ContextWelcome address in Sydney to a joint BIS, IIF and Reserve Bank workshop with payments industry leaders; the Reserve Bank of Australia oversees money and payments and faces rapid change in payment systems.
Why it mattersThe Reserve Bank of Australia's Governor on payment system risks in the Asia-Pacific, from concentration to geopolitics.
Problems raised
Users want safer, faster, seamless payments.
Concentration in payment providers adds risk.
Geopolitical tensions threaten payment systems.
Solutions proposed
Plan robustly for contingencies.
Build payment systems that grow stronger after disruptions.
Cooperate globally on cross-border payments and digital money.
