With the theme “Strengthening collaboration”, Central Bank of Samoa Governor, Maiava Ainuu-Enari has welcomed participants of the 33rd Annual Pacific Central Bank Governors meeting.

Held at the Return to Paradise Resort in Lefaga, regional central bank governors and their delegation—including international financial agencies and development partners—flew into Samoa for the two-day conference.  

Maiava said the event provides an opportunity for stakeholders to engage, share ideas and plan decisive actionable steps for the region. 

“The theme is a fitting one as we prepare to deliberate and discuss development issues and challenges that pose risks to financial sectors ability, especially in Small Island Developing States, particularly in the area of financial technology,” she said. 

“The emergence of new technologies is rapidly changing the world of finance, and while these new innovations offer new potential benefits, it also gives rise to new risks, including risks to financial stability, and it also challenges traditional business model, and that poses challenges for financial regulators.”

Maiava also posed questions on how the region can better prepare to tackle challenges associated with technological innovation.  

“How should our regional financial system adapt to these rapid technological changes, are our current legal frameworks adequate in the face of the various but significant challenges to satisfy these evolving technologies?

“If not, how better can we place ourselves in a position that may provide benefits to our people, while at the same time minimise the risks for the stability of our financial systems.”

“Already we note that some of our jurisdictions have taken the first few steps such as the establishment of Fintech sandboxes in Australia, our refugee approach of most of our technological innovations within a supervised controlled environment.  Similarly, we see that block chains technologies have also been promoted to assist financial inclusion efforts such as that in Papua New Guinea.”

Maiava encouraged the participants to share their knowledge and experiences to help the Pacific Islands overcome financial risks and maintain stability. 

“So I believe these issues, among others, will be discussed in the next few days with the sharing our experiences, knowledge and open debates, and I call on the spirit of collaboration in our dialogue.”

She acknowledged the International Monetary Fund, Asian Development Bank and other international agencies for trusting Samoa to host such an event. 

The conference concludes today.