Daleep Singh: Recent global developments and central bank responsibilities in a changing risk landscape

Remarks (via pre-recorded video) by Mr Daleep Singh, Executive Vice President and Head of the Markets Group of the Federal Reserve Bank of New York, at the Official Sector Service Providers (OSSP)-Bank Negara Malaysia (BNM)-South East Asian Central Banks (SEACEN) Research and Training Centre Forum on Central Bank Foreign Currency Operations, 5 August 2020.

Central bank speech  | 
14 August 2020
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It's an honor to be invited to speak to you. Let me begin by offering my best wishes to you and your loved ones in these challenging times.

Since its inception in the early 1980s, SEACEN has been the learning hub for central banks in the Asia-Pacific Region, tasked with the important mission of building capacity in central banking and fostering networking and collaboration. As a strategic partner of SEACEN, the Federal Reserve is a proud supporter of SEACEN's mission and has been a longstanding collaborator on several SEACEN courses.

This event opens a new chapter in our partnership. Through the coordination of the New York Fed, the world's major reserve currency central banks, which I'll refer to collectively as the Official Sector Service Providers, have collaborated with SEACEN and Bank Negara Malaysia for the first time on a joint training event focused on official cross-border payment operations and risk topics. 

The upcoming sessions are timely and relevant for all central banks, but especially those in the Asia-Pacific region. The cross-border payment risk landscape is quickly evolving and all central banks must cooperate to stay ahead of highly adaptive cyber threat actors that, in recent years, have targeted the payment and reserve management operations of central banks. Unprecedented shifts in working arrangements due to COVID-19 only strengthen this imperative, especially in a region with some of the world's largest FX reserve holders