Perbadanan Insurans Deposit Malaysia (PIDM) recently held a discussion on the role of deposit insurers (DIs) as international participants congregated in a two half-day virtual conference themed “COVID-19 Legacy and Beyond: Building Operational Resilience and Recalibrating the Role of Deposit Insurance”.
PIDM hosted the conference in conjunction with the International Association of Deposit Insurers (IADI) 19th
Asia Pacific Regional Committee (APRC) Annual Meeting and International Conference. APRC is the prime network for exchanging information and knowledge among members, associates and partners in the Asia-Pacific region to enhance the effectiveness of deposit insurance systems.
In her opening speech to 250 representatives from 17 APRC jurisdictions, PIDM Chairman, Tan Sri Dr. Rahamat Bivi Yusoff said the conference provides an opportunity for DIs to look through not only immediate to medium-term, but a long-run theme lens, reframe these challenges and reimagine how to recalibrate DIs entire approach to fulfilling DIs' mandate of contributing to a stable financial system.
Day one of the conference discussed immediate issues facing DIs, among others, the implications of digitalisation and fintech for deposit insurers, new challenges and risks in the financial sector including on e-money, and challenger banks or the digital banks, as well as new opportunities for DIs to leverage on technology to enhance operational resilience and efficiency in fulfilling their mandates.
Day two saw speakers covering a variety of medium to long term mega trends affecting deposit insurers including on emergence of central bank digital currency, cyber risks, Asia's ageing population and the changing behaviours of financial consumers. The conference closed with a panel discussion participated by DIs from several jurisdictions, including PIDM, to discuss the need to recalibrate the role of deposit insurers in response to these mega trends.
Following the conference, Rafiz Azuan Abdullah, the Chief Executive Officer of PIDM, hosted a CEO Dialogue among close to 50 senior officials from the APRC. This high-level forum facilitated the exchange of views and strategies on business and organisational priorities to tackle future challenges confronting DIs.
The APRC is among eight IADI regional committees set up to reflect regional interests and common issues by sharing and exchanging information and ideas. It currently has 19 members, including Malaysia, Indonesia, Philippines, Thailand, Vietnam, Australia, Korea, Japan, Taiwan, Russia, Kazakhstan, India and Pakistan.
- Tan Sri Dr. Rahamat Bivi Yusoff, Chairman, PIDM
- Seongbak Wi, Chairperson, Asia-Pacific Regional Committee and President, Korea Deposit Insurance Corporation
- Rafiz Azuan Abdullah, Chief Executive Officer, PIDM