The 22nd Annual General Meeting of the Asia-Pacific Central Securities Depository Group (ACG) hosted by Central Depository Systems (Pvt) Ltd (CDS), a fully owned subsidiary of the Colombo Stock Exchange (CSE), commenced today in Colombo with delegates from 25 depositories and clearing organizations in participation.
The event breaks new ground for the Sri Lankan capital market as it marks the largest gathering of depositories and clearing organizations Sri Lanka has ever hosted. This annual gathering has been held for 21 consecutive years since 1997 and is the main event in the ACG calendar.
The event this year, is held on the theme “FinTech – shifting or shaping the future of CSDs” and will discuss areas such as the future direction of CSDs, embracing technological change and the outlook of the CSD Industry with a specific focus on considerations for Asia-Pacific (APAC). China, Japan, India, Pakistan, Indonesia, Vietnam, South Korea, Bhutan, Nepal, Iran, Taiwan, Cambodia, Thailand, Bangladesh and Hong Kong are represented at the event.
Dr. Indrajit Coomaraswamy, the Governor of the Central Bank of Sri Lanka, speaking on FinTech and its implications on the financial services industry stated “Whether an industry is shifting or shaping because of FinTech largely depends on where the industry is. If it is not digitized, FinTech will shift it. You will see that some jobs will be replaced along with trading patterns. If not, FinTech can concurrently both shift and reshape the industry depending on where it envisions itself. The most important factor is for the sector and the region to have a clear view of what outcome it wants through FinTech. It must not be done because it is fashionable. FinTech must be used to solve issues and open new vistas, expand business and benefit from the new types of interconnectivity it offers.”
SEC Chairman Mr. Ranel T. Wijesinha speaking at the event congratulated CDS Sri Lanka for hosting the 22nd ACG AGM and stated that the SEC is deeply committed to providing the assistance and support that is necessary for CDS Sri Lanka to play a larger role in the ACG and in the international stage. Sharing his remarks on FinTech, Mr. Wijesinha stated that embracing technology remains to be a key priority for capital markets around the world, and also went on to outline the importance of strongly considering all risk management aspects when implementing innovative technologies.
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