10th Joint Regional Financing Arrangements (RFAs) Research Seminar

AGENDA FOR SEP 14

* All times are in Singapore time (GMT+8)

1:30 PM – 2:00 PM

Registration

2:00 PM – 2:10 PM

Opening Session

2:10 PM – 2:25 PM

Keynote Speech: “A new era of digital finance: innovation, competition and stability in a tokenized world”

• Will Cong, President’s Chair Professor of Finance, Computing and Data Science, and Associate Dean of Nanyang Business School

2:25 PM – 2:30 PM

Group Photo Session

2:30 PM – 3:45 PM

Session 1: Digital transformation of money and payments: stablecoins, tokenized deposits, and new cross-border payment systems

Chair: Dong He, Chief Economist, AMRO

Presenters:

• Iader Giraldo, Deputy Director of Economic Research, FLAR: “The adoption of fast payment systems (FPS) in Latin America: the role of financial literacy and cash-related beliefs” (2024)
• Prashant Pande, Senior Financial Specialist, AMRO: “ASEAN+3 cross-border payments, regional connectivity, and way forward” (2026)
• European Stability Mechanism (ESM): “Global Stablecoins in 2030: A European Perspective”

Discussion and Q&A (30 mins)

3:45 PM – 4:15 PM

Break

4:15 PM – 5:30 PM

Session 2: Public money in the digital age: central bank digital currencies (CBDCs), monetary policy and the future monetary system.

Chair: Carlos Giraldo, Chief Economist, FLAR

Presenters:

• Jorge Abad, Senior Economist, European Central Bank: “Monetary Consequences and Stablecoin Regulation” (2024)
• Armas Adrian, Chief Economist, Central Reserve Bank of Peru: “Digital money and Central Bank Balance Sheet” (2022)
• Kohei Kawaguchi , Assistant Professor, Hong Kong University of Science and Technology, “CBDC: Unified Ledger for Smart Contracts Pursuing Proven Blockchain Objectives within Regulatory Requirements” (2025)

Discussion and Q&A (30 mins)

AGENDA FOR SEP 15

10:00 AM – 11:30 AM

Session 3: Financial stability in a digital monetary system: runs, disintermediation, and backstops?

Chair: TBC, Arab Monetary Fund (AMF)

Presenters:

• Rashad Ahmed, Economist, Andersen Institute for Finance and Economics: “Stablecoins: A Revolutionary Payment Technology with Financial Risks” (2025)
• Eugenio Cerutti, Advisor and Chief of the Macro-financial and Structural Policies Division, Strategy, Policy, and Review Department, International Monetary Fund (IMF): “Stablecoin Shocks” (2024)
• Mauricio Villafuerte, Division Chief, Western Hemisphere Department, IMF: “Crypto Assets and CBDCs in Latin America and the Caribbean: Opportunities and Risks”(2024)
• Masaki Bessho, Deputy Director-General, Digital Currency, Payment and Settlement Systems Department, Bank of Japan: “Central Bank Digital Currency Experiments Progress on the Pilot Program” (2026)

Discussion and Q&A (30 mins)

11:30 AM – 11:45 AM

Break

11:45 AM – 12:45 PM

Policy Experts Roundtable: Digital finance, trade and growth in a geo-fragmented world: risks, opportunities, and policy priorities

Chair: Nicola Giammarioli, Secretary General, ESM

Policy experts:

• Kevin Kowan, Board Member, Central Bank of Chile
• Eugenio M Cerutti, Advisor and Chief of the Macro-financial and Structural Policies Division in the SPR Department, IMF
• Hiro Ito, Professor of Economics, Portland State University

12:45 PM – 12:50 PM

Closing remarks