| Babak Abbaszadeh, President and CEO |
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Dear friends, colleagues, and TC associates,
Toronto Centre was delighted to return to Washington, D.C. for the 2024 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group. We organized several vital conversations on the impact of the rise of artificial intelligence (AI) and growing geopolitical risks on financial stability and inclusion. |
Executive Panel:
The Rise of AI: Transforming Financial Markets and Supervision |
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The Honourable Ahmed Hussen, Minister of International Development, Global Affairs Canada (GAC), provided opening remarks to set the stage for this insightful discussion and reaffirmed GAC’s support for Toronto Centre. We thank him for his continued support.
Our distinguished speakers explored the opportunities for AI in the areas of financial inclusion, fraud detection, and efficient credit assessment, especially in emerging markets. They emphasized the need for strong governance, data security, and cybersecurity measures to safely integrate AI into their operations, and that cross-border cooperation and knowledge-sharing among regulators is essential for evolving financial markets.
Thank you to the Honourable John Rwangombwa of the National Bank of Rwanda, Fundi Tshazibana of the South African Reserve Bank, and Stefan Ingves, Toronto Centre board chair, for sharing their perspectives on these pertinent topics. Our thanks also to Jennifer Elliott of the IMF, who is also a Toronto Centre board member, for guiding the conversation. |
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Roundtable:
Navigating the Future: Central Banking and Supervision
in a Transformative Era |
Francesca Hopwood Road, Head of the Bank for International Settlements’ (BIS) Innovation Hub, London Centre, expertly moderated the discussion. The Honourable John Rwangombwa, Governor of the National Bank of Rwanda, shared his experiences with AI through the lens of a developing economy. Martin Moloney, the Deputy Secretary General of the Financial Stability Board, explored these challenges and opportunities from the perspective of a standard setter.
The discussion emphasized the transformative potential of AI in financial supervision, highlighting the need for robust data governance and equipping supervisors with the skills to understand and manage AI-driven models effectively. Embracing these innovations requires balancing rapid technological growth with strong judgment, regulatory alignment, and data security. We thank all those who participated in this engaging conversation.
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Fireside Chat:
Strategic Horizons: Navigating Geopolitical Risks for Developing Economies |
The Honourable Marie-Lucie Morin, Toronto Centre Vice-Chair and a former member of the Canadian National Security and Intelligence Review Agency, interviewed our Chair Stefan Ingves on the impact of global geopolitical risks on the financial stability of developing economies.
This conversation explored how geopolitical tensions are influencing financial ecosystems and development objectives, and strategies to strengthen financial resilience and inclusion. It highlighted the critical intersection between international development and global financial stability. |
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Conclusion
Thank you to all our speakers and moderators for sharing your insights at these vital conversations. We are grateful to all our attendees for your engagement and participation. Finally, thank you to the IMF, World Bank, and everyone involved in helping us hold these important discussions.
On behalf of the entire Toronto Centre team, we look forward to seeing you again soon. Best regards,
Sincerely, |
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Babak Abbaszadeh President and CEO |
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