To : Mr A. Stervinou and Members of the Financial Stability Board
RE: Roadmap to enhance global cross-border payments
Dear members of the Financial Stability Board,
Emerging Payments Association Asia (EPA Asia) is a leading association creating a unified voice for the Asian Payment industry. We are affiliated with EPA UK (founded 2004), and there are more than 150 member firms. EPA has other member chapters in Europe and Africa. We bring together leading banks, technology firms and wide range of payments businesses.
Our executive team has recently reviewed the recent Financial Stability Board (FSB) Stage 1 Report and technical report to the G20 on the project to create a roadmap to enhance cross-border payments, and we feel that your process aligns well to the work that we are undertaking.
We believe the following EPA Asia projects may be of relevance to your project:
1. We are currently working on a member-led project to look at the challenges and opportunities of cross-border payments in Asia Pacific. Oversight is being provided by notable payments industry leaders and consists of a range of collaboration events culminating in a white paper capturing insights and recommended outcomes. The outcomes of this project are attracting interest from regulators across Asia Pacific, and we continue to advocate around Open Banking.
2. We are currently leading an industry collaboration on an Open Banking Proof of Concept (POC), which will be presented to the APEC Business Advisory Council (ABAC) in mid-June 2020 as part of their focus on creating an Interoperability Policy for APEC 2020. The PoC focuses on FinTech, banks and cross-border payments. This follows an Open Banking APAC white paper that EPA Asia presented to ABAC in February 2020, which focused on the need to standardise Application Programming Interfaces (APIs).
3. EPA Asia is also running various other collaborative projects on relevant research topics including female payments leadership, digital identity, payments resilience, central bank digital currencies, payments fraud, and innovation. The digital identity project will also provide additional data assisting your research.
The work that EPA Asia does is inclusive, and by bringing the industry together we feel there is value in creating a unified voice on key topics, and in creating regional industry insights that can be shared with our regulatory stakeholders.
We note that you are seeking the following contribution from payment organisations:
• What data would it be useful to collect?
• What steps can be taken to share good practices in areas such as regulation / supervision / oversight?
• How can authorities share experiences in facilitating FinTech development while maintaining a sound financial system and a level playing field?
• Are there opportunities for providing technical assistance to improve jurisdictions’ supervisory and regulatory frameworks and thereby enhancing their ability to access cross-border payment markets?
We feel that the industry engagement fostered from projects already underway could provide a useful perspective and timely data from APAC to assist the FSB in addressing these questions.
We would like to extend the FSB an invitation to co-host a roundtable event in collaboration with EPA Asia, who would bring together a selection of senior industry leaders from our membership to discuss the cross-border landscape in the Asia Pacific region specifically on the aforementioned questions raised by the FSB. As Asia makes up over 50% of global payment transactions, we believe that incorporating the perspectives of EPA Asia’s membership in the G20 research would be meaningful in its representation, particularly given emerging technology developments in the region.
If this invitation is of interest, please let me know your availability for a call at your earliest convenience.
Director General, Policy Emerging Payments Association Asia Sydney, Australia John.Ryan@emergingpaymentsasia.org +61 411655677
Supported by EPA Executive Team and Members:
• Fannette Hsin, EPA Asia Ambassador, Cross-Border Project Program Manager
• Marcus Watzlaff, EPA Asia Head of Regulation
• Dr. Brad Pragnell, EPA Ambassador, Open Banking APAC Program Manager
• Steven Chan, PayPal, EPA Asia Advisory Board
• Kenneth Leung, Director of Standards APAC, SWIFT, Member Open Banking APAC Project
• Danielle Szetho, EPA Asia Advisory Board Chair (also Standard Chartered Bank)
• Malcolm Wright, Diginex, EPA Asia Advisory Board
• Kristofer Rogers, Split Payments, Member Open Banking APAC Project
• Mary McHale, Equinix, EPA Asia Advisory Board
• Thomas Hind, DXC Technology, EPA Asia Advisory Board
• Phillip Malcolm, Refinitiv, EPA Asia Advisory Board
• Karl Mohan, Wirecard, EPA Asia Advisory Board
• Andy White, AusPayNet, EPA Asia Advisory Board Deputy Chair
• Camilla Bullock, EPA Asia, EPA Asia Advisory Board
• Leanne Bradley, EPA Asia, EPA Asia Advisory Board