic finance agree on common approaches to international regulatory issues. Interested APEC economies should establish a platform through which these steps could be undertaken Islamic Infrastructure Investment Platform (I3P) 18

21 APFF Workshop on Developing an Islamic Infrastructure Investment Platform (I3P) OUTCOMES OF THE WORKSHOP Participants: Multilateral institutions (IsDB, ADB, WB), Islamic financial and asset management firms (domestic, regional, global), industry associations, government and regulatory agencies, initiatives (e.g., IISS), academe, scholars Sessions: 1. Cross-border funding of Infrastructure: Key considerations, common approaches and financial instruments 2. Key requirements for building dynamic markets 3. Developing an Islamic Infrastructure Investment Platform (I3P) Agreement on initial ideas for the mission, vision, structure and work streams of the platform Expressions of interest from participating institutions to collaborate in the platform Expressions of support from Malaysia and Brunei Next steps: ABAC/APFF to incorporate a proposal in the 2016 Report to APEC Finance Ministers Preliminary discussions with institutions signaling interest in playing lead roles in work streams First Meeting on the Mekong Credit Information Sharing Co-organized by IFC, ABAC, National Credit Bureau of Thailand (NCB) and Business Information Industry Association (BIIA) 4-5 July Bangkok, Thailand APFF Trade and Supply Chain Finance Workshop 8 July Singapore APFF Roundtable on Financial Innovation II: Fintech 2016: Challenges and Opportunities for Asian Industry and Regulators 15 July Hong Kong, China APFF High-Level Symposium APFF 2016 What Was Accomplished and What Lies Ahead 1 August Shenzhen, China Proposed: 2016 Financial Sector Roundtable and Dialogue with APEC Finance Ministers TBC Lima, Peru 19

22 First Meeting on the Mekong Credit Information Sharing Co-organized by IFC, ABAC, National Credit Bureau of Thailand (NCB) and Business Information Industry Association (BIIA) 4-5 July Bangkok, Thailand APFF Trade and Supply Chain Finance Workshop 8 July Singapore APFF Roundtable on Financial Innovation II: Fintech 2016: Challenges and Opportunities for Asian Industry and Regulators 15 July Hong Kong, China APFF High-Level Symposium APFF 2016 What Was Accomplished and What Lies Ahead 1 August Shenzhen, China Proposed: 2016 Financial Sector Roundtable and Dialogue with APEC Finance Ministers TBC Lima, Peru APFF Roundtable on Financial Innovation II: Fintech 2016: Challenges and Opportunities for Asian Industry and Regulators Date, time and venue: 15 July 2016, 08:30-18:00, HKMA, Hong Kong, China Co-organizers: ABAC, ASIFMA, Co hosts: HKMA, HK SFC Invitees: About 160 policy makers and regulators, multilateral institutions, financial services firms, FinTech start-ups, academic institutions Agenda: The evolving FinTech regulatory landscapes in global financial centers and Asia Distributed ledger (block chain) technology Cybersecurity, data privacy and cloud technology Workshops: Alternative lending, crowdfunding, P2P RegTech Artificial intelligence, machine learning, robo-advisors KYC, AML and financial crimes Market and reference data Digital payments Plenary panel discussion: Regulation and FinTech 20

23 APFF High-Level Symposium APFF 2016 What Was Accomplished and What Lies Ahead Date, time and venue: 1 August 2016, 10:30-17:30, J.W. Marriott Shenzhen Hotel, Shenzhen, Guangdong Province, China Organizer: ABAC Hosts: ABAC China, China Council for the Promotion of International Trade (CCPIT) Invitees: FMP participants (finance ministries, international organizations), financial regulators, ABAC members, financial industry firms and associations, academic institutions Agenda: How can we remove the key barriers to finance for MSMEs? How can we accelerate capital market development and integration in the Asia-Pacific region? How can we enable the insurance and pension sectors to play their proper roles in the region s financial systems? How can we harness the potential of FinTech to build efficient and inclusive financial markets? Discussions to focus on contents of 2016 APFF Progress Report: Review of progress of public-private sector collaboration using the APFF platform The way forward for initiatives and next steps First Meeting on the Mekong Credit Information Sharing Co-organized by IFC, ABAC, National Credit Bureau of Thailand (NCB) and Business Information Industry Association (BIIA) 4-5 July Bangkok, Thailand APFF Trade and Supply Chain Finance Workshop 8 July Singapore APFF Roundtable on Financial Innovation II: Fintech 2016: Challenges and Opportunities for Asian Industry and Regulators 15 July Hong Kong, China APFF High-Level Symposium APFF 2016 What Was Accomplished and What Lies Ahead 1 August Shenzhen, China Proposed: 2016 Financial Sector Roundtable and Dialogue with APEC Finance Ministers TBC Lima, Peru 21

24 Need More Information? Contact: Dr. Julius Caesar Parreñas Senior Advisor, Nomura 2-2-2, Otemachi, Chiyoda-ku, Tokyo , Japan