Asian bankers are contemplating to utilize modern technology through mobile communication to reach 50% of the population of Asia who are not entertained by the banks at present and this is a huge window of opportunity for Asian banks to expand its territory of service.
Use of mobile telephones to reach Asians who do not receive banking facilities and focussing banking on a climate-challenged world were some of the areas discussed at the 28th General Meeting and Conference of the Asian Bankers' Association (ABA) held in Colombo.
Rajendra Theagarajah,Managing Director/CEO Hatton National Bank, also the current Chairman of the ABA, said the meeting was significant as it is the first time the ABA held its conference in Sri Lanka and noted that it gave an opportunity to HNB to share with ABA members renewed optimism and enthusiasm of the Sri Lankan people on the country's future.
Two hundred leading bankers and bank regulators from 20 countries around the Asia Pacific region gathered in Colombo for the ABA conference.
Mr Theagarajah speaking at a press briefing held in-between the conference said that now Sri Lanka has been recognized as a destination of prosperity and the availability of opportunity for investment in the country.
He said that it is not just capital going out of Asian banks but the banks can make strategic investments. He said that China and India would make a massive impact and the best example is that China has received US$ 40 billion in direct foreign investment because of its ability to harness its natural and other resources.
The ABA has discussed two position papers one - 'Assessing Asian Banks' Adherence to Basel II and their readiness for the new proposals under Basel III' and the other - 'Promoting Preparedness for Operational/Service Event Risk Among Banks in the Asia-Pacific Region'.
In addition to these position papers the ABA also agreed to develop two other papers as part of its future policy advocacy work. One paper would focus on Asian Funds Passport Scheme based on Undertakings for the Collective Investment of Transferable Securities examining some of the developments in the Asian bond market and work undertaken in promoting the establishment of a regional funds passport system.
The sessions under the theme 'Asia Taking the Lead in the Global Economy: A Bankers' Perspective' explored -- the responsibilities of Asia in the global economy and how Asia will have to play a leading role in the future; exchanging ideas covering the challenges and opportunities facing Asian banks in their emergence as global market players and providing a forum for Asian banks to discuss international regulatory standares and the way forward.
Experts from the banking sector and government shared their views and perspectives on the business models of Asian banks and their role in the global stage, the relevance and applicability of Basel II/III to Asian banks challenges and opportunities for Chinese and Indian banks as global players, implications of the rise of China and India on banks in other emerging countries, financial inclusion and the challenges and risks faced by banks, harnessing technology in financial inclusion efforts and banking in a climate-challenged world.
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